uKheshe comes in handy when you have no cash. Photo: Bloomberg

DURBAN - Banks in South Africa offer a range of bank accounts that are suited for various transactional needs. 

However, temporary workers or people who do not have a steady income often find themselves in limbo as regular bank accounts don’t always meet their needs.

Pieter Woodhatch, Chief Executive of FNB Easy said, "A bank account must suit your individual needs, it should never be the other way around. It’s always best to understand your banking needs before deciding on the type of account to use. The aim of choosing a suitable bank account is to ensure that you get value for money," said Woodhatch.

Here are some important questions to ask yourself before choosing the right bank account:

Does the account meet my needs?

The last thing you want is to have an under utilised bank account, which means you may end up paying for services you don’t need. Also be careful of having too many accounts that start to rack up the charges and you forget why you kept them open, rather put your money into a savings account.

"The main difference between the two accounts is that an account like Easy pay-as-you-use has a minimal monthly charge while eWallet eXtra is a mobile only account with no monthly fee and you do not need a bank card to operate the eWallet eXtra mobile bank account," said Woodhatch.

Does the account give me access to a digital banking ecosystem?

Every bank claims to have digital banking but the last thing you want is a bank account which requires regular branch visits for solutions you should be able to access via digital platforms. 

Check with your bank if your account gives you access to digital banking platforms such as cell phone banking /ATM or a banking app.

Banking digitally does not necessarily mean banking with a smartphone, through cell phone banking even people with feature phones can conduct transactions such as cash transfers, send money and cardless withdrawals. 

Does the account offer transparency?

Transparency is quite important when it comes to the fees that you pay on an account, therefore you absolutely must be aware how much the account is costing you. 

Both the Bundle and pay-as-you-use accounts have transparent fee structures that are straight forward.

"Ultimately as a consumer you must opt for an account that makes financial sense to you but, most importantly, it must allow a certain degree of flexibility to match your changing banking needs," concluded Woodhatch.