Financial Education

spend less on bank fees

It’s worth taking the time to understand exactly how much you spend on banking every month. It’s easy to forget this cost, but it should be included in your budget like everything else, and may be an area you can save on.

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Check if you are being charged a ‘bundled’ fee, or if you pay per transaction – this is like buying your data either on contract or pay-as-you-go. If you pay a bundled fee, weigh up the costs against the transactions you make, and see if a more affordable account could better suit your needs. If you pay per transaction, you have some control over how much you spend on bank fees, because you can control how you transact.

Here are 3 easy ways to reduce your bank fees:

  1. Use your card to make purchases instead of withdrawing cash. This way, you pay no fees
  2. Bank from your phone – transactions cost more at a branch or ATM than they do from your phone
  3. Draw cash at tillpoints – if you have to use cash, the most affordable way to make a withdrawal is at retailers’ tillpoints

Cellphone banking has made it convenient, easy and safe to bank from anywhere, at any time.

A cellphone banking app can also make it easier to track your spending, because it gives you an immediate, up-to-date view of your accounts and your transaction history. Familiarise yourself with your bank’s app and what it allows you to do – it is the safest way to bank, and for most transactions, it will also be the most affordable way to bank.

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