Save money by banking better with this bank account


Save money by banking better (more cash for you and the kids!)

Off the top of your head, do you know how much you pay each month in banking fees? Do you know how much interest you earn on savings? How much interest are you paying on your credit card?

To be honest, I wasn’t sure of my numbers until I started working on this piece. Picking through my statements and seeing what was going where, I realised that I was paying more bank fees for the service I got, plus the rewards. For me, the extra money each month was worth it. But, are you getting the best rates? How much could you be saving if you nipped and tucked things a bit, or even moved to another bank?

Changing banks might feel like too much of a mission with all the admin and moving over of debit orders, but these days banks will do a lot of the “work” for you. Research shows that many people will open a bank account with one of the traditional South African banks when they’re young and never think about other options again, even when they apply for credit or take out a fixed deposit. So, while you’ve been a loyal member of a bank since you were a tween with that cool ATM card and wallet, it doesn’t mean you have to stay there.

As we get closer to the end of the year, it’s important to think beyond the holidays and Christmas. Think about how you can bank smarter if you want to save money, make the most of your current savings, or manage your debts a bit better.

First things first — look through your statements and see what you’re paying for. Do you have an overdraft or credit card that you don’t need, but which you’re still paying for? Do you feel your monthly fees are too high? Could you get a better deal somewhere else? How much interest are you getting on your savings account? What if you put your savings into some kind of investment account for better returns?

Shop around — there might be better options available, meaning that you could be paying less in fees each month on that overdraft or credit card. Ensure you’re getting the lowest interest rate, which could make a big difference in how much you end up paying back.

Similarly, if you’re looking to make an investment, you want to make sure you’re getting the highest interest rate possible so that your savings will grow faster. Even if you have an account other South African banks, you can still choose to take out a loan or put money into an investment account at another bank, if it offers you better rates.

It’s important to make sure you use your bank account correctly to avoid penalties. Not having enough money to cover your debit orders, for example, can result in expensive fees.

Change is hard, and asking your bank questions can also be intimidating. However, remember that you’re not here to service your bank. Rather, they should be working hard for you and your money so that, hopefully, you can afford life’s necessities and still save some cash for the future.


Visit the African Bank website or like them on Facebook , Twitter and LinkedIn

Up Next

How to save money monthly
Many people are unsure of the best way to save money. As a result they’re not saving smartly, or not saving at all. Follow this guide on how to save money monthly.

Publish Date: 07/03/2019
Read more
Budgeting is as easy as 50/20/30
While most people know that a budget is necessary, many simply don’t know how to put one together. We’re here to tell you, drawing up a budget isn’t as confusing as you think it is.

Publish Date: 19/03/2020
Read more
Investing in women: An African Bank priority
Many women are now the main breadwinners in their families and form the support structures of their communities.

Publish Date: 01/12/2017
Read more
Three types of credit card fraud – and how to protect yourself
Read this blog post to familiarize yourself with these scams and know how to protect yourself.

Publish Date: 17/04/2018
Read more
Know your rights when applying for a loan
With times being so tough for many consumers, applying for a loan could give you the means to change your circumstances.

Publish Date: 17/04/2018
Read more

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'.