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SA 2017 banking fees compared Absa vs Nedbank vs FNB vs Capitec vs Standard Bank


First National Bank has published its banking fee structure for the 2017/2018 financial year, marking the last of South Africa’s big banks to do so.
Standard Bank, Absa and Nedbank implemented their new banking fees earlier in the year, which included a complete restructuring from Standard Bank,a moderate increase from Absa, while Nedbank’s fee increases were not insignificant.
In March 2017, Capitec announced its new banking fees, which saw prices hiked across most of its transactions – however this was off a low base, with the bank’s much-loved single price transaction costs.
FNB’s new banking fees will come into effect from 1 July, and aside from a marginal increase in the monthly account fee for its Gold account, the bank has kept its fees largely unchanged from the 2016/17 period, and introduced two new accounts in the form of the FNBy and FNB Premier Fusion account.
For 2017/18, FNB has now introduced a fee for withdrawing cash from till-points and points of sale (from being free, previously). The R1.40 fee makes it the cheapest POS withdrawal fee of the major banks – except Nedbank, which still offers the transaction for free.
The next banking fee review will happen at the end of 2017, when Standard Bank, Absa and Nedbank update their fee structures. Capitec updates its fees in March of each year, while FNB follows with a review in July.
Below is a breakdown of select fees across South Africa’s retail banks’ ‘main’ accounts (‘Gold’ equivalents). All prices are based on pay-as-you-transact feesafter bundle limits, where available.
Absa Banner
Absa Gold Cheque Account2016 FeesR500 transaction in 20162017 FeesR500 transaction in 2017% Change from 2016 to 2017
Withdrawal (Native)R3.95 + R1.30/R100R10.45R3.95 + R1.35/R100R10.70+2.4%
Withdrawal (Other)R9.95 + R1.30/R100R16.45R9.95 + R1.35/R100R16.70+1.5%
Withdrawal (POS) R3.95 R3.95R3.95R3.95
Deposit (ATM)R3.00 + R1.30/R100R9.50R3.95 + R1.35/R100R10.70+12.6%
Debit order (internal)FreeFree
Debit order (external)R16.00R16.95+5.9%
Account fee (PAYT)R40.00R42.00+5%

Standard Bank Banner

Standard Bank Elite Account2016 FeesR500 transaction in 20162017 FeesR500 transaction in 2017% Change from 2016 to 2017
Withdrawal (Native)R4.00 + 1.20% of valueR10.00R1.80 per R100 R9.00-10.0%
Withdrawal (Other)R6.70 + R4.00 + 1.20% of valueR16.70R6.70 + R1.80 per R100 R15.70-6.0%
Withdrawal (POS)R5.00R5.00R1.80 R1.80-64.0%
Deposit (ATM)R4.00 + 1.30% of valueR10.50R1.80 per R100 R9.00-14.3%
Debit order (internal)R4.20R4.50+7.1%
Debit order (external)R13.10R16.00+22.1%
Account fee (PAYT)R55.00R55.00

Nedbank Bannerr

Nedbank Savvy Account2016 FeesR500 transaction in 20162017 FeesR500 transaction in 2017% Change from 2016 to 2017
Withdrawal (Native)R4.00 + R1.32/R100R10.60R4.50 + R1.40/R100R11.50+8.5%
Withdrawal (Other)R11.00 + R1.32/R100R17.60R11.50 + R1.40/R100R18.50+5.1%
Withdrawal (POS)R4.00R4.00FreeFree
Deposit (Intelligent depositor ATM)R5.00 + R0.66/R100R8.30R5.50 + R0.70/R100R9.00+8.4%
Debit order (internal)R6.00Free
Debit order (external)R15.00Free (R5.00 on PAYT)
Account feeR100.00

Capitec Banner
Capitec Global One2016/17 FeesR500 transaction in 2016/172017/18 FeesR500 transaction in 2017/18% Change from 2016/17 to 2017/18
Withdrawal (Native)R5.50R5.50R6.00R6.00+9.1%
Withdrawal (Other)R8.50R8.50R8.50R8.500.0%
Withdrawal (POS)R1.30R1.30R1.50R1.50+15.4%
Deposit (ATM)80c /R100R4.0090c per R100R4.50+12.5%
Account fee (PAYT)R5.25R5.50+4.8%

FNB banner
FNB Gold only offers the bundled account option. Withdrawals and Cash@Till transaction fees come into effect after a combined R5,000 limit has been reached. Cash deposit fees come into effect after a R5,000 limit has been reached.
FNB Gold Cheque Account2016/17 FeesR500 transaction in 2016/172017/18 FeesR500 transaction in% Change from 2015/16 to 2016/17
Withdrawal (Native)R1.85/R100R9.25R1.85/R100R9.250.0%
Withdrawal (Other)R7.00 + R1.85/R100R16.25R8.00 + R1.85/R100R17.25+6.2%
Withdrawal (POS)Free –R1.40R1.40
Deposit (ATM)R0.80 per R100R4.00R0.90 per R100R4.50+12.5%
Debit order (internal)FreeFree
Debit order (external)FreeFree
Account feeR100.00R105.00+5.0%

Source: businesstech.co.za
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