Standard Bank's new entry-level account will cost 5c less than Capitec's and comes with free monthly airtime or data
22 May 2019 - 20:01Standard Bank has launched a new entry-level account, which will see it technically pay customers for banking with it.
Standard Bank, SA’s largest bank by assets at R2.1-trillion, is the second of the big four to join the price war. Nedbank scrapped fees on its existing entry-level account in April after launching two other zero-fee accounts. Analysts said while at face value it might look like Standard Bank will make a loss, the bank would likely make profit to subsidise the free benefits from lending margins and from the interchange fees when customers swipe cards at retailers. And since these digital accounts tend to be taken up by younger people, they presented a tool for Standard Bank to acquire customers early in their life and sell more to them over time.
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