This is the ninth Solidarity Bank Charges Report.
This year’s report covers all the major transactional accounts offered by the five largest banks in South Africa. In addition, it includes the Money Account of Old Mutual, following a request from Old Mutual to do so. Not included are accounts available only to the youth, students or elderly people, or private banking accounts. To be compared, accounts have to be open to any member of the public. This year, the stiff competition has continued. Judging on fees alone, Old Mutual narrowly beats Capitec and Absa at the lower income levels. However, when the interest paid by Capitec is taken into consideration, Capitec is still the cheapest account. Among the popular bundle accounts marketed to the middle income segment of the market, Standard Bank’s Elite Bundle is the cheapest this year. Standard Bank has a rebate and PAYT option, but they are both significantly more expensive. Nedbank’s Savvy Plus is a very close second. However, neither of these includes access to the respective banks’ rewards programmes. At the higher end of the market Nedbank comes in the cheapest. However, price is not the only consideration for customers in this profile.
Extras and rewards programmes will most likely be the swaying factor.