2019 is upon us, and if you’re still reeling from all the spending done over the festive season, let us draw your attention to some increases that are taking effect this week at your local bank.

From 1 January 2019, all South Africa’s banks’ new fees and charges come into effect – as a result, you can expect to pay more at ATMs and points of sale to get hold of your money.

South Africa’s tradition banks are in for a shake-up in 2019, with several new banks expected to open in the coming months. Until then, here’s what you can expect to pay:

2019 banking fees

Fees at Standard Bank, Absa and Nedbank have all been hiked this week.

FNB updates its fees in June, while Capitec’s fees will be updated in February 2019. Old Mutual’s Money Account fees are effective from October 2018, while Bidvest Bank’s new Grow account launched in December.

The tables below show how fees for South Africa’s five major retail banks have changed, year-on-year, taking into account the April 2018 change in VAT to 15%. The accounts used are the respective banks’ mid-market accounts, where applicable.

The calculations are based on a R500 transaction, which the banks have said is the most common range for cash-based transactions in the country.

One of the big changes between 2018 and 2019’s fee schedules is the restructuring or ’rounding’ of fees that were raised to be in line with the new VAT rate. In some cases this has led to a slight decrease in prices, which appear to be have been absorbed by hikes elsewhere.

Nedbank’s fee structures for 2019 have changed significantly, bringing it more in line with competitors, and seeing a significant reduction in some fees.

Bidvest Bank’s Grow Account is a new account that will ultimately replace the current transactional account, so its fees are compared to the standing fees for the latter account.

Other new entrants that qualify as traditional retail accounts (such as African Bank’s myWORLD) will be included upon launch.

Digital-only banks (Discovery Bank, TymeBank, BankZero and FNB eWallet eXtra) will have a separate feature when the banks have launched.

Absa’s full 2019 pricing can be found here.

Standard Bank’s full Elite 2019 pricing can be found here.

Nedbank’s Savvy Plus 2019 pricing can be found here.

You can find FNB’s 2018/19 pricing guide here.

You can review Capitec’s full 2018/19 pricing here.

You can view the Old Mutual Money Account fee schedule for 2018/19 here.

You can view the Bidvest Bank Grow fee schedule for 2019 here.

Source: BusinessTech