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Here are your new banking fees for 2017

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


BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • Maestro

    A banks job is to take your money and keep it in their safe keeping, right?

    I can never understand why banks charge you to deposit money (physically) into your own bank account?

    • realtrevor

      The systems that accepts the money and handle the money andthe people involved have to be paid.

      • Grant

        and the shareholders have to get dividends …

        • realtrevor

          Yes shareholders need to get dividends too, they put money upfront as capital for the business to take off or to fund it’s initiatives.

          • keithbe

            How do international banks provide free transactional services and keep afloat?

      • wo0two0t1

        lol banks don’t make the majority of their profits though these charges.

      • Loman

        The fact that Capitec does it so much cheaper just goes to show that the other banks are charging more simply because they can. They are losing clients to capitec but not enough to make them care

        • realtrevor

          Capitec is anew modern bank with systems that have been built for digital banking from the word go. Other banks have legacy systems that cost a lot to maintain and improve. So Capitec is cheaper to run from an IT perspective.

          • Loman

            then what about international banks? They had the same “legacy” systems that they used to operate (or still do, I don’t know) Yet their bank charges are even lower than capitec and more often than not they don’t even have charges.

            And if these current legacy systems are so expensive to run why haven’t banks done their best to cut that huge cost?

            Simply, they don’t care about the customer.
            They don’t care that they open long after I go to work, close before I can go on my lunch break, open again long after I’m already back at work and close much much earlier than I could possibly dream of going home. If only I had known earlier in my life what I know now, then I’d go to work for the bloody banks.

            Capitec is the only one that opens early and close late. Standard bank has tried to catch up on that but failed miserably because its only a few branches that does that. My local Standard bank is only open Mon-Fri 09:00-12:45;14:00 – 15:30

          • Vorastra

            Is this what you actually know or are you just speculating?

          • realtrevor

            It’s what I know.

          • David

            I pay no charges on my UK current account, no fee to deposit, no fee to withdraw. In fact, if I deposit more than GBP750 in a month they pay me a GBP5 reward each month.

      • bengine

        That has always been the case – think back to before computers and networks. Tech has made banking more efficient and yet we are paying proportionally far more today than we did pre-digital

      • Jo

        1. About 30 years ago, all bank accounts and all transactions were free of charge in SA.
        2. SA’s bank fees are of the highest in the world.
        3. SA banks makes the highest profits worldwide. See how Absa actually saved Barclays from bankruptcy, because the had to share their income with Barclays.
        4. SA banks pay very low interest rates on investment accounts. Because they use most of the income from these investments, for themselves, not for the client.
        5. Banks should make their money from interest on loans/bonds/financing of assets as well as interest on client investments. Not by robbing them bit by bit on every little transaction they do. It should be free of charge.

    • bengine

      “A banks job is to take your money and keep it in their safe keeping, right?”
      ROFL
      A banks job is to create money and enslave you with debt … bank charges are just their way of saying they own you.

      • Maestro

        Erm, Banks don’t create money. Only the Reserve Bank (which is not really a bank) can.

        • bengine

          Obi wan has taught you well … but you are not a Jedi yet.

          • Maestro

            “You don’t know the power of the Dark Side!”

          • bengine

            Know them I do, finance, banking, debt the dark side are they Oppose them you must or suffer the fate of Obi Wan’s apprentice you will.

      • Vorastra

        You can’t be enslaved with debt unless you choose to. Live within your means.

        • bengine

          I like the world you live in. Do you buy cars and houses for cash then – I suspect most would chose to if they could.

          • Vorastra

            If you can afford to pay your car and house every month then you aren’t being enslaved to debt are you? You’re living within your means…

            That isn’t being enslaved. Living off your credit card and finding it hard to pay off your debts every month, is NOT living within your means.

          • bengine

            Ok you win

    • “A job is something you do for money, not for fun” – Hackson, 1873.

      So if their job is to keep money, it makes sense for them to charge to do the job.

      • brz

        Yet 40 years ago they did not have to charge the client, and then they did not even have the benefit of todays computer systems?

    • Nofearorfavor

      Safekeeping is a bit of a misnomer if you ask me… if you want to draw a large amount at the drop of a hat from your current account for whatever reason (its personal business anyway)– there is often a delay— I cannot understand that — is it because although account balances show, the bank is playing the stock markets with their clients’ money–? So that when you suddenly wish to draw a huge amount, they have to make arrangements because all their big account clients’ cash are tied up in short term investment pools which have not matured yet? Yet, when the bank makes good deals, yielding excellent profits– it is not for your account though– but the bank’s shareholders.

  • Sennen Goroshi

    you get charged for putting money in your account, you get charged for keeping it there, you then get charged for taking it out. Damn

    • Razmataz

      Sounds like a good ol’ fashioned rear ending.

    • Erik Thiart

      Bitcoin is life.

      • Sennen Goroshi

        i got some, hehe

  • Hiren Patel

    SBank is the only one that charges for both internal and external debit order?

  • brz

    Why does it cost more to transact R1000 than R500? Surely the effort is the the same? It’s not as if someone has to count the money?

  • CB045

    Now banks can spend more on advertisments and dishing out more on sponsorships and promotions.

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