Waalburg Building, 28 Wale Street, Cape Town
Tel: 021 424 5351

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 20 July 2017.

*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 20 July 2017.

Forms of scams Considerations to be made by the legal firm
The perpetrator will call the firm and advise that they mistakenly deposited an amount into the firm’s trust or business account when it was meant for another firm and would like a refund. Depending on the form of the attempted scam, a legal firm should consider the following: Know your clients and check any and all provided details against the details that you already have in your records.
Ascertain if your firm is expecting any refunds, whether for audit fees or bank charges and what the amounts applied for are.
The perpetrator will advise the firm that an incorrect amount was refunded in respect of a refund application for audit fees and/or bank charges. They will then ask for a refund of a portion of the amount.
Check if the letterhead used is that of the purported stakeholder. This necessitates knowledge of the correct name  of  the  stakeholder,  the  current  logo  of  the stakeholder and the directors or senior personnel of the stakeholder, which would be reflected on the letterhead.
Check if the e-mail address used is that of the purported stakeholder. It is important to know the extension of the e- mail addresses of the purported stakeholder. For instance, the e-mail addresses of the AFF have the extension fidfund.co.za after the @ sign, fraudsters would perhaps use an email address with an extension fidelityfund.co.za after the @ sign.
The perpetrator will call the firm purporting to be a client of the firm and ask for banking details of the firm in order to make a deposit. A few days later, the perpetrator will make another call   suggesting that they incorrectly paid money into the account.
Check if the quoted amount was received in your trust or business account as claimed.
Check on the bank statement if the amount was paid in cash or cheque.
The perpetrator will send an e-mail to the firm advising that an amount was incorrectly paid into the  firm’s  trust  or  business account when it was meant for another firm. If the amount was received as a cheque deposit, do not be pressured to make a refund until the cheque has been cleared  and  confirmed  as  such  with  the  bank.  The perpetrator will apply pressure on you to refund them, do not succumb to the pressure.
The perpetrator will send post mail to the firm advising that an amount was incorrectly paid into the  firm’s  trust  or  business account when it was meant for another firm. Inform the person requesting a refund that you will process a refund of the money as soon as it is cleared on your account and ask for proof of the deposit.
Ask the person requiring a refund to provide you with their banking details. It is important to know your stakeholders’ bankers and perhaps their bank details. Remember, the banking system recognises an account number and not an account name. The perpetrator can therefore, give you an account  name  of  your  stakeholder  that  they  are purportedly representing, but the account number will not be that of the stakeholder.
Inform the stakeholder affected before you even consider a refund.
When informing the purported stakeholder, do not use any of  the  contact  details  provided  by  the  purported stakeholder representative, check the legitimate contact details on the stakeholder’s website or inquire with your provincial law society.
Fraudsters may purport to be an existing  client  and  provide  a different account number into which  money  due  to  them should be paid. Whenever a client that you are providing legal services to provides or changes an account number to pay into, insist on a bank stamped proof of that account.
A  fraudster  may  hijack  the identity of a senior partner in the practice, and send an e-mail to the  bookkeeper containing  a payment instruction. Carefully check the sender’s e-mail address to establish its veracity, and if there is any doubt, obtain confirmation that the e-mail is genuine.
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%

Attorney’s Trust business markets

These rates effective from 21 July 2017.

Nominal Effective
R0 – R24,999 0.60% 0.60%
R25,000 – R49,999 0.70% 0.70%
R50,000 – R74,999 1.60% 1.61%
R75,000 – R99,999 2.05% 2.07%
R100,000 – R999,999 2.35% 2.38%
R1,000,000 – R1,999,999 2.85% 2.89%
R2,000,000 – R2,999,999 2.95% 2.99%
R3,000,000 – R4,999,999 3.10% 3.14%
R5,000,000 and above 3.60% 3.66%

Interest rates are quoted as per annum rates.

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.

Click here to download the Historical Credit Interest Rates from 30-01-2014

*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”)

Click here to view the banks attorney’s trust page.

Click here to download Standard Banks Business Transactional Accounts Pricing document (PDF)

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.