Breakthrough – but bank charges remain high

It has been eight years since we first published what has become the annual Finweek Bank Charges Report  and finally the country’s big financial institutions seem to be paying attention.
Our investigation reveals that three out of the country’s big four banks have reduced fees across a range of products and offerings.
Nedbank, the banking group with the country’s smallest retail footprint, emerges in our most recent study as offering the country’s most expensive banking products. We rated it as the most expensive in our earliest studies, and after it aggressively cut fees in 2007, it has seen a steady rise in pricing while its peer group has taken the hatchet to the cost of individual transactions.

Get this week’s edition of Finweek here to read the full article.

 

Click on the link below to download the official report in PDF format.

Finweek report on bank charges_2012

Comments

  1. I love how people think that Capitec was materially responsible for bringing down bank charges in South Africa and has “stolen” all this business from the big banks. Capitec is a drop in the ocean and I would be willing to bet that less than 10% of the people who say they went to Capitec “for low fee banking” went there for anything but micro-loans.

  2. Why would you compare the SB prestige account vs gold accounts? FNB you used gold, not plat so does it not make sense to use SB’s Elite (gold) as well?
    I agree with the other people as well, why no Capitec!?
    I know comparing accounts are like apples vs pears, but at least be fair to all.

  3. Capitec is undoubtedly the cheapest. Would be interesting to see how many accounts were lost to them from the individual big4

  4. I think the study is extremely limited. The hypothetical family is absolutely unrepresentative of the average South African family. I just think it was narrow minded.

  5. What about Capitec?

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