{"id":44496,"date":"2013-08-20T23:06:15","date_gmt":"2013-08-20T21:06:15","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=44496"},"modified":"2013-08-21T09:12:27","modified_gmt":"2013-08-21T07:12:27","slug":"cheapest-bank-accounts-in-sa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/44496\/cheapest-bank-accounts-in-sa\/","title":{"rendered":"Cheapest bank accounts in SA"},"content":{"rendered":"

New research conducted by\u00a0Solidarity<\/a>\u00a0on the\u00a0five biggest commercial banks in South Africa\u00a0finds that Capitec<\/a> still wins when it comes to the cheapest\u00a0mainstream account in 2013.<\/p>\n

Solidarity’s Bank Charges Report 2013 however, found that the\u00a0charges of the cheapest mainstream accounts of four of the five large commercial banks in South Africa remained virtually unchanged since 2012.<\/p>\n

This was with the exception of\u00a0Standard Bank, which closed its most competitive mainstream account to new clients after just one year,\u00a0Solidarity Research Institute (SRI) said.<\/p>\n

The research, conducted by the Solidarity Research Institute, compared charges for personal bank accounts offered by Absa<\/a>, FNB<\/a>, Standard Bank<\/a>, Nedbank<\/a>, and Capitec.<\/p>\n

\n\n\n\n\n\n\n\n
Cheapest account 2012
\n<\/strong><\/td>\n		Cost 2012
\n<\/strong><\/td>\n		Cheapest account 2013
\n<\/strong><\/td>\n		Cost 2013
\n<\/strong><\/td>\n		Change<\/strong><\/td>\n<\/tr>\n
Capitec – Global One<\/em><\/td>\nR52.30<\/td>\nCapitec – Global One<\/em><\/td>\nR52.02<\/td>\n-R0.28 -0.5%<\/em><\/td>\n<\/tr>\n
FNB – Smart Unlimited<\/em><\/td>\nR53.20<\/td>\nFNB – Smart Unlimited<\/em><\/td>\nR53.20<\/td>\nR0.00 0.0%<\/em><\/td>\n<\/tr>\n
Standard Bank – Achiever Electronic<\/em><\/td>\nR79.40<\/td>\nAbsa – Silver Value Bundle<\/em><\/td>\nR82.00<\/td>\nR0.00 0.0%<\/em><\/td>\n<\/tr>\n
Absa – Silver Value Bundle<\/em><\/td>\nR82.00<\/td>\nNedbank – Savvy Current<\/em><\/td>\nR97.00<\/td>\n-R4.10 -4.1%<\/em><\/td>\n<\/tr>\n
Nedbank – Savvy Electronic<\/em><\/td>\nR101.10<\/td>\nStandard Bank – Elite Plus<\/em><\/td>\nR102.40<\/td>\nR23.00 +29.0%<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Solidarity’s research institute found that the cheapest mainstream account in 2013 was Capitec’s Global One Account, at a R52.02 monthly fee for consumers, followed by FNB’s Smart Unlimited at R53.20 monthly.<\/p>\n

Absa’s Silver Value Bundle at R82 per month, \u00a0was rated third, ahead of Nedbank’s Savvy Current at R97 monthly, and Standard Bank’s Elite Plus account charged at R102.40 monthly.<\/p>\n

Bank by bank breakdown<\/h3>\n
\"Capitec<\/a>

Capitec accounts<\/p><\/div>\n

\"FNB<\/a>

FNB accounts<\/p><\/div>\n

\"Absa's<\/a>

Absa’s accounts<\/p><\/div>\n

\"Nedbank<\/a>

Nedbank accounts<\/p><\/div>\n

\"Standard<\/a>

Standard Bank accounts<\/p><\/div>\n

Withdrawal fees<\/h3>\n

When it comes to withdrawal fees in South Africa, Capitec also comes out on top with the lowest fees.<\/p>\n

The tables below compare the banks’ withrawal fees on pay as you transact rates, which are not subject to bundled products.<\/p>\n

Native ATM withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nNative ATM fee
\n<\/strong><\/td>\n		R1000 withdrawal
\n<\/strong><\/td>\n		2012 cost
\n<\/strong><\/td>\n		%change
\n<\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR4.30<\/td>\nR4.30<\/strong><\/td>\nR4.00<\/td>\n7.5%<\/td>\n<\/tr>\n
First National Bank<\/td>\nR6.30\/R500*<\/td>\nR12.60<\/strong><\/td>\nR11.40<\/td>\n10.5%<\/td>\n<\/tr>\n
Standard Bank<\/td>\nR3,50 + 1.05% of value<\/td>\nR14.00<\/strong><\/td>\nR15.60<\/td>\n-10.0%<\/td>\n<\/tr>\n
Absa<\/td>\nR3,95 + R1,15\/R100<\/td>\nR15.45<\/strong><\/td>\nR14.85<\/td>\n4.0%<\/td>\n<\/tr>\n
Nedbank<\/td>\nR3,50 + R1,25\/R100<\/td>\nR16.00<\/strong><\/td>\nR15.50<\/td>\n3.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Max R25.20<\/small><\/p>\n

Other ATM Withdrawal<\/h3>\n
\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nOther ATM fee
\n<\/strong><\/td>\n		R1000 withdrawal<\/strong><\/strong><\/td>\n2012 cost<\/strong><\/td>\n%change<\/strong><\/strong><\/td>\n<\/tr>\n
Capitec<\/td>\nR7.00<\/td>\nR7.00<\/strong><\/td>\nR7.00<\/td>\n–<\/td>\n<\/tr>\n
First National Bank<\/td>\nR6.50 + R6.30\/R500*<\/td>\nR19.10<\/strong><\/td>\nR17.90<\/td>\n6.7%<\/td>\n<\/tr>\n
Standard Bank<\/td>\nR6,70 + R3,50 + 1.05% of value<\/td>\nR20.70<\/strong><\/td>\nR22.30<\/td>\n-7.2%<\/td>\n<\/tr>\n
Absa<\/td>\nR9,95 + R1,15\/R100<\/td>\nR21.45<\/strong><\/td>\nR20.85<\/td>\n2.9%<\/td>\n<\/tr>\n
Nedbank<\/td>\nR9,50 + R1,25\/R100<\/td>\nR22.00<\/strong><\/td>\nR21.50<\/td>\n2.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*Max R25.20<\/small><\/p>\n

More on South African banks<\/h3>\n

SA bank charges compared<\/strong><\/p>\n

Is Capitec really the 4th biggest bank in SA?<\/strong><\/a><\/p>\n

South Africa\u2019s favourite bank surprise<\/strong><\/a><\/p>\n

The world\u2019s biggest banks<\/strong><\/a><\/p>\n

Banks to reduce branches by a fifth?<\/a><\/strong><\/p>\n

Withdrawal fees: SA banks compared<\/strong><\/a><\/p>\n

Best and worst banks in South Africa<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New research conducted by Solidarity on the five biggest commercial banks in South Africa finds that Capitec still wins when it comes to the cheapest mainstream account in 2013.<\/p>\n","protected":false},"author":9,"featured_media":44483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,76,26,1799,1632,499],"class_list":["post-44496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-solidarity","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/44496","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=44496"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/44496\/revisions"}],"predecessor-version":[{"id":44537,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/44496\/revisions\/44537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/44483"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=44496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=44496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=44496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}