South Africa’s retail banks have updated their fee schedules for 2019.
FNB updates its fees in June, while Capitec’s fees will be updated in February 2019. Old Mutual’s Money Account fees are effective from October 2018, while Bidvest Bank’s new Grow account has just launched.
The tables below show how fees for South Africa’s five major retail banks have changed, year-on-year, taking into account the April 2018 change in VAT to 15%. The accounts used are the respective banks’ mid-market accounts, where applicable.
The calculations are based on a R500 transaction, which the banks have said is the most common range for cash-based transactions in the country.
One of the big changes between 2018 and 2019’s fee schedules is the restructuring or ’rounding’ of fees that were raised to be in line with the new VAT rate. In some cases this has led to a slight decrease in prices, which appear to be have been absorbed by hikes elsewhere.
Nedbank’s fee structures for 2019 have changed significantly, bringing it more in line with competitors, and seeing a significant reduction in some fees.
Bidvest Bank’s Grow Account is a new account that will ultimately replace the current transactional account, so its fees are compared to the standing fees for the latter account.
Other new entrants that qualify as traditional retail accounts (such as African Bank’s myWORLD) will be included upon launch.
Digital-only banks (Discovery Bank, TymeBank, BankZero and FNB eWallet eXtra) will have a separate feature when the banks have launched.
| Absa Gold Cheque Account | 2018 Fees (15% VAT) |
R500 transaction in 2018 | 2019 Fees | R500 transaction in 2019 | % Change from 2018 to 2019 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R4.54 + R1.41/R100 | R11.59 | R4.50 + R1.50/R100 | R12.00 | +3.5% |
| Withdrawal (Other) | R10.59 + R1.41/R100 | R17.64 | R10.50 + R1.50/R100 | R18.00 | +2.0% |
| Withdrawal (POS) | R4.54 | R4.54 | R4.50 | R4.50 | -1.0% |
| Deposit (ATM) | R4.54 + R1.41/R100 | R11.59 | R4.50 + R1.60/R100 | R12.50 | +7.9% |
| Debit order (internal) | Free | Free | – | ||
| Debit order (external) | R18.16 | R19.00 | +4.6% | ||
| Account fee (PAYT) | R45.39 | R48.00 | +5.6% |
Absa’s full 2019 pricing can be found here.
| Standard Bank Elite Account | 2018 Fees (15% VAT) |
R500 transaction in 2018 | 2019 Fees | R500 transaction in 2019 | % Change from 2018 to 2019 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R1.82/R100 | R9.10 | R1.85/R100 | R9.25 | +1.6% |
| Withdrawal (Other) | R8.07 + R1.82/R100 | R17.17 | R9.00 + R1.85/R100 | R18.25 | +6.3% |
| Withdrawal (POS) | R1.82 | R1.82 | R2.00 | R2.00 | +9.9% |
| Deposit (ATM) | R1.82/R100 | R9.10 | R1.85/R100 | R9.25 | +1.6% |
| Debit order (internal) | R4.54 | R4.50 | -1.0% | ||
| Debit order (external) | R16.64 | R18.00 | +8.2% | ||
| Account fee (PAYT) | R60.53 | R65.00 | +7.4% |
Standard Bank’s full Elite 2019 pricing can be found here.
| Nedbank Savvy Account | 2018 Fees (15% VAT) |
R500 transaction in 2018 | 2019 Fees | R500 transaction in 2019 | % Change from 2018 to 2019 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R5.00 + R1.51/R100 | R12.55 | R2.00/R100 | R10.00 | -20.3% |
| Withdrawal (Other) | R12.57 + R1.51/R100 | R20.12 | R8.00 + R2.00/R100 | R18.00 | -10.5% |
| Withdrawal (POS) | Free | Free | Free | Free | – |
| Deposit (Intelligent depositor ATM) | R1.00/R100 | R5.00 | R1.00/R100 | R5.00 | – |
| Debit order (internal) | Free | Free | – | ||
| Debit order (external) | Free | Free | – | ||
| Account fee | R107.00 | R110.00 | +2.8% |
Nedbank’s Savvy Plus 2019 pricing can be found here.
| FNB Gold Cheque Account | 2017/18 Fees | R500 transaction in 2017/18 | 2018/19 Fees | R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R1.85/R100 | R9.25 | R1.90/R100 | R9.50 | +2.7% |
| Withdrawal (Other) | R8.00 + R1.85/R100 | R17.25 | R9.00 + R1.90/R100 | R18.50 | +7.2% |
| Withdrawal (POS) | R1.40 | R1.40 | R1.60 | R1.60 | +14.3% |
| Deposit (ATM) | R0.90 per R100 | R4.50 | R0.95/R100 | R4.75 | +5.6% |
| Debit order (internal) | Free | – | Free | – | – |
| Debit order (external) | Free | – | Free | – | – |
| Account fee | R105.00 | R105.00 | – |
You can find FNB’s 2018/19 pricing guide here.
| Capitec Global One | 2017/18 Fees | R500 transaction in 2017/18 | 2018/19 Fees | R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R6.00 | R6.00 | R6.50 | R6.50 | +8.3% |
| Withdrawal (Other) | R8.50 | R8.50 | R8.75 | R8.75 | +2.9% |
| Withdrawal (POS) | R1.50 | R1.50 | R1.60 | R1.60 | +6.7% |
| Deposit (ATM) | 90c / R100 | R4.50 | 95c / R100 | R4.75 | +5.5% |
| Account fee (PAYT) | R5.50 | R5.75 | +4.5% |
You can review Capitec’s full 2018/19 pricing here.
| Old Mutual Money Account | 2017/18 Fees | R500 transaction in 2017/18 | 2018/19 Fees | R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | – | – | R6.50 | R6.50 | – |
| Withdrawal (Other) | R8.50 | R8.50 | R8.50 | R8.50 | – |
| Withdrawal (POS) | R2.50 | R2.50 | R1.50 | R1.50 | -40.0% |
| Deposit (ATM) | R7.00 | R7.00 | R7.50 | R7.50 | +7.1% |
| Debit order (internal) | R3.40 | R3.50 | +2.9% | ||
| Debit order (external) | R3.40 | R3.50 | +2.9% | ||
| Account fee (PAYT) | R4.50 | R4.50 | – |
You can view the Old Mutual Money Account fee schedule for 2018/19 here.
| Bidvest Bank Grow Account (PAYT) | 2017/18 Fees (Transact) |
R500 transaction in 2017/18 | 2018/19 Fees (Grow) |
R500 transaction in 2018/19 | % Change from 2017/18 to 2018/19 |
|---|---|---|---|---|---|
| Withdrawal (Native) | R5.50 | R5.50 | R6.00 | R6.00 | +9.0% |
| Withdrawal (Other) | R9.60 + R1.40/R100 | R16.60 | R6.00 + R1.40/R100 | R13.00 | -21.7% |
| Withdrawal (POS) | R4.00 | R4.00 | R5.00 | R5.00 | +25.0% |
| Deposit (Branch) | 0.80% of value | R4.00 | 0.80% of value | R4.00 | – |
| Debit order (internal) | R9.00 | R5.00 | -44.4% | ||
| Debit order (external) | R9.00 | R5.00 | -44.4% | ||
| Account fee (PAYT) | R22.00 | R6.00 | -72.7% |
You can view the Bidvest Bank Grow fee schedule for 2019 here.
This article was sourced from BusinessTech; for the original article, click here.
