Choosing the Right Bank Account: Five Key Questions to Ask Yourself

Bank accounts are a lot like shoes – there’s no such thing as a one-size-fits-all option, and the best one should perfectly match your individual style. According to Sajeel Jagjivan, FNB Head of Pricing, choosing a bank account based on personal needs is crucial, not just because it appears cheaply priced. Here are five key questions to guide you in making the right choice.

Five key questions to ask yourself when choosing the right bank

1. Do I want to shop on price or value?

When choosing a bank account, it’s essential to consider the difference between ‘affordable’ and ‘cheap.’ Sajeel suggests focusing on value rather than just the apparent cost. For example, FNB Easy PAYU is recognized as one of the lowest-cost bank accounts with added value such as free transactions.

2. What do I need the account for?

A bank account is not just a place to store money; it should enhance your quality of life and meet your unique financial needs. Consider your usage patterns – if you transact frequently, a bundled account like FNB Fusion Aspire might offer better value with a low monthly fee and various benefits.

3. How do I want to interact with my account and my bank?

As digital transactions become more prevalent, choosing an account that allows digital transactions is crucial. FNB, for instance, offers various digital transaction options and also caters to traditional needs, allowing customers to make local card payments and withdraw cash conveniently.

4. What am I going to need from my bank and account in the future?

Since you’ll need a bank account for life, it’s important to choose one that adapts and grows with you. Look for a bank that provides a range of products aligned with your changing needs over different life stages.

5. What rewards do I get?

Understanding the rewards offered by a bank is crucial. FNB, for example, tailors rewards to customer needs, offering grocery vouchers and FNB Connect benefits. However, it’s important to evaluate if these rewards truly add value to your banking experience.

Jagjivan emphasizes that choosing the right bank account is a personal experience. It’s not a decision to be made lightly, and it’s crucial to select an account that caters to your current and future financial and lifestyle needs.