Banking Fees For All South African Banks In 2016

First National Bank has changed its banking fees for 2016 – the last of the big banks to do so for this year – which will take effect from 1 July 2016.

The bank has kept its monthly account fees in line with 2015’s prices for its Gold Cheque and Premier Banking (previously Platinum) and Easy accounts. Here are the account brochures with the detailed fee changes.

  • Easy Account – R4.95 pm
  • Gold Cheque Account – R100 pm
  • Premier Banking – R199 pm
  • All other accounts

FNB has again changed the way it calculated fees on cash withdrawals across of all of its accounts. The change will only lead to an increase in price for those withdrawing more than R700 at ATMs – for amounts less than that, the fee has dropped.

In 2015, the fee was R3.95 plus R1.30 per R100 (R700 withdrawal would be R13.05) – the 2016/17 fee is a simpler R1.85 per R100 (R700 withdrawal would be R12.95). The following table breaks down how fees have changed for cash withdrawals up to R1,000.

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FNB cash withdrawals – 2015 vs 2016

Amount July 2015 July 2016 Change
R100 R5.25 R1.85 -65.0%
R200 R6.55 R3.70 -43.5%
R300 R7.85 R5.55 -29.3%
R400 R9.15 R7.40 -19.1%
R500 R10.45 R9.25 -11.5%
R600 R11.75 R11.10 -5.5%
R700 R13.05 R12.95 -0.8%
R800 R14.35 R14.80 +3.1%
R900 R15.65 R16.65 +6.4%
R1000 R16.95 R18.50 +9.1%

FNB has always pushed the ideal of cashless banking, and previously told BusinessTech that its customers withdrew between R100 and R500 at ATMs, making the change positive overall.

Withdrawing cash at Checkers, Shoprite, Pick n Pay, Boxer stores and selected Spar tills are still free of fees, the bank said.

Internal and external debit orders on the Gold Cheque package are now listed as being free – however a pay-as-you-transact fee is still listed in the Premier Banking package, for R3.70 and R16.95, respectively.

Here is a comparison of select transaction fees across all South Africa’s banks. These prices will remain in effect until Standard Bank, Absa and Nedbank change their fees in December 2016. Capitec’s fees will change in March 2017.

All prices are based on pay-as-you-transact fees, where available. For the 2016/17 comparison, we have reduced the transaction amount to R500 – for a R1,000 transaction scenario, you can read this: Here are your banking fees for 2016

FNB banner

FNB Gold Cheque Account 2015/16 Fees R500 transaction in 2015 2016/17 Fees R500 transaction in 2016 % Change from 2015 to 2016
Withdrawal (Native) R3.95 + R1.30/R100 R10.45 R1.85/R100 R9.25 -11.5%
Withdrawal (Other) R6.50 + R3.95 + R1.30/R100 R16.95 R7.00 + R1.85/R100 R16.25 -4.1%
Withdrawal (POS)  Free  – Free
Deposit (ATM) R0.70/R100 (minimum R5.50) R5.50 R0.80 per R100 R4.00 -27.3%
Debit order (internal) R3.70 Free -100%
Debit order (external) R16.00 Free -100%
Account fee R100.00 R100.00

Absa Banner

Absa Gold Cheque Account 2015 Fees R500 transaction in 2015 2016 Fees R500 transaction in 2016 % Change from 2015 to 2016
Withdrawal (Native) R3.95 + R1.30/R100 R10.45 R3.95 + R1.30/R100 R10.45
Withdrawal (Other) R9.95 + R1.30/R100 R16.45 R9.95 + R1.30/R100 R16.45
Withdrawal (POS) R3.95 R3.95
Deposit (ATM) R3.00 + R1.30/R100 R9.50 R3.00 + R1.30/R100 R9.50
Debit order (internal) Free Free
Debit order (external) R15.50 R16.00 3.2%
Account fee (PAYT) R33.00 R40.00 21.2%

Standard Bank Banner

Standard Bank Elite Account 2015 Fees R500 transaction in 2015 2016 Fees R500 transaction in 2016 % Change from 2015 to 2016
Withdrawal (Native) R4.00 + 1.15% of value R9.75 R4.00 + 1.20% of value R10.00 2.6%
Withdrawal (Other) R6.70 + R4.00 + 1.15% of value R12.45 R6.70 + R4.00 + 1.20% R12.70 2.0%
Withdrawal (POS) R5.00  R5.00  –
Deposit (ATM) R4.00 + 1.25% of value R10.25 R4.00 + 1.30% of value R10.50 2.4%
Debit order (internal) R4.00 R4.20 5.0%
Debit order (external) R12.50 R13.10 4.8%
Account fee (PAYT) R53.00 R55.00 3.8%

Nedbank Bannerr

Nedbank Savvy Account 2015 Fees R500 transaction in 2015 2016 Fees R500 transaction in 2016 % Change from 2015 to 2016
Withdrawal (Native) R3.50 + R1.28/R100 R9.90 R4.00 + R1.32/R100 R10.60 7.1%
Withdrawal (Other) R10.00 + R1.28/R100 R16.40 R11.00 + R1.32/R100 R17.60 7.3%
Withdrawal (POS) R4.00 R4.00
Deposit (ATM) R6.00 + R1.28/R100 R12.40 R5.00 + R0.66/R100 R8.30 -33.0%
Debit order (internal) R6.00 R6.00
Debit order (external) R14.00 R15.00 7.1%
Account fee (PAYT) R30.00 R30.00

Capitec Banner

Capitec Global One 2015/16 Fees R500 transaction in 2015 2016/17 Fees R500 transaction in 2016 % Change from 2015 to 2016
Withdrawal (Native) R5.00 R5.00 R5.50 R5.50 10.0%
Withdrawal (Other) R8.00 R8.00 R8.50 R8.50 6.3%
Withdrawal (POS) R1.25  R1.25 R1.30 R1.30 4.0%
Deposit (ATM) 70c /R100 R3.50 R80c /R100 R4.00 14.3%
Account fee (PAYT) R5.00 R5.25 5.0%

 

Source: Business Tech

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