Nedbank will increase the monthly fee of its entry level MiGoals account in January from R5 to R7, making it the last of the big banks to shift away from the R5 price anchor. The bank joins Capitec Bank, which increased its GlobalOne account fee from R7 to R7.50 earlier this year, highlighting the struggle for banks to maintain profitability with low monthly fees.
Nedbank will increase the monthly fee of its entry level MiGoals account in January from R5 to R7, making it the last of the big banks to shift away from the R5 price anchor which these accounts have typically been at. Picture: Siphiwe Sibeko, Reuters
Even Capitec Bank, with its 23 million banking customers, is unable to sustain pricing that low. The monthly fee for its GlobalOne account increased from R7 to R7.50 in March 2024 and will likely increase further next year. That additional 50c per customer per month equates to nearly R140 million across a full financial year.
The difference between paying R5 a month for a bank account versus R6 simply isn’t that large versus a R100 to R110 bundle from one of the larger banks.
Banking Fees Nedbank Capitec Bank Migoals Account Globalone Account
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