Banking is a modern and civilised way of keeping, saving and transacting money.This service however comes with cost depending on what kind of transaction you would like to conduct. While banking rates have drastically reduced over the years, there is still a difference between banking institutions. Research has also shown that most banks were moving towards bundle accounts at the expense of pay as you transact accounts which limited clients choices.
Research has shown that the cheapest mainstream account in 2013 is Capitecs Global One account, which cost consumers R52.02 monthly, followed by FNBs Smart Unlimited at R53.20 monthly. Absa comes in third with its Silver Value Bundle at R82 per month. Nedbanks Savvy Current is offered at R97 per month. Standard Banks Elite Plus account charges R102.40. It’s also worth noting that the Absa transact account competes well with Capitec on cost but does not have benefits like internet banking.
The differences above will certainly allow banking customers to make informed choices and save on bank charges.