.CapitecBankSA has increased the monthly admin fee of its Global One account by R1.50 or 30%, to R6.50 from March. This is the first increase since 2018. Moneyweb Banking
Capitec Bank has increased the monthly admin fee of its Global One account by R1.50 or 30%, to R6.50 from March. This is the first increase since 2018. In 2019, the bank aggressively cut its monthly fee as well as other fees to better compete in the entry-level banking segment. This move also came following TymeBank’s launch . * Originally R5.
In an example shared with the media, it says a so-called typical ‘digital user’ with R10 000 in monthly spending will pay R35 in fees per month. It says this client will get R161 a month – R150 in cash back + the additional 1% for this spend being on a credit card), plus interest of R11 earned on R5000 in main account. Executive of Marketing and Communications at Capitec, Francois Viviers says the bank’s research shows that people are “tired of traditional tiered rewards programmes.
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