{"id":191644,"date":"2017-08-10T18:00:48","date_gmt":"2017-08-10T16:00:48","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=191644"},"modified":"2017-08-10T17:15:18","modified_gmt":"2017-08-10T15:15:18","slug":"these-are-south-africas-best-and-worst-bank-accounts-for-fees-and-charges","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/191644\/these-are-south-africas-best-and-worst-bank-accounts-for-fees-and-charges\/","title":{"rendered":"These are the best and worst bank accounts in South Africa for fees and charges"},"content":{"rendered":"

Union Solidarity has released the 8th 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

The report breaks down these transactional groups into three distinct markets – namely the low-income market, middle income market, and the high-middle income market.<\/p>\n

Low income market<\/strong><\/p>\n

In the low-income and basic banking space, judging on fees alone, Capitec is narrowly beaten this year by Absa\u2019s Transact account, FNB\u2019s Easy Account and Nedbank\u2019s Pay-As-You-Use account.<\/p>\n

\u201cHowever, when the interest paid by Capitec is taken into account, Capitec is still, but just barely, the cheapest account. With that being said, Absa\u2019s Transact account is now a truly compelling proposition for clients who rarely if ever hold more than R2 000 in their account,\u201d said\u00a0Gerhard van Onselen, Economics Researcher at the Solidarity Research Institute (SRI).<\/p>\n

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

\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>\nR13.33<\/td>\n<\/tr>\n
2<\/td>\nCapitec<\/td>\nR2 000 balance<\/td>\nR25.79<\/td>\n<\/tr>\n
3<\/td>\nAbsa<\/td>\nTransact<\/td>\nR26.85<\/td>\n<\/tr>\n
4<\/td>\nFNB<\/td>\nEasy Account – PAYT<\/td>\nR30.35<\/td>\n<\/tr>\n
5<\/td>\nNedbank<\/td>\nPAYU<\/td>\nR31.80<\/td>\n<\/tr>\n
6<\/td>\nCapitec<\/td>\nR0 balance (No interest)<\/td>\nR34.10<\/td>\n<\/tr>\n
7<\/td>\nStandard Bank<\/td>\nAccess – PAYT<\/td>\nR37.89<\/td>\n<\/tr>\n
8<\/td>\nOld Mutual<\/td>\nMoney Account<\/td>\nR40.40<\/td>\n<\/tr>\n
9<\/td>\nNedbank<\/td>\nKe Yona Bundle<\/td>\nR52.00<\/td>\n<\/tr>\n
10<\/td>\nFNB<\/td>\nEasy Account Bundle<\/td>\nR55.10<\/td>\n<\/tr>\n
11<\/td>\nStandard Bank<\/td>\nAccess Plus<\/td>\nR88.70<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

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

\n
\n\n\n\n\n\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>\nR5 000 balance<\/td>\nR30.23<\/td>\n<\/tr>\n
2<\/td>\nFNB<\/td>\nEasy Account – PAYT<\/td>\nR30.35<\/td>\n<\/tr>\n
3<\/td>\nAbsa<\/td>\nTransact<\/td>\nR41.10<\/td>\n<\/tr>\n
4<\/td>\nCapitec<\/td>\nR2 000 balance<\/td>\nR42.69<\/td>\n<\/tr>\n
5<\/td>\nNedbank<\/td>\nPAYU<\/td>\nR49.30<\/td>\n<\/tr>\n
6<\/td>\nFNB<\/td>\nEasy Account Bundle<\/td>\nR50.35<\/td>\n<\/tr>\n
7<\/td>\nCapitec<\/td>\nR0 balance (No interest)<\/td>\nR51.00<\/td>\n<\/tr>\n
8<\/td>\nStandard Bank<\/td>\nAccess – PAYT<\/td>\nR57.99<\/td>\n<\/tr>\n
9<\/td>\nOld Mutual<\/td>\nMoney Account<\/td>\nR59.70<\/td>\n<\/tr>\n
10<\/td>\nNedbank<\/td>\nKe Yona Bundle<\/td>\nR85.00<\/td>\n<\/tr>\n
11<\/td>\nStandard Bank<\/td>\nAccess Plus<\/td>\nR100.80<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Middle income market<\/strong><\/p>\n

Looking at clients with middle-class income and sophisticated banking needs, the report showed that Standard Bank\u2019s Elite Plus account is no longer the cheapest option among these bundle accounts, having been beaten out by Absa’s Gold account.<\/p>\n

“After doing away with withdrawal fees for cash at retailers, Nedbank\u2019s Savvy Plus account is competitive at this level this year for clients that do not wish to bank at Capitec for any reason,\u201d Van Onselen said.<\/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 – R41.54 interest)<\/td>\nR35.46<\/td>\n<\/tr>\n
2<\/td>\nCapitec<\/td>\nGlobal One (R2 000 balance – R8.31 interest)<\/td>\nR68.69<\/td>\n<\/tr>\n
3<\/td>\nOld Mutual<\/td>\nMoney Account<\/td>\nR90.70<\/td>\n<\/tr>\n
4<\/td>\nNedbank<\/td>\nSavvy Plus<\/td>\nR100.00<\/td>\n<\/tr>\n
5<\/td>\nAbsa<\/td>\nGold Value Bundle<\/td>\nR103.00<\/td>\n<\/tr>\n
6<\/td>\nStandard Bank<\/td>\nElite Plus<\/td>\nR105.50<\/td>\n<\/tr>\n
7<\/td>\nFNB<\/td>\nGold Cheque Unlimited<\/td>\nR111.25<\/td>\n<\/tr>\n
8<\/td>\nStandard Bank<\/td>\nElite Rebate (R41.54 forgone interest)<\/td>\nR139.14<\/td>\n<\/tr>\n
9<\/td>\nStandard Bank<\/td>\nElite PAYT<\/td>\nR182.60<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

High-middle income market<\/strong><\/p>\n

For accounts marketed at higher middle-class clients, Van Onselen said that Absa\u2019s Platinum Value Bundle soundly beats the other banks on pure cost considerations.<\/p>\n

\u201cCosts are, however, not the only reason clients consider these more expensive accounts, which usually include additional benefits, and such benefits require individual consideration,\u201d he said.<\/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>\nR165.00<\/td>\n<\/tr>\n
2<\/td>\nNedbank<\/td>\nSavvy Bundle<\/td>\nR180.00<\/td>\n<\/tr>\n
3<\/td>\nStandard Bank<\/td>\nPrestige Rebate (R41.54 forgone interest)<\/td>\nR184.24<\/td>\n<\/tr>\n
4<\/td>\nFNB<\/td>\nPremier: Unlimited<\/td>\nR192.50<\/td>\n<\/tr>\n
5<\/td>\nStandard Bank<\/td>\nPrestige Plus<\/td>\nR196.60<\/td>\n<\/tr>\n
6<\/td>\nStandard Bank<\/td>\nPrestige PAYT<\/td>\nR227.70<\/td>\n<\/tr>\n
7<\/td>\nFNB<\/td>\nPremier PAYT<\/td>\nR301.70<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

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

Union Solidarity has released the 8th 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":189327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,76,1799,1110,499],"class_list":["post-191644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fnb","tag-nedbank","tag-old-mutual","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/191644","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=191644"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/191644\/revisions"}],"predecessor-version":[{"id":191662,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/191644\/revisions\/191662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/189327"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=191644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=191644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=191644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}