The Solidarity Research Institute (SRI) has published its latest Banking Charges report for 2023.
The Solidarity Research Institute has published its latest Banking Charges report for 2023, showing how pricing at South Africa’s biggest banks compares, based on different user profiles.
“The profiles contain fewer cash transactions and more debit orders than in the past, and transactions that have been replaced completely by banks’ online services and applications, such as balance enquiries, have been removed,” the group said. The Absa Flexi account is also one of the few accounts where fees are charged for card purchases in shops. “This is not indicated in our list of transactions because everywhere else, it is free of charge.”“While Capitec still is the only bank in this category that offers interest on their transaction account, the cost for such an account where a balance of R5,000 is maintained would still be R10 more than for an FNB Easy PAYU account for the same 17 transactions,” the group said.
“In this section, Capitec once again would have been the winner if it was judged purely on costs,” SRI said. “However, if one looks at the larger offering of the various accounts, FNB’s Fusion Aspire account towers above the others.”SRI noted that the accounts in this category are much more focused on added value and reward programmes than purely on costs.
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