New shots fired in banking wars | Business | M&G

Brave new banking: African Bank has launched an account that does not charge a monthly fee. Older banks are being forced to follow the young trendsetters in the industry.

The battle of the banks continued this week when African Bank launched its zero monthly fee account, becoming the third bank to do so. The new banks entering the market with competitive banking fees and interest rates — TymeBank, Bank Zero and Discovery Bank — have sparked a banking war, with consumers reaping the benefits.

African Bank’s new digital product offers low fees and competitive interest rates in an increasing cutthroat climate that is set to improve South Africans’ access to quality services.African Bank’s offering of interest of 5.5% a year on money in a transactional account is the highest, and clients will receive 6.5% interest from the savings account. The transactional account is current; the savings account requires one month’s notice.

Until this year Capitec was South Africa’s low-fee king, not only offering a low banking tariff, but also a high interest rate.

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