R5 a month too little

CHARGES: NEDBANK INCREASES MONTHLY ENTRY-LEVEL ACCOUNT FEES BY 40% TO R7

It seems unlikely that a major full-service bank could sustain a profitable business model with a monthly account fee of just R5. Nedbank will increase the monthly "management fee" of its entry-level MiGoals account in January from R5 to R7, making it the last bank to shift away from the R5 price anchor at which these accounts have typically been.

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.