Audit your bank fees before changing accounts
Start with what your account actually charged over three months. Separate the monthly account charge, payments, cash withdrawals and optional services. Then price those same transactions using the official fee guide of an alternative account. A low advertised monthly fee is only one line in this comparison.
Build a transaction basket
Export statements or read each monthly statement. Record the date, description and amount of each charge. Keep interest on a borrowing balance separate from transaction fees. Count the actions behind the charges: ten small withdrawals are a different basket from one large withdrawal, even when the cash total is identical.
Check the channel and exclusions
Capitec’s official pricing page distinguishes digital, card and branch transactions [1]. When comparing accounts, copy the fee for the channel you will use. Check whether immediate payments, international purchases or extra withdrawals sit outside a package. Do not price a branch transaction as an app transaction just because both transfer money.
Change the behaviour or the account
First calculate the saving from a practical change within your existing account, such as grouping planned cash withdrawals. Then calculate the alternative account with the same basket. Before switching, list salary instructions, debit orders and recurring card payments that need updating. Confirm closure instructions and keep the final statement.
A calculation you can check
Fictional basket: R25 monthly charge + 8 payments at R2 + 3 withdrawals at R10 = R71. A fictional alternative costs R40 + 8 × R1 + 3 × R5 = R63. The difference is R8 per month, or R96 over 12 identical months. These are invented inputs, not bank tariffs.
Questions about this decision
How many months should I examine?
Three months is a practical starting sample, not a rule. Include a month with annual charges or unusual cash use if it changes your basket. Calculate a normal month separately from exceptional spending so one event does not distort the decision.
Should I include loan interest?
Show it separately. A transaction account comparison asks what it costs to use the account. A borrowing comparison also needs the credit balance, rate and repayment schedule. Combining the two can make an expensive loan look like an expensive account.
Does a free account mean free banking?
Read the applicable pricing guide. A zero monthly account fee does not establish the price of cash, immediate transfers or optional services. Put each action you actually use in the basket and identify any allowance before calculating the total.
Can I compare only the total on my statement?
The total shows what happened, but not what an alternative would cost. Keep the transaction counts and channels. Otherwise a competitor’s package may appear cheaper even though your actual mix falls outside its included transactions.
What if a charge is unfamiliar?
Record the date and description, then ask the bank what service generated it and where it appears in the pricing guide. Do not label it unlawful without checking. Keep the response so you can distinguish a recurring charge from a correction.
Should rewards reduce the fee total?
Calculate fees first, then show rewards actually redeemed as a separate line. Avoid counting advertised maximum rewards or points you cannot use. This keeps the cost visible if you stop qualifying for the reward programme.
How do I calculate an annual saving?
Multiply the normal monthly difference by 12, then add known annual differences separately. Label the assumption that usage and tariffs remain unchanged. Recalculate when a new guide takes effect rather than treating the first estimate as permanent.
Does SaveWise switch my account?
No. This page provides a worksheet and official references. Account opening, identity checks, salary instructions and closure are handled with the bank. Do not send banking credentials to SaveWise to complete this exercise.