The best value at your bank

Pay-as-you-use accounts are generally more expensive than a bundled option if you transact 10 times a month. It is, therefore, worth investigating which package is the most cost-effective.

Based on a report by trade union Solidarity on banking in SA, the following accounts were the best value for an individual making about 29 transactions a month:

» Capitec
Capitec’s Global One account is the only bank account offered by Capitec and is a pay-as-you-use account. Based on 29 transactions, you could expect to pay about R74.35 a month.

As Capitec pays a high interest rate on balances under R10 000, you may find some of your interest earned offsetting your bank charges.

After the Easy Account, FNB’s most cost-effective account is the Smart Unlimited account at R55.30 a month. This does not provide an overdraft facility and you cannot sign up for eBucks rewards.

For customers who want to join the eBucks rewards programme and have access to an overdraft facility, the FNB Smart Cheque account will cost about R90.30 a month.

» Absa
Absa’s most cost-effective option is the Silver Value Bundle. A customer who makes 29 transactions will pay R85.50 a month.

» Nedbank
Nedbank’s Savvy Current account will cost you R89 for a bundle of transactions, but Solidarity estimates the real cost is R97 a month as its bundle does not include CashBank transactions. If you don’t withdraw cash at a teller, you could limit your spend to R89.

» Standard Bank
Standard Bank’s Elite Plus account will cost you R104.10 a month. Although this is the most expensive offering of all the banks, for Standard Bank customers it is a better option than pay-as-you-use, which will cost about R240.35 a month for 29 transactions.

Standard Bank has also recently introduced the UCount rewards programme.

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