Current accounts are the go-to transactional accounts for those who wish to manage their payments effectively and receive their income without hassle. It is typically used for day-to-day banking and form the basis of a customer’s banking relations. A current account is often referred to as a checking or cheque account. The Standard Bank Current Accounts provide customers with a range of options to get their banking journey going. This review takes a closer look to see how these products compare with some of the best in the world.
Another bank that offers some great current accounts is Bank of Ireland. Read that review here.
A Brief History of Standard Bank
The South African leg of Standard Chartered is known as Standard Bank of South Africa Limited. It was founded in 1963 with the first branch opening its doors to the public in Port Elizabeth. Although Standard Bank predominantly focused on commercial banking, it slowly expanded its operations to include the man on the street.
Currently, Standard Bank is regarded as Africa’s biggest bank and makes up one of the Big Five of South Africa’s banks. It enjoys the largest asset holdings on the continent and relies on its partnership with ICBC for future growth.
For a full review of Standard Bank, read here.
How To Choose the Right Current Account
There are a number of different current accounts on the market, and customers are advised to do a little research first before deciding on the one that seems suitable.
Pay-As-You-Go Fees or a Bundled Option
It may seem like a no-brainer that the fixed fee option is a viable one. However, customers who only do a few transactions per month may actually lose out, as the fixed fee could cost far more than their average monthly service fees.
Transparent Pricing and Terms & Conditions
There are few things as frustrating to a banking client than not knowing what all the fees and charges on their accounts are. Customers who sign up for bundled or fixed account fees, need to ensure that it includes all the transactional fees. If not, this type of account could cost quite a bit.
All the Bells and Whistles
There are a number of great additions to a current account that will ensure customers don’t have to set a foot in the branch for a long time. Customers need to find out whether these services are available, and if so, whether they come at an additional cost.
Penalties and Account Conduct
There are a number of reasons a bank could charge penalty fees, and the most obvious reason is going into excess without authorisation. Another charge that is common across the board is an honoring fee – and in some cases dishonoring fee – for debits. It is also important that customers conduct their account well, as the bank has an internal rating system. Excesses and dishonored items will cause this rating to go down.
Debit Card Transaction Delays
One of the main reasons current accounts go overdrawn is the use of the debit card. Debit card transactions don’t always go off the account the same day and could cause customers to believe that they have more money left than they actually do. This causes customers to overspend.
Read here to learn more about an American bank's online current account.
Standard Bank Current Account Product Offerings
This is a simple transaction account and is suitable for those who are trying out current accounts for the first time. Furthermore, customers do not need to meet an income criterion for this account.
- Customers have access to a debit card.
- The account is available to South African citizens or temporary residents with their permits.
- Furthermore, customers who are over the age of 16 can apply.
- The monthly account fee is R4.99 and transaction fees apply.
- Also, customers have access to MasterPass, SnapScan, Tap and Go, uCount, Internet Banking, and Mobile Banking.
- There is no overdraft facility available on this account.
- Finally, the account is opened in the branch.
This account is the upgrade version of the AccessAccount, and the monthly maintenance fee is R59. Furthermore, customers will still need to pay for certain transactions.
- Customers enjoy unlimited card swipes, cash back at till points, pre-paid electricity recharges at Standard Bank ATMs and cell phone banking, and transfers to other Standard Bank account holders.
- The account provides customers with 2 free instant money transactions, 2 free Standard Bank ATM withdrawals, and 2 free ATM deposits.
- Furthermore, the account carries a R2,000 death benefit.
- There is no overdraft facility available on this account.
- Finally, customers can request the upgrade to this account via cellphone banking.
This account is ideal for those who want a little more from their banking and desire something that is a step up from entry level banking. Also, this account is suitable for those with a minimum income of R5,000 per month.
- The account carries a monthly maintenance fee of R100.
- Customers receive a personalized Gold Cheque Card. They also qualify for cashback at selected retail outlets.
- Furthermore, this account provides customers with access to SnapScan, MasterPass, and Instant Money.
- The account allows free cheque and debit card swipes.
- Customers have 4 free Standard Bank ATM cash withdrawals and 3 free ATM deposits.
- The account also provides free SMS security notifications with MyUpdates.
- Finally, the Elite Plus account has a single banking fee for a fixed number of transactions, and there are also transaction fees for other transactions.
Customers who wish to have a personalized service when it comes to banking will find this account ideal. Furthermore, the account is suitable for those who earn in excess of R25 000 per month.
- The monthly account maintenance fee is R190.
- Customers who don’t qualify based on their income can qualify based on their education. Those who have a 3-year undergraduate degree with honors or higher and earn a minimum income of R5000 qualify as well.
- The account provides dedicated support from the Prestige Banker team.
- Also, customers have access to SnapScan, MasterPass, and Instant Money.
- The Prestige Bank will take care of other banking needs as well, such as home loans, vehicle finance, and more.
- Customers can apply for an overdraft at a preferential rate.
- Finally, some of the transactions are covered in the monthly fee and others are treated on a pay as you transact basis.
This offer is exclusive and provides customers with superior access to an elite team of bankers. Furthermore, the service is limited to those who earn in excess of R58,000 or have net investable assets of over R3 million.
- Customers have access to an additional fleet of experts that include wealth management and financial advisory services.
- Furthermore, customers have access to their private banker by phone, email, or instant messaging 24/7.
- The account provides free foreign exchange delivery to approved business addresses in certain parts of South Africa.
- There are additional benefits and discounts for Young Professionals.
- Customers are exposed to a diverse range of savings and investment options.
- The account provides a free travel wallet card activation and free automatic travel insurance.
- Finally, the account has no transactional fees when customers purchases and there is a discounted monthly fee for a spouse or life partner. The account fee is R325 per month.
Private Banking Signature
Even more elite than the Private Banking account, this account is for those who wish to have an upgraded version. Furthermore, the account is suitable for those who earn in excess of R 92 000 per month.
- Customers have access to MasterPass, SnapScan, Tap and Go, uCount, Standard Bank Internet Banking, and Mobile Banking.
- Customers benefit from bespoke day-to-day banking which includes access to a private banker.
- The upgrade also includes a black World Citizen credit card, which is delivered directly to the customer.
- Customers enjoy 24 complimentary visits per annum to over 500 airport lounges if customers spend a minimum of R15,000 per quarter.
- The account provides access to the Signature Travel desk.
- Finally, the account carries a monthly fee of R425, and other transactional charges may apply.
This account is suitable for children under the age of 16. Furthermore, it is a safe and convenient way of introducing children to banking.
- There is no minimum monthly management fee on this account.
- Transaction fees may be applicable, however, a number of transactions are free.
- Finally, customers will need their parent or guardian to assist them with the account opening.
This account is a cheap and convenient account for those between the ages of 16 and 23. Furthermore, it carries a low account fee of R4.99 per month.
- Customers are not required to prove their income for this account.
- The account is only suitable for students.
- Also, customers enjoy access to low interest rates on student loans.
- This account includes several free transactions per month, and also a free bank card.
- Finally, the account provides customers with a 50% discount on their TravelWallet card.
Customers who have qualified in select categories qualify for this account. Furthermore, the account is suitable for those between the ages of 18 and 30.
- The following qualifications qualify:
- Lawyers, Attorneys & Advocates
- Chartered Accountancy
- Actuarial Sciences
- Architecture & Engineering
- Selective degrees in IT, Finance, Aviation, and Arts & Culture
- Customers have access to services such as MasterPass, SnapScan, Tap and Go, Standard Bank Internet Banking, and Mobile Banking
- The account provides customers with access to preferential rates on finance.
- Amazing add-ons that include data in WiFi hotspots, a dedicated private banker, and more.
- Finally, the account has a monthly fee of R199 which includes the monthly credit card fee.
Consolidator Current Account
An account for those who are over the age of 55. The qualifying criteria is a monthly income of R8000 or a savings and investment account balance of at least R5000.
- Customers enjoy a number of free transactions per month.
- The account carries a monthly maintenance fee of R45.
- Furthermore, customers have the opportunity to earn a rebate on their banking fees.
- Finally, other special services are part of this package, such as foreign exchange delivery to an approved business address, and more.
Critical Reviews Rating Standard Bank Current Accounts – 10 of 10
There is nothing to fault with these accounts, as customers have their pick of preferences. From those who prefer something simple and straightforward to those who want something a little more exclusive. The criteria to open the account is clear, and customers have easy access to the pricing structure. Variety, transparency, and quality are the three qualities that provide Standard Bank Current Accounts with a perfect score.
A bank that had a surprising outcome on the checking account scores, was Royal Bank of Scotland. Read the review here.