Which banks offer zero bank fees for South African Social Security Agency (SASSA) pensioners? When every rand and cent counts, the country’s elderly cannot afford to have banks skimming off the top with fees. Currently, the national Older Persons Grant pays out R2 400 a month (60 to 74), and R2 420 (75 and over). And there’s still no official confirmation if these will be topped-up next month in October.
As such, with the cost of groceries, electricity and fuel rising rapidly, where can you find zero bank fees for SASSA pensioners? As ever in South Africa, the answer to this question is slightly more complicated than it needs to be …
ZERO BANK FEES FOR SASSA PENSIONERS
Previously, a large portion of SASSA Old-Age Grant recipients were paid via the Postbank-issued SASSA Gold card. This worked well – for a while – because the state-run bank genuinely carried no monthly service fees. And it serviced a large portion of grant recipients. Beneficiaries were allowed one fee-free cash withdrawal per month at any Post Office counter.
Sadly, the SASSA/Post Office relationship has since deteriorated. A major security breach necessitated the upgrade to safer Black cards, the deadline to which has come and gone. And while the offer of zero bank fees for SASSA pensioners through the Post Office still stands, it’s becoming harder and harder to justify, due to the limited functionality outside of participating retailers.
OTHER ZERO-FEE BANKS FOR SASSA PENSIONERS
Therefore, if a SASSA pensioner wants their grant paid with zero fees, there are three options available to them:
Interestingly, Capitec Global One account is not technically free. Fees are R7.50 fixed per month with no minimum balance, so it’s close enough though …
WHAT ABOUT OTHER SENIOR-CITIZEN ACCOUNTS?
All the other banks: ABSA, FNB, Standard Bank and Nedbank market pensioner-friendly accounts. These include Prosperity, Encore, Consolidator and MiGoals Plus, respectively. And all of them can provide zero bank fees for SASSA pensioners. However, each does require maintaining a minimum balance to maintain the benefit.
For a pensioner living off just R2 400/R2 420, holding any kind of minimum balance is pretty ambitious. In fact, many fall into overdraft each month and need loans to simply keep paying their bills. Therefore, someone currently on a standard bundled bank account, paying between R45 to R115 per month in fees is losing R540 to R1 380 a year. On an annual income of R28 800, that’s serious money out of a pensioner’s pocket.
HOW TO OPEN ZERO-FEE ACCOUNTS FOR PENSIONERS
This next part is where most SASSA beneficiaries hit a wall of agency inefficiency. There is no way to update your banking details online with the agency. Instead, you must:
It takes a full payment cycle for the new details to reflect. Therefore, you must submit your change of banking before the 15th of any month to avoid missing the next payment
But what do you think? Do you benefit from zero bank fees for SASSA pensioners? If so, how have you found your bank’s service? Please share your thoughts in the comments section below …
