Standard Bank has published its updated fee schedules for all accounts, set to come into effect on 1 January 2022.
The bank has kept most monthly account fees unchanged for the new year, with small increases in top-tier accounts. Most notably, two key accounts have been discontinued: the mid-tier (gold) Elite account, and the entry-level Access account.
These accounts have ostensibly been replaced by the MyMo package, with the standard MyMo pay as you transact now serving as the only low-cost transactional account at R4.95 per month, and the new MyMo Plus package coming with a gold card at R110 per month.
The MyMo Plus account bundles together unlimited free transactions on certain services, such as card swipes, debit orders and point of sale cash withdrawals, but it has certain limits on others, including deposits and ATM withdrawals.
Transaction fees after these limits are also different from the standard MyMo PAYT fees.
In the higher-tier accounts, the Prestige, Private Banking and Signature accounts will see monthly fees hiked by 2.3% to 5.3%. Transactions follow a similar profile to the MyMo Plus account but with higher limits.
These are the changes to the monthly fee accounts, including links to the fee respective schedules:
|Account||2021 Monthly fee||2022 Monthly fee||Change|
With the Standard Bank Access account being discontinued, the MyMo PAYT accounts have become Standard Bank’s de facto entry-level offering, with the only other account being the zero-fee PureSave account.
The PureSave account is a savings and investment account but does have a card and transactional capabilities.
Access accounts will still be supported, with no change to the monthly fee of R5.0 for 2022. As the tables below show, the pricing on key transactions does not differ at all from the Access account.
|Standard Bank Access Account||2021 Fees||R500 transaction in 2021||2022 Fees||R500 transaction in 2022||% Change|
|Debit orders (internal/external)||R3.50||R3.50||–|
|Standard Bank MyMo PAYT||2021 Fees||R500 transaction in 2021||2022 Fees||R500 transaction in 2022||% Change|
|Account fee (PAYT)||R4.95||R4.95||–|
* First R1,500 is free
A notable change for Standard Bank’s full-service accounts is the discontinuation of the mid-tier Elite account. The bank no longer offers this ‘gold level’ account, and instead moved to the MyMo Plus label.
Elite Account holders will still be supported, with some price changes set for 2022. The bundled option for the account remains R110 per month, but the bundle limits have been reduced from R5,000 to R3,000 for withdrawals and deposits.
After simplifying its price structures, the 2022 fees will again split into different tiers. Pay as you transact customers will see withdrawal fees increase to R8.00 per R1,000, (from R7.50 per R1,000 before), while bundle customers will see the fee change to R2.00 per R100 once the bundle limit has been reached.
Another change is how the bank deals with deposits. While this was previously charged at R9 per R1,000 deposited, it will now fall to R1 per every R100 deposited after the first R3,000 deposited in a month.
The MyMo Plus package follows the bundled price formatting, with a R3,000 limit on withdrawals and deposits, thereafter becoming R2.00 per R100 withdrawn and R1.00 per R100 deposited. How this package differs from the Elite account is that all withdrawals at point-of-sale are free, as are debit orders.
The MyMo Plus package also includes a subscription to the uCount rewards programme.
|Standard Bank Elite Account||2021 Fees||R500 transaction in 2021||2022 Fees||R500 transaction in 2022||% Change|
|Debit order (internal/external)||R3.50||R3.50||–|
|Standard Bank MyMo Plus||2021 Fees||R500 transaction in 2021||2022 Fees||R500 transaction in 2022||% Change|
|Debit order (internal/external)||–||Free||–|
* First R3,000 is free