TymeBank fees compared to other banks in South Africa

In its investor presentation, TymeBank compares its fee structure to those of the established banks in the country, based on a medium-use banking profile of 17 transactions a month.

The fee comparison is based on Solidarity’s 2018 banking charges report.

It’s worth noting that in the comparison below, withdrawal transactions are split between POS withdrawals and own-ATM withdrawals.

According to TymeBank, even though it does not have its own ATMs, because of its partnership with Pick n Pay and Boxer stores, each till-point effectively becomes an access point to withdraw and deposit money.

Withdrawals at these till points is free. If withdrawals are made at other retailers, this fee is R2.00 – and if customers head to an ATM, a withdrawal carries a charge of R8.00 per R1,000.

Because the Solidarity report was published in September 2018, it does not include Bidvest Bank’s GROW account (which launched in November 2018), nor does it cover Capitec’s fee changes announced this month.

We have updated the information to include these changes, for the most recent like-for-like comparison. These are outlined below:

The 17 transaction profile includes POS withdrawals, limited ATM withdrawals, prepaid purchases, internet payments (EFTs) and debit orders.

 

Fee structures

A breakdown of the SA bank entry level account fee structures can be found below:


TymeBank Account 2018 Fees R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native ATM) Free Free
Withdrawal (Other ATM) R8.00 / R1 000 R8.00
Withdrawal (POS) Free Free
Deposit (ATM) R4.00 R4.00
Monthly account fee (PAYT) Free

You can view the TymeBank Fees here.

Old Mutual Money Account 2017/18 Fees R500 transaction in 2017/18 2018/19 Fees R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R6.50 R6.50
Withdrawal (Other) R8.50 R8.50 R8.50 R8.50
Withdrawal (POS) R2.50 R2.50 R1.50 R1.50 -40.0%
Deposit (ATM) R7.00 R7.00 R7.50 R7.50 +7.1%
Monthly account fee (PAYT) R4.50 R4.50

You can view the Old Mutual Money Account fee schedule for 2018/19 here.


Capitec Global One 2018/19 Fees R500 transaction in 2018/19 2019/20 Fees R500 transaction in 2019/20 % Change
Withdrawal (Native) R6.50 R6.50 R6.00 / R1 000 R6.00 -7.7%
Withdrawal (Other) R8.75 R8.75 R8.00 R8.00 -8.6%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) 95c / R100 R4.50 R1.00 / R100  R5.00 +11.1%
Monthly account fee (PAYT) R5.75 R5.00 -13.0%

You can review Capitec’s full 2019/20 pricing here.


Absa Transact Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R6.05 R6.05 R6.50 R6.50 +7.4%
Withdrawal (Other) R12.11 R12.11 R10.50 + R1.50 / R100 R18.00 +48.6%
Withdrawal (POS) R1.31 R1.31 R1.60 R1.60 +22.1%
Deposit (ATM) R4.54 + R1.41 / R100 R11.59 R4.50 + R1.50 / R100  R12.00 +3.5%
Monthly account fee (PAYT) R4.99 R5.30 +6.2%

Absa’s full 2019 pricing can be found here.


Nedbank PAYU Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R6.50 R6.50 R7.00 R7.00 +7.7%
Withdrawal (Other) R8.00 + R1.51 / R100 R15.55 R8.00 + R2.00 / R100 R18.00 +15.8%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (Intelligent depositor ATM) R1.00 / R100 R5.00 R1.00 / R100 R5.00
Monthly account fee (PAYT) R5.50 R5.50

Nedbank’s PAYU 2019 pricing can be found here.


Standard Bank Access Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R1.82 / R100 R9.10 R1.85 / R100 R9.25 +1.6%
Withdrawal (Other) R8.07 + R1.82 / R100  R17.80 R9.00 + R1.85 / R100 R18.25 +2.5%
Withdrawal (POS) R1.82 R1.82 R1.40 R1.40 -23.1%
Deposit (ATM) R1.61 / R100 R8.05 R1.65 / R100 R8.25 +2.5%
Monthly account fee (PAYT) R5.30 R5.60 +5.7%

Standard Bank’s full Access 2019 pricing can be found here.


FNB Easy Account 2017/18 Fees R500 transaction in 2017/18 2018/19 Fees 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 / R100 R4.50 R0.95 / R100 R4.75 +5.6%
Monthly account fee (PAYT) R5.25 R5.75 +9.5%

You can find FNB’s Easy 2018/19 pricing guide here.


Bidvest Bank Grow Account (PAYT) 2017/18 Fees
(Transact)
R500 transaction in 2017/18 2018/19 Fees
(Grow)
R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R5.50 R5.50 R6.00 R6.00 +9.0%
Withdrawal (Other) R9.60 + R1.40/R100 R16.60 R6.00 + R1.40/R100 R13.00 -21.7%
Withdrawal (POS) R4.00 R4.00 R5.00 R5.00 +25.0%
Deposit (Branch) 0.80% of value R4.00 0.80% of value R4.00
Monthly account fee (PAYT) R22.00 R6.00 -72.7%

You can view the Bidvest Bank Grow fee schedule for 2019 here.


Read: South Africa’s first digital bank is live – here’s everything you need to know

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TymeBank fees compared to other banks in South Africa