{"id":146663,"date":"2016-12-08T19:00:54","date_gmt":"2016-12-08T17:00:54","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=146663"},"modified":"2016-12-08T17:28:20","modified_gmt":"2016-12-08T15:28:20","slug":"here-are-your-banking-fees-for-2017","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/146663\/here-are-your-banking-fees-for-2017\/","title":{"rendered":"Here are your new banking fees for 2017"},"content":{"rendered":"

Major banking firms in Standard Bank, Absa and Nedbank have announced changes to their banking fee structures for 2017.<\/p>\n

A notable change for Standard Bank in 2017 is the structure of its fees. It has moved from a fixed rate plus a percentage of the value of the transaction, to a fixed fee per amount.<\/p>\n

What this means for users is that transaction fees become significantly higher on high-value transactions (R1,000 plus) – but actually translates to a reduced transaction fee in lower amounts (under R500).<\/p>\n

Data from South Africa’s banks in the past have shown that the average transaction comes in below R500, so this would be good news for the average banking client.<\/p>\n

For Standard Bank clients who are using bundled accounts,\u00a0the group’s\u00a0Elite Banking account\u00a0will increase by 5% to R100 from January, while its Prestige Banking will increase by 6% to R190.<\/p>\n

Absa’s transaction fees have followed the annual trend with low to medium increases. The format of the transaction fees remains the same with a fixed fee plus fixed amount per value to determine the cost.<\/p>\n

Absa’s Gold bundle now costs R98 per month, while the Platinum bundle is R159 per month.<\/p>\n

One of the most significant changes to the Nedbank fees for 2017 is the charge of R4.00 when you decide to fill up your car using your Nedbank debit or cheque card.<\/p>\n

\n

Below is a breakdown of select fees across Standard Bank, Absa and Nedbank’s ‘main’ accounts (‘Gold’ equivalents). All prices are based on pay-as-you-transact fees<\/strong>, after bundle limits, where available.<\/p>\n

Note:<\/strong> FNB and Capitec make changes to their fee structures during the course of the year (Capitec with effect from March 2017 and FNB from July 2017). The figures quoted in the tables below are the fee structures for the 2016\/17 period until their new fees are announced.<\/em><\/p>\n

\n

\"Absa<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Gold Cheque Account<\/th>\n2016 Fees<\/th>\nR500 transaction in 2016<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n% Change from 2016 to 2017<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.95 + R1.30\/R100<\/td>\nR10.45<\/td>\nR3.95 + R1.35\/R100<\/td>\nR10.70<\/td>\n+2.4%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.95 + R1.30\/R100<\/td>\nR16.45<\/td>\nR9.95 + R1.35\/R100<\/td>\nR16.70<\/td>\n+1.5%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n\u00a0R3.95<\/td>\n\u00a0R3.95<\/td>\nR3.95<\/td>\nR3.95<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR3.00 + R1.30\/R100<\/td>\nR9.50<\/td>\nR3.95 + R1.35\/R100<\/td>\nR10.70<\/td>\n+12.6%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.00<\/td>\n<\/td>\nR16.95<\/td>\n<\/td>\n+5.9%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR40.00<\/td>\n<\/td>\nR42.00<\/td>\n<\/td>\n+5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Absa’s full 2017 pricing can be found her<\/a><\/strong>e.<\/p>\n

\n<\/div>\n

\"Standard<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Standard Bank Elite Account<\/th>\n2016 Fees<\/th>\nR500 transaction in 2016<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n% Change from 2016 to 2017<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR4.00 + 1.20% of value<\/td>\nR10.00<\/td>\nR1.80 per R100<\/td>\n\u00a0R9.00<\/td>\n-10.0%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6.70 + R4.00 + 1.20% of value<\/td>\nR16.70<\/td>\nR6.70 + R1.80 per R100<\/td>\n\u00a0R15.70<\/td>\n-6.0%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR5.00<\/td>\nR5.00<\/td>\nR1.80<\/td>\n\u00a0R1.80<\/td>\n-64.0%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR4.00 + 1.30% of value<\/td>\nR10.50<\/td>\nR1.80 per R100<\/td>\n\u00a0R9.00<\/td>\n-14.3%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR4.20<\/td>\n<\/td>\nR4.50<\/td>\n<\/td>\n+7.1%<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR13.10<\/td>\n<\/td>\nR16.00<\/td>\n<\/td>\n+22.1%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR55.00<\/td>\n<\/td>\nR55.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Standard Bank’s full 2017 pricing can be found here<\/a><\/strong>.<\/p>\n

\n<\/div>\n

\"Nedbank<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n
Nedbank Savvy Account<\/th>\n2016 Fees<\/th>\nR500 transaction in 2016<\/th>\n2017 Fees<\/th>\nR500 transaction in 2017<\/th>\n% Change from 2016 to 2017<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR4.00 + R1.32\/R100<\/td>\nR10.60<\/td>\nR4.50 +\u00a0R1.40\/R100<\/td>\nR11.50<\/td>\n+8.5%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR11.00 + R1.32\/R100<\/td>\nR17.60<\/td>\nR11.50\u00a0+ R1.40\/R100<\/td>\nR18.50<\/td>\n+5.1%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR4.00<\/td>\nR4.00<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (Intelligent depositor\u00a0ATM)<\/td>\nR5.00 + R0.66\/R100<\/td>\nR8.30<\/td>\nR5.50 +\u00a0R0.70\/R100<\/td>\nR9.00<\/td>\n+8.4%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR6.00<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR15.00<\/td>\n<\/td>\nFree (R5.00 on PAYT)<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n
Account fee<\/td>\n<\/td>\n<\/td>\nR100.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

The full 2017 pricing for Nedbank’s Savvy Plus can be found here<\/a><\/strong>.<\/p>\n

\n

\"Capitec<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2015\/16\u00a0Fees<\/th>\nR500 transaction in 2015\/16<\/th>\n2016\/17 Fees<\/th>\nR500 transaction in 2016\/17<\/th>\n% Change from 2015\/16 to 2016\/17<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR5.00<\/td>\nR5.00<\/td>\nR5.50<\/td>\nR5.50<\/td>\n10.0%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.00<\/td>\nR8.00<\/td>\nR8.50<\/td>\nR8.50<\/td>\n6.3%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.25<\/td>\n\u00a0R1.25<\/td>\nR1.30<\/td>\nR1.30<\/td>\n4.0%<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n70c \/R100<\/td>\nR3.50<\/td>\nR80c \/R100<\/td>\nR4.00<\/td>\n14.3%<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR5.00<\/td>\n<\/td>\nR5.25<\/td>\n<\/td>\n5.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n<\/div>\n

\"FNB<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
FNB Gold Cheque Account<\/th>\n2015\/16 Fees<\/th>\nR500 transaction in 2015\/16<\/th>\n2016\/17 Fees<\/th>\nR500 transaction in 2016\/17<\/th>\n% Change from 2015\/16 to 2016\/17<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR3.95 + R1.30\/R100<\/td>\nR10.45<\/td>\nR1.85\/R100<\/td>\nR9.25<\/td>\n-11.5%<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR6.50 + R3.95 + R1.30\/R100<\/td>\nR16.95<\/td>\nR7.00 + R1.85\/R100<\/td>\nR16.25<\/td>\n-4.1%<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\n\u00a0–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR0.70\/R100 (minimum R5.50)<\/td>\nR5.50<\/td>\nR0.80 per R100<\/td>\nR4.00<\/td>\n-27.3%<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nR3.70<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n-100%<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR16.00<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n-100%<\/td>\n<\/tr>\n
Account fee<\/td>\nR100.00<\/td>\n<\/td>\nR100.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n

Read:\u00a0Capitec is now the third biggest bank in South Africa<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Standard Bank, Absa and Nedbank have announced changes to their banking fee structures for 2017 – here’s what you can expect to pay.<\/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":[26],"class_list":["post-146663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146663","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=146663"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146663\/revisions"}],"predecessor-version":[{"id":146725,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146663\/revisions\/146725"}],"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=146663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=146663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=146663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}