Even if you know the top banks, that we already mentioned, you still need to make sure that you are finding the top bank for personal use. The bank that will work for you, and your money.
Not just choosing the bank that is the best bank on the market or the most popular bank in South Africa. This is why we are creating a list of things on how you can choose the right bank for you. By making sure that you don’t regret your decision any time soon.
The importance of finding the right bank for personal use
Firstly, why is it important to find the right bank for personal use? There are many banks out there, and they are all doing the same thing, right? Not quite. Many banks are offering services that you won’t get from other banks. Especially if you are just looking for a bank for your money.
You don’t want to spend your money on fees and services that you aren’t going to use. And, if you are investing your money, you want to make use of a bank that offers high interest on the savings.
The type of account you want
The first thing that you need to make sure about, is the type of account you want. There are the savings account, cheque account, credit account, and investment accounts. Some banks are offering much better interest rates in their investment accounts, and other banks don’t ask for high fees for using your cheque or credit card.
For example, if you are looking for a PayPal account, which is an international account, you need to have an FNB account to withdraw and transfer money easily. But, if you are just looking for a savings account for normal transactions, you might want to consider Capitec or an African bank that is low in fees.
The lower the fees the better it will be as a bank for personal use
This is one of the most important things to consider for most people. The number of fees you are paying for having an account with the bank for personal use. Especially if you are in the low- or-middle worker’s class. Then, every sent is important and you need to save as much as possible.
Some banks are expensive in their fees, and they don’t really offer more services to their clients. So, this is something to consider.
The number of branches available in your area
The last thing that you want is to drive kilometers to your nearest bank ATM or branch. Especially with the fuel that has been so high lately.
So, you need to make sure that the bank that you are choosing has some ATMs and branches near your home and workplace.
Does the bank for personal use have a banking app or not?
We might think that all the banks for personal use already have a banking app. However, this isn’t really the truth. There are still banks that are just making use of online banking or cellphone banking, without creating an app for it. It can be hard to use internet banking if you are used to making use of cellphone apps.
When it comes to cellphone apps, you also need to make sure about the safety of the apps, and how easy it is to use. If you need to pay to download or use the app, then you might want to reconsider.
The bank needs to fit into your lifestyle
The last thing that you need to make sure about, is that the bank will fit into your lifestyle. If you are traveling a lot, you might want to get a bank account that can be used all over the world. Or, if you are investing money all the time, the bank needs to offer you a large interest on the money saved.
Choosing your bank for personal use isn’t as hard as you might think. You just need to make sure that you are finding the best bank for your personal and professional use. The more research you are making, the better you will understand the bank that will be best for you.