Don’t Be Bamboozled – Bank Smart!

South Africans have been spoilt for choice this year with the introduction of a deluge of new banking options. All promising great deals and better prices. For the average South African, the choice is exciting, but can also be a little overwhelming.

The onus is on you to bank smart and find a bank offering that is right for you. “Don’t get confused with all the information,” says George Roussos, Group Executive of Digital and Transactional Banking at African Bank. Here is some information worth thinking about:

  • Check the savings rates that are being offered in your various accounts carefully.

Lazy money, or deposits which sit in current or savings accounts earning very little interest, just doesn’t make any sense. Grow your money by banking smart. African Bank’s day-to-day banking product called MyWORLD offers SA’s best banking rate of 5.5% on any positive balance. In the main account or Power Pocket.

Excellent Interest

MyWORLD also offers SA’s best savings rate of 6.5% on any positive balance in a Savings Pocket. With real time access to your savings. Advice: Other banks may offer similar rates, but check what balance you need to qualify for that rate. At African Bank, you can start earning excellent interest with any positive balance in your main account, Power Pockets or Savings Pockets.

  • Don’t get caught unawares by high banking fees. You should compare apples with apples and see which bank offers you the most value. MyWORLD offers the first account made to share with your community or family, with up to 6 accounts and no monthly account fees!

Advice: Find a bank that banks the family, not just the individual, and save on costs. “ Banking should be accessible to everyone. That’s why African Bank has focused so strongly on family and community,” Roussos says.

“We know that husbands and wives share accounts. Children use a parent’s card when they need to pay for something. We also know that looking after extended family members is deeply entrenched in the South African culture.

Being able to play together, save together and buy together is an idea that we believe will really resonate with our customers,” concludes Roussos.

Visit the African Bank website or like them on Facebook