Justmoney runs a poll every month. Last month we asked what do you look for in a bank? The results found that it wasn't service that South African consumers want most, but lower bank charges. 47% of our respondents wanted to pay less in bank charges whereas only 7% wanted convenience. The Poll this month asks how much do you spend? So what can you do to cut down on bank charges?
Justmoney would like to know from you how much you spend on bank charges every month and asks that you vote in our poll on our home page. There are a number of ways that you can cut down on bank charges and the most important is to know how you use your bank account or credit card. Then use one of our handy calculators to compare your bank charges or compare your credit cards. When you know how you use your cards you can find the best account for your user profile, and you can also lower your bank charges by changing your behaviour.
If you swap to online banking most banks are cheaper than going into the branch. Don't forget that there is a hefty fee applied to branch transactions and that if you use your card at an ATM that is not operated by your own bank then you will be charged an extra Saswitch fee. All of these charges might seem small but they add up quickly and you may then find you are paying hundreds of Rand a month in charges that could have been avoided. There are also some good package deals offered by the banks but make sure that what they include is the way you want to use the accounts, or you may end up paying yet more.
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