Bank Accounts - Standard Bank Sum1 Bank Account

Standard Bank Sum1 Bank Account

 
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Standard Bank Sum1 Bank Account

The Standard Bank (sum)1 Bank Account is a safe, easy and educational introduction to banking. It…

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Standard Bank Sum1 Bank Account

The Standard Bank (sum)1 Bank Account is a safe, easy and educational introduction to banking. It is designed for children and young achievers under the age of 16.

The Standard Bank (sum)1 Bank Account allows you to bank from your cell phone via Internet banking and Standard Bank’s mobile App. There are no fees for prepaid airtime recharges and free MyUpdates by SMS or email. You will also receive a free debit card. The (sum)1 Account gives you unlimited swipes at retail stores. You will get 8 free electronic debit transactions per month excluding debit orders and 2 free Standard Bank ATM withdrawals and deposits per month. Furthermore, you will get unlimited transfers to any Standard Bank savings and investment account and 1 free branch cash deposit per month. The Standard Bank (sum)1 Account has a 50% discount on TravelWallet fees and you can link the account to a parent or guardian’s account.

To qualify, you need to be no older than 16 and a South African citizen. You will need to present your ID book, your parent/guardian and their ID book and proof of your home address which can be up to three months old.

The Standard Bank (sum)1 Bank Account is perfect to introduce your child into the banking world.

Benefits:

 

  • Link your card to SnapScan or Masterpass  apps to pay by phone and shop securely online
  • Unlimited free swipes at till points
  • 10 free electronic debit transactions a month
  • Cash withdrawals up to a value of R1350 at our ATMs
  • 2   free cash deposits at our ATMs
  • Free balance enquiries on your phone
  • 50% off your TravelWallet card activation, loading and reloading
  • Notifications on transactions via MyUpdates
  • A 50% discount on your subscription to Siyavula – an online maths and science practice platform for high school learners
  • Get 250MB or R25 airtime for free every month from Standard Bank Mobile *

 

Account Details

Monthly Fee 0.00
Account Type Standard Fee
Monthly transactions included Unlimited
Interest 0%

Qualifying Criteria

Age Requirement 0-16
Minimum Monthly Salary 0.00
Minimum Monthly Balance R20.00
Minimum Opening Deposit R20.00

Deposits

Cheque Deposit Branch R25.00
Cheque Deposit ATM R20.00
Cash Deposit Branch R11.00 + 1.25%
Cash Deposit ATM 4 Free, R4.00 + 1.25% thereafter

Cash Withdrawals

Branch counter R33.00 + 1.35%
Own Bank ATM 2 Free, R4.00 + 1.15% thereafter
Other Bank ATM R10.70 + 1.15% thereafter
Point Of Sale/Till R5.00
Overseas ATM R10.70 + 1.15% thereafter

Purchases

POS (Point Of Sale) - local 8 Free, R25.00 thereafter
POS - Overseas 8 Free, R25.00 thereafter
Prepaid R0.00 online

Account Payments

ATM 8 Free
Branch Counter R33.00
Internet R0.00
Cellphone R0.00
Telephone Advisor R33.00

Debit Orders

Internal Debit Orders R4.00
External Debit Orders R12.50
Stop Orders R0.00

Fund Transfer

ATM R0.00
Branch Counter R33.00
Internet R0.00
Cellphone R0.00
Phone Advisor R33.00

Balance Enquiries

ATM R0.00
At Other Bank ATM R5.00
Branch counter R5.00
POS R0.00
Overseas ATM/POS R5.00
Internet, Cellphone R0.00
Telephone Advisor R6.50

Statements

Branch R6.50
ATM R0.00

Administration Fees

Bank cheque/marked cheque R85.00
Stop payments R45.00
Stop order R0.00
Special clearance R100.00
Debit Card replacement R50.00
Cheque Card replacement R125.00
New Cheque Card R0.00

Other Fees

Overdraft ledger NA
Dishonoured / returned payment R115.00
Notice of payment R0.00

Added Benefits

Unlimited swipes at retail stores. 8 free electronic debit transactions per month (excluding debit orders). 2 free Standard Bank ATM withdrawals and deposits per month. Unlimited transfers to any Standard Bank savings and investment account. 1 free branch cash deposit per month. Free balance enquiries when you call *120*2345#


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