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Thursday, 18 October 2012

Capitec is still the cheapest in terms of bank fees


Capitec (JSE:CPI) is still the bank with the lowest bank fees, according to the Solidarity Research Institute's third bank fees report. The report also shows that all the banks, with the exception of Nedbank (JSE:NED), have lowered their fees in 2012.

The reason for the lower fees is reported to be pressure from consumers.
"Four out of the five big retail banks in South Africa have lowered their fees in almost all their accounts in the last year," Solidarity said in a statement accompanying the report.
The banks that were compared are Absa (JSE:ASA), FNB, Standard Bank (JSE:SBK), Nedbank and Capitec.
Capitec's Global One account, remains the cheapest account for the second year running with an average cost for eight different user profiles of only R55.50 per month. This is a further 15.9% lower than last year.
In comparison, Nedbank's cheapest account is the Savvy Electronic account with an average cost of R112.61 per month, which is also 4.5% more expensive than the previous year.
FNB came second, Absa third and Standard Bank fourth, with Nedbank in last position.
Each bank’s cheapest account in 2011 and 2012
(Charges calculated as an average of eight transaction profiles, the effect of interest or forgone interest excluded.)
Bank
Cheapest account in 2011
Costs in 2011
Costs in 2012
Cheapest account in 2012
Difference
Capitec

Global One Account
R66,00
R55,50
Global One Account
-R10,50
-15,9%
FNB

Smart – Unlimited
R74,53
R60,95
Smart – Unlimited
-R13,58
-18,2%
Absa

Silver Package
R148,14
R91,05
Silver Value Bundle
-R57,09
-38,5%
Standard Bank
Classic Cheque – Fixed Fee
R134,89
R109,81
Achiever – Electronic

-R25,08
-18,6%
Nedbank

Savvy – Electronic
R107,79
R112,61
Savvy – Electronic
R4,82
4,5%

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