Capitec, FNB and ABSA are winning in regards to offering the most affordable bank accounts in terms of cost. This according to Solidarity’s interim Bank Charges report as published in an article in Business Tech dated November 24, 2015.
The report, lists the country’s most affordable banking accounts across the low and middle income sectors. And is based on monthly banking fees from South Africa’s five biggest banks (Standard Bank, FNB, ABSA, Nedbank and Capitec), across four client profiles.
Each profile represents a different type of banking customer, and covers a different number of transactions (from a basic 12 transactions, to a comprehensive 29 transaction).
Further, the bank accounts are separated into two groups, namely those marketed at low-income groups and those marketed at middle-income groups.
We’ll look at the 3 Cheapest South African banks in regards to their monthly interest rates. And those are Capitec’s Global One, FNB’s EasyAccount and ABSA Transact account in that order as according to the report.
Capitec’s placed as the most affordable low-income account. And also features in the number one spot in the middle income group under its Global One account.
It’s an account that earns you 5.35% interest per year on daily balances, with no monthly admin fee or minimum balance. Capitec Bank prides themselves in doing everything to keep their bank costs as low as possible together with their highly competitive interest rates.
FNB’s EasyAccount followed
An account competing with Capitec in terms of cost, as you can bank from only R4.95 per month.
And through it’s free linked Savings Account (Savings Pocket). Is a savings account linked to your transactional account that allows you to keep your savings separate and earns you interest with no added fees.
While ABSA Transact account
Is for applicants who earn at least R2000 per month, it offers a minimum monthly fee of R4.95, simple and easy pricing structure. And pay for your purchases using your debit card at no charge.