Publish Date: 07/03/2019
A bank account to offer peace of mind and security
The world of banking has changed significantly over the past decade in South Africa to meet the demands of modern lifestyles. Anyone with a bank account will tell you that doing a bank transaction today is a lot simpler than it was years ago.
Banks offer various options, so to avoid ending up with a product you find complicated or do not see benefit from can be avoided by seeking financial advice from your bank before opening an account and starting to use your bank card.
Different accounts have different benefits and charges so it is important to pinpoint which is going to suit your needs best.
What is a transactional bank account?
This is used for day-to-day purchases and other regular banking business. Most people have their salaries paid into this account and use a debit card to access their money. An added benefit of a transactional account is often low fees at ATMs or for electronic transfers.
According to the Banking Association South Africa (BASA), a bank account is a safe and useful place to keep your money.
The organisation also advocates the peace of mind you get from knowing your money is safe and secure. There is also the added benefit of convenience as you can access your money at an ATM.
Importantly too, BASA points out, is that being a bank customer gives you access to means to save and invest for your future and that of your family with options like a fixed deposit or notice deposit account.
There are criteria for opening an account, as per BASA, but the process in general is very simple and quick. At African Bank, for example, all you need is a valid ID book or card.
For example, African Bank has recently launched its new MyWORLD account, an exciting option for those interested in shared banking, and it takes less than three minutes online to open an account!
Note that not only adults can open an account at a bank. Children under 18 can also open one with the consent of their parents.
5 top benefits of opening a bank account for your child who is under 18:
BASA reiterates the importance of being vigilant when doing any kind of banking transaction. Member banks, it assures, are continually upgrading their systems to keep customers safe from criminal scams and threats. The responsibility, however, still lies with you, the customer, to protect yourself when doing banking.
ATMs are particular hotspots for crime in South Africa.
Here are some ATM safety tips from African Bank:
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.