TymeBank vs Standard Bank: Which Has Lower Fees in 2025?
As the South African banking landscape continues to evolve, consumers are becoming increasingly cost-conscious, seeking banking solutions that offer the most value for their hard-earned money. Two banks that have been making waves in the market are TymeBank and Standard Bank. In this article, we’ll delve into the fee structures of both banks to determine which one offers the lower fees in 2025.
TymeBank: The Digital Challenger
TymeBank, a digital bank launched in 2019, has been gaining popularity for its low fees and user-friendly online platform. As a digital-only bank, TymeBank has significantly lower operating costs compared to traditional bricks-and-mortar banks, allowing it to pass the savings on to its customers. Here are some of TymeBank’s fees for 2025:
Monthly account fee: R0 (free)
Transaction fees:
Debit card transactions: R0 (free)
Electronic transactions (EFTs): R0 (free)
ATM withdrawals: R8 (withdrawals at Pick n Pay or Boxer stores are free)
International transaction fees: 2.5% of transaction value (plus exchange rate fees)
Standard Bank: The Traditional Giant
Standard Bank, one of South Africa’s largest banks, has a long history of providing financial services to individuals and businesses. While Standard Bank has a more extensive branch and ATM network, its fees are generally higher than those of TymeBank. Here are some of Standard Bank’s fees for 2025:
International transaction fees: 2.75% of transaction value (plus exchange rate fees)
Comparison of Fees
Based on the fees listed above, TymeBank emerges as the clear winner when it comes to lower fees. With no monthly account fees, free debit card transactions, and no electronic transaction fees, TymeBank offers significant cost savings for consumers. Standard Bank’s fees, on the other hand, are more substantial, with monthly account fees ranging from R59 to R209, depending on the account type.
Conclusion
In conclusion, TymeBank offers lower fees compared to Standard Bank in 2025. With its digital-only model, TymeBank is able to keep costs low and pass the savings on to its customers. While Standard Bank has a more extensive network and a wider range of services, its fees are generally higher. If you’re looking for a low-cost banking solution, TymeBank may be the better option. However, if you value the convenience of a large branch and ATM network, Standard Bank may still be the better choice, despite the higher fees.
Recommendation
If you’re considering switching to a new bank or opening a new account, we recommend weighing your options carefully. If you’re a frequent user of digital banking channels and don’t mind doing your banking online or through a mobile app, TymeBank may be the way to go. On the other hand, if you prefer the personal touch and convenience of a traditional bank, Standard Bank may still be a good option, despite the higher fees.
Ultimately, the decision between TymeBank and Standard Bank depends on your individual banking needs and preferences. We recommend carefully reviewing the fees and services offered by both banks before making a decision.
