Cash strapped? We rank the MOST affordable banks in South Africa
We recently broke down the services fees of the 10 cheapest banks in South Africa. Now, we’re going to take an overview of these same entry-level accounts to find the most affordable banks in South Africa. ALSO READ: Important changes to SARS payment procedure As reported by Business Tech, embattled consumers are in debt like never before due […]
We recently broke down the services fees of the 10 cheapest banks in South Africa. Now, we’re going to take an overview of these same entry-level accounts to find the most affordable banks in South Africa.
ALSO READ: Important changes to SARS payment procedure
As reported by Business Tech, embattled consumers are in debt like never before due to food- and fuel-price inflation. African Bank says the debt of its clients has increased by 240% in 2023 alone.
MOST AFFORDABLE BANKS IN SOUTH AFRICA
To this end, we’re going to compare ten entry-level accounts to find the most affordable banks in South Africa. Unlike our story on service, deposit and withdrawal fees of each bank, this time we’re going to break it down one bank at a time.
| 1. SHOPRITE MONEY MARKET | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R5 | R0 | R0 | R5 |
| 2. FNB EASY ZERO | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R8.50 | R0 | R0 | R8.50 |
| 3. NEDBANK MIGOALS | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R10 | R0 | R0 | R10 |
| 4. TYMEBANK ACCOUNT | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R10 | R7 | R0 | R17 |
| 5. ABSA TRANSACT ACCOUNT | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R10 | R12.50 | R4.90 | R17.40 |
| 6. STANDARD BANK MYMO | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R8 | R6 | R5.90 | R19.90 |
| 7. CAPITEC GLOBAL ONE | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R9.50 | R7 | R7 | R23.50 |
| 8. AFRICAN BANK MYWORLD | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R10 | R17.50 | R0 | R27.50 |
| 9. BIDVEST BANK GROW ACCOUNT | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R6.50 | R15 | R6 | R27.50 |
| 10. BANK ZERO | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R9 | R19.50 | R0 | R28.50 |
| 11. OLD MUTUAL MONEY ACCOUNT | |||
| Withdrawal fee (R500) | Deposit fee (R500) | Service fee | Total |
| R15 | R19.95 | R4.95 | R39.90 |
HOW SOUTH AFRICA’S BANKS RANK
Of course, these figures are only a rough guide. And in some instances, the withdrawal and deposit fees may vary depending on the retail outlet and if an outside ATM is used. The figures listed are the fees if you use the bank’s dedicated facilities.
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Nevertheless, the bundle total we’ve calculated and ranked the most affordable banks in South Africa with, gives you a good idea of the charges you’ll be in for at each bank.
Shoprite Money Market ranks first, followed by FNB Easy Zero in second with single-digit service fees. Nedbank MiGoals is the third most affordable bank in South Africa, followed by TymeBank, ABSA Transact and Standard Bank MyMo.
ALSO READ: 4 EASY ways to reduce your tax contribution
From there on, with transaction fees beyond R20, you have Capitec Bank Global One, African Bank MyWorld and Bidvest Bank Grow Account. Bringing up the tail with the two most expensive service fees bundles are Bank Zero and the Old Mutual Money Account with fees of nearly R40.
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