There are a number of options when it comes to picking a bank. Banking and services, as well as where to keep your money, were once simple concepts. However, as more digitised banking platforms emerge, there is fierce competition for market share – and each bank has an array of products.
Due to the dominance of large banks in the South African market, new players in the sector have had to differentiate themselves with compelling offers such as low or no banking fees. In this article, we explore the banking fees and compare options and what they have to offer.
Depending on which bank you bank with, banking fees at some institutions can range from R50 to R400 per month. On the upper end of fees, R300 per month for a bank account will cost you R3600 over a twelve-month period.
That is a significant sum of money that could be used to,
- Maximise your emergency savings fund.
- Pay off any debt.
- Saving towards a goal.
Before digital banking and ATMs became commonplace, we used to frequently withdraw cash or make other personal account changes in person in the bank. However, given how the banking industry has changed and how many more people are now conducting their business online, many banks no longer see the necessity of maintaining physical branches. Standard Bank for example has closed more than 100 branches since 2019 to digitise more of what they offer.
Let’s discover which banks are igniting the most buzz when it comes to paving the way for new, creative, and affordable online banking methods.
This will be a comparison of some of the newer digital banks that have no physical presence to established, traditional banks for everyday banking and business accounts.
Reason to consider TymeBank
- With over 5 million customers nationwide as of June 2022, TymeBank is by far the most popular choice in terms of sheer numbers. Given that it only began operations in 2015, adding an average of 714,300 new customers annually, this is a remarkable accomplishment. In contrast, by the middle of 2022, Standard Bank had 11.73 million clients, but has been in operation for over 150 years.
- TymeBank is establishing a niche among those who understand the need of having a side hustle at this time by providing both personal and business banking.
These are just some of the things that TymeBank claim you get for ‘’Mahala”
- No monthly bank fees
- Free debit card purchase transactions
- Free online purchase transactions
- Free bulk payments (TymeBank to TymeBank and TymeBank to non-TymeBank)
- Free First till point deposit
TymeBank believes that “their bank was built on the principles of simplicity, transparency, and affordability, and that every South African has the right to accessible and affordable banking.’’
That is a significant statement in and of itself to see what TymeBank has to offer as a bank with numbers far above any bank in growth.
Learn more: TymeBank
Bank Zero is exactly what they say they are! With zero costs and an upfront bank pricing guide, you know exactly what you are in for. Their pricing and fees are straightforward and simple to understand.
What is the appeal of Bank Zero?
- Value added services are up to you as the client to decide what you do or don't pay for.
- A patented personalised card gives you powerful security and global reach (with a forex mark-up rate of just 1%!).
Bank Zero is making a name for itself in personal and business banking. Their fees and services are openly available, and you can see exactly what you will or will not be paying for.
Learn More: Bank Zero
FNB Easy Zero Account
FNB Easy Zero Account offers a zero-charge bank fee. FNB has a few options depending on your monthly salary and other factors which will determine the account you can open with them.
What does the FNB Easy Zero account offer?
- Zero bank fees
- An account that offers the basics and with no expensive frills.
- Get cash at tills when you go to Shoprite, Checkers, Pick 'n Pay, Boxer and selected Spar and Usave stores - at no extra cost to you.
- Receive an eWallet and other payments directly into your Easy Zero Account. Send money from your account to anyone with a valid SA cellphone number.
Learn More: Eazy Zero Account FNB
Nedbank Pay as you use
Pay only for what you use and nothing more with a Nedbank Pay-as-you-use account.
Here are a few things that you get when choosing a Pay-as-you-use account with Nedbank.
- Free debit card with zero monthly maintenance fees
- Free Greenbacks membership with the option to earn Card Swiper rewards for only R27 p/m.
- Use your card to pay and get 50% off your Nu Metro movie tickets.
- Opt into Card Swiper to earn Greenbacks you can use at leading stores.
- Withdraw your Greenbacks as cash at any Nedbank ATM using your Greenbacks Shop card.
- Enjoy great deals and discounts on the Greenbacks app and when shopping on Avo by Nedbank.
Learn More: Pay-as-you-use bank account Nedbank
With so much competition, banks are pulling out all the stops to attract and retain customers. This is great news for us as clients because more online banking options from the additional competition means that improved and cheaper product offerings are being developed all the time.