Annual price adjustments are an unfortunate reality in every new year and right on cue, the Standard Bank MyMo account fees for 2023 in South Africa have been announced.
The new bank charges for the two accounts came into effect on 1 January 2023. In this article, we summarise some of the most common fees you will pay as you use these accounts this year.
Standard Bank MyMo account fees 2023
The Standard Bank MyMo account fees 2023 vary between the MyMo PLUS and the MyMo Pay-As-You-Transact accounts.
MyMo PLUS has a bundle of free transactions every month but with a higher monthly fee of R115, while the MyMo Pay-As-You-Transact account has a much lower monthly fee of just R5.95.
MyMo PLUS account fees
“Pay a fixed monthly service fee for a bundle of transactions and services. Once the transactions included in the bundle are exceeded, all additional transactions will be charged,” Standard Bank South Africa says.
As indicated above, the MyMo PLUS account fee per month in 2023 is R115. With this fee, customers get free unlimited card swipes, free unlimited debit orders as well as free electronic transactions and inter-account transfers (EFTs).
Other benefits include free ATM cash withdrawals up to R3,000 at all ATMs (limited to two at other bank ATMs) and free ATM cash deposits up to R3,000. For R25 per month, you can also get UCount Rewards Points for using your card on qualifying purchases (UCount Rewards programme remains free if you had already signed up before 2023).
Below is a summary of free transactions on the MyMo PLUS account this year:
- Debit order: Free
- POS purchase: Free
- POS cash back: Free
- Electronic payments: Free
- Inter-account transfers: Free
- Prepaid airtime: Free
- Prepaid electricity: Free
- ATM cash withdrawals: Free up to R3,000 at all ATMs limited to two at other bank ATMs. Thereafter R2.20 per R100 or part thereof at Standard Bank ATMs and R2.20 per R100 at other bank ATMs.
- ATM cash deposits: Free up to R3,000. Thereafter R1.20 per R100 or part thereof.
- Payment confirmation – email: Free
- MyUpdates (SMS): Free
- Mobile SIM monthly fee: R45 for R115 airtime.
Once you exceed the transactions included in the bundle fee in any given month, the bank will charge you pay-as-you-transact fees for subsequent transactions until the new month starts. To avoid paying these fees, it is advisable to limit the number of cash transactions on your account, such as cash deposits and withdrawals.
MyMo Pay-As-You-Transact fees
As indicated above, the monthly charge for this account in 2023 is R5.95. However, you will be paying a small fee for nearly all transactions you make on your account throughout the month.
Below is a summary of bank charges for the MyMo Pay-As-You-Transact (PAYT) this year:
- Debit order: R3.50
- POS purchase: Free
- POS cash back: R1.40
- Electronic payments: R1.20
- Inter-account transfers: Free
- Prepaid airtime: R0.50
- Prepaid electricity: R1.50
- ATM cash withdrawals: R8 per R1,000 or part thereof up to R3,000; thereafter R2.20 per R100 or part thereof at Standard bank ATMs. For other bank ATMs, it’s R10 per R1,000 or part thereof up to R3,000; thereafter R2.20 per R100 or part thereof.
- ATM cash deposits: R1.20 per R100 or part thereof.
- Payment confirmation – email: R1.10
- MyUpdates (SMS): Free
- Mobile SIM monthly fee: R5 for R50 airtime or 250MB data.
Last word
You can view the full details of Standard Bank MyMo account fees 2023 on the bank’s website. The document is in PDF, which means you can download it for future reference. Happy banking!