Standard Bank announces new pricing approach for 2021
Enabling customers to take control of what they pay, and helping them do more for less
Standard Bank’s efforts to bring some financial relief to its customers will be extended into 2021 thanks to a revised pricing structure across the bank’s Personal and Business Banking (PBB) business.
“As part of the bank’s ongoing commitment to empowering South Africans during challenging times, Standard Bank will be making pricing changes in 2021 that will save customers time and money while simplifying banking and creating wider accessibility,” says Cowhan Govender, Executive Head of Everyday Banking PBB SA at Standard Bank.
Standard Bank’s decision to review and amend its pricing was made after careful consideration of several factors, including the economic impact of 2020, the current realities for people and businesses, easier access to banking services, and the need to make pricing simpler for customers to understand.
Benefits for Personal Customers
With the customer placed firmly at the centre of the decision-making process, the bank promises to drive value creation for all its customers through the following revised pricing initiatives.
Cash withdrawals, deposits and ATM fees
Although many people now prefer to use digital banking platforms, Standard Bank noted that many of its personal customers are still reliant on cash for their everyday transactions. With these cash needs in mind, Standard Bank has simplified its cash deposits and withdrawals pricing structure for 2021, across all channels, to a standard fee per every R1 000.
Given its customers’ preferences for depositing cash at its ATMs instead of inside branches, the bank has also significantly reduced ATM cash deposit fees and included free ATM cash deposits on some of its products.
To continue to support social distancing through wider access to ATMs, Standard Bank has removed the ATM cash withdrawal Saswitch fee charged to its customers who withdraw cash using ATMs belonging to other banks. This means that its customers can use any ATM near to them and only pay the standard ATM banking fee, which has been reduced to R10 per R1 000.
Value-added services, monthly fees, updates and a new way to save
Standard Bank customers will also be able to access value-added services, like airtime and data, more frequently and affordably, thanks to an almost 60% saving on these fees.
Monthly management fees for most of the bank’s products will remain consistent in 2021, with most Standard Bank customers paying the same monthly account rate they would have paid in 2020.
Additionally, customers on some of Standard Bank’s bundled products will enjoy even more value with unlimited ATM cash withdrawals, increased in-bundle ATM cash deposit values, and a simplified flat fee of R3.50 for all debit orders.
They can also experience an unlimited number of updates with a reduced My Updates fee from R2.75 per month to R1.
Standard Bank will also be launching a new hybrid savings account which features zero monthly fees, free ATM cash deposits and interest on positive balances. This account will also boast simple and affordable transactional fees, enabling customers to receive, deposit and store money as well as make payments via the bank’s digital platforms and cash distribution network.
Download personal banking 2021 pricing guide infographic.
Benefits for Business Customers
Business customers will also reap the advantages of Standard Bank’s updated pricing initiatives. For companies being paid in cash, the bank has enabled easier cash collection through affordable cash deposits via Standard Bank’s ATM network and Cash Secure offering.
As well as this, the bank will be providing further relief to local businesses through reduced inter-account transfers via internet and mobile banking, minimum monthly service fees, decreased electronic account payments (EAPs) and point-of-sale transaction fees.
In line with industry-agreed timelines, Standard Bank has also discontinued the use of cheques and made online payments more affordable and convenient.
Govender explains, “Africa is our home, and we are proud to drive her growth. We will continue to support our customers during these uncertain times by remaining committed to understanding their evolving needs and create value for them where it matters most.”
Download business banking 2021 pricing guide infographic.