Banking habits that will poke holes in your pocket

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Consumers are often spoilt for choice when it comes to choosing a bank account, but at times they miss opportunities to bank and save at the same time.

“Consumers have different banking behaviours; all of which depend on personal banking needs. It is therefore important for consumers to look for ways they can bank and save by taking advantage of some benefits attached to their account. 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,” says Carol Nkosi, Senior Provincial Manager at Old Mutual.

Here are some of the ways consumers can maximise their banking account and save:

1. Bank digitally: Digital banking services are all about the speed of transactions, and in addition to that, they are cheaper and convenient to use compared to visiting a branch. Technology is also about security, a must in these times when your account and personal information must be well guarded.

2. 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 option linked to the bank account. This means, as you swipe, you are also able to direct certain funds towards your savings account.

3. 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 is important to understand the structure of Rewards programmes because this may result in savings for the account holder.

4. Till-point withdrawals: Till-point withdrawals at retail shops are generally cheaper than making a withdrawal at an ATM. Speak to your bank to understand the cost of making cash withdrawals at a till point.

“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. Fortunately, today’s one-stop accounts make sure that you as the holder are always in the driver’s seat and in control,” Nkosi concludes.

 

Compiled by Justine Fortuin

justine@mahareng.co.za