All You Need to Know About Banking

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With modern technology comes convenience. So, why should banking services be any different? If you are tired of trying to squeeze in a trip to the bank during a busy day, or of waiting in long queues, then the do-it-yourself or self-service banking options are ideal for you.

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More convenient and hassle-free than going into the bank, your personal banking is made easier by accessing your accounts:

  • At the ATM
  • On your cellphone
  • On your computer
  • On a banking app through a smartphone device or tablet

Self-service banking is perfect for those everyday transactions, without the need to visit a bank:

  • Check your balance
  • Transfer money between your accounts
  • Payments
  • Buy electricity or airtime
  • Apply for a loan

Self-serving banking means you can bank at any time, even while travelling, making you save on bank charges while giving you the freedom to bank safely in the comfort of your home or office. Remember to keep your PIN and login details a secret, especially if you’re banking from a commonly shared computer.

Visit the financial education tab on standardbank.co.za, and learn more about how to get started with self-serving banking.

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With living expenses constantly increasing, it’s tough to make money last longer. Saving for rainy days, emergencies or your annual family vacation can be a challenge. The WalletWise initiative aims to equip you on matters of personal finances, including savings and investments. Saving, even if you start small, is an achievable goal.

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Investing your money is an easy way to see beneficial returns. However, with so many different options, it can be quite confusing. When looking to invest, ask yourself the following questions:

  • Where will your money be invested?
  • What type of interest can you expect to earn on a monthly basis?
  • What are the conditions of withdrawing the funds when needed?

If you belong to social and investment clubs, burial societies and stokvels, a simple solution is to join your saving goals through a Society Scheme. This is a perfect investment option for a group of five people or more, where the group earns a higher interest per month than if they own individual savings accounts. There is flexibility at drawing and depositing money at your nearest branch, and also the option of moving the Society Scheme funds into other investment products, such as fixed and notice deposits.

Saving money as a group, with the encouragement of others who share your goals, is a great way to start your saving journey.

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Is money talk making your head spin? Do you feel like you need a degree in finance, in order to figure out banking? Think again! WalletWise can give you the information you need on your personal finances – helping you to manage your money better, and showing you how to grow it.

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Visit the financial education tab on standardbank.co.za, and learn more about how to manage your money. With basics, such as opening a bank account, you can read up on a variety of topics, including:

  • Savings and investments
  • Money management
  • Credit and financing

Alternative options, such as self-service banking

  • Responsible borrowing
  • Insurance
  • Buying a home
  • Types of credit
  • Fraud prevention

Empower yourself with financial freedom. Keep an eye out for WalletWise representatives across the country, who will help you save and grow your money.

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Standard Bank empowers you with the financial knowledge you need to secure a more sustainable and achievable financial independence. With its WalletWise initiative, the bank is finding out just how much the average person knows about banking, and helps with useful tips and tricks to make your money work better for you.

Promise Mokoena
Promise Mokoena

Promise Mokoena (25) attended a WalletWise activation in her hometown. She tells us what she understands about credit and credit ratings, and why they are important to achieve financial freedom.

What can you tell us about a person’s credit record? Why is it important to maintain a good credit rating?

You get a credit record when you buy goods on credit. If you don’t pay, you will be blacklisted. That’s if you miss your agreed payments.

Tell us about debt counselling. How can it help someone who has bad debt?

This applies when you have a lot of debt. So, for you to get out of that situation, you need debt counselling to manage your budget.

Do you know where to get help if you need any advice on your finances?

Yes. I would approach a bank if I need advice on money or getting a loan.

Good credit is essential to help you buy more expensive necessities, such as a car or home. A good credit rating can even help you get a better repayment rate or credit limit and is, therefore, important to maintain by not going into debt or skipping payments.

For more information on a Walletwise activation near you, keep an eye on the @StandardBankSA and @BonaMag Facebook pages.

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