Johannesburg – When it comes to choosing a bank account, consumers are spoilt for choice.
There are unlimited account options to choose from, but consumers often miss opportunities to bank and realise savings at the same time.
“Consumers have different banking behaviours, all of which depend on personal banking needs. It is important for consumers to look for ways they can bank and save by taking advantage of some benefits attached to their account,” says Carol Nkosi, senior provincial manager at Old Mutual.
“For example, an account holder may have access to a banking app and not make use of it. However, this is a quicker, convenient and cheaper way of banking.” Here are some of the ways consumers can maximise their banking account and save:
• Bank digitally Digital banking services are all about the speed of transactions. They are cheaper and convenient to use compared to visiting a brick-and-mortar branch. Technology is also about security – a must in these times of uncertainty – when account and personal information must be well-guarded.
• Save while you bank Look for an account that enables you to save while you go by your daily banking. Some accounts offer a swipe and save capability linked to the bank account. This means as you swipe, you are also able to direct certain funds towards your savings account.
“The Old Mutual money account is linked to a unit trust in the form of a savings and investment ‘pocket’. By merely turning on the Swipe and Save functionality via the app or internet banking, the account also becomes a ‘rainy day’ fund, allowing account holders to save, invest and earn as they spend.”
• Understand your rewards offering Banking rewards programmes are varied and they offer different benefits, however, to derive the most value from your rewards depends largely on your banking behaviour. It’s vital to understand the structure of rewards programmes because this may result in savings for the account holder.
• Till point withdrawals Till point withdrawals at retail shops are cheaper than withdrawals at an ATM. This is a seamless process; you simply present your bank card at the till and the withdrawal is processed.
“Most consumers have been impacted financially by the Covid-19 pandemic. Besides looking to make savings in other areas, banking is also one area where consumers can save, but it all depends on how they make use of the bank account,” says Nkosi.
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