Five South African retail banks have updated their fee schedules for 2019 according to BusinessTech. Photo: File

DURBAN – Five South African retail banks have updated their fee schedules for 2019 according to BusinessTech. 

Banks such as First National Bank and Capitec will be updating their fee schedules in June 2019 and February 2019 while Old Mutual Money Account fees have been in effect since October 2018.

The tables below show the changes in fees for South Africa's five major banks are taking into consideration the April 2018 change in VAT to 15 percent. The accounts used are the respective banks' mid-market accounts where relevant. 

The calculations below are based on a R500 transaction which according to the banks is the most common range for cash transactions in South Africa. 

Absa

Absa Gold Cheque Account 2018 Fees (15%VAT) R500 transaction in 2019 Fees R500 in transaction in 2019 Change from 2018 to 2019
Withdrawal (Native) R4.54 + R1.41/R100 R11.59 R4.50 + R1.50/100 R12.00 +3.5%
Withdrawal (Other) R10.59 + R1.41/R100 R17.64 R10.50 + R1.50/100 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 R4.5 + 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%

Standard Bank 

Standard Bank Elite Account 2018 Fees (15%VAT) R500 transaction in 2019 Fees R500 in 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%


Nedbank 

Nedbank Savvy Account 2018 Fees (15%VAT) R500 transaction in 2019 Fees R500 in 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%

First National Bank

FNB Gold Cheque Account 2017/2018 Fees R500 transaction in 2017/2018 2018/2019 Fees R500 in transaction in 2018/2019 Change from 2018 to 2019
Withdrawal (Native) R1.85/R100 R9.25 R1.90/R100 R9.50 +2.7%
Withdrawal (Other) R8.00 + R1.85/R100 R17.25 R8.00 + R2.00/R100 R18.50 +7.25%
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

Capitec

Capitec Global One 2017/2018 Fees R500 transaction in 2017/2018 2018/2019 Fees R500 in transaction in 2018/2019 Change from 2018 to 2019
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) R0.90 per R100 R4.50 R0.95/R100 R4.75 +5.5%
Account fee R5.50 R5.75

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