Benefits consolidating bank accounts

Under the following circumstances, your MPF benefits will be put in a personal account: When changing jobs, many employees tend to focus on their new employment and often forget about their MPF account under their previous employment.As a result, a new personal account is created every time they change jobs and this causes the number of personal accounts held by the employees to continue accumulating.So you miss out on the benefits that consolidation brings, like saving on fees, better rates for your outstanding debt and a clearer picture of whether you're really meeting your financial goals." The easiest place to start consolidating is with your bank accounts-especially if you use several different financial institutions.Consider moving your money to just one of them, one that's closest to where you live or work.We've listened to our customers and have put together a suite of checking accounts that meet your specific financial needs at your particular life stage. All Checking Accounts have access to Online Banking, Online Bill Payment, Electronic Statements, Account Alerts (basic), Direct Connect, and Mobile Banking.Opening your account online is easy and secure or stop by any First Interstate Bank branch and one of our bankers will assist you in opening your account.“Combining checking and savings at one place makes it simpler for you to have a clear and more complete view of your financial picture,” she says.

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Yet we have a tendency to add to that pressure by complicating things that should be kept simple. In a strange way we feel the more we spread our money across several accounts, the more control we have over it. The best way to gain control of your money is to streamline your bank accounts and bill payments.

“In many instances the solution is debt consolidation.

But before the step is taken, the impact of consolidating different debts should be considered, says Mr Kruger.

But, although relief may be immediate and you are able to breathe again, there are things to think about before consolidating debt and committing yourself to a longer period of debt payments, warns Theunis Kruger, Head of Unsecured Lending at Standard Bank.

“It is a sad fact that millions of South Africans spend a large part their monthly income to service debt in the form of instalment sales and account-based spending.

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