As senior citizens, you generally enjoy a host of benefits from discounts at stores on "seniors' day" to low-priced movie tickets and even reduced banking costs.
The four major banks, First National Bank (FNB), Standard Bank, Absa and Nedbank, have "senior accounts" for older customers. While Standard Bank caters for people over the age of 60, the other three banks have introduced offerings for customers over the age of 55.
Most senior citizens will be used to receiving rebates or discounted charges on their accounts, and the amount they save depends on their preferred method of banking.
This month FNB introduced zero monthly service fees for senior clients who maintain a balance of R6 000 or have a R10 000 investment with the bank.
If you do not have either the requisite balance or investment, the flat fee for senior clients on this product is R80 a month.
FNB's Encore Portfolio product offers 35 transactions a month at no charge and the first five over-the-counter transactions are also free on a cheque account.
Brett Erasmus, FNB's head of segment marketing, says the five over-the-counter transactions are geared towards the older customer who does not have the technological literacy or the inclination to use the more recent methods of internet and cellphone banking.
Other benefits on the Encore cheque account include free telephone and internet banking, two free bank-issued cheques a month, free over-the-counter statements, no commission on the first two stop orders, exemption from over-the-counter cash handling fees, free cheque books and no annual or monthly cheque card fee.
If you open an Encore credit card, you will receive a 50 percent reduction on annual card fees. But once you exceed the initial 35 transactions or first five over-the-counter transactions, you incur standard charges.
While telephone banking is free, Encore customers have the choice of speaking to a consultant free. Other customers of the bank pay for this service.
Absa has several offerings for customers over 55. Customers can open a Flexisave transmission account, which offers free cellphone banking and two free balance inquiries in exchange for a minimum balance of R50.
If you have a minimum investment of R15 000 or a minimum money market account of R20 000 with Absa, you qualify for rebates on "certain transactions" and can open a Prosperity cheque account with free internet and cellphone banking.
Standard Bank offers customers over the age of 60 a Consolidator Plus cheque account. For a monthly fee of R32, you get 10 cheques, eight ATM cash withdrawals, three branch cash withdrawals, 15 electronic transactions, 15 debit card purchases and two ATM cash deposits. The offer includes unlimited balance inquiries, mini-statements at self-service terminals and an annual cheque card fee.
If you maintain a balance of R6 500, you receive the Plus option free of charge, saving you R384 a year.
At Nedbank, customers over 55 need to have R10 000 or more invested in a fixed or notice deposit to qualify for an Optimum current account.
Provided your investment balance remains at a minimum of R10 000, you pay no transaction charges or maintenance fees, except on cash transactions.
The first four withdrawals for each month, cash deposits under R500, stop orders, debit orders and transfers are free.