What's the cheapest current account?

MAYA FISHER-FRENCH - Mar 12 2010 12:28

Jonathan asks: What is the cheapest current account?

Maya replies: It really depends on your needs. For example you can bank for R59,99 with FNB Smart Account, this price includes all electronic transactions and FNB ATM withdrawals but does not include a cheque book or overdraft facility. To decide which bank account meets your needs, click on to the bank account calculator on this site.

Nedbank, Capitec and FNB seem to be the banks offering some of the best products. Just fill in your average monthly transaction profile and the calculator will show you the best priced account for your needs.

Three things to watch out for when selecting an account:

1. Never use a chequebook. They are very expensive.
2. Stay out of branches, again a very expensive channel.
3. If you opt for a single fee account (which is usually the most cost effective option), understand what transactions are not included or if there are limits on the number of transactions. These can give you a nasty surprise.

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