New fees and account changes from Standard Bank for 2021

Standard Bank has released its updated fee schedules for all of its accounts, which will take effect on January 1, 2021.

The price adjustments include a monthly account fee freeze on all but one account by 2021, as well as a fee restructuring on basic transactions like withdrawals and deposits.

Another change is the elimination of checks, in line with an industry move to eliminate that payment method, beginning December 31, 2020. Any checks received before December 31 and processed in January 2021 will be subject to pricing. R55 2020 check, the bank said.

“To continue supporting social distancing through broader access to ATMs, Standard Bank has eliminated the Saswitch ATM cash withdrawal fee charged to its customers who withdraw cash using ATMs owned by other banks. . This means that their customers can use any ATM near them and only pay the standard ATM bank fee, which has been reduced to R10 for R1,000 ”.

The bank said customers will also be able to access value-added services, such as airtime and data, more frequently and affordably.

In particular, the bank said it will launch a new hybrid savings account with zero monthly fees, free ATM cash deposits and interest on positive balances, to compete with several other ‘zero fee’ accounts launched on the market in recent years. years.

Here are the changes to the monthly fee accounts, including links to the respective fees:

The rates listed below are calculated on a pay-per-transaction basis, once the “free” limits have been reached, and exclude package options and discounts.

Standard Bank offers refunds on your Elite and Prestige accounts with a positive cash balance for a full calendar month. This ranges from a minimum of R86 for a balance of R10,000, up to R424 for a balance of R100,000.

Entry level accounts

As with most Standard Bank accounts, monthly fees have been frozen for 2021 in the entry-level category, so the access account is the same cost (R5.85). MyMo accounts opened before December 31st will have a zero monthly fee for one year, but any new account created in 2021 will have the account fee of R4.95.

Withdrawal fees have been consolidated between accounts, and both MyMo and Access now charge a flat fee for R1,000 or part of the same withdrawal.

Consolidation makes it much cheaper for beginning bankers with a transaction fee plan to access their money through available ATMs, but will result in slightly higher fees for anyone withdrawing lower values ​​(less than R400).

Several bundled options are available on both entry-level accounts, from a limited access package at R33 per month, to an R110 MyMo Plus package that provides almost unlimited access to most transactions.

* The first R1,500 are free

Full service accounts

On Standard Bank’s full-service accounts, monthly fees have been frozen on all but one account, with fee structures for basic transactions after the same consolidation seen on entry-level accounts.

The Gold level Elite account will be R3.00 more expensive per month, with fees now at R110. Prestige Banking, Private Banking, and Premium Signature Account have the same monthly rates as 2020.

Withdrawal fees follow the per-model fixed fee of R1,000, with a similar structure that now applies to other ATM withdrawals as well. Deposits have also changed, while fees for debit orders have been significantly reduced.

These changes are in effect on Elite (gold) and Prestige (platinum) accounts, while top-tier private and exclusive accounts have most of these fees included, with a much higher monthly account fee as a result.

* The first R1,500 are free

The pricing schedule for Standard Bank’s mid-tier account, Elite Banking, is listed below.

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