{"id":132902,"date":"2016-08-10T13:59:30","date_gmt":"2016-08-10T11:59:30","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=132902"},"modified":"2016-08-10T13:59:30","modified_gmt":"2016-08-10T11:59:30","slug":"these-are-the-best-and-worst-bank-accounts-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/132902\/these-are-the-best-and-worst-bank-accounts-in-south-africa\/","title":{"rendered":"These are the best and worst bank accounts in South Africa"},"content":{"rendered":"

Union Solidarity has released the 7th edition of its annual banking charges report<\/a><\/strong>, showing the cheapest and most expensive banking options across the major retail banks in South Africa.<\/p>\n

The report is based on monthly banking fees from South Africa\u2019s five biggest banks (Standard Bank, FNB, Absa, Nedbank and Capitec), across four client profiles.<\/p>\n

Each profile represents a different type of banking customer, and covers a different number of transactions (from a basic 12 transactions, to a comprehensive 30 transactions).<\/p>\n

Further, the bank accounts are separated into two groups, namely those marketed at low-income groups and those marketed at middle-income groups.<\/p>\n

The profiles have been compiled in-line with the banks’ promotional claims and account goals – namely limiting cash withdrawals, choosing internet services over physical branch visits and no overdraft or international transactions.<\/p>\n

According to the report, Capitec Bank has ‘generally’ emerged as the cheapest bank for the needs of most people, though competition from the other four banks is becoming stronger.<\/p>\n

Low Income (12 transactions)<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nBank<\/th>\nAccount<\/th>\n12 Transactions cost<\/th>\n<\/tr>\n
1<\/td>\nCapitec<\/td>\nR5 000 balance<\/td>\nR11.29<\/td>\n<\/tr>\n
2<\/td>\nCapitec<\/td>\nR2 000 balance<\/td>\nR24.34<\/td>\n<\/tr>\n
3<\/td>\nAbsa<\/td>\nTransact<\/td>\nR24.45<\/td>\n<\/tr>\n
4<\/td>\nFNB<\/td>\nEasy Account – PAYT<\/td>\nR27.85<\/td>\n<\/tr>\n
5<\/td>\nNedbank<\/td>\nPAYU<\/td>\nR28.90<\/td>\n<\/tr>\n
6<\/td>\nStandard Bank<\/td>\nAccess – PAYT<\/td>\nR31.59<\/td>\n<\/tr>\n
7<\/td>\nCapitec<\/td>\nR0 balance (No interest)<\/td>\nR33.05<\/td>\n<\/tr>\n
8<\/td>\nFNB<\/td>\nEasy Account Bundle<\/td>\nR50.90<\/td>\n<\/tr>\n
9<\/td>\nNedbank<\/td>\nKe Yona Bundle<\/td>\nR70.10<\/td>\n<\/tr>\n
10<\/td>\nStandard Bank<\/td>\nAccess Plus<\/td>\nR85.60<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Low Income Sophisticated (17 transactions)<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n
#<\/th>\nBank<\/th>\nAccount<\/th>\n17 Transactions cost<\/th>\n<\/tr>\n
1<\/td>\nCapitec<\/td>\nGlobal One (R10 000 balance – R43.53 interest)<\/td>\nR5.72<\/td>\n<\/tr>\n
2<\/td>\nCapitec<\/td>\nGlobal One (R2 000 balance – R8.71 interest)<\/td>\nR40.54<\/td>\n<\/tr>\n
3<\/td>\nAbsa<\/td>\nFlexi Value Bundle<\/td>\nR57.40<\/td>\n<\/tr>\n
4<\/td>\nAbsa<\/td>\nFlexi<\/td>\nR101.55<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Middle Income (25 transactions)<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nBank<\/th>\nAccount<\/th>\n25 Transaction cost<\/th>\n<\/tr>\n
1<\/td>\nCapitec<\/td>\nGlobal One (R10 000 balance – R43.53 interest)<\/td>\nR30.52<\/td>\n<\/tr>\n
2<\/td>\nCapitec<\/td>\nGlobal One (R2 000 balance – R8.71 interest)<\/td>\nR65.34<\/td>\n<\/tr>\n
3<\/td>\nStandard Bank<\/td>\nElite Plus<\/td>\nR100.25<\/td>\n<\/tr>\n
4<\/td>\nAbsa<\/td>\nGold Value Bundle<\/td>\nR102.00<\/td>\n<\/tr>\n
5<\/td>\nNedbank<\/td>\nSavvy Plus (alternative profile)<\/td>\nR104.00<\/td>\n<\/tr>\n
6<\/td>\nFNB<\/td>\nGold Cheque Unlimited<\/td>\nR104.75<\/td>\n<\/tr>\n
7<\/td>\nNedbank<\/td>\nSavvy Plus<\/td>\nR108.00<\/td>\n<\/tr>\n
8<\/td>\nStandard Bank<\/td>\nElite PAYT<\/td>\nR168.15<\/td>\n<\/tr>\n
9<\/td>\nAbsa<\/td>\nGold PAYT<\/td>\nR238.75<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Upper-middle Income (30 transactions)<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
#<\/th>\nBank<\/th>\nAccount<\/th>\n30 Transaction cost<\/th>\n<\/tr>\n
1<\/td>\nAbsa<\/td>\nPlatinum Value Bundle<\/td>\nR163.80<\/td>\n<\/tr>\n
2<\/td>\nNedbank<\/td>\nSavvy Bundle<\/td>\nR180.00<\/td>\n<\/tr>\n
3<\/td>\nFNB<\/td>\nPremier: Unlimited<\/td>\nR182.20<\/td>\n<\/tr>\n
4<\/td>\nStandard Bank<\/td>\nPrestige Plus<\/td>\nR185.30<\/td>\n<\/tr>\n
5<\/td>\nStandard Bank<\/td>\nPrestige PAYT<\/td>\nR207.70<\/td>\n<\/tr>\n
6<\/td>\nFNB<\/td>\nPremier PAYT<\/td>\nR285.25<\/td>\n<\/tr>\n
7<\/td>\nAbsa<\/td>\nPlatinum PAYT<\/td>\nR286.60<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

According to Solidarity, there has been a phasing out of pay-as-you-transact accounts in favour of bundle accounts, particularly for middle and upper-middle income profiles.<\/p>\n

At 25-30 transactions a month, a PAYT option works out to be more expensive, and bundles are the more cost-effective route. While account fees have stayed the same, PAYT fees have increased.<\/p>\n

The general bundle fee has been relatively stable at around R100 for the past three years, which is a positive occurrence, as it means most bundle users have experienced decreasing costs, in real terms, Solidarity said.<\/p>\n

Comparing bundle accounts, Standard Bank comes out on top, the report showed.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nBank<\/th>\nAccount<\/th>\nFixed fee<\/th>\nAverage cost (all profiles)<\/th>\n<\/tr>\n
1<\/td>\nStandard Bank<\/td>\nElite Plus<\/td>\nR95.00<\/td>\nR99.20<\/td>\n<\/tr>\n
2<\/td>\nAbsa<\/td>\nGold Value Bundle<\/td>\nR98.00<\/td>\nR101.20<\/td>\n<\/tr>\n
3<\/td>\nNedbank<\/td>\nSavvy Plus (alternative profile)<\/td>\nR100.00<\/td>\nR103.00<\/td>\n<\/tr>\n
4<\/td>\nFNB<\/td>\nGold Cheque Unlimited<\/td>\nR100.00<\/td>\nR103.80<\/td>\n<\/tr>\n
5<\/td>\nAbsa<\/td>\nPlatinum Value Bundle<\/td>\nR159.00<\/td>\nR162.20<\/td>\n<\/tr>\n
6<\/td>\nFNB<\/td>\nPremier Unlimited<\/td>\nR175.00<\/td>\nR179.80<\/td>\n<\/tr>\n
7<\/td>\nNedbank<\/td>\nSavvy Bundle<\/td>\nR180.00<\/td>\nR180.00<\/td>\n<\/tr>\n
8<\/td>\nStandard Bank<\/td>\nPrestige Plus<\/td>\nR179.00<\/td>\nR183.20<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

More on banking<\/h3>\n

Reserve Bank fines 5 SA banks after money laundering probe<\/a><\/strong><\/p>\n

FNB just launched a bank branch made out of a shipping container<\/a><\/strong><\/p>\n

Absa launches banking for Facebook Messenger<\/a><\/strong><\/p>\n

Digital has halved banking costs: Standard Bank<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Union Solidarity has released the 7th edition of its annual banking charges report, showing the cheapest and most expensive banking options across the major retail banks in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":120121,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,76,26,1799,499],"class_list":["post-132902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/132902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=132902"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/132902\/revisions"}],"predecessor-version":[{"id":191656,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/132902\/revisions\/191656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/120121"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=132902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=132902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=132902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}