{"id":333357,"date":"2019-08-06T18:30:34","date_gmt":"2019-08-06T16:30:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=333357"},"modified":"2019-08-06T16:27:30","modified_gmt":"2019-08-06T14:27:30","slug":"the-cheapest-bank-accounts-in-south-africa-compared-including-discovery","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/333357\/the-cheapest-bank-accounts-in-south-africa-compared-including-discovery\/","title":{"rendered":"The cheapest bank accounts in South Africa compared – including Discovery"},"content":{"rendered":"

Discovery Bank has published its full fee schedule for its banking options, which includes a new entry-level account for the South African market.<\/p>\n

Once dominated by Capitec Bank, the entry-level banking market has over the years been flooded with a wide range of options from almost every big banking player in the country.<\/p>\n

After low-cost banking options being introduced by the “big four” banks, groups like Old Mutual, Bidvest Bank, African Bank, and now Discovery Bank have also entered the fray.<\/p>\n

The market has also seen the launch of several digital banking options, including TymeBank, FNB’s eWallet Extra (which will be rebranded as FNB Easy Zero) and Standard Bank (MyMo).<\/p>\n

There are now 12 entry level accounts available to South Africans, all offering low-fee banking, with monthly account fees starting from free, to R10.00 a month.<\/p>\n

The graphs below look at how these banking accounts compare across three main categories – the monthly fee, how much the banks charge to put money into the accounts, and how much they charge to get money out.<\/p>\n

The figures are based on a single R500 transaction.<\/p>\n

Monthly account fees<\/strong><\/p>\n

With the launch of TymeBank in South Africa, customers were given introduced to the first free, fully transactional account in the country. FNB, which had already launched eWallet eXtra as a free account, was limited to digital transactions only, and has subsequently revealed it will be making the account fully transactional with a card.<\/p>\n

TymeBank was followed up by African Bank’s MyWORLD transactional account, which also carries no monthly fee. Following the launch of these zero-fee accounts, Nedbank revised its entry-level account to also have no monthly account fee.<\/p>\n

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

Withdrawals and Deposits<\/strong><\/p>\n

Banks charge you to put money into an account and to take money out of an account.<\/p>\n

Most entry-level accounts have followed the fixed-fee model for transactions, popularised by Capitec. The fixed fee offers a simplified structure for customers, but also carries caps and limits, aimed specifically at customers who have few, low-value transactions.<\/p>\n

Discovery, FNB and Standard Bank deviate from the fixed-fee model, but the latter two banks have accounts which do offer fixed fees in the form of eWallet eXtra and Standard Bank’s new MyMo accounts.<\/p>\n

TymeBank’s withdrawals are free, but it does not use an ATM network. Instead, withdrawals are made Pick n Pay and Boxer till points.<\/p>\n

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Banking fee breakdown<\/strong><\/p>\n

The tables below outline key transactions for all 12 accounts, and how they have changed over the past year (where applicable).<\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Discovery Bank Transact Gold<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native ATM)<\/td>\n–<\/td>\n–<\/td>\nR4.50 + 1.5% of amount<\/td>\nR12.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other ATM)<\/td>\n–<\/td>\n–<\/td>\nR4.50 + 1.5% of amount<\/td>\nR12.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n–<\/td>\n–<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n–<\/td>\n–<\/td>\nn\/a<\/td>\nn\/a<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\n–<\/td>\n<\/td>\nR10.00<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the Discovery Bank Gold Transaction Account<\/a> fees here.<\/strong><\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
African Bank MyWORLD<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native ATM)<\/td>\n–<\/td>\n–<\/td>\nR6.00<\/td>\nR6.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other ATM)<\/td>\n–<\/td>\n–<\/td>\nR6.00<\/td>\nR6.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n–<\/td>\n–<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n–<\/td>\n–<\/td>\n2% of amount<\/td>\nR10.00<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\n–<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the African Bank MyWorld Account<\/a> fees here.<\/strong><\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
TymeBank Account<\/th>\n2018 Fees<\/th>\nR500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native ATM)<\/td>\n–<\/td>\n–<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other ATM)<\/td>\n–<\/td>\n–<\/td>\nR8.00 \/ R1 000<\/td>\nR8.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n–<\/td>\n–<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (PnP\/Boxer)<\/td>\n–<\/td>\n–<\/td>\nR4.00<\/td>\nR4.00<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\n–<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the TymeBank Fees<\/a> here.<\/strong><\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Old Mutual Money Account<\/th>\n2017\/18 Fees<\/th>\nR500 transaction in 2017\/18<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in\u00a02018\/19<\/th>\n% Change from 2017\/18 to 2018\/19<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\n–<\/td>\n–<\/td>\nR6.50<\/td>\nR6.50<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.50<\/td>\nR8.50<\/td>\nR8.50<\/td>\nR8.50<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.50<\/td>\nR2.50<\/td>\nR1.50<\/td>\nR1.50<\/td>\n-40.0%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR7.00<\/td>\nR7.00<\/td>\nR7.50<\/td>\nR7.50<\/td>\n+7.1%<\/span><\/strong><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR4.50<\/td>\n<\/td>\nR4.50<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the Old Mutual Money Account fee schedule for 2018\/19<\/a> here.<\/strong><\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in 2018\/19<\/th>\n2019\/20 Fees<\/th>\nR500 transaction in\u00a02019\/20<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.50<\/td>\nR6.50<\/td>\nR6.00 \/ R1 000<\/td>\nR6.00<\/td>\n-7.7%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.75<\/td>\nR8.75<\/td>\nR8.00<\/td>\nR8.00<\/td>\n-8.6%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.60<\/td>\nR1.60<\/td>\nR1.00<\/td>\nR1.00<\/td>\n-37.5%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n95c \/ R100<\/td>\nR4.50<\/td>\nR1.00 \/ R100<\/td>\n\u00a0R5.00<\/td>\n+11.1%<\/span><\/strong><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR5.75<\/td>\n<\/td>\nR5.00<\/td>\n<\/td>\n-13.0%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can review Capitec’s full 2019\/20 pricing here<\/strong><\/a>.<\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Absa Transact Account<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.05<\/td>\nR6.05<\/td>\nR6.50<\/td>\nR6.50<\/td>\n+7.4%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR12.11<\/td>\nR12.11<\/td>\nR10.50 + R1.50 \/ R100<\/td>\nR18.00<\/td>\n+48.6%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.31<\/td>\nR1.31<\/td>\nR1.60<\/td>\nR1.60<\/td>\n+22.1%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR4.54 + R1.41 \/ R100<\/td>\nR11.59<\/td>\nR4.50 + R1.50 \/ R100<\/td>\n\u00a0R12.00<\/td>\n+3.5%<\/span><\/strong><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR4.99<\/td>\n<\/td>\nR5.30<\/td>\n<\/td>\n+6.2%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Absa’s full 2019 pricing <\/a>can be found here.<\/strong><\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Nedbank PAYU Account<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.50<\/td>\nR6.50<\/td>\nR7.00<\/td>\nR7.00<\/td>\n+7.7%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.00 + R1.51 \/ R100<\/td>\nR15.55<\/td>\nR8.00 + R2.00 \/ R100<\/td>\nR18.00<\/td>\n+15.8%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (Intelligent depositor\u00a0ATM)<\/td>\nR1.00 \/ R100<\/td>\nR5.00<\/td>\nR1.00 \/ R100<\/td>\nR5.00<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR5.50<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n-100%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Nedbank’s PAYU 2019 pricing<\/a> can be found here<\/strong>.<\/p>\n

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

\n
\n\n\n\n\n\n\n\n
Standard Bank Access Account<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.82 \/ R100<\/td>\nR9.10<\/td>\nR1.85 \/ R100<\/td>\nR9.25<\/td>\n+1.6%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR8.07 + R1.82 \/ R100<\/td>\n\u00a0R17.80<\/td>\nR9.00 + R1.85 \/ R100<\/td>\nR18.25<\/td>\n+2.5%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.82<\/td>\nR1.82<\/td>\nR1.40<\/td>\nR1.40<\/td>\n-23.1%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.61 \/ R100<\/td>\nR8.05<\/td>\nR1.65 \/ R100<\/td>\nR8.25<\/td>\n+2.5%<\/span><\/strong><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR5.30<\/td>\n<\/td>\nR5.60<\/td>\n<\/td>\n+5.7%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Standard Bank’s full Access 2019 pricing<\/a> can be found here<\/strong>.<\/p>\n

\n
\n\n\n\n\n\n\n\n
Standard Bank MyMo<\/th>\n2018 Fees
\n(15% VAT)<\/th>\n		R500 transaction in 2018<\/th>\n2019 Fees<\/th>\nR500 transaction in 2019<\/th>\n% Change from 2018 to 2019<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\n–<\/td>\n–<\/td>\nR6.50<\/td>\nR6.50<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\n–<\/td>\n–<\/td>\nR12.00<\/td>\nR12.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n–<\/td>\n–<\/td>\nR1.40<\/td>\nR1.40<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\n–<\/td>\n–<\/td>\nR1.65 \/ R100<\/td>\nR8.25<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\n–<\/td>\n<\/td>\nR4.95<\/td>\n<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Standard Bank’s full MyMo 2019 pricing<\/a> can be found here<\/strong>.<\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
FNB Easy Account (PAYU)<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in 2018\/19<\/th>\n2019\/20 Fees<\/th>\nR500 transaction in 2019\/2020<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR1.90 \/ R100<\/td>\nR9.50<\/td>\nR6.00 \/ R1000<\/td>\nR6.00<\/td>\n-36.8%<\/strong><\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.00 + R1.90 \/ R100<\/td>\nR18.50<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n-45.9%<\/strong><\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.60<\/td>\nR1.60<\/td>\nR1.00<\/td>\nR1.00<\/td>\n-37.5%<\/strong><\/span><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR0.95 \/ R100<\/td>\nR4.75<\/td>\nR1.00 \/ R100<\/td>\nR5.00<\/td>\n+5.2%<\/span><\/strong><\/td>\n<\/tr>\n
Monthly account fee<\/td>\nR5.75<\/td>\n<\/td>\nR4.95<\/td>\n<\/td>\n-13.9%<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can find FNB’s Easy 2019\/20 pricing<\/a> guide here<\/strong>.<\/p>\n

\n
\n\n\n\n\n\n\n\n
FNB eWallet eXtra<\/th>\n2018\/19 Fees<\/th>\nR500 transaction in 2018\/19<\/th>\n2019\/20 Fees<\/th>\nR500 transaction in 2019\/2020<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR10.95 or R13.95<\/td>\nR10.95<\/td>\nR6.00<\/td>\nR6.00<\/td>\n-45.2%<\/strong><\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nn\/a<\/td>\nn\/a<\/td>\nn\/a<\/td>\nn\/a<\/td>\n–<\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.60<\/td>\nR1.60<\/td>\nR1.00<\/td>\nR1.00<\/td>\n-37.5%<\/strong><\/span><\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR10.95 or R13.95<\/td>\nR10.95<\/td>\nFree (up to R1 500)<\/td>\nR0.00<\/td>\n-100%<\/strong><\/span><\/td>\n<\/tr>\n
Monthly account fee<\/td>\nFree<\/td>\n<\/td>\nFree<\/td>\n<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can find FNB’s eWallet eXtra 2019\/20 pricing<\/a> guide here<\/strong>.<\/p>\n

\n

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

\n
\n\n\n\n\n\n\n\n
Bidvest Bank Grow Account (PAYT)<\/th>\n2017\/18 Fees
\n(Transact)<\/th>\n		R500 transaction in 2017\/18<\/th>\n2018\/19 Fees
\n(Grow)<\/th>\n		R500 transaction in\u00a02018\/19<\/th>\n% Change from 2017\/18 to 2018\/19<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR5.50<\/td>\nR5.50<\/td>\nR6.00<\/td>\nR6.00<\/td>\n+9.0%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR9.60 + R1.40\/R100<\/td>\nR16.60<\/td>\nR6.00 + R1.40\/R100<\/td>\nR13.00<\/td>\n-21.7%<\/span><\/strong><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR4.00<\/td>\nR4.00<\/td>\nR5.00<\/td>\nR5.00<\/td>\n+25.0%<\/span><\/strong><\/td>\n<\/tr>\n
Deposit (Branch)<\/td>\n0.80% of value<\/td>\nR4.00<\/td>\n0.80% of value<\/td>\nR4.00<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR22.00<\/td>\n<\/td>\nR6.00<\/td>\n<\/td>\n-72.7%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the Bidvest Bank Grow fee schedule for 2019<\/a> here.<\/strong><\/p>\n

\n

Read:\u00a0Capitec cuts banking fees for 2019<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Discovery Bank has published its full fee schedule for its banking options, which includes a new entry-level account for the South African market.<\/p>\n","protected":false},"author":10,"featured_media":333459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,4762,7190,1798,12923,76,26,1799,1110,499,13455],"class_list":["post-333357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-african-bank","tag-bidvest-bank","tag-capitec","tag-discovery-bank","tag-fnb","tag-headline","tag-nedbank","tag-old-mutual","tag-standard-bank","tag-tymebank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/333357","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=333357"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/333357\/revisions"}],"predecessor-version":[{"id":333461,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/333357\/revisions\/333461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/333459"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=333357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=333357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=333357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}