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Johannesburg

5 Things To Consider Before Switching Banks

Posted In: Money Talk

 

Before switching banks assess your finances to determine if a particular type of account will match your financial goals.

While some people switch banks because of bank charges, credit or loans, others have been with the same bank since they were students and don’t see the need to switch.

Being with the same bank for many years doesn’t guarantee that you are getting the best banking value. Loyalty is only good if it equates to value. Instead, you could be missing out on more generous rewards, better customer services, superior digital banking experience, and many other benefits suited to your lifestyle.

Although value means different things to different people, there are key considerations to getting what you want from your band. So before switching banks look at the following:

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 lots of confusing rules and also charge you a fee.

Has the bank kept up with technological advances? – The benefit of technology is that it 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 and has the best banking app with proven capabilities that allow you to do as much as possible from wherever you are.

If unhappy, explore your options – People often assume that switching a bank account is a very difficult process but banks can help you switch your bank account, salary and debit orders through a dedicated account switching team to ensure a smooth transition.

Have you switched banks? What was your experience?

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