Before switching banks, take a step back and conduct an assessment of your finances to determine if a particular type of account will match your financial goals
Khathu Ramoliko, CEO of FNB Gold says some of the common reasons for switching banks include bank charges, credit or a loan, but you do get people who have been with the same bank since they were students and don’t see the need to switch.
He says being with the same bank for many years doesn’t guarantee that you are getting best banking value. “Loyalty is only good if it equates to value”, he explains. “In all likelihood, you could be missing out on more generous rewards, better customer service, superior digital banking experience, and many other benefits suited to your lifestyle.”
Khathu says, while value means different things to different people, there are key considerations to getting what you want:
1. Define your needs or financial aspirations
Whether it’s getting a bank account that gives you more control of your money or the one that gives you access to a range of other services such as investments, insurance or savings – choose a bank that addresses your needs.
2. Focus on getting value for your money
Don’t chase the cheapest bank account because you may end up compromising on value. If it’s sold as cheap you need to ask yourself what the catch is. Rather ask what value you get and at what price.
3. Take a closer look at value-added services
It’s a lot easier to extract value if you know what to do to get it. Most banks have some form of rewards or incentives but not all these offer real value to you, many have lots of confusing rules and also charge you a fee.
Most banks have some form of rewards or incentives but not all these offer real value to you, many have lots of confusing rules and also charge you a fee.
4. Has the bank kept up with technological advances?
The benefit of technology is that it generally makes banking safer, convenient and even cheaper. Being able to change or view your PIN, temporarily block or cancel your card or buy prepaid products via a banking app doesn’t just save you money, it also saves you time. You want to be with a bank that constantly invests in and keeps up with technology, and which has the best banking app with proven capabilities that allow you to do as much as possible from wherever you are.
5. If unhappy, explore your options
People often assume that switching a bank account is a very difficult process, but banks such as FNB can help you switch your bank account, salary and debit orders using a dedicated account-switching team to ensure a smooth transition.
“Banking should be about you and your needs. We all have different paths in life and our individual circumstances are vastly different. At FNB, we are continuously investigating ways to ensure that we remain in touch with the needs of our customers, not as a group but as individuals.
“As money managers, our role is to ensure that customers have the right tools, secure banking platforms and guidance to make financial decisions that will improve their lives,” concludes Khathu.