The short answer: Pull your last three bank statements, highlight every fee line, add them up and multiply by twelve. Then compare that with what the same habits would cost on your bank's current pricing guide, because the cheapest account depends on how you bank, not on the logo. The example below uses real 2026 fees from Capitec and Nedbank, with a made-up month of habits.
Bank fees rarely feel big, because each one is small. R3 for a debit order, R10 for a declined card, R24 for taking out R1,000 at another bank's ATM. Together they can cost more than something you would think hard about buying. The first step is to see them in one place.
Which fees should you look for?
- The monthly account fee, which can be nothing on some entry accounts and R250 or more on a bundle.
- Transaction fees, charged per payment, EFT, debit order or cash deposit, depending on the account.
- ATM and cash fees, which are often higher at another bank's ATM than at a shop till.
- Notification fees, such as a few cents for each SMS, which add up if you receive many.
- Instant payment fees, which are usually much higher than a normal EFT.
- Penalty fees, such as returned debit orders and declined card purchases.
How do you find every fee in 20 minutes?
Download the last three months of statements. Then go line by line, or search the file, for the words fee, charge, admin, notification, SMS, ATM and interest. Highlight everything that is not a purchase or a transfer you chose to make. Write the amounts in a list with the month beside each, so you can compare.
If you use Budget Hub, you can upload a statement as a CSV file and filter the transaction list by category. Lines that say bank fee, service fee, monthly fee or account fee are tagged as Banking Fees. Other charges, such as SMS or ATM fees, may be tagged differently or left uncategorised, so still scan the whole list. Free accounts can import one statement a month, with the first 50 transactions, and paid plans have fewer limits.
What do real fee schedules look like?
These are two published 2026 schedules for everyday accounts. Both include VAT.
Capitec personal banking (valid from 1 March 2026):
- Monthly administration fee: R7.50.
- Card purchases at any South African card machine, online or scan to pay: free.
- Debit order: R3. Returned debit order (insufficient funds): R6.
- Payment to another South African bank: R2, or R6 if you pay immediately.
- Cash at a supermarket till: R2. At any South African ATM: R10 per R1,000.
- SMS notification: R0.35. In-app and email notifications: free.
Nedbank MiGoals (fees effective 1 January to 31 December 2026):
- Monthly maintenance fee: R8.
- Card purchases: free.
- Debit order: R4. Unpaid debit order: R10.
- Payment by EFT through the app: R1. Instant payment: R10.
- Cash at a participating retailer till: R2. At another bank's ATM: R12 plus R12 per R1,000.
- Declined card purchase because of insufficient money: R10. SMS notification: R0.50.
Two other things are worth knowing. FNB's new fees took effect on 1 July 2026, and it still lists Easy Zero with no monthly fee. Standard Bank said in December 2025 that it was keeping the admin fees on its pay-as-you-transact accounts stable for 2026, and that it had waived the fees for declined point-of-sale transactions, declined ATM cash requests and unpaid debit and stop orders. Check each bank's own pricing guide before you decide, because these change every year.
What does it add up to?
Take one made-up month. You have three debit orders, make ten EFT payments to other banks through the app, take out R1,000 twice at another bank's ATM, and one debit order bounces because you were short.
- On Capitec: R7.50 monthly fee, R9 for three debit orders, R20 for ten payments at R2, R20 for two ATM withdrawals at R10 each, and R6 for the bounced debit order. That is R62.50 a month, or R750 a year.
- On Nedbank MiGoals: R8 monthly fee, R12 for three debit orders, R10 for ten EFTs at R1, R48 for two ATM withdrawals at R24 each, and R10 for the unpaid debit order. That is R88 a month, or R1,056 a year.
Now change only the habits. Get the R1,000 as cash at a till instead, twice, and keep enough in the account for the debit order to run. On Capitec the month drops to R40.50 (R486 a year), and on Nedbank it drops to R34 (R408 a year). Nedbank went from the more expensive account to the cheaper one with no change except behaviour. The ATM trips and the bounced debit order made the whole difference.
This ignores interest on balances, bundle perks and anything you do not use, so treat it as a method, not a verdict. But for someone saving R500 a month, even R264 or R648 a year saved by habit alone is a good month of saving.
How do you cut the cost?
- Match the account to your habits. Count how many debit orders, payments and withdrawals you make in a typical month, then price them on each bank's guide. A low monthly fee is not always cheaper if you pay for every transaction. The savings account comparison is a good companion once you know what you pay.
- Get cash at a till, not an ATM. On both schedules above, R2 at a till beats R10 to R24 at an ATM. The guide on cash versus card covers the other trade-offs.
- Skip instant payments unless you need them. On Capitec an immediate payment is R6 against R2 for a normal EFT. On Nedbank it is R10 against R1.
- Prevent penalty fees. Keep enough in the account before debit orders run, and see our post on automating savings with debit orders for choosing a date that works. A declined card can cost R10 on Nedbank.
- Switch off paid SMS alerts and use free app notifications. Thirty SMS a month is R10.50 on Capitec, which is R126 a year.
Do you need more than one account?
Separate accounts for bills and spending can stop overspending, which is the idea behind why one-account budgeting fails. But every extra account can bring its own monthly fee, so check the price first. A good test is whether the second account saves you more in avoided overspending than it costs in fees. If the fee is high and you rarely use the account, close it or look for a cheaper option at the same bank.
Should you ask your bank for a better deal?
Yes. Phone or visit with your list and ask whether a cheaper package fits how you bank. Ask about fee waivers and what you would pay on the alternative account. If the answer is not good, compare another bank's pricing guide. Remember to move your salary and debit orders before you close the old account.
If a charge looks wrong, complain to the bank first and keep the reply. If you are not satisfied, the National Financial Ombud (NFO) handles banking complaints. It took over the Ombudsman for Banking Services, it is free to use, and its number is 0860 800 900. Watch your statement for charges you do not recognise, which can also be a sign of fraud. The guide on how to protect your money from banking scams explains what to do.
How can Budget Hub help?
Budget Hub shows where your money goes across more than 30 expense categories, so charges you did not notice stand out. Import last month's statement, filter for Banking Fees, and set yourself a monthly target for what you want to pay. A good time to review is when you also look at subscription spending, because both are small payments that run quietly in the background.
Quick answers
How do you find out what your bank is charging you?
Read your last three statements and highlight every line that is not a purchase or transfer you chose, then add up the fees and multiply by twelve to get the yearly cost.
Is the account with the lowest monthly fee the cheapest?
Not always. In the example above, the account with the higher monthly fee ended up R6.50 cheaper a month than the other once ATM trips and a bounced debit order were removed, because transaction fees decide the total.
Can you negotiate bank fees?
You can ask for a cheaper package or a better fit for how you bank. If you are not satisfied with the answer, compare other banks' pricing guides and ask what moving would cost.
Who do you complain to about bank charges?
Complain to the bank first. If that fails, the National Financial Ombud takes banking complaints for free on 0860 800 900.
Fees you can see are fees you can reduce. Do the three-month list this week, count what you actually use, and price it on the current guide. A small change in habits can be worth a few hundred rand a year.