Unsurprisingly, low bank charges are the most important factor when South Africans choose a bank, according to the latest Justmoney poll.

47% of the people replying to the poll said that low charges were the most important factor when choosing a bank. And, almost a quarter of respondents rated customer service as a critical factor in their decision making process.

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

* 47% said low bank charges
* 27% said good interest rates
* 23% said service
* 7% said convenience

“I think we are nearing a point where South Africans are becoming genuinely interested in their day to day banking charges.  Sure, there are a countless number of 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 call ‘hidden costs,” said Justmoney’s general manager, Andy Gilder.

Gilder says that banks offer very competitive bundled packages as opposed to ‘pay as you use’ options. Consumers can pay less than R100/ month if they are disciplined in the way they bank.

And remember to check out getclosure’s customer service ratings to see how South African banks fare when dealing with customer service issues.

Particpate in the next Justmoney poll, how much do you pay on bank charges each month? here.