With so many entry-level bank accounts in South Africa to choose from, BusinessTech provides a comparison between them, looking at fees for withdrawals, deposits, and monthly maintenance.
With so many entry-level bank accounts in South Africa to choose from, BusinessTech provides a comparison between them, looking at fees for withdrawals, deposits and monthly maintenance.
Some changes have come into effect for 2022, most notably a streamlining of accounts at Standard Bank, which has retired its Access account in favour of the MyMo Pay as you Transact account being its entry-level option. Monthly account management fees for entry-level accounts have become a lightning rod for competition in the segment, with banks shaving cents off monthly charges to undercut competitors.
Traditional banks have long relied on complicated fee structures to slice as much as they can off the top of any transaction, but have since adopted simpler, more fixed, price structures.
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