Standard Bank announces new fees for 2020

Standard Bank has published its updated fee schedules for all its accounts, which will come into effect on 1 January 2020.

The South African banking market has become highly competitive in 2019, particularly with a host of new accounts targeting the entry-level (typically low-income) markets.

Accounts in this sector now offer ‘zero banking’, with the pressure on legacy banks (Absa, Standard Bank, Nedbank, FNB and Capitec) to meet the price points of new, digital entrants (TymeBank, Bank Zero) which offer zero monthly fees and a host of free transactions.

While the likes of Absa, FNB, Capitec and Nedbank have moved to rein in transaction fees, either through price reductions or restructuring formulae, Standard Bank saw these price restructures in 2019’s review, and so 2020’s fees are just a standard, below inflation, increase on that.

Fee increases come in below inflation (under 3%) in main transactions, with monthly account fees seeing increases of between 1.9% (Elite) and 4.2% (Consolidator).

These are the changes to the monthly fee accounts, including links to the fee schedules:

• MyMo: R4.95 (no change)
• Access: R5.80 (up 3.6% from R5.60)
• Consolidator: R49 (up 4.2% from R47)
• Elite: R107 (up 1.9% from R105)
• Prestige: R209 (up 2.0% from R205)
• Private Banking: R369 (no change)
• Signature: R469 (no change)

Entry level accounts

Standard Bank’s entry-level accounts have seen very little in the way of price increases for 2020.

The bank’s new MyMo account, which launched this year, will see no hike in monthly fees, while maintaining its withdrawal fees at R6.50 for amounts under R1,000, up to R13.00 for amounts above that (capped at R2,000).

The only change on the account is the incremental increase in deposit fees.

The Access account – the bank’s more traditional entry level account – will see most of its fees hiked with withdrawal, deposit and monthly account fees all climbing, albeit below inflation (under 4%).

Full service accounts

In Standard Bank’s gold-level Elite account, small increases have been implemented for withdrawals and deposits, with point-of-sale withdrawal costs and other fees remaining the same.

The bundled option (R107 per month) covers withdrawals up to R5,000 (at native ATMs) before out of bundle fees kick in. The non-bundled account costs R69.00 per month, up from R65.00 last year.

The pricing schedule for Standard Bank’s mid-tier account, Elite Banking, is embedded below.

Standard Bank Elite Banking 2020 by BusinessTech on Scribd

Read: The cheapest and most expensive bank accounts in South Africa