Opening a bank account and transacting is quick and easy

The best way to keep your money safe and to save for your future is by opening a bank account, such as a current account or a savings account. There are different types of accounts and each offers unique benefits.

With an open bank account, you can perform a variety of transactions in line with your short-term or long-term goals.

So, what is a transactional bank account?

A transactional account allows you to choose the bank transaction you want to make, with easy access to your money on a daily basis and the option to enjoy benefits like internet or cellphone phone banking, debit swipes, ATM withdrawals, deposits and balance and statement enquiries.

A savings account, on the other hand, is for keeping your money secure so that it can accumulate interest over a period of time.

Why should I have a bank account?

These are 5 good reasons:

  1. Peace of mind. You will know that your money is safe and secure, deposited into a bank account of your choice.
  2. Online platforms have done away with traditional banking hours. While you can of course still go into a branch and interact with staff, you can now also transact at any time and from anywhere in the world.
  3. Investing. The right bank account can help you to save for your future, with low banking fees and competitive interest rates that will grow your money over a period of time, such as the fixed deposit account from African Bank.
  4. Money management. Having your own account teaches you to manage your money and is an opportunity to work towards financial freedom.
  5. With various account options to choose from, you can easily move money to enjoy the maximum investment benefit or create sub-accounts to meet specific savings goals.

Types of bank accounts:

  1. Current account: Also known as a cheque account, this type of bank account allows you to do deposits, withdrawals, set up debit or stop orders and make money transfers, among other transactions. You get a debit card which you can use to pay for purchases at a till point or withdraw money from an ATM.
  2. Credit card: You can expand your financial resources with a credit card and use it to help your business or fund school or university fees.
  3. Savings account: There are several options: some savings accounts allow you instant access to your money while others, such as a notice deposit account, require you to give the bank a certain amount of notice before you can withdraw funds.

As you can now see, the world of banking need not be intimidating.

Improving the customer experience has become critical in today’s competitive retail banking environment. Banks understand that today’s customer demands flexibility, as well as easy-to-use products and services at affordable rates.

Start by shopping around. Get the right advice so that you understand which banks offer which products and services and which of these will suit your needs best.

Once you have made your decision, all it will require is providing the bank with certain details and then funding your account, in some cases with a minimum opening balance.

In the process of becoming a bank customer, you will discover there are no more lengthy processes involving reams of paperwork. You can have an open bank account at African Bank in only a few minutes through our website!

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