Banking Fees Guide for 2020/2021

A bank is just like any business: it’ll charge a fee for its services. These fees – called ‘bank charges’ or ‘service fees’ – differ from bank to bank, though, so it pays to check them whenever you’re comparing your options.

How much will your bank (or the one you’re considering moving to) charge? Here’s a snapshot of the costs of common transactions associated with the most basic packages for each of South Africa’s Big Five. It pays to keep an eye on things as South African banks alter their fee structures annually, and with the economy being the way it is with COVID-19, in some places they are offering more competitive deals as they try to reach more customers and make banking more affordable in general.

For more information on pricing and charges on a range of account types, please consult the banks’ full fees structures, which can be found in the links provided

Absa Transact

This entry-level bank account will meet your most basic banking needs, even if you earn less than R3,000 per month or are unemployed.

View Absa’s complete pricing guide for 2020 here.

Standard Bank – MyMo PAYT

This digital-driven transaction account comes with the option of a R110 fixed monthly fee (MyMo Plus) or a Pay-as-You Transact structure where the monthly fee is R4.95. The fees quoted here are for the MyMo PAYT option.

View Standard Bank’s MyMo pricing guide for 2020 here.

Nedbank Pay-As-You-Use

Pay-As-You-Use is a transparent, everyday banking account with a flat monthly fee, allowing you to only pay for what you use. There is no minimum income required.

View Nedbank’s complete pricing guide for 2020 here.

First National Bank (FNB) Easy Account

The Easy Account is exactly that: easy to understand, easy to use and easy on your pocket. You can choose between the Easy Bundle (R53 per month) or the Pay-As-You Use account (R4.95 per month). The fees quoted below are for the Pay-As You-Use account.

View FNB’s complete pricing guide for 2020 here.

Capitec Bank Global One

Global One is Capitec’s simple, low-cost personal banking solution, offering a transaction account, four free savings plans, personalised credit options and easy money management through a banking app.

View Capitec Bank’s complete pricing guide for 2020 here.

How to keep your bank costs low

Regardless of what type of account you own or which bank you have an account with, these smart moves will help you reduce your monthly banking costs.

• Use your own bank’s ATMs. Any transaction at another bank’s ATM will come at a higher cost.
• Go digital. Online banking and banking apps are much cheaper than going into a branch.
• Seriously, go digital. If you have an email address, ask your bank to email your statements rather than posting them.
• Don’t withdraw too often. Some packages allow for a number of free withdrawals, but you’ll generally pay a service fee for every withdrawal after the free service.
• Check whether your bank offers unlimited card swipes at no extra costs regardless of the amount.
• Make sure there’s enough money in your account to cover your purchases and transactions – and factor the banking fees into that! If you go over the limit, you’ll have to pay penalty charges.
• Safeguard your cards. Your bank charges a fee to replace lost or stolen cards.

No matter which bank you end up choosing, always keep tabs on your bank statement. Keeping a record of all your transactions every month is a smart money move as it helps you to budget. It’ll also give you a clearer understanding of where your money’s going.

For a clearer picture of how fees have been changing over the years, take a look at the 2018 bank fees, 2022 bank fees as well as the 2023 banking fees guide.

Now that you have an idea of the bank charges, use our easy online comparison tool to compare savings accounts at South Africa’s leading banks. Best part is, we won’t charge you any fees for the service.

This article is for informational purposes only and should not be construed as financial, legal or medical advice.