Withdrawal fees: SA banks compared

FNB has released its updated banking fees which will come into effect from 1 July 2013, and while it has hiked its prices, the bank still compares favourably to the other big banks in South Africa.

Monthly account fees for all FNB accounts are up, though the biggest jump is for Platinum accounts, which have increased by 12.5%.

FNB account fees 2013

Account 2012 2013 Increase
Smart R79.00 R84.00 6.3%
Gold R97.00 R100.00 3.1%
Platinum R120.00 R135.00 12.5%
Petrol Card R12.50 R13.50 8.0%

2013 ATM withdrawal fees

Withrawal fees at FNB ATMs have increased marginally; however, the bank appears to have implemented a new limit to the amount customers will pay while withdrawing from other banks’ ATMs – a price-point which caught many unsuspecting banking clients by surprise in 2012.

Withdrawals beyond the free monthly amount will cost a minimum of R6.30 at FNB ATMs (to a maximum of R25.20), and a minimum of R12.80 at other ATMs (with the same maximum).

Transaction Unlimited
FNB withdrawal 6 Free withdrawals 4 Free withdrawals R6.30 per R500 (max R25.20)
Other withdrawal R6.50 + R6.30 per R500 (max R25.20)

South African withdrawal fee comparison

First National Bank is the last of South Africa’s big banks to update its fee structures for the 2013 period (the other banks update with prices effective from January 2013).

When comparing the new structure to its competitors, FNB remains the second-most affordable bank in terms of its withdrawal fees, after Capitec. This is despite the bank increasing its withdrawal fees by the greatest percentage (10.5%).

Of all the banks, Standard Bank is the only one to reduce its withrawal fees.

Native ATM withdrawal

Bank Native ATM fee
R1000 withdrawal
2012 cost
Capitec R4.30 R4.30 R4.00 7.5%
First National Bank R6.30/R500* R12.60 R11.40 10.5%
Standard Bank R3,50 + 1.05% of value R14.00 R15.60 -10.0%
Absa R3,95 + R1,15/R100 R15.45 R14.85 4.0%
Nedbank R3,50 + R1,25/R100 R16.00 R15.50 3.2%

*Max R25.20

Other ATM Withdrawal

Bank Other ATM fee
R1000 withdrawal 2012 cost %change
Capitec R7.00 R7.00 R7.00
First National Bank R6.50 + R6.30/R500* R19.10 R17.90 6.7%
Standard Bank R6,70 + R3,50 + 1.05% of value R20.70 R22.30 -7.2%
Absa R9,95 + R1,15/R100 R21.45 R20.85 2.9%
Nedbank R9,50 + R1,25/R100 R22.00 R21.50 2.3%

*Max R25.20

The tables above compares the banks’ withrawal fees on pay as you transact rates, which are not subject to bundled products. The fees are applicable to banks’ transactional/current accounts.

All of South Africa’s banks offer various packages with price and service plans which may be suited to individual banking habits.

Additionally, each bank – with the exception of Capitec – offers an entry-level saver-type account, which offers reduced rates.

While Capitec does not offer a current account specifically, its Global One account is a transactional account and is integrated with the bank’s other services, including saving and credit facilities.

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Withdrawal fees – how SA banks stack up (2012)

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Withdrawal fees: SA banks compared