Capitec To Drop Fees Even Further
With three new digital banks offering accounts with Zero fees the other SA banks are going to have to scramble to try to keep up.
Capitec Bank is the first of the Big 6 to respond by saying they are dropping their already very low fees further to compete. Many of the larger banks have fees from R100 a month compared with Capitec who has been leading the way with regards to low banking fees for many years now and taken on many hundreds of thousands of new clients over time as the other bank’s client numbers have suffered. At present, it is reported that 80% of South Africans have bank accounts.
‘it is reported that 80% of South Africans have bank accounts’
Although other smaller fees will drop like the new Discovery Bank and TymeBank Capitec are now adjusting their fees higher for withdrawals of cash over R1000.
Capitec Bank recently began offering clients credit cards as they expand their portfolio and also decided to buy out Mercantile Bank for a small R3.2 Billion as they now plan to move into business banking.