Before you consider switching banks, take a step back and assess your finances to determine the type of account that will best suit your financial goals.
Clients commonly seek to switch banks due to bank charges, credit or loan applications. 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,” explains Khathu Ramoliko, CEO of FNB Gold. “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.”
Key considerations to getting what you want:
- 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.
- Focus on getting value for 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.
- 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 confusing rules and may also charge you a fee.
- Has the bank kept up with technological advances?
Technology 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 is constantly investing in technology with proven capabilities that allow you to do as much as possible from wherever you are.
- Explore your options
People often assume that switching a bank account is a very difficult process but some have a dedicated account switching team to help you switch your bank account, salary and debit orders.
Banking should be about you and your needs. As money managers, the role of banks is to ensure that customers have the right tools, secure banking platforms and guidance to make financial decisions that will improve their lives.
Source: FNB. Images: Pixabay