Standard Bank’s 2022 Pricing: Minimal Fee Increases, Focus on Digital Adoption to Bring Cost Savings for Clients

Clients can look forward to cash convenience, free value-added services, and simplified fees

In the current, challenging economic environment, clients are seeking value and cost-savings more than ever before. With these needs front of mind, Standard Bank has developed its 2022 pricing strategy, which aims to ensure that clients, from consumer to business banking, can enjoy peace of mind in knowing that they will not be impacted by significant price increases and can take advantage of cost-efficient digital solutions.

“Standard Bank’s new pricing for 2022 was structured and decided upon with the client top of mind,” explains Motlatsi Mkalala, Head: Main Market Clients South Africa at Standard Bank. “With pricing for 2022, we are driving value creation for all our clients, and we are confident that they will feel the impact of our revised pricing initiatives.”

Minimal fee increases on accounts

Parents who have set up a Standard Bank (sum)1 Bank Account for their kids can continue to enjoy zero monthly fees. The account is made for kids 16 and under and provides a wonderful way for parents to help educate their children about money.

Meanwhile, young adults and students (16 years and older) with a Student Achiever Bank Account will be pleased to know that there will be no increase in the monthly fee of R9.99. This account offers ways for young people and students to save by providing account holders with a bundle of added value including:

  • 50% off purchases at select stores on student discount app Varsity Vibes.
  • 10 free electronic debit transactions a month
  • Up to R1500 free on cash deposits at ATM
  • Up to R1000 free on cash withdrawals at ATM
  • 10 Free electronic debit transactions per month
  • Up to 250MB/25mins free (if account holders sign up for a new Standard Bank Mobile SIM)

In addition, Standard Bank clients who are holders of the Access, MyMo, MyMo Plus, Elite or Consolidator accounts can also look forward to their monthly management fees remaining the same for 2022.

Although there will be a small increase in the monthly management fees on the Professional, Prestige, Private, Signature accounts, this comes with benefits for these clients to take advantage of. For example, if they have secondary accounts with Standard Bank, the monthly fee on that account will be reduced to 50% of the primary account fee.

Furthermore, Professional, Prestige, Private, and Signature account holders will be able to get their monthly account fees back in data or airtime if they sign up for a new Standard Bank Mobile SIM.

Digital banking continues to be more cost-effective

It is important to note that digital banking continues to be more cost effective and convenient and Standard Bank is urging clients to conduct their banking through digital channels including the Standard Bank App, Internet Banking or USSD/Cellphone Banking. In this way, clients can manage their day-to-day banking needs conveniently, anytime, anywhere and without having to travel to a branch.

In recognition of clients’ increasing preference for digital, Standard Bank has enhanced digital capabilities and brought new features to its online platforms to help clients take care of daily demands from the palm of their hands.

Save on cash

Pricing for ATM cash deposits and withdrawals will now be charged per R100; this means that R1 will be charged per R100 on deposits, and R2 per R100 on withdrawals. For convenience and easy access to cash, Standard Bank has permanently removed the additional SASWITCH fee for clients who withdraw cash from other banks’ ATMs.

Standard Bank clients can also still make low-fee cash withdrawals through the bank’s retailer partner network, which includes Pick n Pay and Spar. Cash deposits can also be made at Pick n Pay or Shoprite stores nationwide.

Creating savings opportunities for business and commercial clients

For all transactions, there will only be an inflation-based increase in fees, while there will be zero fees for Business Online (BOL) clients who utilise virtual training via Standard Bank’s mobile digital channel. Historical statements will now also be available on BOL, which is more cost effective than branch statements.

Electronic Account Payments (EAPs) on the internet and mobile banking will remain significantly reduced to R7.50 per transaction, and point-of-sale transaction fees have been reduced to R4.20.

Across Business Banking, BOL, annual corporate card fees, and business loan fees will remain at 2021 rates. To support businesses, the transfer of funds between a client’s personal and business accounts is free, when linked to the same profile and business clients can pay supplier invoices using online banking or their Standard Bank mobile app for only R7.50 per transaction.

In 2022, cash is still relevant

While a number of Business Banking clients have signed up for digital banking for daily transactions, many consumers still use cash for purchases from businesses. Standard Bank has further simplified its cash pricing structure in 2022 to enable cash convenience for those who require it.

Pricing for ATM cash deposits and withdrawals will now be charged per hundred rand; this means that R1.80 will be charged per R100 on deposits, and R2.25 per R100 on withdrawals. To allow easier access to cash and to help cut costs, Standard Bank has permanently removed the additional SASWITCH fee for clients who withdraw cash from other banks’ ATMs.

“Taking the economic impact of COVID-19 into account, Standard Bank’s 2022 pricing guide has been simplified, it has increased savings opportunities, and creates value. Ultimately, these pricing decisions put the clients first – for individuals and businesses alike,” Mkalala concludes.

For more information visit https://www.standardbank.co.za/

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