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Here’s what your bank account is costing you in 2021.

3 min read

The best things in life are free
But you can keep them for the birds and bees
Now give me money. That’s what I want.

These legendary words were first sung by The Beatles back in 1963. And they only got it partly right. Here’s what they should have been singing:

The best things in life are free
Especially when it comes to banking fees
Now give me money. That’s what I want.

But hey. Different strokes for different folks. The beauty of open platforms, and life in general is that it’s all about choice. All we really need is the tools and information to be able to make the right decision.

Welcome to Spot Money

So let’s shine a light on the murky world of banking fees in South Africa. For a mid-range account with one of the established banks, you’re going to pay around R100 per month. Except if you’re Capitec, in which case you pay R5 a month. Or Spot, where your account is free. But we digress.

After that, it gets slightly messier. Withdrawal fees vary quite widely between different banks. Standard Bank’s R7.50 per every R1000 you draw from their own ATM is the cheapest, but bear in mind you pay that amount even if you only draw R500.

Draw from another bank’s ATM, and you start paying a large amount of money for a transaction that is processed electronically in milliseconds. Why? Don’t get us started.

So what exactly do you pay with different banks and accounts? We’ve done the legwork so you don’t have to.

Welcome to Spot Money

Yes, we know. You’ve been with your bank a long time, and it’s a total schlep to change banks, even if it means saving a couple of grand every year. That’s what makes open banking platforms so revolutionary: you keep your existing bank account. You simply consolidate all your financial affairs in one place.

Think about it. And take your time. Your bank won’t mind.

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