Cheapest bank accounts in South Africa revealed

[rpm]

Cheapest bank accounts in SA revealed

The cost of banking has remained unchanged in the past year, according to research by trade union Solidarity

 

[Budza]

Capitec.

For the misers!

 

[CorneN]

Banking fees? Whats that?

 

[satanboy]

Absa was third

OMW

 

[MKFrost]

Just the other day Standard Bank said that their income from service fees increased quite a bit even though the prices were decreased.....

Makes sense seeing as they are still the most expensive.

 

[bullzeye.za]

Off topic: Anyone else getting tired of the way that every article is "Revealed" ?

This was not something hidden from us until now. At best, what's been done is "Collated"

 

[ScrnScrm]

This article is misleading. Notice how they say "Mainstream" accounts. Standard Bank offer a "non-mainstream" account, called AccessAccount, at just under R60 a month.

Funny how they include the FNB Smart unlimited and Nedbank Savvy accounts as mainstream, but not Standard Bank's entry level product. Poor journalism....

 

[Brieuse]

This article is misleading. Notice how they say "Mainstream" accounts. Standard Bank offer a "non-mainstream" account, called AccessAccount, at just under R60 a month.

Funny how they include the FNB Smart unlimited and Nedbank Savvy accounts as mainstream, but not Standard Bank's entry level product. Poor journalism....

was just about to comment the same. I think they didn't research properly.

 

[SauRoNZA]

This article is misleading. Notice how they say "Mainstream" accounts. Standard Bank offer a "non-mainstream" account, called AccessAccount, at just under R60 a month.

Funny how they include the FNB Smart unlimited and Nedbank Savvy accounts as mainstream, but not Standard Bank's entry level product. Poor journalism....

Well in all fairness the Savvy isn't Nedbank's entry level account and I suspect neither is the FNB Smart.

 

[ChocolateBadger]

FNB So glad I moved from Stranded Bank.

 

[Chevron]

Off topic: Anyone else getting tired of the way that every article is "Revealed" ?

This was not something hidden from us until now. At best, what's been done is "Collated"

Yip.

This article is misleading. Notice how they say "Mainstream" accounts. Standard Bank offer a "non-mainstream" account, called AccessAccount, at just under R60 a month.

Funny how they include the FNB Smart unlimited and Nedbank Savvy accounts as mainstream, but not Standard Bank's entry level product. Poor journalism....

And this.

 

[Vice]

So, which bank is the cheapest:erm: The article on picks few types of accounts and neglects w whole lot of them

 

[supersunbird]

This article is misleading. Notice how they say "Mainstream" accounts. Standard Bank offer a "non-mainstream" account, called AccessAccount, at just under R60 a month.

Funny how they include the FNB Smart unlimited and Nedbank Savvy accounts as mainstream, but not Standard Bank's entry level product. Poor journalism....

http://www.standardbank.co.za/porta...toid=279ab2e17e35b210VgnVCM100000c509600aRCRD

The following transaction limits apply to an E17 account. You may not:
•Withdraw, transfer or make payments of more than R5 000 a day or R25 000 a month.
•Do any cross-border transactions except for transfers as a result of point-of-sale (POS) payments or cash withdrawals in the Common Monetary Area (CMA) that is Swaziland, Lesotho and Namibia.
•Have a balance greater than R25 000 in your account at any time.•Have two or more similar accounts, unless they are exempt from Financial Intelligence Centre Act (FICA).
•Link your account to more than one card.

Note: If you do not keep to these limits, your account will be frozen

Bet you stuff like the bolded part make it not eligable.

 

[garyc]

Another factor to take into consideration is the interest these bundled accounts pay. Some of them were made into transactional accounts when they were designed, i.e. they do not pay any interest.

 

[w1z4rd]

Kingrob is really ganna be upset about this bit:

“Standard Bank took away the Achiever Electronic account, therefore they are not as competitive.”

 

[ABU]

http://www.standardbank.co.za/porta...toid=279ab2e17e35b210VgnVCM100000c509600aRCRD


Bet you stuff like the bolded part make it not eligable.

You seem to have missed out on this important point from the link:

If you cannot give us proof of your residential address, your account will be opened as an E17 account and limits will apply

The limits only apply if the account isn't Fica'ed

 

[Cius]

Just the other day Standard Bank said that their income from service fees increased quite a bit even though the prices were decreased.....

Makes sense seeing as they are still the most expensive.

One of my pet hates is how bad journalism is regarding bank fees. The other day Nedbank released really good results and the article published eventually basically said that Nedbank profited from increasing bank charges. This was completely false at the end of the day. The growth was due to a big increase in "Non-interest revenue". While NIR does include bank charges if they had dug even a little they would have seen that Nedbank did not increase fees much, most of the growth was out of Nedbank Capital's trading and investment banking operations which have nothing to do with bank fees. The reporting standards in this country are really shocking some of the time.

 

[ScrnScrm]

The limits only apply if the account isn't Fica'ed

Yup. FICA limits apply to ALL accounts. If you are not correctly "FICA'ed" your transacting is limited. If you are properly FICA'ed, you will not be limited.

Its also important to add that these so-called "Inclusive Banking Accounts" that the banks offer are targeted at a very specific LSM. The sort of person that they are targeting with these accounts is unlikely going to have monthly bills going to a fixed address, and very unlikely to ever have more than R25,000 in their account. The transfer limits are in place to stop criminals laundering through these "more difficult to trace" accounts. Standard call their inclusive banking products "Access Accounts". FNB = Easy Plan. Nedbank = Ke Yona. My point was that this is sloppy journalism because whoever wrote the article didn't do proper homework. At the end of the day, the cost of banking in this country is at a parity between the banks with the possible exception of Capitec who are severely limited from a transacting functionality perspective, and that is reflected in their pricing.

As a side note, Nedbank Ke Yona is also in the R60 a month price range....

 

[MGRobinson]

Capitec FTW. Every month I get an sms something like this, "Capitec: Mr ****, your Jul transaction fees were just R13 (Jun R12). Interest earned on all accounts R114. Info 0860102043." I do internet banking - probably about 4 transfers a month, one debit order, swipe my card for petrol, groceries etc and draw money from PnP when I need cash.

 

[JamesGeek]

I use Merrick Online Banking, it's chaep and cover many areas of financial activities.