Solidarity’s Bank Charges Report 2013 however, found that the charges of the cheapest mainstream accounts of four of the five large commercial banks in South Africa remained virtually unchanged since 2012.
This was with the exception of Standard Bank, which closed its most competitive mainstream account to new clients after just one year, Solidarity Research Institute (SRI) said.
|Cheapest account 2012
||Cheapest account 2013
|Capitec – Global One||R52.30||Capitec – Global One||R52.02||-R0.28 -0.5%|
|FNB – Smart Unlimited||R53.20||FNB – Smart Unlimited||R53.20||R0.00 0.0%|
|Standard Bank – Achiever Electronic||R79.40||Absa – Silver Value Bundle||R82.00||R0.00 0.0%|
|Absa – Silver Value Bundle||R82.00||Nedbank – Savvy Current||R97.00||-R4.10 -4.1%|
|Nedbank – Savvy Electronic||R101.10||Standard Bank – Elite Plus||R102.40||R23.00 +29.0%|
Solidarity’s research institute found that the cheapest mainstream account in 2013 was Capitec’s Global One Account, at a R52.02 monthly fee for consumers, followed by FNB’s Smart Unlimited at R53.20 monthly.
Absa’s Silver Value Bundle at R82 per month, was rated third, ahead of Nedbank’s Savvy Current at R97 monthly, and Standard Bank’s Elite Plus account charged at R102.40 monthly.
Bank by bank breakdown
When it comes to withdrawal fees in South Africa, Capitec also comes out on top with the lowest fees.
The tables below compare the banks’ withrawal fees on pay as you transact rates, which are not subject to bundled products.
Native ATM withdrawal
|Bank||Native ATM fee
|First National Bank||R6.30/R500*||R12.60||R11.40||10.5%|
|Standard Bank||R3,50 + 1.05% of value||R14.00||R15.60||-10.0%|
|Absa||R3,95 + R1,15/R100||R15.45||R14.85||4.0%|
|Nedbank||R3,50 + R1,25/R100||R16.00||R15.50||3.2%|
Other ATM Withdrawal
|Bank||Other ATM fee
||R1000 withdrawal||2012 cost||%change|
|First National Bank||R6.50 + R6.30/R500*||R19.10||R17.90||6.7%|
|Standard Bank||R6,70 + R3,50 + 1.05% of value||R20.70||R22.30||-7.2%|
|Absa||R9,95 + R1,15/R100||R21.45||R20.85||2.9%|
|Nedbank||R9,50 + R1,25/R100||R22.00||R21.50||2.3%|
More on South African banks
SA bank charges compared