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Capitec has announced its new fees for 2019, bringing price cuts almost across the board as it positions itself in a new digital banking age – and to compete with several new entry-level accounts.<\/p>\n
While banks offer different value propositions, one of the main criteria consumers look at when it comes to choosing who to bank with, is cost.<\/p>\n
Capitec’s rapid growth over the past decade, and more has been driven primarily through its simplified approach to banking – offering one account with fixed fees – which undercut the pricey and often complicated pricing structures of its competitors.<\/p>\n
The bank’s approach forced the likes of Absa, FNB, Standard Bank and Nedbank to respond with entry-level accounts of their own – a market segment that had long been neglected in favour of the more lucrative middle-market ‘gold’ accounts.<\/p>\n
More banks have entered into Capitec’s space of late, with Old Mutual launching its Money Account, and Bidvest Bank moving into transactional banking with its GROW Account.<\/p>\n
African Bank, meanwhile, has announced that it will launch its re-entry into transactional banking with its MyWORLD account set for the first half of 2019.<\/p>\n
BusinessTech looks at the basic fee structures of all the entry-level bank accounts, and how they compare to Capitec’s new fees for 2019. The banks are ordered from lowest monthly fee, to highest.<\/p>\n
Capitec’s new fees kick in from 1 March 2019.<\/p>\n
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