Capitec has announced its new fee structure for the 2015 to March 2016 banking year.
The bank has kept many of its transaction fees, as well as its account fee, the same as the previous year, with increases of 8% to 27% (off a very low base) for certain transactions.
Capitec currently only offers one account – the Global One – which competes with entry level accounts from FNB, Absa, Standard Bank and Nedbank.
Capitec’s new fees will come into effect on 1 March 2015.
Capitec 2015/16 key fee changes
|Fee/Transaction||2014/15 Fee||2015/16 Fee||Change|
|Withdrawal (Cash at till)||R1.05||R1.25||19.0%|
|Deposit (ATM)||55c per R100||70c per R100||27.3%|
|Debit order (internal)||R1.50||R1.50||–|
|Debit order (external)||R3.20||R3.20||–|
|Account fee (PAYT)||R5.00||R5.00||–|
Capitec’s full fee structure can be found on its site.
This is how Capitec’s new account fees compare with its competitors.
Entry-level bank accounts in SA
|Bank||Account||Monthly fee||Minimum balance||Withdrawal fee (Native)||Withdrawal fee (Other)|
|FNB||Easy||R4.95||None||R4.55 per R1,000||R9.10|
|Standard Bank||Access||Free||None||R6.50*||R6.70 + R6.50**|
* First R1,000 only, R4.00 + 1,10% of value after
** First R1,000 only, R4,00 + R6,70 + 1.15% of value after
FNB is the last bank to announce new pricing every year, and thus the prices reflected above are for the 2014/15 period. The group’s 2015/16 banking fees will be announced in June.