Banking Fees Guide for 2020/2021

Posted by Hippo on 26 November 2020

Stack of debit cards from the cheapest bank accounts available in South Africa

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.

Monthly administration fee	R4.90
Cash withdrawal – Absa ATM	R6 per R1,000
Cash withdrawal – Absa-supported ATM	R6 per R1,000
Cash withdrawal – Point of Sale	R1
Cash deposit – branch counter	R60 + R2 per R100
Cash deposit – Absa ATM	R2 per R100
Funds transfers – Absa ATM, online, mobile, telephone	Free
Funds transfers – Branch counter	R75
Prepaid Top-up – Absa ATM, point of sale, online, mobile, telephone	R1.50
Immediate interbank payments – online, mobile, telephone (IVR)	R65
Internal and external debit orders	Free for internal and R3.50 for external
Stop order	Free
Balance enquiry – Absa ATM/Absa-supported ATM/Point of Sale	Free
Absa ATM mini statement	R8
Branch counter full statement	R32
Debit card replacement fee	R140
Declined fee (insufficient funds) – Absa ATM	Free
Declined fee – Saswitch/POS/Absa-supported ATM/Overseas ATM/Post Office	R8.50

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.

Cash deposit	ATM: R1.70 per R100 or part thereof Branch: R8.50 + R1.70 per R100 or part thereof
Cheque deposit	ATM: R55 Branch: R55
Cash withdrawals	ATM: R6,50 for the first R1 000, and R13 for values above R1 000 up to R2 000 Branch: R55 +R1.90 per R100 or part thereof
Other banks ATM cash withdrawals	R12 for the first R1 000, and R18 for values above R1 000 up to R2 000
Stop orders (online only)	Internal: R3.50 External: R5.50
Account payment	ATM: R1.20 Branch: R65
Point of sale purchases	Free
Prepaid airtime top-up – ATM and online	R1.20
Prepaid electricity – ATM and online	R1.50
Payment confirmation – SMS	R1.35
Balance enquiry	Free
Balance enquiry – ATM slip	R1.60
Balance enquiry - branch	R10
Balance enquiry – other banks’ ATM	R9
Card replacement – Debit EMV/cheque card	R145
Provisional statements	ATM: R7.50 Branch: R30
Internet statements (view/download)	Free

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.

Monthly account maintenance fee	Free
Withdrawal at a Nedbank ATM	R7 per R1,000
Withdrawal at another bank’s ATM	R10 + R2 per R100
Cash withdrawal at branch	R75 + R2 per R100
Cash deposit at branch	R30 + R2 per R100
Cash deposit at a Nedbank Intelligent Depositor ATM	R1 per R100
SMS notification (eNote)	R0.45 per SMS
Electronic account payment	R2.20
Debit order – external	R5.50
Cash withdrawal at till point	R2
Card swipe Balance or statement enquiry – online and Nedbank ATM Inter-account transfer – online, SMS banking or ATM Stop order Debit order – internal	Included in monthly fee

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.

Cash withdrawals	R8 per R1,000 Other banks’ ATMs: R12 per R1,000
FNB branch/Cheque	R80 + R2.50 per R100
Cash deposit at FNB ATM (with deposits)	R1.10 per R100
Cash deposit at FNB branch	R80 + R2.50 per R100
Payments – FNB branch or telephone banking	R80
Bank cheque	R140
Cancel debit order (stop payment)	Online or mobile channels: Free Telephone Banking: R26 Branch: R80
Prepaid airtime purchases – other banks’ ATMs	R15
Balance enquiries	Mobile and eChannels: Free Point-of-Sale: R1.75 Other Banks’ ATMs: R7.30
Current month emailed statement	Free
Printing of statements – ATM with deposits	R3.75 (per page)
Card replacement (chip & PIN non-personalised card)	R120
Revolving facility monthly fee (agreements from 6 May 2016)	R69

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.

Debit card monthly administration fee	R5
Credit card monthly administration fee	R40
Transfer between Capitec accounts	Free
Payment to other bank immediate	R8
Purchases (local card machine, purchase online/telephone/mail with card)	Free
Cash withdrawal (PnP/Shoprite/Checkers/Boxer till point)	R1.20
Cash withdrawal at Capitec Bank ATM	R8 per R1,000
Cash withdrawal at other banks’ ATMs	R9 per R1,000
Transaction/Savings account statement (app and email)	Free
Transaction/Savings account statement Capitec bank ATM	R3
Transaction/Savings account statement at branch	R12
Balance enquiry (ATM, Capitec Bank app/Internet)	Free
Balance enquiry other bank ATM	R7
Declined transactions (ATM and card machine purchase)	Free
Cash for personal loan repayment deposit Not listed with their current fee guide	Free
Disputed debit order: last 40 days (app)	R5
Disputed debit order: last 40 days (branch)	R45

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.