Want to save money? Perhaps it’s time to change your bank account…

Julie Brownlee, Fsp Invest, 14 Feb. 2016

Tags: bank account, how to change your bank account, switching banks, opening a new bank account, finding a new bank account, save money

You may think that changing your bank account will involve a bit of hassle, but it’s easier than you think. Plus you could save yourself hundreds of rands a year by making a move.

So how can you compare the different bank accounts on offer? And how can you change your bank account?

Read on to find out…

Why it may be time to change you bank account

Chances are you’ve had the same bank account for years. You may see deals with other banks that look appealing, but you haven’t taken the plunge.

But by moving bank you could save yourself a lot of money.

Pull out your statements. Check how much you pay for different transactions and what your monthly fees are. There’s a good chance that by moving to a different bank you could save money on fees, plus secure a better interest rate.

How to find a new bank account

The good news is, you don’t have to spend days trawling through all the different bank accounts on offer throughout the country. There are websites to make this job a lot easier for you.

These include:
•    www.wheretobank.co.za; and
•    www.clickncompare.co.za.

Have a look through and compare what you currently spend on banking fees and costs, and see how other options measure up.

Chances are you’ll find a better option elsewhere, especially if you’ve had the same account for years.

What to do if you decide to change your bank account

If you decide you’re going to change your bank account, the first thing to do is check whether your new bank offers a facility to help you do this.

You should find your new bank will offer to help moving all your debit orders over to your new account. You just need to sign a document giving the bank authorisation to do this.

The one thing you must do is inform your employer of your new banking details. It’s a good idea to change bank accounts just after you receive your salary.

So there you have it. Why it could be time to change your bank account.

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Annette Beyers 2016-07-31 16:16:37

Thank you for the compliment Eric.

I had a look at your site and it's very useful! Maybe look at pushing more traffic to your site through online advertising. It could really take off from there.

Eric Kuhn 2016-05-19 14:33:35

Hi there.
Thanks for the read, it was very informative.

We have launched a new financial comparison website called likemoney.co.za, we compare all South African bank accounts, credit cards, investment account, savings account, insurance and much more, check it out and let me know what you think.


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