South Africa’s banking fees compared

FNB has published its new banking fees for the 2018/19 period – the last of the major retail banks to make adjustments for this year.

While the bank has kept some of its prices unchanged – such as the monthly fee for its popular Gold Account – other prices have been hiked in line with inflation, and include the adjustments for the recent VAT rise.

From 1 April 2018, the VAT rate was hiked to 15%, which translated to a 1% increase in fees across most of the country’s banks – though some of these costs have been absorbed by the banks.

The tables below show how fees for South Africa’s five major retail banks have changed, year-on-year, taking into account the change in VAT. The accounts used are the respective banks’ mid-market accounts.

The calculations are based on a R500 transaction, which the banks have said is the most common range for cash-based transactions in the country.

Absa, Standard Bank, Nedbank and Capitec’s rates (adjusted for VAT) have been in effect since 1 April 2018, with FNB’s new rates kicking in from 1 July 2018.

Absa Banner

Absa Gold Cheque Account 2017 Fees
(14% VAT)
R500 transaction in 2017 2018 Fees
(15% VAT)
R500 transaction in 2018 % Change from 2017 to 2018
Withdrawal (Native) R3.95 + R1.35/R100 R10.70 R4.54 + R1.41/R100 R11.59 +8.3%
Withdrawal (Other) R9.95 + R1.35/R100 R16.70 R10.59 + R1.41/R100 R17.64 +5.6%
Withdrawal (POS) R3.95 R3.95 R4.54 R4.54 +14.9%
Deposit (ATM) R3.95 + R1.35/R100 R10.70 R4.54 + R1.41/R100 R11.59 +8.3%
Debit order (internal) Free Free
Debit order (external) R16.95 R18.16 +7.1%
Account fee (PAYT) R42.00 R45.39 +8.1%

Absa’s full 2018 pricing can be found here.


Standard Bank Banner

Standard Bank Elite Account 2017 Fees
(14% VAT)
R500 transaction in 2017 2018 Fees
(15% VAT)
R500 transaction in 2018 % Change from 2017 to 2018
Withdrawal (Native) R1.80 per R100 R9.00 R1.82 per R100 R9.10 +1.1%
Withdrawal (Other) R6.70 + R1.80 per R100 R15.70 R8.07 + R1.82 per R100  R17.17 +9.4%
Withdrawal (POS) R1.80 R1.80 R1.82 R1.82 +1.1%
Deposit (ATM) R1.80 per R100 R9.00 R1.82 per R100 R9.10 +1.1%
Debit order (internal) R4.50 R4.54 +4.0%
Debit order (external) R16.00 R16.64 +3.1%
Account fee (PAYT) R55.00 R60.53 +10.1%

Standard Bank’s full Elite 2018 pricing can be found here.


Nedbank Bannerr

Nedbank Savvy Account 2017 Fees
(14% VAT)
R500 transaction in 2017 2018 Fees
(15% VAT)
R500 transaction in 2018 % Change from 2017 to 2018
Withdrawal (Native) R4.50 + R1.40/R100 R11.50 R5.00 + R1.51/R100 R12.55 +9.1%
Withdrawal (Other) R11.50 + R1.40/R100 R18.50 R12.57 + R1.51/R100 R20.12 +8.8%
Withdrawal (POS) Free Free Free Free
Deposit (Intelligent depositor ATM) R5.50 + R0.70/R100 R9.00 R1.00/R100 R5.00 -44.4%
Debit order (internal) Free Free
Debit order (external) Free Free
Account fee  R100.00 R107.00 +7.0%

Nedbank’s Savvy Plus 2018 pricing can be found here.


Capitec Banner

Capitec Global One 2017/18 Fees
(14% VAT)
R500 transaction in 2017/18 2018/19 Fees
(15% VAT)
R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R6.00 R6.00 R6.56 R6.56 +9.3%
Withdrawal (Other) R8.50 R8.50 R8.83 R8.83 +3.9%
Withdrawal (POS) R1.50 R1.50 R1.61 R1.61 +7.3%
Deposit (ATM) 90c / R100 R4.50 96c / R100 R4.80 +6.7%
Account fee (PAYT) R5.50 R5.80 +5.5%

Capitec’s full 2018/19 pricing can be found here.


FNB banner

FNB Gold Cheque Account 2017/18 Fees
(14% VAT)
R500 transaction in 2017/18 2018/19 Fees
(15% VAT)
R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R1.85/R100 R9.25 R1.90/R100 R9.50 +2.7%
Withdrawal (Other) R8.00 + R1.85/R100 R17.25 R9.00 + R1.90/R100 R18.50 +7.2%
Withdrawal (POS) R1.40 R1.40 R1.60 R1.60 +14.3%
Deposit (ATM) R0.90 per R100 R4.50 R0.95/R100 R4.75 +5.6%
Debit order (internal) Free Free
Debit order (external) Free Free
Account fee R105.00 R105.00 0.0%

FNB’s 2018/19 pricing guide can be found here.


Read: New FNB banking fees for 2018

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