All of South Africa’s retail banks have made significant changes to their fee structures to help make basic banking more accessible to South Africans.<\/p>\n
Following closely on the model pioneered by Capitec – who cornered the low-end banking market with its simplified, fixed-fee account – most competing banks have adopted similar models.<\/p>\n
This can be seen particularly in cash withdrawals, where both Absa and Nedbank have adopted a single, stable transaction fee, compared to the fee at FNB and Standard Bank, which changes depending on the amount withdrawn.<\/p>\n
Carrying the lowest monthly fee and withdrawal fee, Absa’s Transact account is now South Africa’s most affordable offering for those who seek a simple account from which to retrieve their money.<\/p>\n
R500 withdrawal from SA banks:<\/p>\n
Putting money into an account is a different story, however, where FNB and Capitec vie for the ‘most affordable’ title.<\/p>\n
R500 deposit at SA banks:<\/p>\n
Absa also takes the crown in offering the most affordable withdrawal option at till points and points of sale, charging R1.15 per transaction.<\/p>\n
The bank is also the only other bank (aside from Capitec) to offer a set fee for withdrawals at other banks’ ATMs.<\/p>\n
The table below outlines the entry-level banking offering from South Africa’s retail banks.<\/p>\n
For a breakdown of mid-level (‘gold’) accounts, you can read:\u00a0South Africa\u2019s 2017 banking fees compared<\/a><\/strong><\/p>\n South African entry-level accounts<\/strong><\/p>\n\n\n
\n Bank<\/th>\n Account<\/th>\n Monthly Fee<\/th>\n Withdrawal (Native)<\/th>\n Withdrawal (Other)<\/th>\n Withdrawal (POS)<\/th>\n Cash Deposit (ATM)<\/th>\n<\/tr>\n \n Absa<\/td>\n Transact<\/a><\/strong><\/td>\n R4.95<\/td>\n R5.00<\/td>\n R8.50<\/td>\n R1.15<\/td>\n R3.95 + R1.35\/R100<\/td>\n<\/tr>\n \n Standard Bank<\/td>\n Access<\/a><\/strong><\/td>\n R4.99<\/td>\n R1.60\/R100<\/td>\n R6.70 + R1.60\/R100<\/td>\n R1.60<\/td>\n R1.60\/R100<\/td>\n<\/tr>\n \n Nedbank<\/td>\n PAYU<\/a><\/strong><\/td>\n R5.00<\/td>\n R6.50<\/td>\n R8.00 + R1.85\/R100<\/td>\n R2.00<\/td>\n R4.00 + R1.40\/R100<\/td>\n<\/tr>\n \n FNB<\/td>\n Easy<\/a><\/strong><\/td>\n R5.25<\/td>\n R1.85\/R100<\/td>\n R8.00 + R1.85\/R100<\/td>\n R1.40<\/td>\n R0.90\/R100<\/td>\n<\/tr>\n \n Capitec<\/td>\n Global One<\/a><\/strong><\/td>\n R5.50<\/td>\n R6.00<\/td>\n R8.50<\/td>\n R1.50<\/td>\n R0.90\/R100<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
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