CAPITEC AND TYMEBANK
African Bank takes on rivals in fee war
African Bank, the entity that has risen from the ashes of one of the biggest banking collapses in SA, has become the latest entrant in the fee war that is shaking up the industry. The bank, which has attracted more than R1bn in deposits despite the harm the brand suffered due to the 2014 implosion, launched a zero monthly fee account on Tuesday that rivals TymeBank’s core "no fee" selling point and beats Capitec’s interest rates on money kept in a transactional account. The new account, called MyWORLD, has been three years in the making and lets customers open up to five linked accounts with separate bank cards for their families, at no monthly fee either. "There’s no question that bank fees have been very controversial in SA for a very long time," African Bank CEO Basani Maluleke said during the launch on Tuesday.
"We will definitely have the cheapest transactional account of any bank out there, both the big incumbent banks as well as the new entrants," said Maluleke. He said...
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