Cheapest bank accounts in South Africa

South African banks are in constant competition to offer the most feature-rich accounts at the most affordable rates.

With the increase in popularity of Pay As You Use (PAYU) accounts, the monthly services fees for basic accounts have dropped to almost inconsequential amounts.

Of the five banks we chose to compare, the highest fee is R5 per month, whereas the lowest is R0.

These low monthly fees are supplemented by higher transaction fees than you would pay on more expensive accounts.

Our comparison took into account South Africa’s five major banks: FNB, Capitec, Absa, Standard Bank, and Nedbank.

To compare the different banks, we selected the account with the lowest service fee from each bank, with the only other prerequisite being the ability to make international transactions.

For readability, the comparison only considers a few essential fees and transaction types such as how much the banks charge to maintain the account, and how much it costs to spend money.

Benefits, like rewards programmes, discount coupons, or sweeteners like airtime or data have not been taken into account.

Also not shown in the table below are local point of sale fees, or card swipes, which are free for all bank clients as merchants pay these transaction fees.

Bank charges in South Africa
Transaction Standard Bank MyMo FNB Easy PAYU Nedbank PAYU Absa Transact Capitec Global One Winner on R1,000 Transaction
Withdrawal (Native) R7.50 per R1,000 R7 per R1,000 R8 per R1,000 R8 per R1,000 R7.50 per R1,000 FNB
Withdrawal (Other) R10 per R1,000 R15 per R1,000 R10.50 + R2.20 per R100 R12 + R2.20 per R100 R9.75 per R1,000 Capitec
Withdrawal (International) R20 per R1,000 + 2.75% transaction fee R80 + 2.75% transaction fee R55.00 + R2.20 per R100 R80 + 2.75% transaction fee R70 + 2.75% transaction fee Standard Bank
Card payment (foreign currency) 2.75% 2.75% 2.75% 2.75% R1 for transactions under R200
R3 for transactions over R200
Capitec
Monthly Fee R4.95 R4.95 R0 R4.90 R5 Nedbank

Now read: E-rand for South Africa

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Cheapest bank accounts in South Africa