In the latest Justmoney poll, users were clear about their priority — low charges are the most important factor when it comes to banking.

47 percent of the respondents polled listed 'low bank charges' as the most important factor when it comes to choosing a bank — a response that has Justmoney's General Manager, Andy Gilder, particularly upbeat.

"I think we are nearing a point where people will be genuinely interested in their day to day banking charges. Yes, there are countless South Africans who remain oblivious to their monthly bank costs, but in general I think we are becoming far more aware of what some people still think of as 'hidden costs'.

"Ultimately, we need to get to a stage where South Africans will move banks if they are unhappy — apathetic clients do not make for a competitive industry."

Justmoney.co.za asked its users 'What do you look for in a bank?' and the results were as follows:

• 47 percent said low bank charges

• 27 percent said good interest rates

• 23 percent said service

• Seven percent said convenience

"Over the last few months we have noticed far higher traffic figures on our bank account comparison tools with users accessing fee details pages more often. We hope that South Africans are using sites like our own to become more informed about the various options available to them, because throwing money away on unnecessary bank charges is criminal in times as tough as these."

Gilder says that more people should make use of bundled charges. "A number of banks now offer very competitive bundled packages where users have a certain number of transactions free each month and will only ever pay a fixed amount if they are disciplined in the way they use their accounts."

He also advocates the use of technology.

"If you are fairly technologically savvy there is virtually no reason for you to use your branch anymore — and banks are trying to move more of their business online by charging higher fees for in-branch transactions. Know how you bank and utilise technology where possible."

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