6 Ways we’ve made banking more affordable
Being in control of your finances means knowing exactly what your money is doing, including understanding any costs or fees associated with your banking accounts and activities so that you can stay on track with your financial goals.
To help protect your financial future, we’ve made everyday banking easier, more accessible and affordable by keeping most of our bank account fees unchanged from 2020 to 2021. In some cases, we’ve even lowered the costs involved so you can continue enjoying all the benefits of your account(s) with us without worrying about paying a cent more for it.
Here’s how we’ve made banking more affordable and easier to use so that you can make the most of your money:
Focusing on simplicity that drives value for you
To ensure you’re able to make informed decisions about your money, we’re transparent about our bank charges. Understanding what you’re paying for means you’re able to be smart about how you spend your money and you’re not caught off guard by unexpected fees.
Our bank account pricing 2021 is mostly the same as it was for 2020 but with a few value-added extras. It’s how we’re making it easier for you to get more from your money, maximise its reach and allowing you to bank for less but do more:
- The transaction cost of buying airtime or data on our app or through cellphone or internet banking has been cut by up to 60%, costing you only R0.50 for prepaid purchases.
- Your debit orders are now also charged at a flat fee of R3.50.
- Your MyUpdates fee is only R1 per month on amounts greater than R100.
Immediately pay beneficiaries for less
By lowering the cost of an Immediate Payment, it’s quick and simple to pay a beneficiary at a host of banks and get Real Time Clearance within 60 seconds. Since 2020, we’ve lowered the transaction fee from R50 to only R10 for amounts under R3 000. To make an Immediate Payment, simply select ‘Immediate Payment’ when paying a beneficiary from our Banking App.
We’ve dropped ATM fees
It’s now easier and more affordable to access cash with our reduced cash withdrawal fees at both our and other banks’ ATMs. We’ve introduced a simple flat fee of R7.50 per R1 000 for withdrawing cash at a Standard Bank ATM, and our Private Clients can make unlimited withdrawals for free.
We’ve also reduced the charge for getting cash from another bank’s ATM. You’ll now only pay R10 per R1 000 withdrawn, instead of the previous R28. Helping to make accessing your money more convenient and affordable, wherever you find yourself.
Plus, depositing cash at one of our ATMs is now cheaper, since you’ll pay only R9 per R1 000 deposited, and if you’re a MyMo Account holder, you get free deposits up to R1 500 (thereafter the R9 per R1 000 charge applies).
Lower bank fees, more choice with a MyMo Account
A MyMo Account is one of the most affordable bank accounts in South Africa. For only R4.95 per month, you get an account with lower banking fees for your everyday banking, lets you shop online or on our app and puts you in control of transaction fees because you only pay for what you use. Plus, for only R5 more per month, you get a Standard Bank Mobile SIM with R50 airtime or 250MB data a month.
Conveniently send and receive Instant Money
You can safely send or receive Instant Money anytime, anywhere to anyone with a cellphone number. There are no monthly fees, and it doesn’t cost anything to receive the funds.
If you’re using your Instant Money Wallet to send cash to someone else’s Instant Money Wallet, you don’t pay any fees, but sending to someone without an Instant Money Wallet only costs you R5. Making an Instant Money transaction at one of our retail partners only costs R9.95.
Using our app is free
Our app is free to download* and free to use. It’s zero-rated, which means that when you use it, data charges don’t apply. It’s simpler, safer and smarter banking that lets you access your money as much as you want, whenever and wherever you want.
*Terms and conditions apply. Data costs apply for downloading the app the first time.