According to Old Mutual Bank's Product Manager, Ben Stander, recent surveys of bank charges prove there can be some worthwhile savings should you make the change.

The best possible savings that you can make is to select a banking package most appropriate to your needs, he says.

Extra charges

"Packaged options, that bundle together a numbers of services and transactions, attract much lower fees than pay-as-you-go banking, but the proviso is that you need to stay within the parameters of the package or you’ll be penalised."

One Old Mutual account, for example, will charge you R8 plus 90 cents for every R100 that you draw over the four free ATM cash withdrawals you are allowed to make in a month.

So say you make four more withdrawals in a month, amounting to R500 each time, you'll end up paying R50 more in charges in a month for just four more visits to the ATM machine.

Should you swap?

But is it worth it to make the change to a different bank if you're not happy with your own charges?

Stander says that there's the perception that switching banks can be expensive and a bureaucratic nightmare. But because technology has made banking so much easier in recent times, it should not be viewed as a hassle to swap accounts, and it should also not be an expensive exercise.

"Modern electronic banking systems mean that if you do find an account that meets your needs at a better fee it should be relatively easy to switch and the costs should be minimal."