Banking habits that will poke holes in your pocket
Banking habits that will poke holes in your pocket
12 April 2021; 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 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:
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 brick-and-mortar branch. Technology is also about security – a must in these times 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.
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 important 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 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. This is a seamless process; you simply present your bank card at the till and the withdrawal is processed on the spot.
