BusinessTech reports that trade union Solidarity has released the 7th edition of its annual banking charges report, showing the cheapest and most expensive banking options across the major retail banks in SA.  

The comprehensive report is based on monthly banking fees from the five biggest banks, namely Standard Bank, FNB, Absa, Nedbank and Capitec, across four client profiles.  Each profile represents a different type of banking customer, and covers a different number of transactions (from a basic 12 transactions, to a comprehensive 30 transactions).  Further, the bank accounts are separated into two groups, namely those marketed at low-income groups and those marketed at middle-income groups.  According to the report, Capitec Bank has ‘generally’ emerged as the cheapest bank for the needs of most people, though competition from the other four banks is becoming stronger.

• Read this report in full at BusinessTech
• Access Solidarity’s report in full at Solidarity online

Get other news reports at the SA Labour News home page