Standard Bank South Africa will for the second year in a row not increase its pricing structure for personal banking transactional customers. Pricing changes usually come into effect on 1 January every year.
The decision follows significant price reductions across personal banking in April 2012, where prices were reduced by up to 50%. There will be marginal below-inflation increases for its business banking customers.
Sugendhree Reddy, Head of Personal Markets at Standard Bank South Africa, says: “Consumers in South Africa remain under pressure in this difficult economic environment. Standard Bank has over the past two years effectively passed real savings back to our customers through reduced bank fees, providing them with some relief as other expenses escalate.”
The price reductions in April and a more simplified pricing structure in personal transactional banking are in line with Standard Bank South Africa’s focused stance on improving efficiencies and processes. The focus on improved efficiencies has also seen growing numbers of customers migrating to self-service banking channels, including the new mobile banking app. This has resulted in significant cost savings that Standard Bank South Africa has consistently passed back to customers.
Standard Bank South Africa customers will continue to get free services including free electronic banking on packages, free MyUpdates (the SMS notification service) and cellphone banking free of network charges when customers dial *120*2345#.
Ms Reddy says: “All our accounts have simple pricing structures, with no hidden costs. Importantly, we give customers the additional value customers really need in transactional banking products.”
Standard Bank South Africa also launched the AccessBanking suite of banking solutions earlier this year. AccessBanking offers a full suite of banking products. Products include savings accounts, credit cards, and a transactional banking account that carries no monthly management fee. The low price structure of these products also remains unchanged into 2013.
Business banking fees increase by an average of 4% in 2013. Newly established businesses will continue to benefit from the Bizlaunch solution, a comprehensive and affordable package for start-up business launched this year. The R90 monthly fee will see no increase in 2013, and customers will continue to enjoy unlimited electronic transactions.
For more on the services offered by Standard Bank South Africa and pricing structures, visit www.standardbank.co.za.