Itâ€™s no secret that banks charge their customers a fee for almost every service available. There is enough debate and confusion on the issue of bank charges to warrant a comparison of South Africaâ€™s 5 major banks (Absa, First National Bank, Nedbank, Standard Bank and Capitec) as well as the various fees that customers of these banks incur on a regular basis.
For the infographic created below, Moneysmart compared standard savings accounts from the 5 banks above. While traditional savings accounts might not offer the best rates of return in terms of interest earned, they are often the first port of call in oneâ€™s financial journey.
The fees and interest rates comparison analyses what the respective outcome would be for each of these accounts if one deposited R1 000 each month over a period of 12 months. Monthly admin fees, in-branch cash deposit fees and interest rates have all been taken into account.
Moneysmart founder and CEO Tobie van Zyl has the following to say, “Financial education is non existent, Moneysmart’s core mission is to simplify complexities in finance so that people can understand the subject better and feel empowered, optimistic and enthusiastic about learning and engaging with their finances and institutions in a fresh and informed way. We put our skill’s and knowledge to work and gather as much data and do as much research and enquiries on financial products and planning methods to add value to peoples’ lives.Â
The infographic isÂ useful because with a simple infographic we have only put the most important information into perspective. Our infographics are a great “quick reference” for people to use when making decisions about choosing a financial product.”
Earlier this month, Moneysmart,Â became the first and only independent, endâ€“user personal financial platform to be an authorised and registered financial services provider.
View the infographic below:
NOTE:Â The bank accounts compared are those that were visible and most transparent on the banks’ websites. When doing research for this comparison, we called the banks’ helplines to have a representative clarify the information. This is by no means a definitive guide to choosing a bank account but merely a general overview of what typical savings accounts look like. We recommend you consult a bank representative to make an informed decision when choosing a savings account that best suits your individual needs.
You can check the banks’ fees and rates structure by clicking on the following links:
moneysmart is a licensed and registered financial services provider (43391)