Demand special treatment from your bank when you turn 55 years old - that`s when you become eligible for extra benefits.
The most common benefits offered to senior citizens are a better interest rate on fixed deposit investments of 12 months or longer and rebates on banking charges.
Absa, First National Bank, NBS, Nedbank and Permanent Bank all say you must be 55 years to qualify for the special benefits offered to senior citizens, while at Standard Bank the age is 60.
In addition to reaching a certain age, you have to have a certain amount invested with these banks. This is either R10 000 or R20 000 depending on which bank you choose.
Most of the banks have specialised packages for senior citizens but at Absa you get the extra benefits through any of the core account packages provided you meet the criteria.
At Standard Bank, to qualify for the senior citizens account, called Consolidator, you must be 60 years or older and must invest R20 000 with the bank. This will exempt you from paying service fees.
If you do not wish to invest R20 000 with the bank, you can choose the Plus monthly management fee option.
For R20 a month, you can issue 10 free cheques a month and transactions such as cash withdrawals, stop orders and debit orders, local telegraphic money transfers, provisional statements, electronic transfers and account payments will be free.
Another benefit of a Consolidator account is that your cheques will be certified up to R500. To certify a cheque you need to write your MasterCard number in the blocks provided at the back of the cheque. This guarantees payment to whoever you issue the cheque.
If you have a Consolidator Plus account, added benefits include a travel cash bonus, free accidental death insurance cover of R10 000 or R50 000 if you travel on licensed mass transport such as a bus or train, protection against the loss or theft of any debit, credit or charge card and bridging finance at a special rate in the event of a death in the family.
If you take out a Hospital Cash Plan through Standard Bank Insurance Brokers, you qualify for R300 cash for every day you spend in hospital. The premium for this insurance cover is R35 a month.
At First National Bank, in addition to the standard benefits, you get certain benefits if you have a credit card. You pay half the annual credit card fee of R48 and lost card protection is free. You also earn interest of up to 6,25 percent on the credit balance in your cheque account for amounts over R500.
Benefits offered over and above the normal benefits at Nedbank include cheques guaranteed up to R500, overdraft and loans at special rates and early withdrawals from fixed investments in the case of an emergency without paying a penalty. There are also special rates on Hospital Plans and 24-hour medical emergency services.
At Permanent Bank, you can get discounts on certain medications from a supplier and a free quarterly magazine. The bank also arranges financial and social events such as bingo games, tea parties and seminars.
For a full list of benefits offered by the banks, see the accompanying table.