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The Solidarity Research Institute (SRI) issued its annual bank charges report on Monday. This year, the report focused solely on bank charges.
The five banks forming the core of the report were Absa, FNB, Standard Bank, Nedbank and Capitec, with Tymebank and Bank Zero included in the online category. According to Theuns du Buisson, economic researcher at the SRI, the report showed a significant increase in transparency about bank charges among the big banks in SA. “While there may still be secrecy about rewards programmes all the banks Solidarity had contact with have agreed that more transparency is also needed about this aspect. It is already noticeable at most banks, and we will certainly analyse rewards programmes again in next year’s report,” Du Buisson indicated. The importance of a good, user-friendly fees page was also highlighted in the report. “Nedbank has greatly simplified its fee structure and the layout of its page is now also easy to understand. It is more difficult this year than in the past to figure out FNB’s and Absa’s fees pages because of a layout that forces one to scroll between specific fees and included fees, especially in their bundled accounts,” Du Buisson pointed out. Another finding of the report was that clients who had no need for branches and extensive banking services got the best value by far from online banks such as Tymebank and Bank Zero. For consumers with sophisticated banking needs, Nedbank’s Migoals Premium account was the cheapest,
- Read Solidarity’s press statement in regard to this matter and access the full report at Politicsweb
- Lees ook, SA banke ál meer mededingend, deursigtig – verslag, by Maroela Media
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