Affordable current accounts

By Staff Writer
Nicolette Dirk, finance writer, Justmoney
Which current account at the major banks (Absa, Capitec, Nedbank, FNB and Standard Bank) offers the cheapest charges? Do you get any interest on balances? We looked at the best transactional accounts out there.
Absa Current Accounts
With Absa’s Transact Account you pay a monthly fee of R4,50 and no opening balance or minimum balance is required. You get full electronic banking functionality that includes internet banking, cellphone banking, telephone banking and Absa ATMs. 
There is no charge for the online subscription and you get internet, cellphone and telephone banking free.
The Flexi Account is a full-service transactional account that gives you full access to internet and cellphone banking.
Key benefits associated with this account include free funeral cover for clients aged between 18 and 65 years, personal health advisor, legal assist, discounted doctor’s network and missing assist.
Monthly administration fee is R14,00 and you don’t pay subscription fees for internet, cellphone and telephone banking.
First National Bank
With FNB’s Easy Account you pay a monthly fee of R4.20 and  receive: 
Free inContact SMS notifications for transactions above R100 on the account
Free subscriptions to Online and Cellphone Banking 
Free card swipes for purchases at retail stores 
Free cash withdrawals at till-points in stores such as Pick n Pay, Checkers and Shoprite which means customers  don’t have to stand in queues at ATMs 
Free transfers between linked accounts 
Free Stop orders 
Free Savings account, called a Savings Pocket, linked to the transactional account which offers credit interest dependent on the balance in the account. 
“Clients earn 4.7% per annum on a R10 000 balance.  Transfers into and out of the savings account are free of charge and there are no monthly fees that erode the savings,” says Jo-Ann du Plessis, head of pricing, FNB Core Banking Solutions.
“For clients who want a basic, secure pay-as-you-transact bank account, we would recommend the Nedbank Ke Yona Plus account,” says Moira Sharp, product specialist manager for pricing analytics at Nedbank.
The Ke Yona Plus account costs only R5.00 per month and this includes free funeral cover to the value of R2000 and access to free SMS Banking. Clients are able to easily transfer amounts to and from their linked JustSave account/s .There are no fees on savings. Rates for the JustSave Accounts are tiered so the more you save, the more interest you earn.
Capitec Bank
According to Charl Nel, spokesperson for Capitec Bank their "transaction" account is built on a savings account platform, and not on a current account platform. For the Transactional account you pay a monthly premium of R5.
Transaction/Savings account
Amount 0– R 9 999  - 4.4 %
R 10 000– R24 999  - 4.5 %
R25 000 – R 99 999 - 4.6%
100 000+ - 4.75%
Standard Bank
With Standard Bank Access Account you pay as you bank and there are ay any monthly admin fees and get free cell phone banking and free balance enquiry with your cellphone banking.
With Standard Bank’s Access Account Plus you pay a monthly fee of R59 and get : 
Unlimited electronic transactions
Unlimited card swipes
Unlimited cash-back at till points
R2 000 death benefit
Free cellphone banking
Unlimited pre-paid electricity recharges at Standard Bank ATMs and on cellphone banking
Four free Standard Bank ATM withdrawals
Unlimited transfers to other Standard Bank account holders
Two free Standard Bank ATM deposits
FREE stop orders to any Standard Bank Savings and Investment accounts
Justmoney says:
Despite many current accounts charging a low account fee, charges for deposits,statement fees and balance enquiries could push your monthly fee up. Some banks charge a standard fee for these services so it is a good idea to opt for this.
Check whether the account is linked to a saving account. This way you have access to a free savings account. 
Always check the key benefits you get with your account. Many people will for instance take out funeral cover, without realising it is covered by their current accounts.
Do a check list on all the stores and institutes you can swipe/draw money for free on your current account.
Absa Transact  :
Minimum balance       No minimum balance required               
Admin Fee                  R4.50
Interest:                     No credit interest paid
Standard Bank Access Account:
Minimum balance        No minimum balance required
Admin Fee                   No monthly management fee
 Interest                      No credit interest paid
FNB Easy Account:
Minimum balance        No minimum balance required
Admin Fee                   R4.20
Interest                      Credit interest dependent on the balance in the account. You can earn 4.7% per annum on a R10 000 balance.
Nedbank Ke Yona Plus account:
Minimum balance   R50
Admin fee               R5
Interest                  No credit interest paid
Capitec Transactional account:
Minimum balance    No minimum balance required 
Admin fee                 R5
Interest   4.4% for a balance between R0 – R9 999
                 4.5% for a balance between R10 000 and R24 999
                 4.6% for a balance between R25 000 and R99 999
                 4.75% for a balance of R100 000 or more

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