{"id":44550,"date":"2013-08-21T14:16:39","date_gmt":"2013-08-21T12:16:39","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=44550"},"modified":"2013-08-22T09:06:08","modified_gmt":"2013-08-22T07:06:08","slug":"fnb-we-have-the-cheapest-bank-account-in-sa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/44550\/fnb-we-have-the-cheapest-bank-account-in-sa\/","title":{"rendered":"FNB: We have the cheapest bank account in SA"},"content":{"rendered":"

FNB<\/a> has laid claim to South Africa’s cheapest “full-service” bank account, despite research suggesting that Capitec<\/a>‘s Global One offering is cheaper.<\/p>\n

According to FNB, the Solidarity Bank Charges 2013 report revealed that FNB\u2019s Easy Account is the cheapest “full-service” bank account in South Africa.<\/p>\n

FNB’s emphasis on being a “full-service” bank – banks which offer public customers most traditional services, such as credit, loans, trust services et al – precludes Capitec from the ranking.<\/p>\n

According to Solidarity’s data, based on 17 transactions, FNB’s Easy Account costs customers R26.60 per month.<\/p>\n

And despite exclusion by FNB, the cheapest monthly cost on Capitec’s Global One account based on 17 transactions works out to be R8.96.<\/p>\n

\"FNB<\/a>

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

\"Capitec<\/a>

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

However, FNB argues that its Easy Account also works out as the cheapest due to the bank’s push to encourage banking through electronic channels.<\/p>\n

In a bid to accomplish this, and further reduce account fees, FNB scrapped subscription fees for cellphone and online banking as well as fees for inContact (FNB\u2019s sms alert service), the bank said.<\/p>\n

\u201cThe reason that the account is the cheapest in the country is that these branches are specifically designed as a paperless low-cost banking model, allowing us to pass this saving onto our customer,\u201d said Seth Maanda, head of sales and marketing at FNB Transact.<\/p>\n

However, FNB’s cheapest Unlimited current account is the Smart Cheque Unlimited account.<\/p>\n

Responding to the full report from Solidarity<\/a>, Capitec said: “We have always believed that we offer the best valued banking solution in the market, and are pleased to see such comprehensive independent research confirming this.”<\/p>\n

Mainstream banking<\/h3>\n

According to the Solidarity report, Capitec Bank offers the cheapest “mainstream” banking account in South Africa with its Global One account.<\/p>\n

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

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

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","protected":false},"excerpt":{"rendered":"

FNB says its Easy Account is the cheapest bank account from a “full service” bank in South Africa, based on selected findings in the Solidarity Bank Charges 2013 report.<\/p>\n","protected":false},"author":10,"featured_media":43686,"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-44550","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\/44550","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=44550"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/44550\/revisions"}],"predecessor-version":[{"id":44590,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/44550\/revisions\/44590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/43686"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=44550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=44550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=44550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}