Nowadays, people rely on banks for many of the activities they carry out in their everyday lives. Among the pros found in having a bank account, it could be mentioned that money management is made easier when being the holder of  one of them. This refers to benefits like the possibility to create a comprehensive  personal budget and understanding it in full, the possibility to be able to record the expenses made, and also to easily make investments with the money owed. All of these advantages have made present-day workers increase the number of demands to open a personal account. Banks like Capitec are currently making accessible thousands of accounts a month to serve people’s financial needs. 

The banking industry is a big corporation in South Africa. There are plenty of banking institutions in the country that offer all kinds of services. This provides customers with the possibility to choose from a wide array of options across the nation and find the one that best suits their demands.

There exist many different kinds of banks that offer the services people require. Depending on an individual’s financial goals, one of those types will be more or less suitable for each client. Among the services offered, people can open a checking account, just for their daily needs, or an account to keep their savings and make investments, or even hold an account for retirement. Capitec Bank is a South African retail bank (definition), which could be said to combine some of these services to be offered to individual citizens. This means that it offers customers, individuals but not enterprises, the possibility to carry out daily basic operations, among these there are a checking account, a debit card, an account for savings and also the possibility to apply for different kinds of loans, for instance request a personal loan.  Nowadays, retail banking can be made online as well as the traditional offline banking, always oriented to benefit the consumers.  

It should be taken into account that being the holder of a bank account would come with its responsibilities. Individuals are charged with maintenance costs for the account, and they could be charged extra money if they spend more than the limit established by the funds available to them. These costs may vary from one banking institution to the other. In exchange, the institutions also provide security services which protect clients from fraud, like ATM fraud (more details), card fraud, or card theft. 

Experts suggest that there are several points to be taken into account when choosing a bank to open one’s own account. Among the most important in the list, clients should take the following into consideration: does the bank charge a monthly or annual fee, would you be able to withdraw cash on a daily basis and from many different points or ATMs, are interest rates as high as expected when investing money, will I have the chance to operate online or over the phone? 

In any case, the number of bank services required each month, seen in the number of accounts opened by institutions, show that even there are matters to consider and responsibilities to acknowledge, being the holder of a bank account is something necessary. In the world we live in this has become essential especially to work and to carry out purchases.