Here are your new banking fees for 2017

Major banking firms in Standard Bank, Absa and Nedbank have announced changes to their banking fee structures for 2017.

A notable change for Standard Bank in 2017 is the structure of its fees. It has moved from a fixed rate plus a percentage of the value of the transaction, to a fixed fee per amount.

What this means for users is that transaction fees become significantly higher on high-value transactions (R1,000 plus) – but actually translates to a reduced transaction fee in lower amounts (under R500).

Data from South Africa’s banks in the past have shown that the average transaction comes in below R500, so this would be good news for the average banking client.

For Standard Bank clients who are using bundled accounts, the group’s Elite Banking account will increase by 5% to R100 from January, while its Prestige Banking will increase by 6% to R190.

Absa’s transaction fees have followed the annual trend with low to medium increases. The format of the transaction fees remains the same with a fixed fee plus fixed amount per value to determine the cost.

Absa’s Gold bundle now costs R98 per month, while the Platinum bundle is R159 per month.

One of the most significant changes to the Nedbank fees for 2017 is the charge of R4.00 when you decide to fill up your car using your Nedbank debit or cheque card.


Below is a breakdown of select fees across Standard Bank, Absa and Nedbank’s ‘main’ accounts (‘Gold’ equivalents). All prices are based on pay-as-you-transact fees, after bundle limits, where available.

Note: FNB and Capitec make changes to their fee structures during the course of the year (Capitec with effect from March 2017 and FNB from July 2017). The figures quoted in the tables below are the fee structures for the 2016/17 period until their new fees are announced.


Absa Banner

Absa Gold Cheque Account 2016 Fees R500 transaction in 2016 2017 Fees R500 transaction in 2017 % Change from 2016 to 2017
Withdrawal (Native) R3.95 + R1.30/R100 R10.45 R3.95 + R1.35/R100 R10.70 +2.4%
Withdrawal (Other) R9.95 + R1.30/R100 R16.45 R9.95 + R1.35/R100 R16.70 +1.5%
Withdrawal (POS)  R3.95  R3.95 R3.95 R3.95
Deposit (ATM) R3.00 + R1.30/R100 R9.50 R3.95 + R1.35/R100 R10.70 +12.6%
Debit order (internal) Free Free
Debit order (external) R16.00 R16.95 +5.9%
Account fee (PAYT) R40.00 R42.00 +5%

Absa’s full 2017 pricing can be found here.


Standard Bank Banner

Standard Bank Elite Account 2016 Fees R500 transaction in 2016 2017 Fees R500 transaction in 2017 % Change from 2016 to 2017
Withdrawal (Native) R4.00 + 1.20% of value R10.00 R1.80 per R100  R9.00 -10.0%
Withdrawal (Other) R6.70 + R4.00 + 1.20% of value R16.70 R6.70 + R1.80 per R100  R15.70 -6.0%
Withdrawal (POS) R5.00 R5.00 R1.80  R1.80 -64.0%
Deposit (ATM) R4.00 + 1.30% of value R10.50 R1.80 per R100  R9.00 -14.3%
Debit order (internal) R4.20 R4.50 +7.1%
Debit order (external) R13.10 R16.00 +22.1%
Account fee (PAYT) R55.00 R55.00

Standard Bank’s full 2017 pricing can be found here.


Nedbank Bannerr

Nedbank Savvy Account 2016 Fees R500 transaction in 2016 2017 Fees R500 transaction in 2017 % Change from 2016 to 2017
Withdrawal (Native) R4.00 + R1.32/R100 R10.60 R4.50 + R1.40/R100 R11.50 +8.5%
Withdrawal (Other) R11.00 + R1.32/R100 R17.60 R11.50 + R1.40/R100 R18.50 +5.1%
Withdrawal (POS) R4.00 R4.00 Free Free
Deposit (Intelligent depositor ATM) R5.00 + R0.66/R100 R8.30 R5.50 + R0.70/R100 R9.00 +8.4%
Debit order (internal) R6.00 Free
Debit order (external) R15.00 Free (R5.00 on PAYT)
Account fee R100.00

The full 2017 pricing for Nedbank’s Savvy Plus can be found here.


Capitec Banner

Capitec Global One 2015/16 Fees R500 transaction in 2015/16 2016/17 Fees R500 transaction in 2016/17 % Change from 2015/16 to 2016/17
Withdrawal (Native) R5.00 R5.00 R5.50 R5.50 10.0%
Withdrawal (Other) R8.00 R8.00 R8.50 R8.50 6.3%
Withdrawal (POS) R1.25  R1.25 R1.30 R1.30 4.0%
Deposit (ATM) 70c /R100 R3.50 R80c /R100 R4.00 14.3%
Account fee (PAYT) R5.00 R5.25 5.0%

FNB banner

FNB Gold Cheque Account 2015/16 Fees R500 transaction in 2015/16 2016/17 Fees R500 transaction in 2016/17 % Change from 2015/16 to 2016/17
Withdrawal (Native) R3.95 + R1.30/R100 R10.45 R1.85/R100 R9.25 -11.5%
Withdrawal (Other) R6.50 + R3.95 + R1.30/R100 R16.95 R7.00 + R1.85/R100 R16.25 -4.1%
Withdrawal (POS) Free  – Free
Deposit (ATM) R0.70/R100 (minimum R5.50) R5.50 R0.80 per R100 R4.00 -27.3%
Debit order (internal) R3.70 Free -100%
Debit order (external) R16.00 Free -100%
Account fee R100.00 R100.00

Read: Capitec is now the third biggest bank in South Africa

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