The festive season is over and the harsh realities of the brand new year are now hitting consumers like a ton of bricks.
Therefore, South Africa’s First National Bank (FNB) is calling on its customers to stretch and review their bank accounts, saying an account was more than a tool of depositing and withdrawing money.
“Your bank account may just be the key to saving a bit of money every month this year,” Innocent Hlungwani, FNB CFO of Smart Transactional Banking, said in a statement.
“By choosing the right account, investigating what you get with this account including its rewards and banking smartly, you may surprise yourself and end up saving,” he added.
FNB also urged customers to make friends with their accounts, saying they needed to understand what kind of bank account they currently held and what it could do for them.
“There are many different types of bank accounts, and if you don’t know what yours is or what it allows you to do, this should be the first thing that you find out,” Hlungwani explained.
“How you use your money is directly linked to the bank account you should have.”
If you hardly use your account a ‘Pay as You go’ account with low monthly fees but with charges for each transaction may be suitable, FNB said.
However, if you transact regularly, FNB saidit was offering the Unlimited Account where a customer does not pay per transaction but a monthly fee. This allows customers to budget for their banking costs on a monthly basis, the Jjohannesburg-based added.
Take a few moments to call your bank, look online or go into a branch to find out what you are paying for the account you use, FNB advised.