South African banks basics 2022. Before you can open your first bank account, you need to make sure that you know everything there is to know about banks.
We are talking about the banking fees, the different bank accounts, and other essentials that you should consider. You don’t just go to the first bank and open an account there. This will be a huge mistake. You need to do as much research as possible beforehand. We are giving you all the South African bank basics for 2022 to ensure that you make the right choice of bank.
List of all the South African banks
Did you know that there are 16 different South African banks available? We always just know the top four or five banks because they are always advertising something, or are in the news.
It is important that you know all the banks before you make a final decision. We should not let television and advertisements decide for us. These are the different banks in South Africa that you can use.
- Absa group
- African bank
- Bidvest bank
- Capitec bank
- First National bank or FNB
- FirstRand bank
- Grindrod bank
- Imperial bank
- Investec bank
- Mercantile bank
- Sasfin bank
- Standard Bank of South Africa
- Ubank limited
The importance of choosing the right South African bank
A question that many are asking. Why is it important to choose the right South African bank for your banking needs? Why can’t we just pick one and apply for an account there?
Different banks have different features and other things that they are offering. And, they are all asking for different fees and have different rates. Meaning that bank number 1 might be cheaper per month, but their interest rate might be higher than bank number 2. You are putting all your money and life savings into the bank, so you need to make sure that you can trust the bank you choose.
Getting to know the different bank features
Before you can choose your bank, there are different bank features that you need to know and consider before you can make a final decision about the South African bank that you are going to use.
Not many people know the things that you need to consider before choosing a bank, and we are going to make sure that you get to know all the important things about banks.
Banking fees and rates
Every single bank has its banking fees and rates that you need to pay each month. Some of these banks are really outrageous with their fees. Then some banks are reasonable and won’t take as much for banking fees and rates. Some South African banks are trying to make as much money as possible, and clients just need to pay for it.
South African banking techs
We are talking about the different features that each bank has. How easy it is to do cellphone banking or internet banking. How easy is the internet or cellphone banking app to use? Can you do many things on the app, or should you still visit the branch for more info?
And, you need to consider how much you are paying for using the banking techs. Some are free of charge, while others can become really expensive.
The last thing that you want is to drive kilometers to your ATM or bank for withdrawals. Some banks are really easy to access, while other banks are harder to access and some smaller towns might not even have an ATM for withdrawing money.
Most banks are also making it possible to withdraw money at the till of a supermarket. However, this doesn’t mean that your bank has this feature. If you have an account at a South African bank, you want to access it anywhere in the country, without any problems or hassles.
Guide to the different South African bank accounts
Another important thing that you need to know when you are opening your first South African bank account, is the different types of accounts you can get. If you don’t know everything about these accounts, or even just know the different types of accounts, you can open the wrong account.
When you have the wrong account, you might not be able to withdraw money as you hoped for, or you are paying a lot more in banking fees because you accidentally opened a business account. The different accounts that you can get at a bank are:
- The savings account
- Cheque account
- Fixed deposit account
- Credit card
- Business account
It is important to know the bank basics before you open your first bank account. Or, if you are looking for a new bank to put your savings into.
You can’t just open an account at a bank, just because someone recommends the bank. You need to do your own research and make sure that you know all the bank basics first. And, this is what we are here for. To make sure that you are taken back to basics when it comes to banking. For personal or professional banking.