Here are 5 questions that need answering and by answering them you will know what you need to do to decrease the fees you are paying towards your bank:

• What are you paying towards bank fees? Have you checked with your bank if you could get a better deal?
• Have you got the right account for your needs? Some savings accounts can have much higher transaction rates than the cheque accounts. If you have debit orders coming off, it might actually be costing you more because of the savings account.
• Do you have a credit card or credit cards? Do you know which one charges the least interest? At the end of the day, this is the one you should try and use as they are asking less interest on your debt
• Do you have an Access Bond? Do you have cash available to you in the Access Bond? Why not pay off your car and other interest bearing debts with this? Bond interest rates are generally always lower than any other interest charged.
• Are you at the right bank for your needs? Is your bank giving you the best rate available?

We never really take note of our bank charges or bother to investigate better options, however, if doing this could save you a couple of R100, if not more, it might just be worth it.

Surely it would be better to have this money the bank is taking from you, in an investment you could benefit from one day?

Speak to your bank. Discuss your investment options with your advisor.

We are happy to assist should you not have an advisor.