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Top 10 Tips to Bank Right and Save

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Philani Potwana says that the new year has started and in these tough economic times, consumers are cash strapped and looking for ways to save on some of their expenses. One easy way to guarantee you extra cash is to change your banking behaviour.

As consumers, there are small banking mistakes we tend to unconsciously make. By banking smarter, FNB customers earning between R0 -120k per annum – with a monthly salary of less than R7500 can save by making easy banking adjustments in 2020.

Making those few adjustments will also ensure that you have extra money to spend on additional priorities you’ve neglected and even save for rainy days. To improve your banking behaviour, you need to first understand your bank statement and how you transact on a monthly basis.

By following these 10 tips, consumers in the Easy income bracket can save up in banking fees:

  1. Use the banking App and cellphone banking to transact: Banking on the App and cellphone can save you money, time and even transport costs. The digital banking platforms are equipped to provide you with full banking capabilities such as payments, prepaid purchase, transferring money and checking balances.
  2. Avoid using other banks ATMs: While it can be convenient to use another banks ATM nearby you, it can equally cost you even more money to use that ATM. Ensure that you always draw cash from the bank you bank with.
  3. Use cash accepting ATMs to deposit cash: The convenience of depositing money using the cash accepting ATMs can save you money and even time instead of going into a branch. Cash accepting ATMs are convenient, safe and reliable.
  4. Swipe and don’t carry cash: Avoid drawing cash and use your banking card to swipe for your transactions. You will enjoy free card swipes as an Easy customer and 10 free electronic transactions if you are on the Smart option.
  5. Do not reverse authorised debit orders: Reversing your authorised debit orders will negatively impact your account and credit score, which may affect your ability to get credit. Always allow your debit order to go through as planned.
  6. Bundle your account: You can save money on your day to day transactions by considering the Easy Smart Option account. Bundling your account can help you save money as you don’t get charged for every single transaction.
  7. Take advantage of your banking added value benefits: During this tough economic times, FNB Easy customers with an FNB Connect sim receive FREE 80MB data, 30 voice minutes and 30 SMS. In addition, customers also receive 24/7 medical advice, legal, financial coaching and a free savings account. Lastly, you receive R50 airtime on your FNB Connect sim or R15 monthly airtime on other networks when you swipe your card at Usave, Checkers and Shoprite
  8. Use ATM to print banking statements: Printing of statements at cash accepting ATMs is more cost effective than printing from a branch. Alternatively, you can request a Mini-Statement on cellphone banking for free.
  9. Have enough funds to avoid insufficient penalties: Ensure that you have enough funds in your account by continuously monitoring your balance on the Banking App or cellphone banking. In the event that the transaction is declined because of insufficient funds, you will be held liable to pay a penalty fee.
  10. Keep your bank cards safe: While your banking card can easily be replaced, it can equally be costly to replace it. Keep your bank card safe at all times and avoid losing it as you will save on replacement costs.
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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.