Banking Options

TRUST CURRENT BANK ACCOUNTS – SPECIAL ARRANGEMENTS

Trust current account banking is regulated by section 78(1) of the Attorneys Act 53 of 1979. The Attorneys Fidelity Fund (“the Fund”) and the profession have negotiated special arrangements on a national basis with most of the commercial banks.

Practitioners should note the information which follows and ensure that the applicable interest rates and bank service fee structures are correctly applied to their trust current accounts. If practitioners find that their existing arrangements provide a better return, they should endeavour to maintain those arrangements. NB: Practitioners are urged to seriously consider electronic payment systems as costs can be significantly reduced in this way.

To click through to a regularly updated page containing the trust current account details for ABSA, First National Bank, Nedbank and Standard Bank, click here.

Trust Investments Accounts

Trust investments are made for the benefit of the Fund in terms of section 78(2)(a) of the Act, or for the benefit of clients in terms of section 78(2A). The choice of a bank is at the discretion of the practitioner, who should at all times take into account a particular bank’s credit rating before investing trust funds. Kindly note that the Fund cannot offer assistance to practitioners in the event of the failure of a bank in which funds are invested. The following section has more information in this regard.

Bank Failure

The Fund has received numerous enquiries from practitioners regarding investments made at financial institutions which have been placed under curatorship. Invariably, the Fund has been requested to provide financial assistance to practitioners who have invested trust funds in such financial institutions. Although the Fund shares practitioners’ concerns as to the plight of depositors, the provisions of the Attorneys Act do not empower the Fund to assist in this regard, more particularly since the primary function of the Fund is to reimburse loss consequent upon the theft of trust monies or property.

The Fund has nevertheless indicated its willingness to provide assistance to statutory provincial law societies by funding the cost of legal opinions in regard to the liability of practitioners towards their trust creditors in such circumstances.

In order to put the position of practitioners beyond any doubt, the Fund has also made representations to the Department of Justice with a view to an amendment to the Attorneys Act in order to provide an indemnity to practitioners against claims by their trust creditors consequent upon the failure of banks at which they may have deposited trust monies. The Fund strongly supports the establishment of a deposit insurance scheme to cover investors against loss upon the failure of a bank.

COMPARISON OF TRUST CURRENT ACCOUNT BANKING PRODUCTS

This page, which is regularly updated (last updated: 19-03-2016), due to repurchase rate change dated 19 March 2016,  contains:

  • the trust current account details of ABSA, First National Bank, Nedbank and Standard Bank.
  • a download of this page and a paragraph on how to download files.
  • Nedbank, has provided revised credit interest rates after the recent repo rate increase of 0,25% dated 18-03-2016.
  • Absa, has provided revised credit interest rates dated 19-03-2016.
  • Fnb, has provided revised credit interest rates dated, 16-03-2016.
  •  Standard bank, has advised that their credit interest rates will remain unchanged.

Please note that the Attorneys Fidelity Fund cannot be held responsible for the correctness or otherwise of the information supplied. The interest rates quoted are subject to change as they are linked to call rates.

Comparison – Banking Products – AA Rated Banks

For ABSA, click here

For FNB, click here

For Nedbank, click here

For Standard Bank, click here

 

Credit Interest Rates

Balance ABSA FNB Nedbank Standard
1 – 999 1.40% 1.10% 0.00% 0.75%
1000 – 2499 1. 40% 1.20% 2.00% 0.75%
2500 – 4999 1.40% 1.20% 2.00% 0.75%
5000 – 9999 1.40% 1.20% 2.00% 0.75%
10000 – 14999 1.40% 1.30% 2.00% 0.75%
15000 – 19999 1.40% 1.30% 2.00% 0.75%
20000 – 24999 1.40% 1.30% 2.00% 0.75%
25000 – 49999 1.40% 1.30% 2.00% 0.85%
50000 – 74999 2.55% 1.50% 2.00% 1.75%
75000 – 99999 2.55% 1.50% 2.00% 2.20%
100000+ 2.85%,2.90%,3.65%,3,75%,4.05%,4.20%,4.24% 1.50%,2.50%,2.60%,2.70%,3.65%,4.20%click here  4.00%,4.50%, 5.00% 3.00% to 3.75%click here
Attorney Trust Accounts 2015/2016
Sub Product Codes DDA MT
Charge Types Pay-As-You-Use
Monthly Account Fee R 45.00
Cheque Service Fee R45.10 per cheque issued
Cheque Deposit Fee R19.80 per cheque deposit
Inward Unpaid R105.00 per item
Cash withdrawals including cheque encashments <R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >=R150,000
FNB Branch Cheque Service Fee (Min R23.50) plus R 2.66 R 1.96 R 1.59 R 1.40 R 1.16 R 1.16
FNB Bulk Cash Centres R 2.06 R 1.57 R 1.27 R 1.12 R 0.94 R 0.82
Cash Deposits <R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >=R150,000
FNB ATM Advance R3.75 plus R0.48 per R100.00 or part thereof.
FNB Branch (Min Fee R15.00) R8.40 plus R 1.08 R 1.08 R 1.08 R 1.08 R 1.08 R 1.08
FNB Bulk Cash Centres (Min Fee R15.00) R5.00 plus R 2.35 R 1.50 R 1.12 R 0.97 R 0.82 R 0.71

Absa Fees 2015, Attorneys Trust accounts.

Fee type Attorney trust accounts (11043 and 11045) 2015 Pricing
Monthly fee R40.50
First R100 Next R100 Maximum
Service fee R13.50 R3.00 R45.00
First R9 999 R9 999 to R99 999 Above R99 999
Cash fee Branch R7.00 base fee+1.45% 1.15% 0.90%
Cash fee Centre R6.00 base fee+1.45% 1.15% 0.90%
Cash fee Devices R0.00 base fee+1.45% 1.15% 0.90%

ABSA CREDIT INTEREST RATES AND SERVICE FEES

ABSA’s standardised credit interest rates is as follows: updated due to repo rate change on 18-03-2016.Rates for Trust account product code 11043 & Trust (section 78(1)) product code 11045, revised effective 19 March 2016.


Balance in trust account Rate
Amount %
R0.01 – R50 000 1.40%
R50 000.00 – R100 000 2.55%
R100 000.01 – R500 000 2.85%
R500 000.01 – R1000 000 2.90%
R1000 000.01 – R2500 000 3.65%
R2500 000.01 – R5000 000 3.75%
R5000 000.01 – R10 000 000 4.05%
R10 000 000.01 – R30000 000 4.20%
R3 000 0000.01-99999999 4.25%

Absa bank fees Attorneys trust accounts, from  the 1st January 2017 to 31st December 2017.

Fee type Attorney trust accounts (11043 and 11045) 2015 Pricing
Monthly fee R65.00
Service fee R75.00 standard rate, per cheque issued.

Cheque deposit: R35.00 per cheque.
Cash Deposit Fee, at branches: R7.00 base fee plus  0.90% of deposit, minimum charge is R30.00.

Cash deposits at cash centres:   R6.00 base fee plus  0.90% of deposit.

Cardless  Atm deposits             :   R5.25 base fee plus 0.90% of deposit.
Administration fees: Standard rates.
All other fees are standard as per the brochure available from Absa bank web site.

Interest is calculated on daily balance and capitalised monthly. These fees are applicable to both product 43 and the enhanced product known as product 45 which provides for automated monthly transfers of net interest to a nominated Law Society.

NEDBANK CREDIT INTEREST RATES AND SERVICE FEES

(more…)

STANDARD BANK CREDIT INTEREST RATES AND SERVICE FEES

Standard Bank’s product is classified as product code 151. It offers standardised interest rates and standardised service fees as follows: an update done on 01-04-2015, due to Standard Bank interim review of its own rates, not because of repo rate change, last repo change was on 18-07-2014.

*NB. We await advice from the bank (Standard) for the revised credit interest rates, following Repo rate change, dated 28 Jan 2016.

Repurchase rate changed with 25 basis points, on 23-07-2015, Standard bank advised revised rates on 06 August 2015, rates effective 24 July 2015. New rates updated as at 06-08-2015.

Balance in trust account Rate
Amount %
R0 – R999 0.75%
R1 000 – R2 499 0.75%
R2 500 – R4 999 0.75%
R5 000 – R9 999 0.75%
R10 000 – R14 999 0.75%
R15 000 – R19 999 0.75%
R20 000 – R24 999 0.75%
R25 000 – R49 999 0.85%
R50 000 – R74 999 1.75%
R75 000 – R99 999 2.25%
R100 000 – R999 999 2.25%
R1 000 000 – R1 999 999 3.00%
R2 000 000 – R2 999 999 3.10%
R3 000 000 – R4 999 999 3.25%
R5 000 000 3.75%
Above R5 000 000 3.75%

Fees structure with effect from 1st January 2017 to 31 December 2017.

Monthly Management fee : R69.00.
Cheque Service Fee for Attorneys Trust accounts is a flat fee : R40.00 , regardless of the value of the cheque.

Cheque Deposits :  R30.00. maximum flat fee.

Cash deposit fee :   base fee R7.00 plus R1.35%, no maximum.

*Please take note that unless specified above, the fees and the terms and conditions of the Business current account will apply to the attorneys trust account.
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”)

CREDIT INTEREST RATE HISTORY

The following table shows the history of credit interest rates applied to attorneys trust current accounts by the four major banks. It is provided to assist practitioners and their auditors in determining whether there has been compliance with the preferential banking arrangements.

The credit interest rates are a tiered structure – the rate will vary dependant upon the account balance. Note that there are two interest rates provided for each bank in the table below, which are indicative of the full range of rates in each bank’s tiered interest rate structure. These rates are as applied to trust balances in excess of R100,000 and to balances in excess of R 1,000,000. The full tiered structure for each bank (indicating the rates as they apply currently) may be found at Banking Products.

Should the following information be insufficient for your purposes, please email Mandlenkosi Mbatha at mandlenkosi@fidfund.co.za and specify the information you require.

 

ABSA ABSA First National Bank First National Bank Nedbank Nedbank StandardBank StandardBank
Month >R100,000 >R1Million >R100,000 >R1Million >R100,000 >R1Million >R100,000 >R1Million
May –2002 9.25% 9.25% 8.50% 9.90% 8.00% 8.00% 9.00% 9.50%
Jun – 2002 9.25% 9.25% 8.50% 9.90% 8.00% 8.00% 9.00% 9.50%
Jul – 2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75 10.50%
Aug –2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75% 10.50%
Sep – 2002 9.75% 9.75% 9.50% 10.90% 9.00% 9.00% 9.75% 10.50%
Oct – 2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Nov –2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Dec – 2002 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Jan – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Feb – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Mar –2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Apr – 2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
May –2003 10.50% 11.50% 10.00% 11.90% 10.00% 10.00% 10.75% 11.50%
Jun – 2003 9.00% 10.00% 8.50% 10.40% 8.50% 8.50% 9.00% 9.75%
Jul – 2003 9.00% 10.00% 8.50% 10.40% 8.50% 8.50% 9.00% 9.75%
Aug –2003 8.00% 9.00% 7.50% 9.40% 7.50% 7.50% 8.00% 8.75%
Sep – 2003 7.00% 8.00% 7.00% 8.40% 6.50% 6.50% 7.00% 7.75%
Oct – 2003 5.50% 6.50% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Nov –2003 6.00% 6.90% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Dec-2003 6.00% 6.90% 6.00% 6.90% 5.00% 5.00% 6.00% 7.00%
Jan – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Feb – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Mar –2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Apr – 2004 5.50% 6.50% 5.50% 6.40% 4.50% 4.50% 5.50% 5.75%
Aug –2004 5.00% 5.90% 5.00% 5.90% 4.00% 4.00% 5.00% 5.25%
Apr – 2005 4.50% 5.00% 4.50% 5.25% 4.00% 4.00% 4.50% 4.75%
Jun – 2006 5.00% 5.50% 4.50% 5.65% 4.00% 4.00% 5.00% 5.25%
Aug –2006 5.50% 5.95% 4.90% 6.00% 5.25% 5.50% 5.25% 5.50%
Oct – 2006 6.00% 6.35% 5.40% 6.50% 5.25% 5.65% 5.50% 5.75%
Dec – 2006 6.50% 6.80% 5.40% 6.50% 5.65% 6.05% 5.75% 6.00%
Jun – 2007 7.00% 7.20% 5.90% 7.00% 6.10% 6.50% 6.00% 6.25%
Aug –2007 7.40% 7.75% 6.40% 7.50% 6.55% 7.05% 6.50% 6.75%
Oct – 2007 7.70% 8.25% 6.90% 8.00% 7.05% 7.55% 7.00% 7.25%
Dec – 2007 8.10% 8.65% 7.40% 8.50% 7.55% 8.05% 7.50% 7.75%
Apr – 2008 8.60% 9.10% 7.90% 9.00% 7.55% 8.05% 8.00% 8.75%
Jun – 2008 9.10% 9.60% 8.40% 9.50% 7.55% 8.05% 8.50% 8.75%
Dec – 2008 8.60% 9.10% 7.90% 9.00% 7.50% 8.25% 8.00% 8.25%
Feb – 2009 7.60% 8.10% 6.90% 8.00% 7.50% 8.25% 7.00% 7.75%
Mar –2009 6.60% 7.10% 5.90% 7.00% 7.50% 8.25% 6.40% 7.15%
Apr – 2009 5.60% 6.10% 4.90% 6.00% 7.50% 8.25% 5.90% 6.50%
My – 2009 4.60% 5.10% 3.90% 5.00% 4.50% 5.00% 4.90% 5.50%
Aug –2009 4.10% 4.60% 3.50% 4.50% 4.00% 4.50% 4.40% 5.00%
Mar –2010 3.60% 4.10% 3.00% 4.00% 3.50% 4.00% 3.50% 4.00%
Sep – 2010 3.10% 3.60% 2.50% 3.50% 3.00% 3.50% 3.00% 3.50%
Nov –2010 2.60% 3.10% 2.00% 3.00% 2.50% 3.00% 2.50% 3.00%
Jul – 2012 2.10% 2.60% 2.00% 2.60% 2.00% 2.50% 1.50% 2.50%
Jan30,2014 2.40% 2.90% 2.00% 2.75%  2.50%  3%-3.50% 2.00% 3.00%
July18,2014 2.40% 3.05% 2.00% 2.85% 2.75% 3.25% 2.25% 3.25%

BANK CREDIT RATINGS

This page, which is regularly updated (last updated: 18-12-2015), contains:

  • an introductory section on the importance of selecting a stable financial institution for the investment of trust funds by practitioners.
  • credit ratings of several South African banking institutions by both Fitch Ratings Ltd and Moodys Analytics.
  • Fitch Ratings Ltd as well as Moodys Analytics rating definitions.

Selecting a stable financial institution

The importance of selecting a stable financial institution for the investment of trust funds must never be underestimated by practitioners. The current grading of South African banking institutions by Fitch Ratings Ltd and Moodys Analytics is a useful point of reference for practitioners when selecting a banking institution where trust funds might be deposited.

Please note that the Attorneys Fidelity Fund cannot be held responsible for the correctness or otherwise of the information supplied.

BANK RATINGS BY FITCH RATINGS LTD

Financial institution Short-term Long-term
ABSA Bank Ltd F3 BBB
FirstRand Bank Ltd F3 BBB-
Investec Bank F3 BBB-
Nedbank Ltd F3 BBB-
Standard Bank F3 BBB-

MOODYS -BANK RATINGS- Updated on 24-12-2015.  Ratings done on 17-12-2015.

Long term rating, Baa2. Senior unsecured, not on Watch (P) . BCA baa2, BCA Watch not on Watch. ST Issuer Level Rtg P-2.ST Issuer Level Watch, Not on Watch. Outlook Negative. Industry Non -US Banks.

Moody’s short term rating, updated on 13-01-2016.

Financial institution Short-term Long-term
ABSA Group P-2 Baa2
IFirst Rand Bank Ltd P-2 Baa2
Investec Bank P-2 Baa2
Standard Bank P-2 Baa2
Nedbank P-2 Baa2

FITCH RATING DEFINITIONS

1. Short-term ratings

F1 – Obligations assigned this rating have the highest capacity for timely repayment under Fitch Ratings Ltd national rating scale for that country, relative to other obligations in the same country. This rating is automatically assigned to all obligations issued or guaranteed by the sovereign state. Where issues possess a particularly strong credit feature, a “+” is added to the assigned rating.

F2 – Obligations supported by a strong capacity for timely repayment relative to other obligors in the same country. However, the relative degree of risk is slightly higher than for issues classified as ‘A1’ and capacity for timely repayment may be susceptible to adverse changes in business, economic or financial conditions.

F3 – Obligations supported by an adequate capacity for timely repayment relative to other obligors in the same country. Such capacity is more susceptible to adverse changes in business, economic, or financial conditions than for obligations in higher categories.

F4 – Obligations for which the capacity for timely repayment is uncertain relative to other obligors in the same country. The capacity for timely repayment is susceptible to adverse changes in business, economic, or financial conditions.

D – Obligations for which there is a high risk of default to other obligors in the same country or which are in default.

2. Long-term ratings

AAA – Obligations which have the highest rating assigned by Fitch Ratings on its national rating scale for that country. This rating is automatically assigned to all obligations issued or guaranteed by the sovereign state. Capacity for timely repayment of principal and interest is extremely strong, relative to other obligors in the same country.

AA – Obligations for which capacity for timely repayment of principal and interest is very strong relative to other obligors in the same country. The risk attached to these obligations differs only slightly from the country’s highest rated debt.

A – Obligations for which capacity for timely repayment of principal and interest is strong relative to other obligors in the same country. However, adverse changes in business, economic or financial conditions are more likely to affect the capacity for timely repayment than for obligations in higher rated categories.

BBB – Obligations for which capacity for timely repayment of principal and interest is adequate relative to other obligors in the same country. However, adverse changes in business, economic or financial conditions are more likely to affect the capacity for timely repayment than for obligations in higher rated categories.

BB – Obligations for which capacity for timely repayment of principal and interest is uncertain relative to other obligors in the same country. Within the context of the country, these obligations are speculative to some degree and capacity for timely repayment remains susceptible over time to adverse changes in business, financial or economic conditions.

B – Obligations for which capacity for timely repayment of principal and interest is uncertain relative to other obligors in the same country. Timely repayment of principal and interest is not sufficiently protected against adverse changes in business, economic or financial conditions and these obligations are more speculative than those in higher rated categories.

CCC – Obligations for which there is a current perceived possibility of default relative to other obligors in the same country. Timely repayment of principal and interest is dependent on favourable business, economic or financial conditions and these obligations are far more speculative than those in higher rated categories.

CC – Obligations which are highly speculative relative to other obligors in the same country or which have a high risk of default.

DDD – Obligations which are currently in default.

3. Support ratings

The support ratings do not assess the quality of a bank. Rather, they are Fitch ratings assessment of whether the bank would receive support should this be necessary. We emphasize that these ratings constitute Fitch Ratings opinions, although we may discuss the principles underlying them with the supervisory authorities for their comment or endorsement.

1. A bank for which there is an extremely high probability of external support. The potential provider of support is very highly rated in its own right and has a very high propensity to support the bank in question. This probability of support indicates a minimum Long-term rating floor of  ‘A’.

2. A bank for which there is a high probability of external support.
The potential provider of support is highly rated in its own right and has a high propensity to provide support to the bank in question. This probability of support indicates a minimum Long-term rating floor of ‘BBB’.

3. A bank for which there is a moderate probability of support because of uncertainties about the ability or propensity of the potential provider of support to do so. This probability of support indicates a minimum Long-term rating floor of ‘BB’

4. A bank for which there is a limited probability of support because of significant uncertainties about the ability or propensity of any possible provider of support to do so. This probability of support indicates a minimum Long-term rating floor of ‘B’

5. A bank for which external support, although possible, cannot be relied upon. This may be due to a lack of propensity to provide support or to very weak financial ability to do so. This probability of support indicates a Long-term rating floor no higher than ‘B’ and in many cases no floor at all.

MOODYS RATING DEFINITIONS

1. Debt obligations – long-term – investment grade categories

AAA – Obligations rated “AAA” have the highest rating assigned by Moodys -Ratings. The capacity of the issuer to pay interest and repay capital is extremely strong, relative to other South African obligors.

AA – Indicates very strong capacity of the issuer to pay interest and repay capital relative to other South African obligors.

A – Indicates strong capacity of the issuer to pay interest and repay capital, relative to other South African obligors, although it is slightly more susceptible to adverse changes in economic conditions and circumstances than debt in categories rated higher.

BBB – Indicates adequate capacity of the issuer to pay interest and repay capital, relative to other South African obligors. It normally has adequate protection parameters, but adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay capital than debt in categories rated higher.

2. Debt obligations – long-term ratings – speculative grade categories

BB – Indicates speculative capacity of the issuer to pay interest and repay capital in accordance with the terms of the obligation, relative to other South African obligors. Protection parameters exist, but are outweighed by uncertainties or risk from adverse changes in economic conditions. The degree of speculation is very low.

B – Indicates speculative capacity of the issuer to pay interest and repay capital in accordance with the terms of the liability, relative to other South African obligors. The degree of speculation is low. Protection parameters are likely to exist, but are outweighed by uncertainties or risk from adverse changes in economic conditions which are likely to impair capacity should they arise.

CCC – Indicates speculative capacity of the issuer to pay interest and repay capital in accordance with the terms of the liability, relative to other South African obligors. The degree of speculation is moderate. Protection parameters are likely to exist, but are outweighed by uncertainties or risk from adverse changes in economic conditions which are such that the issuer is unlikely to have the capacity to pay interest and repay capital should they arise.

CC – Indicates speculative capacity of the issuer to pay interest and repay capital in accordance with the terms of the liability, relative to other South African obligors. The degree of speculation is high.

C – Indicates that interest is being paid on an obligation, but repayment of capital is impaired.

D – Indicates default, payment of interest and/or repayment of capital being in arrears.

The ratings “AA”, “A”, “BBB”, “BB” and “B” may be modified by the addition of plus (+) or minus (-) signs to indicate relative standing within categories.

3. Debt obligations – short-term ratings (12 months or less)

A-1 – Indicates that the degree of safety regarding timely payment is either overwhelming or very strong, relative to other South African obligors. Issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign designation.

A-2 – Indicates that capacity for timely payment on issues with this designation is strong, relative to other South African obligors.

A-3 – Indicates satisfactory capacity for timely payment, relative to other South African obligors. They are, however, somewhat more vulnerable to the adverse effects of changes in circumstances than obligations carrying the higher designations.

B – Indicates adequate capacity for timely payment, relative to other South African obligors. However, such capacity may be damaged by changing conditions or short-term adversities.

C – This rating is assigned to short-term debt obligations with a doubtful capacity for payment, relative to other South African obligors.

D – Indicates that the issue is either in default or is expected to be in default upon maturity.

FIRST NATIONAL BANK CREDIT INTEREST RATES AND SERVICE FEES

First National Bank’s “Attorneys Trust Account”, offers preferential and standardised rates of interest on Attorneys Trust current account credit balances as follows: update done due to repo change on 18-03-2016, Update done as at 16 March 2016, as advised by Fnb. *Please note: the credit interest rate quoted below is subject to change at any time, without notice.   

Balance in trust account rate
Amount %
R1 – R999 1.10%
R1 000 – R9 999 1.20%
R10 000 – R24 999 1.30%
R25 000 – R49 999 1.30%
R50 000 – R99 999 1.50%
R100 000 – R249 999 2.50%
R250 000 – R499 999 2.60%
R500 000 – R999 999 2.70%
R1 000 000 – R4 999 999 3.65%
R5 000 000 and above 4.20%

These preferential interest rates may also be found on FNB’s website at https://www.fnb.co.za/business-banking/business-accounts/attorneys-trust.html

Attorney Trust Accounts 2016/2017
Sub Product Codes DDA MT
Charge Types Pay-As-You-Use Charge Type BV
Monthly Account Fee R 48.00
Cheque Service Fee R54.00 per cheque issued
Cheque Deposit Fee R23.75 per cheque deposit
Inward Unpaid R110.00 per item
Cash withdrawals including
cheque encashments
<R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >=R150,000
FNB Branch Cheque Service Fee
(Min R25.00) plus
R 2.93 R 2.07 R 1.68 R 1.48 R 1.23 R 1.23
FNB Bulk Cash Centres R 2.27 R 1.66 R 1.34 R 1.18 R 0.99 R 0.87
Cash Deposits <R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >=R150,000
FNB ATM Advance R3.75 plus R0.51 per R100.00 or part thereof.
CDF Branch FNB ATM (Min Fee R20.00)
R8.40 plus
R 1.14 R 1.14 R 1.14 R 1.14 R 1.14 R 1.14
CDF FNB / SBV Bulk (Min Fee R20.00)
R8.40 plus
R 2.59 R 1.59 R 1.18 R 1.03 R 0.87 R 0.75

The above pricing is effective from 1 July 2016 until 30 June 2017. All other fees pertaining to the “Attorneys Trust Account Scheme” can be accessed on FNB’s website – Pricing Guide – Business Banking. First National Bank’s code  for this product is DDA; sub-product MT.

In May 2004 First National Bank introduced its Managed Enhancement System to automate and streamline monthly transmission of interest, net of recoverable bank charges, to the nominated Law Society. This service is provided at no extra charge for Attorneys who choose to benefit from its functionality.