A recent study of entry-level bank accounts by Finmark and research firm Infochoice shows that Nedbank's NedSave (for under eighteens) and Dezign Save youth accounts (for 18 to 24 year olds) are the cheapest options available to you, with a typical monthly cost of R11.14.
Looking specifically at Mzansi accounts, the bank with the lowest typical monthly cost is Post Bank, at R15.60, while the Mzansi account offered by First National Bank (FNB) appears to be the most expensive, with a typical monthly cost of R22.24. Click here for a table comparing entry-level bank charges.
The most expensive savings account you can open is Plusplan with Standard Bank, which has a typical monthly charge of R43.72.
Nedbank has already reduced the fees on its Mzansi account twice this year. A third decrease comes in on December 1, when you can expect to pay R1 to top up your cellphone airtime and R4 for an ATM withdrawal from a Nedbank Mzansi account. If you prefer to deal directly with a banker, a branch statement will cost you R2. You will pay R1 for debit orders to other Nedbank accounts and R2 for debits to accounts at other banks.
Since 2004, Nedbank has attracted 380 000 customers to its Mzansi account and the bank's internal research indicates that at least 85 percent of these did not previously have a bank account.
Typical monthly costs
The typical monthly cost was calculated using a client profile developed by Deloitte ( see table). According to the Deloitte model, the typical client who uses an entry-level bank account would have a monthly service fee, one external debit order, an average of 2.4 ATM withdrawals and 0.7 Saswitch ATM withdrawals.
The client would also typically request 1.2 ATM statements, as well as 0.1 over-the-counter statements and 0.3 deposits of R1 000 at a bank counter.
The four major banks all allow Mzansi customers one free deposit a month, either at the counter or an ATM.
Within a year of being introduced, Mzansi accounts had drawn 2 million South Africans into the banking sector.
Website comparison
Bankmonitor, a website operated by Infochoice (visit the website: www.bankmonitor.co.za), which gives bank users access to useful tools such as home loan repayment calculators, will be updated soon to include a comparison between banks of their transaction fees and other banking charges.
Fee calculators will make it possible for you to compare charges on different accounts, including Mzansi, savings, cheque, money market and credit cards.
You will be able to compare transactions, such as internet payments with over-the-counter payments or debit orders against over-the-counter withdrawals.