MyBroadband compared the transaction fees on entry-level bank accounts.
Bank Zero offers the cheapest low-cost banking service in South Africa, a MyBroadband analysis using a basket of transactions shows.
Absa, Capitec, FNB, Standard Bank, Nedbank, TymeBank, and Bank Zero have bank accounts with monthly fees of less than R10.We used a basket of monthly transactions to calculate a total cost and determine a winner.
Standard Bank’s entry-level account’s total cost comes in at R63.30, with FNB’s Easy PayU and Capitec’s Global One following closely at R64.85 and R72.00, respectively. FNB’s Easy PayU account likely would have been cheaper than Standard Bank if it charged less for prepaid electricity recharges. It charges R2.70 per purchase, while Standard Bank charges R1.50.
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