Signs that it’s time to switch banks

10/07/2019

To switch or to stay? Signs that it’s time to switch banks

If you have just graduated, or are about to start your first job and earn your first “grown up” salary, the world of responsibility is easier to tackle when you have the best bank account with South Africa’s lowest banking fees on your side. If your next life chapter calls for a new bank, here are some things to consider.

Where are you headed to?

Where you choose to open a bank account needs to be guided by what’s next in life for you and how you like to do things. Simply put, consider your financial needs and remember that these can change with time. For example, reflect on what you used your bank account for in high school, compared to university. You might have opened your bank account as part of a savings lesson from your parents while in high school. Then, in university, it was the best tool to help you budget. So the most important features you would have looked for then was accessibility and getting the best savings account in South Africa.

Now that you’ve just completed university, your financial needs are again likely to change. Now you will be looking for banks with lowest fees, as well as a bank account that can simplify your financial life by offering credit, transactional and savings and investment options to suit every stage of your life.

Here are some examples of life changes that may cause you to consider switching banks:

  • You got married (or divorced) — It’s a fresh start, so try something new: a joint bank account at a bank that meets you and your spouse’s needs, or a personal bank account with all the features you want.
  • It’s costly to bank there — Student accounts are generally fairly reasonable in terms of monthly account and banking fees. However, as soon as you step into the adult world, a new bank account could also mean you start paying more in banking fees.
  • There’s a better interest rate elsewhere — Many of us have been with the same bank that our parents introduced us to when we were very young. But the older you get, the more you start to learn about interest rates and wanting your money to work harder for you. So, if you’re not getting SA’s best interest rate, you might have to consider switching.
  • Your bank doesn’t have your must-have features — If your bank does not have simple, easy to use and free internet banking, App and cellphone banking capabilities, then you have very valid reasons to look for a bank that can offer you the convenience of being able to bank wherever you are and at any time.

If you’re ready to make the switch, meet the bank for you – African Bank. These are some of the things you should look for, features that will meet your needs no matter what life throws at you.

  1. The best bank saves you money

What the best bank doesn’t have is as important as what it does. It doesn’t hit you with high banking fees, but it offers SA’s lowest banking fees. The African Bank MyWORLD bank account not only offers no monthly account fees, but you get to enjoy SA’s lowest banking fees. Our online banking features are also free-to-use. 

  1. The best bank grows your money

You work hard for your money, so you should get the most out of saving and investing it. Switch your bank account to one that offers SA’s best savings rate on any positive balance in your MyWORLD account and SA’s best investment interest rate on your investments and savings accounts. Consider a bank with a Fixed Deposit account where you can take advantage of the power of compounding interest. Download this simple infographic to help you compare interest rates.

  1. The best bank saves you time

We understand that time is important to you, which is why we have made online banking simple and easy to use. Save time using our quick ways to bank and save money because it is free-to-use. Learn more about our online banking features here.

  1. The best bank says Everybody is Somebody

The best bank listens to its customers because they matter. We know how important it is for people to feel like they matter. This is why we’re committed to treating everyone who walks through our doors like a VERY IMPORTANT PERSON, regardless of their bank balance, social status, race or gender.

Choosing the right bank account after graduating is just one financial step among many you’ll have to take, including planning for retirement. The earlier you get started, the better.

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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'.