If you can manage your finances without a cheque book, consider a transmission account which offers you interest on money you save as well as the facility to conduct your monthly transactions.
Ann Bramhill, manager: public relations at First National Bank, says transmission accounts were created a few years ago to bridge the gap between savings accounts and cheque accounts.
Savings accounts, she says, are characterised by many deposits and a few withdrawals.
"About four years ago we found people were using their savings accounts to run their monthly budgets.
"They would put in quite a large amount into the account and draw from it until nothing was left.
"They were not using their savings accounts for savings purposes. But, on the other hand, they did not need a cheque account with its comparatively higher charges," she says.
Most banks keep an eye on their customers' savings accounts, and if they find these accounts are being used too often for transactions, clients will be encouraged to open a transmission or a cheque account.
Several banks offer transmission accounts and what you pay for transactions from these accounts varies.
Absa, for instance, does not charge you a monthly service fee on your transmission account. At Standard Bank you pay R2,70 a month in service fees and FNB charges you on a sliding scale of R1,88 for every R100 or part thereof up to a maximum of R13,11.
Watch out for the more expensive fees charged for doing transactions over the counter when you can do the transaction for less by making using of an ATM.