Capitec announces new fees for 2015

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 (Native) R4.60 R5.00  8.7%
Withdrawal (Cash at till) R1.05 R1.25  19.0%
Withdrawal (Other) R7.30 R8.00  9.6%
Withdrawal (International) R40.00 R45.00  12.5%
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)
Absa Transact R4.75 None R4.45 R7.20
FNB Easy R4.95 None R4.55 per R1,000 R9.10
Capitec Global One R5.00 R25.00 R5.00 R8.00
Nedbank Ke Yona R5.00 R20.00 R6.00 R8.00
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.

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Capitec announces new fees for 2015