Standard Bank keeps its bundled account fees the same for 2016

Standard Bank has handed its clients a Christmas present, saying that those with bundled accounts will not pay higher bundle fees next year.

On the bank’s Access Account Plus, bundled fees remain at R59 a month, and on the Elite Plus account they remain at R95 a month.

The Elite Plus account was the cheapest of the “big four” banks for midincome earners, according to the sixth Solidarity Bank Charges Report, released by the Solidarity Research Institute in November. Capitec, not one of the “big four”, was cheapest overall with its Global One account, which is not bundled.

Standard Bank is increasing certain transaction charges, but says it is keeping its increases for personal banking customers below the current inflation rate of 4.7 percent.

“Pricing increases have been carefully considered, with the result that the majority of clients [will] see no increases on the products they use,” Kabelo Makeke, the head of customer financial solutions for retail banking, says.

Bundled products incorporate internet, telephone and cellphone banking and e-statements, card purchases and SMS notifications.

To cut their fees further, clients should make more use of the digital products, “as the transaction fees that apply to some services do not apply to our digital platforms”, Makeke says.

Banking costs can also be lowered by reducing the number of cash withdrawals from ATMs. Cash withdrawals are free at till points.

As examples of the increases, on the Access account, cash withdrawals from non-Standard Bank ATMs have risen to R13.50 for amounts up to R1 000, from R13.20. On the Elite account, withdrawals from non-Standard Bank ATMs have risen to R`10.70 plus 1.2 percent of the withdrawal amount, up from R10.70 plus 1.15 percent of the amount.

Access to the bank’s UCount rewards programme remains at R20 a month.