Bank Charges Spike – South African bank customers are bracing for a significant fee hike beginning August 2025. A R45 monthly increase in service charges has been confirmed by several major financial institutions, impacting millions of account holders nationwide. This hike comes as part of a broader restructuring of banking fees, which include increases in ATM withdrawals, card replacements, and dormant account charges. Banks argue that the hike is necessary due to inflation, operational costs, and digital infrastructure upgrades. However, consumers already under economic pressure from rising utility prices and food costs are finding it hard to absorb yet another blow to their monthly expenses. The increase has sparked concern, especially among pensioners, students, and low-income earners who rely heavily on fee-free accounts or low-cost banking plans. This article outlines the new charges in detail, lists the updated fees from major South African banks, and provides insights on how to avoid or reduce these fees through smart banking choices. Whether you’re with Capitec, Standard Bank, FNB, ABSA, or Nedbank — this guide will help you understand the changes and take necessary action to protect your finances.
List of Major Bank Charges Spike
The following banks have confirmed changes to their monthly account maintenance fees starting August 2025:
- Capitec Bank – Flat R45 increase on Global One accounts
- Standard Bank – Increase varies by account type, up to R50
- ABSA Bank – Average increase of R40-R55 depending on account package
- Nedbank – Up to R47 hike on regular savings and current accounts
- FNB – R45-R60 increase on Easy and Gold accounts
- TymeBank – No change for now; fees remain stable
- African Bank – Small increase of R20 on new accounts
Bank Charges Spike by Account Type – Full Table
The table below gives a breakdown of the new monthly fees for common personal account types:
| Bank | Account Type | Old Monthly Fee | New Monthly Fee | Fee Increase |
|---|---|---|---|---|
| Capitec | Global One | R7.00 | R52.00 | R45.00 |
| Standard Bank | MyMo | R5.00 | R50.00 | R45.00 |
| FNB | Easy Account | R4.95 | R50.00 | R45.05 |
| ABSA | Transact Account | R6.00 | R51.00 | R45.00 |
| Nedbank | Savvy Bundle | R5.50 | R52.00 | R46.50 |
| African Bank | MyWorld Account | R0.00 | R20.00 | R20.00 |
| TymeBank | Everyday Account | R0.00 | R0.00 | R0.00 |
ATM Withdrawal and Cash Handling Fees Also Go Up
In addition to monthly service fees, most banks are raising fees on ATM withdrawals, branch transactions, and cash deposits:
- Standard Bank: ATM cash withdrawal fee now R10.50 per R1,000
- FNB: Branch deposit fees increased to R1.20 per R100
- Capitec: Cash withdrawal at non-Capitec ATMs now R9.50 per R1,000
- ABSA: In-branch cash handling fee raised by 12%
- Nedbank: Over-the-counter transactions now charged at R70 per transaction
Card Replacement, Account Closure and Dormant Fees
Many customers are also unaware of additional charges linked to account management. Here’s what you need to know:
- Card replacement costs range from R80 to R120 depending on the bank
- Dormant accounts now attract monthly penalty fees of up to R25
- Closing an account may cost R50-R75 if not requested in-branch
- Statement reprints now range between R15 and R35 per page
What You Can Do to Avoid or Reduce Banking Fees
While these changes are largely unavoidable, you can take smart steps to reduce your exposure to the increased charges:
- Switch to digital banking: Avoid physical branches where possible.
- Use your own bank’s ATM: This can save up to R10 per withdrawal.
- Maintain regular transactions: Prevent your account from going dormant.
- Download statements online: Save on statement printing costs.
- Use banking apps for payments: Most EFTs via app are still free.
Free and Low-Fee Accounts You Can Still Use
Some banks offer specific accounts that are free or cheaper for certain groups:
- SASSA Payment Accounts – Zero monthly fees, includes free ATM withdrawals
- Student Accounts – Most banks offer no-fee student accounts under age 25
- Senior Citizen Packages – Lower monthly fees and free branch assistance
- Youth Banking – Special rates for clients aged 14–21
Breakdown of Fee Increases by Transaction Type
Here is a table of common transactional fee changes across major banks:
| Transaction Type | Old Fee (Avg) | New Fee (Avg) | Increase |
|---|---|---|---|
| ATM Withdrawal (R1,000) | R8.50 | R10.50 | +R2.00 |
| Branch Deposit (R500) | R4.50 | R6.00 | +R1.50 |
| Debit Order Decline | R6.00 | R7.50 | +R1.50 |
| Online EFT | R0.00 | R0.00 | No Change |
| Card Replacement | R85.00 | R100.00 | +R15.00 |
| Account Closure | R25.00 | R55.00 | +R30.00 |
| Monthly Maintenance Fee | R6.00 | R51.00 | +R45.00 |
Government Reaction and Consumer Rights
The Department of Trade and Industry (DTI) has acknowledged receiving complaints from the public. However, under current laws, banks have the right to increase fees with a 30-day notice, provided they follow disclosure guidelines.
The National Consumer Commission (NCC) is urging banks to offer more no-fee accounts and review how fee increases affect vulnerable communities. No intervention has been confirmed yet, but advocacy groups are calling for a cap on annual fee increases.
Department Contact Information for Complaints and Queries
If you wish to report unfair banking practices or need clarity on your rights, use the following official contact information:
| Department | Contact Number | Email Address |
|---|---|---|
| National Consumer Commission | 012 428 7000 | [email protected] |
| South African Reserve Bank | 0861 127 272 | [email protected] |
| Financial Sector Conduct Auth | 0800 20 37 22 | [email protected] |
| Department of Trade & Ind. | 0861 843 384 | [email protected] |
| Ombudsman for Banking | 0860 800 900 | [email protected] |
The R45 monthly bank fee hike may seem small on paper, but for millions of South Africans struggling to make ends meet, it adds up quickly. Being aware of your account type, the associated charges, and available alternatives can help you save hundreds of rands annually. Consider switching to a digital or low-fee account, and use your bank’s resources smartly. Always read your bank’s fee schedule and stay informed.
FAQs of Bank Charges Spike
1. When will the R45 service fee hike begin?
From 1 August 2025 across most major South African banks.
2. Will this affect SASSA payment accounts?
No, SASSA accounts generally remain fee-free.
3. Which bank has the lowest fees now?
TymeBank still offers zero monthly maintenance on its basic account.
4. Can I avoid paying the higher fees?
Yes, by using digital banking, avoiding branch visits, and choosing the right account.
5. Where do I complain if I feel unfairly charged?
You can contact the National Consumer Commission or the Ombudsman for Banking Services.