What Factors Really Differentiate Cheque Accounts?

Mar 07, 2016

You are in need of a cheque account. Where do you start? What really differentiates cheque accounts?

The first reason people own bank accounts is to eliminate the amount of cash they hold on them. The most necessary product to satisfy this need called for the cheque account to make its appearance. Basic bank accounts that help with the store and access of money on demand – the main reason of existence for cheque accounts.

But how do you then differentiate between the Big 5 banks of South Africa? Standard Bank, FNB, Nedbank, Absa and Capitec offer very similar cheque accounts.

The cheque account itself should not solely determine the bank you choose to partner with. Because of the way the banking industry has evolved and settled in South Africa, you mostly get the same value from every cheque account (when comparing cheque accounts in corresponding categories). The real difference maker will be determined by your needs.

If you want low-cost banking you might want to consider Capitec.

If it’s a rewards program you are after you might want to take a look at FNB.

If you want a bank with an arm extending across our borders consider banking with Absa.

More than just face value offers

The point of this article is not to sing the praises of every bank in South Africa. We want you to realize that the value you receive from banking doesn’t necessarily come only through the cheque account. Some cheque cards have better transaction fees. Other cause great banking synergy to arise between the collaboration of multiple products at one banking partner. Do your research to acquire the available options that will suit your needs.

What we're getting at is that the transaction fees of a specific cheque card only does not represent the inherent value you will receive from that product. Consider complimentary needs as well like your preference when it comes to service delivery and customer experiences. These things may point you in the direction of the perfect cheque account for you.

All in all a cheque account remains a cheque account. The factors that will determine your satisfaction will be determined by things like the synergy that arises between your banking products, the value you receive measured up to the price you pay, the customer service you enjoy 5 years and more after you’ve opened your account, and the protection and treatmean you get when financial times become hard.

Fincheck hopes you are more equipped to seek that perfect cheque account and you will soon be able to use our Cheque Account Comparison Calculator to make your choice!

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