Standard Bank has unveiled its 2025 pricing guide, prioritising customer value through competitive pricing and free value-added services. In light of the current economic climate, the bank has minimised fee increases while maintaining stability across several key accounts.
For 2025, transactional accounts such as the Sum1 account (R0) and the revamped AchievaTM account (R115) remain unchanged, reflecting Standard Bank’s commitment to keeping essential banking services affordable.
“We understand the challenges customers face and aim to offer more value where possible. Many accounts retain their existing fees, and we continue to provide a range of free services to our bundled account holders,” says Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa.
Affordable and Flexible Fee Adjustments
Standard Bank has made minor adjustments to some fees, including ATM charges, with cash withdrawals at Standard Bank ATMs costing R10 per R1000 for the first R2000 a customer withdraws each month. Withdrawing from any other bank’s ATM in South Africa will cost R10.50 per R1000 for the first R2000 a customer withdraws that month. For our customers with higher monthly ATM withdrawal needs, Standard Bank has carefully calculated a change in the rate to R2.65 per R100 or part thereof to minimise customer impact. Additionally, customers can now withdraw cash at till points from many retailers nationwide at no cost.
“We’ve seen more customers using retailers for cash withdrawals, we encourage this as it is more convenient and cheaper for our customers” adds Makeke.
To encourage digital banking, the bank has increased certain in-branch service fees. This aligns with the significant decline in branch transactions in 2024, while online transactions surged by 30% in the first half of the year. Clients now average 10,400 digital transactions per month, compared to just 0.017 transactions in branches.
“Our customers’ preferences are shifting rapidly, and we are committed to meeting their needs efficiently by adjusting fees where demand is declining, ensuring low costs where customers prefer to transact,” says Makeke.
In line with these changing preferences, Standard Bank has reduced its fees for lower-value immediate payments, including PayShap, to R7 for any immediate payment below R2000, and has cut that same fee for payments below R100 to only R1 per transaction.
Value-Added Free Services
Customers with AchievaTM, Prestige, Private, Professional, and Signature bundled accounts enjoy a host of free services, including:
- Free prepaid airtime, data, and electricity purchases.
- Free proof of payment notifications.
- Free account validation for Standard Bank accounts via digital channels.
- Free monthly statement downloads for statements under six months.
In addition, several accounts, including Consolidator Bundled and the Achieva Bundled account, have no fee changes. Customers can also benefit from reduced fees for payment confirmations, with email confirmations for Pay-As-You-Transact accounts now costing just 80c.
Introducing the Evolve Account – A Cost-Effective Private Banking Solution
As part of its commitment to enhanced value, Standard Bank has launched the Evolve Account, a new addition to its Private Banking suite. This transactional account has a lowered monthly fee and comes with a linked, overdraft-style credit facility, offering instant access to additional funds when needed.
The Evolve Account also provides:
- 50% off the partner’s monthly account fees, adding more value for couples.
- 3X more UCount Rewards Points on purchases.
- Exclusive travel and lifestyle benefits, including airport lounge access and discounts on hotel bookings.
“Our focus is on delivering value-driven solutions to ensure our customers enjoy cost-effective banking. By keeping fees unchanged for several key accounts and introducing free value-added services, we aim to simplify our clients’ lives and help them save. We know every rand counts, and we remain committed to making banking more affordable and accessible for all,” concludes Makeke.
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