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Standard Bank simplifies, cuts bank fees

And teases about a new hybrid savings account with no monthly charges ….
The bank says it will be launching a hybrid savings account that has 'zero monthly fees', while offering 'free ATM cash deposits and interest on positive balances'. Image: Supplied

Standard Bank has simplified its bank fee pricing structure from January, with reductions in certain areas as well as price freezes in others.

Given the economic environment and the obvious impact of the Covid-19 lockdown, banks have been under pressure not to increase monthly account or bundle fees as part of their annual pricing changes. FNB kept monthly account fees unchanged in July.

Read: FNB cuts and simplifies (most) fees

Standard Bank says its “decision to review and amend its pricing was made after careful consideration of several factors, including the economic impact of 2020, the current realities for people and businesses, easier access to banking services, and the need to make pricing simpler for customers to understand”.

Its monthly administration or bundle fees will remain the same – with the exception of the middle-market Elite Account where the bundled fee increases marginally from R107 to R110 per month. A full guide to 2021 pricing is available here.

Monthly fee 2020 2021
MyMo R4.95 R4.95
Access R5.80 R5.80
MyMo Plus R110 R110
Elite R107 R110
Prestige R209 R209
Private Banking R369 R369
Signature Banking R469 R469

The bank has altered its cash withdrawal pricing to a flat rate of R7.50 per R1 000 (or part thereof), from the previous fee per R100. This is surely to incentivise fewer, larger withdrawals from the predominantly lower-income segment of customers who incur these charges (a certain value of withdrawals is bundled ‘free’ with accounts targeting middle- and higher-income customers). Any withdrawal of R400 or above from its ATMs will be cheaper than at present.

Standard Bank says that it has “removed the ATM cash withdrawal Saswitch fee charged to its customers who withdraw cash using ATMs belonging to other banks”.

While those at other banks’ ATMs are charged at a steeper rate (R10) per R1 000, a withdrawal of any amount is cheaper than the current price structure.

Standard Bank ATM 2020 2021 Change
R100 R1.90 R7.50 295%
R500 R9.50 R7.50 -21%
R1 000 R19 R7.50 -60%
R2 000 R38 R15 -60%


Other bank ATM 2020 2021 Change
R100 R10.90 R10 -8%
R500 R18.50 R10 -46%
R1 000 R28 R10 -64%
R2 000 R47 R20 -57%

The fee for withdrawing cash at participating retailers has reduced from R2 to R1.40 (although on bundled account options, these transactions are free).

The pricing structure for cash deposits at ATMs has also changed to a rate (R9) per R1 000. Branch deposits attract a minimum fee of R60 (and are charged at R18 per R1 000).

For those customers on bundled accounts, there have been some changes to the limits for cash withdrawals or deposits.

Monthly Bundled/free cash withdrawals* Bundled/free cash deposits*
2020 2021 2020 2021
MyMo Plus R5 000** R5 000** R5 000 R5 000
Access R33pm R3 000 R3 000 One deposit One deposit
Access R49pm R3 000 R3 000 Two deposits Two deposits
Elite R5 000 R5 000 Three deposits R5 000
Prestige R10 000 R7 500 Three deposits R8 000
Private Banking R20 000 Unlimited Three deposits R10 000
Signature Banking R20 000 Unlimited Three deposits R10 000

*At Standard Bank ATMs

** Includes up to two at other bank ATMs

Debit order charges – also free on bundled account options – have been slashed from R4.50 for internal or R18 for external transactions currently to a flat rate of R3.50 from January.

The fee for buying airtime or data (via the bank’s digital channels) has been cut by 58% to 50c, while prepaid electricity purchases remain the same (R1.50). Playing the Lotto on the bank’s channels will cost R2.50, or 9% more.

New account coming …

Surely bolstered by the success of its digitally-led MyMo account, the bank will “also be launching a new hybrid savings account which features zero monthly fees, free ATM cash deposits and interest on positive balances”.

It says: “This account will also boast simple and affordable transactional fees, enabling customers to receive, deposit and store money as well as make payments via the bank’s digital platforms and cash distribution network.”

Sounds an awful lot like Capitec’s Global One or TymeBank’s EveryDay accounts, doesn’t it?

Read: Despite recovery, Standard Bank remains cautious


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Been with Standard Bank my entire adult life.

I have received nothing of value from them. They have just been ripping me with fees from day one and I have had a number of incidents where their systems have been erroneous.

My brother had money fraudulently drawn from his Standard account last year.

I think it’s time to move away from these leeches.

Standard bank: We cut bank fees
TymeBank: We have zero monthly account fees, no fees for airtime and electricity purchases and we charge R2 per debit

I’ve heard that from next year those TymeBank debits will be free.

Problem with Tyme is they do not allow or accept instant ETFs. So I remain happy with Capitec.

Is Tyme bank the next Capitec success story? up 3.3% today, SBK down 2%

I worked for SBank for a while and I would never have any of their products. I see no value in this bank and rather use Capitec as these old banks are leaches.

I have been banking with FNB for about 40 years and never had a problem. I pay the princely sum of R4.95 for an Easy Account and R7.50 Service Fees. I do all my banking, transfers, payments etc online.

Excellent security and instant transactions.

There is absolutely no comparison between Standard Bank, FNB, ABSA, etc., and Capitec Bank. The latter offer great service at minimal fees. I changed from ABSA (after being customer for twelve years) to Capitec two years ago and never looked back. My monthly fees (as charged by ABSA) were between R65 and R135, with minimal interest. At Capitec, my monthly fees are R5 and I get R30 to R50 per month interest.
I’ve no idea why Standard Bank, ABSA, etc., are still around!!!

I’m also SO happy with my personal Capitec account. One reason we still need the other banks though, is because Capitec essentially need an ID number for a bank account…. last I checked we still can’t move our business (Pty Ltd) to Capitec.

The payment notification fees for sending sms and email notifications are really BS and unforgivable. So instead I take a screenshot and email that as proof of payment.

I actually tried to change banks to Investec – which to be honest has its own issues. Completely changing banks is incredibly difficult once you build up an investment portfolio. I would suggest to anyone embarking on a career not to choose Standard Bank. Don’t even consider it.

I agree about the difficulty of changing banks once you’re established – such a big deal!

I used to be with Investec and agree with your statement: they DO have their own issues. The only bank I’ve been happy with has been Capitec. After making a payment on Capitec IB, if you click “print” it even gives a proper proof of payment – thus free. A small thing, but I share your sentiment that
the small things matter.

Would love to know why it cost more to have a larger EFT into my account than a small one….
Asked maybe 20 times in 35 years but never got an answer.

End of comments.





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