CAPITEC offers the cheapest banking option out of the five biggest commercial banks in South Africa‚ according to a report by the Solidarity Research Institute released yesterday.
Capitec's Global One Account costs consumers R52.02 monthly.
The report found that most banks had not significantly increased bank charges in the past year. Banks were instead moving towards bundle accounts and away from pay- as-you-transact (PAYT) offerings.
A senior researcher at the institute, Paul Joubert, said this limited clients' choices.
"A situation where there are fewer choices is not necessarily bad‚ but bank charges seem to be stagnating at a level of R80 to R100 as a result of this trend‚" he said.
"At the 'big four' banks‚ the fees of each individual transaction on PAYT accounts have become so high, clients are in effect forced to open bundle accounts instead."
The most significant change noted in this year's report was Standard Bank's decision to no longer offer the Achiever Electronic account to new clients. This had "weakened" Standard Bank's performance on bank charges‚ the institute said.
The second-cheapest mainstream bank account on the market was FNB Smart Unlimited at R53.20 monthly‚ followed by Absa Silver Value Bundle at R82 a month‚ and then Nedbank Savvy Electronic.
In last place was Standard Bank's Elite Plus. Standard Bank's Achiever Electronic was third in the 2012 report. – BDlive