Saturday, January 15

Comparison of Absa, Nedbank and Standard Bank commissions in 2022

Three of South Africa’s leading banks – Absa, Nedbank and Standard Bank – have kept monthly account fees largely stable by 2022.

In fact, on the top 15 accounts offered at all three banks, monthly fees have only increased by five. Four of these, Standard Bank’s Prestige, Private Banking and Signature Banking, as well as Nedbank’s Private Wealth Bundle, target the higher income segment, and three are what would normally be considered ‘private banking’ products. However, the monthly fees for the five accounts have risen below inflation.

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It is somewhat remarkable that banks have kept prices largely stable, given that they effectively froze (most) of the price changes between 2019 and 2020 due to the Covid-19 pandemic. So this will be the second year in a row that most prices have not changed.

Newcomer Bank Zero has also kept its fees frozen since its launch, while TymeBank conducted some free transactions starting in January and increased the costs of cash transactions (deposits / withdrawals).

Read: Bank Zero vs TymeBank vs African Bank – Fees Compared

FNB’s price changes take effect on July 1, while Capitec Bank adjusts its rates in early March.

Standard Bank – Monthly Account Fee 2021 2022
My mo R4.95 R4.95
MyMo PLUS R110 R110
Prestige R209 R220
Private banking R369 R380
Signature Banking R469 R480
Absa – Monthly account fee 2021 2022
Process R4.90 R4.90
Flexi account R29 R30
Gold Value Pack R109 R109
Premium banking R190 R190
Private banking R460 R460
Nedbank – Monthly Account Fee 2021 2022
Pay per use R0 R0
Savvy Plus Gold R115 R115
Savvy Platinum Package R220 R220
Professional package R360 R360
Private wealth package R452 R468

In the most price-sensitive market segments (from ‘free’ or sub-R5 accounts to those that typically have accounts that cost a maximum of around R110 per month), fees have been largely frozen for more than two years.

Higher income customers have seen the most price movement.

There are two reasons for this: competition in the low- and middle-income markets is intense (and Capitec, due to its popularity, has effectively set the cap for a monthly account fee in R5), and the low-growth environment means that banks don’t really enjoy much pricing power.

These three banks that have frozen most fees for 2022 saw a decline in non-interest income (or transaction fee income) in 2020. Much of this was due to lower volumes of customer transactions due to the Covid-19 pandemic, and strict lockdown, but banks did not have a typical cushion of increasing monthly account fees.


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Nedbank experienced a drop in non-financial income at its personal and commercial banking (PBB) unit by 11% in 2020. At Absa’s commercial and retail banking division in South Africa, non-financial income decreased by 8%, while that Standard Bank reported a 4% drop in non-financial income at its local PBB business.

One area where banks continue to raise prices is in cash withdrawals (and deposits).

Higher cash handling costs (in terms of security, transportation, etc.) need to be offset. While they have managed to divert large numbers of customers from cash, particularly in the higher income segments, mass market customers depend on cash.

All three banks will increase fees for withdrawing cash at their ATMs starting in January.

Own ATM cash 2021 R500 withdrawal 2022 R500 withdrawal
MyMo by Standard Bank R7.50 / R1 000 7.50 R R8 / R1 000 R8
MyMo PLUS by Standard Bank Release up to R5 000, then R7.50 / R1 000 Free / R7.50 Release up to R5 000, then R8 / R1 000 Free / R8
Absa Transact R8 / R1 000 R8 R8 / R1 000 R8
Absa flexi R2.20 / R100 R11 R2.30 / R100 R11.50
Absa Gold Value Package Free up to R4 500, then R2.20 / R100 Free / R11 Free up to R4 500, then R2.30 / R100 Free / R11.50
Pay per use of Nedbank R8 / R1 000 R8 R9 / R1 000 R9
Nedbank Savvy Plus Gold Four free, then R2.20 / R100 Free / R11 Three free, then R2.30 / R100 Free / R11.50

Accounts targeting higher income customers have been excluded from this comparison as they include “free” withdrawals each month.

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