How much are your bank charges? Here are the cheapest banks in South Africa
Who do you bank with? Maybe it's time to change?
Choosing a bank can be as hard as finding a partner in life. Establishing trust and making sure that they have your best interests at heart can be stressful.
Sometimes, we just go with what we know, or we stick to banks that our parents or grandparents have been with. It's sort of a traditional experience, something that you take for granted as the best decision.
But that's no longer the case. With the emergence of entry level bank accounts, South Africa definitely has a range for consumers. Bank accounts that vary in form and functionality.
"These accounts are targeted at minimal transactions – with limits set on how much money can be processed each month. It should also be noted that many of these accounts offer rebates and interest on positive cash balances, which can offset many of the monthly transaction costs. These have not been taken into account here." (Business Tech)
For more from East Coast Radio
Now we are definitely here for that...
Earning money for having money, now that's the life! But it doesn't stop there, many banks also offer rewards programmes, discount coupons, free airtime or data offerings...
Business Tech took a look at 12 entry-level banks in their analysis. The interesting news is that Capitec, which came to the market as the most cost effective with banking fees, is now the most costly with their monthly fee.
We couldn't have said it better but the truth is that cash is still king for most people... So talking about withdrawal fees, it seems that TymeBank is still a ruler in the field.
"Banks with native or own-brand ATMs (or retailer partnerships, as with TymeBank) reward customers for sticking to their systems with lower fees. Accessing your cash at a competing or non-partnered outlet incurs a higher cost." (Business Tech)
However when it comes to deposit fees, things change. The ways of depositing are varied now, so with this comes a less straightforward approach to depositing.
No longer are there only bank deposits and ATM deposits, there is also retailer and other means of depositing money into your account.
"Limited accounts, like FNB Easy Zero and Nedbank Mobimoney, offer free deposits up to certain limits (R1,500 and R4,000, respectively), before charging fees (R1.20 and R5.00 per R100, respectively)." (Business Tech)
The thing is, you never going to find one bank that caters to every need entirely, if the service is great then maybe the fees aren't befitting to your pocket? So, ultimately, what's important is to establish what is most important to you and take it from there.
Image Courtesy of Twitter