Having a bank account is the basis of smart financial management. Not only will it will give you a safe place to keep your money, but if you choose correctly, it could earn you interest, a chance to earn rewards and discounts and give you access to Internet banking facilities that will make your finances even easier to manage. The question is: what kind of bank account are you after?

Let’s face it – it can be a difficult task to choose the right bank as you don’t want to pay unnecessary fees – which banks are popular for – or lose out on interest rates. So let’s take a look at some of the bank accounts that are available in South Africa.

Virgin Money

Virgin Money is undoubtedly one of the most popular banks in South Africa in terms of value. Their credit card has a great benefit – no annual fees! This is not something you see every day. Apart from that, there are multiple rewards that you can qualify for and this makes the Virgin Money credit card even more appealing. You can use multiple channels to manage your account, including internet banking, and paying your card is super easy too.

Another great benefit is 3D Secure – 3-D Secure technology consists of the programs Verified by Visa and MasterCard SecureCode. After you enter your credit card details in our online store, a new window will appear, requesting your personal security code. This is definitely a bonus considering the amount of credit card fraud that exist within South Africa – and worldwide.

Now, let’s take a look at what ABSA offers.

ABSA bank offers various credit cards, include a Student Credit Card, all the way up to a Platinum Credit Card – for those earning above average salaries. Unlike Virgin Money, they do charge an annual card fee, but luckily they have other benefits to make up for this.

These benefits include travel insurance, free statements, and discounts at various outlets. This makes it more worthwhile – but in the end you have to compare the benefits and choose a service provider that works for you and your lifestyle.