How did you choose the current financial institution that you bank with? What are the metrics that you use to measure what bank you use for your personal or business banking? There are generally three metrics that people use to choose who they bank with, namely:

  • Low fees and high rates
  • Banking technology
  • Location of ATM’s and branches

We’re exploring the most crucial aspect on this list, and that’s the fees. The country is going through some difficulties due to a national recession as well as the global pandemic COVID-19. Preserving your monetary resources would be advantageous right now. To help you save as much money on bank fees as possible, we’re comparing the fees of transactional accounts from the main commercial banks in South Africa.

This comparison is also important because you might discover that you’ve been paying way too much for banking and most of the variable costs are avoidable.

We’ll be comparing the six biggest commercial banks;

  • ABSA
  • FNB
  • Standard Bank
  • Nedbank
  • Capitec
  • Bidvest

Transactional Everyday Account Comparison: 

We’ll be comparing the most essential factors in entry-level transactional accounts:

Transaction fees:

BANK Cash Withdrawal (branch) Cash Withdrawal (own bank ATM) Cash Deposit (ATM) Cash Deposit (Bank Branch) Purchase fee (debit card) Payment fee (ATM) Payment fee (Bank branch) Transfer fee (ATM) Transfer

fee (bank branch)

ABSA (Gold Account) R 55 + R 1.60 per R 100 5 free per month, thereafter R 3.95 + R 1.35 per R 100 5 free per month, thereafter R 3.95 + R 1.35 per R 100 R 8 + 1.55% per R 100 (min R 30) Free Free R 55 Free R 55
Standard Bank (Elite Account) R 40.35 + R 1.82 per R 100 R 1.82 per R 100 R 1.82 per R 100 R 8.07 + R 1.80 per R 100 Free R4.04 + 136% max. R25.22 R 55.84 R 4 R 50
FNB (Gold Cheque acc) R60 + R2.10 per R100 R1.90 per R100 R5 000 per month, thereafter R0.95 per R100 R60 + R2.10 per R100 Free Free R70 Free R70
Nedbank (Savvy Bundle Account) First free per billing cycle, then R 40 plus R 1.40 per R 100 or part thereof Free First free per month, then R 11 plus R 1.40 per R 100 or part thereof First free per month, then R 11 plus R 1.40 per R 100 or part thereof Free Free R 65 Free R 40
Capitec (Global One Account) N/A R6.50 flat fee 80 c per R100 R1.70 per R100 Free Free R4.75 Free to your own link account R5 flat fee
Bidvest (Bank Account) 1.25% of withdrawal amount (min R 20.00) R 5.00 0.80 % of deposit value Free R 8.00

 

Admin fees and charges:

 

BANK Internet Banking Balance Inquiry (branch) Balance Inquiry (own bank ATM) Statement (bank branch) Statement (own bank atm) Monthly Fee
ABSA (Gold Account) Free R 6.25 R 1.50 R 25 R 6.25 R 98
Standard Bank (Elite Account) Free R 7.31 Free to display; R 1.51 to print R 25.22 R 5.04 R 60.53
FNB (Gold Cheque acc) Free R6 Free R27 (per statement) R 3.50 (per page) R105
Nedbank (Savvy Bundle Account) Free R 5 Free First free per billing cycle, thereafter R 25 Free R 180
Capitec (Global One Account) Free Free Free R5 flat fee R2.25 flat fee R5.50 flat fee
Bidvest (Bank Account) R 3.00 R 85.00

 

Sources:

https://www.justmoney.co.za/banking/current-accounts/

https://corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-south-africa/

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