Economic Research has established that the high cost of credit associated with micro-finance has trapped the poorest consumers in an endless spiral of debt. It has also been established that as long as finance is left in the hands of these entities, more exploitation will be recorded. One financial institution trying to make a difference is Standard Bank.

Established in 1862,Standard Bank of South Africa Limited is one of South Africa’s largest financial services groups.It operates in 32 countries around the world,including 20 in Africa.This banks products and services have earned respect and trust from consumers at large.The perfect example in this regard is the Standard Bank Consolidator Account.The Consolidator Account has three pricing options.These options are the Pay as you transact, Consolidator Plus and the Rebate option.

Pay-as-you-transact offers discounted fees on certain transactions and also comes with free cheque card swipes and a free subscription to internet banking. Under Consolidator Plus,you pay a fixed monthly fee of R45 and you enjoy three AutoBank cash deposits a month,six AutoBank cash withdraws,two branch cash withdraws including cheque encashments, four cheques issued or deposited,unlimited sendMoney transactions using cellphone banking,Unlimited electronic transactions including account payments,inter account transfers,debit orders, stop orders, electronic balance enquiries and mini-statements.There is also free internet and emailed statements,free SMS notifications, a free cheque card and free credit card. It is also worth noting that the R45 service fee is waived if you maintain a balance of at least R10,000 for the full month. Rebate option is where you get a rebate on qualifying bank charges depending on the minimum balance in your account.The rebate ranges from R85 for a balance of between R10,000 and R19,999 to R420 for a minimum balance of over R100,000.

On all the three mentioned options, you get free non-carbonised cheque books,but you will pay R125 to replace a cheque card.

Standard Bank can be contacted on 0860123000.