It‘s no secret that banks charge their customers a heap of fees for pretty much any and every service available. As a follow-up to their previous infographic comparing savings accounts from the 5 major banks in South Africa and the fees associated with these accounts, Moneysmart did the same with cheque accounts from these banks.
For the above infographic Moneysmart compared basic current and cheque accounts from the 5 major South African banks. For the purposes of this case study, they compared standard silver cheque account offerings (or the closest equivalent) from each bank.
The case study involves an individual earning R10 000 per month and includes over the period of one year the following fees and transactions: monthly admin fee, online payments, cash withdrawals, debit orders, debit card purchases and cash deposits.
The infographic also took into account the various rewards programmes offered by the banks as Moneysmart believes that these are features that the average consumer would find appealing.
NOTE from Moneysmart: 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 current or cheque accounts look like. We recommend you consult a bank representative to make an informed decision when choosing a cheque account that best suits your individual needs.