Banking

Capitec’s new banking fees for 2018

Staff Writer

 ·8 Feb 2018

Capitec has published its new banking fees, which are set to come into effect from March 2018.

The group claimed 9.2 million clients in 2017, while adding 120,000 new sign-ups each month, on average.

Capitec has built its brand of affordability on its fixed fee structure, as well as offering interest rates that let savers pay their complete monthly service fee and also the bulk of transaction costs.

“The majority of Capitec clients – over 5 million – pay under R50 in bank costs each month, and many clients earn more in interest than the fees they pay,” it said.

In terms of fee changes for 2018, access to remote banking (online and app) remains free with zero-rated data for the app, while fees for payments in branch increased marginally to R5.30 per transaction, and the monthly admin fee increased by 25 cents to R5.75.

Statements and transfers between own accounts on mobile phone and internet banking remain free, while the price of payments on these channels increase marginally for the first time in four years, from R1.50 to R1.60 per transaction. Debit orders increase by 20 cents, from R3.50 to R3.70.

The cash withdrawal fee at tills is R1.60, while cash withdrawals from a Capitec branded ATM now cost R6.50. All other bank ATM withdrawals now cost R8.75, only R2.25 more than Capitec Bank ATMs.

“This means clients can use any of the over 30,000 ATMs across the country without fear of excessive fees or penalties. All cash withdrawal fees are flat fees regardless of the amount of money Capitec clients withdraw,” the bank said.

You can view Capitec’s new banking fees here.

Standard Bank, Nedbank and Absa’s 2018 fees came into effect from 1 January 2018. FNB’s fee changes will be implemented from 1 July 2018.

Below are a selection of fees on a pay-as-you-transact basis from all South African retail banks:

FNB Gold only offers the bundled account option. Withdrawals and Cash@Till transaction fees come into effect after a combined R5,000 limit has been reached. Cash deposit fees come into effect after a R5,000 limit has been reached.