\n
Monthly fees<\/strong><\/p>\n Monthly account management fees for entry-level accounts have become a lightning rod for competition in the segment, with banks shaving cents off monthly charges to undercut competitors.<\/p>\n Given the basic nature of most entry-level accounts, the monthly handling fee is quickly becoming obsolete, with new entrants scrapping the cost altogether.<\/p>\n Among the 13 entry-level accounts we looked at, seven carry no monthly admin fee with the inclusion of the Shoprite account in the mix.<\/p>\n Capitec, which pioneered the low-fee account segment, has now become the most costly of the banks that are still charging a monthly fee. This fee can be absorbed by rebates within the account, but this is not factored into the analysis below.<\/p>\n Withdrawals<\/strong><\/p>\n While digital banking and card payments are increasingly becoming the norm in South Africa, for most \u2013 especially those in the entry-level banking segment \u2013 cash is still king.<\/p>\n Even among middle and upper-income brackets, having cash on hand is still a necessity. Thus withdrawal fees \u2013 how banks structure the cost of getting physical cash out of your account \u2013 have often been a sore point.<\/p>\n Traditional banks have long relied on complicated fee structures to slice as much as they can off the top of any transaction but have since adopted simpler, more fixed price structures.<\/p>\n Banks with native or own-brand ATMs (or retailer partnerships, as with TymeBank and now Shoprite) reward customers for sticking to their systems with lower fees. Accessing your cash at a competing or non-partnered outlet incurs a higher cost.<\/p>\n Across all banking groups, there is no free lunch when it comes to getting your money out of an account. This is also the only fee Shoprite charges – taking R5 for every withdrawal. While this is one of the lowest fees, it is not the cheapest – TymeBank still carries that torch at R3 per transaction.<\/p>\n Deposits<\/strong><\/p>\n Deposits are no longer as straightforward as they once were. In place of the more traditional methods of putting money into accounts \u2013 like depositing cash at the ATM or in-branch \u2013 banking customers can now also deposit funds through retailers and other digital means.<\/p>\n This has led to retailers partnering with new players in the market: Pick n Pay and Boxer store till points are the de facto ATMs for TymeBank, and bank accounts like Bank Zero do not have cash deposit options at all, with the only way to get money into the account through EFTs.<\/p>\n For more traditional banks, however, ATM and branch deposits are still the mainstay \u2013 though retail groups like Pick n Pay and Shoprite have added till-point deposits to their service offering.<\/p>\n The tables below break down transaction prices across entry-level accounts for select transactions.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2022\/09\/Monthly-Fees-2H22.png\")
<\/a><\/p>\n
\n<\/a><\/p>\n
\n<\/a><\/p>\n
\n<\/a><\/p>\n