Steward Bank’s iSave Account Now Has Monthly Service Charges

Farai Mudzingwa Avatar

Steward Bank’s iSave page contains some false information. The page suggests that if you open an iSave account there will be “no monthly fees”. Whilst this may have been true some weeks/months ago that is no longer the case.

The iSave account now comes with a $2 monthly charge which came as a surprise to me as I had opened it because the promise of 0 monthly charges was alluring and I was tired of relying exclusively on EcoCash (when it’s down you’re down too…).

Add on to the fact that bank to wallet transactions (and vice versa) which used to be free are now $2 as well, it seems the savings-centric aspect of the account has lost some of its lustre.

Personally, I don’t think the $2 monthly charge is exorbitant but the fact that the account is still advertised as being free and I never got a message from Steward Bank regarding this change is quite irritating and feels dishonest.

That dishonesty has been spread throughout the banking industry this year as banks have raised their transaction charges on multiple occasions without notifying account holders – a truly sad state of affairs.

PS: I’m not sure if the other savings accounts offered by different banks are still free and will follow that up once we get in touch with those banks.

2 comments

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  1. yasne1

    BancABC savings will be having $5 monthly as from september 2019 … at least we were notified. i do have a steward account but haven’t been notified of the monthly charge! sokunzima ukuba lebank account guys

    1. Farai Mudzingwa

      Thanks, could please copy+paste the message you got. You’re right though. At least they gave you guys heads up.