What is the most cost-effective bank account for our parents?
Banks give their cheapest options for five EFT deposits, five debit orders and virtually no cash withdrawals
Q: My siblings and I support our parents. We all chip into a bank account in the name of one of my siblings, who manages the account which is used purely for my parents’ financial needs. Every month five deposits are made into the account via EFT; five debit orders are run off the account; and we pay money into our mother’s bank account, which is held at a different bank. Every so often we pay a doctor or service provider via EFT from the account. We make virtually no cash withdrawals. We’re looking for a more cost-effective bank account. What’s the best account for us, and what would we pay in monthly account fee and bank charges? - Anonymous via email
A: The responses from Absa, African Bank, Capitec, First National Bank, Nedbank, Standard Bank and TymeBank are listed alphabetically:..