Standard Bank’s product is classified as product code 151. It offers standardised interest rates and standardised service fees as follows:
| Balance in trust account | Rate |
| Amount | % |
| R0 – R24 999 | 0.50% |
| R25 000 – R49 999 | 0.60% |
| R50 000 – R74 999 | 1.50% |
| R75 000 – R99 999 | 1.75% |
| R100 000 – R999 999 | 2.00% |
| R1 000 000 – R4 999 999 | 3.00% |
| R5 000 000 and above | 3.40% |
The standardized service fee structure is R4,70:1.35%:R20.50 with effect from 1 January 2011. This means that all cheques issued incur a base fee of R4.70. In addition, there is a fee of 1.35% of the total value of the transaction. The maximum fee per cheque is R20.50 (Inclusive of the base fee). There is an additional fee for cheques which are encashed. This means that in addition to the service fee, there is a cheque encashment fee of 1.35% (minimum R23.50) plus the cheque service fee for cheques below R7,000. For cheques above R7,000 there is a cheque encashment fee of 1.15% (minimum R23.50) plus the cheque service fee.
Cash deposit fees are R4.75 plus 0.988% of the total value of the deposit.
Standard bank has developed an enhancement to provide for monthly transmission of interest, net of recoverable bank charges, to a nominated Law Society account.
For more information:
http://www.standardbank.co.za/ (Click on the “Fees, rates and prices” section, and then select “interest rates” and “attorneys trust”)