What you can expect to pay in bank fees in 2017

Three of the country’s biggest banks have released their new charges for 2017. Here’s what you can expect to fork out

Standard Bank’s mid-level account Elite Banking’s monthly fee will increase marginally from R95 to R100 per month, while its platinum account offering, Prestige Banking, will increase by 6% to R190 per month.

Both of these increases are pretty much in line with inflation, but where it could get sticky for customers is when it comes to withdrawal transactions that will see you pay more for transactions that exceed R1 000. Withdrawing less than R500 at a time will cost you less than it currently does.

ELITE BANKING

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Absa’s increases have been comparatively moderate, with the Gold bundle account monthly fee increasing to R98 per month and the Platinum bundle going up to R159 per month.

You can expect to pay around 6% more for external debit orders on a Gold account, while withdrawals over R500 will cost you 2,4% more next year.

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Nedbank Savvy account holders can expect to pay a R100 monthly account fee, with ATM withdrawals over R500 increasing by 8,5%.

Nedbank is offering a wide range of services for free, which now include internal and external debit orders.

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Capitec and FNB have at this stage not released their banking fee charges for 2017.