The 10 cheapest banks in South Africa

If you’re thinking of making the switch to a new bank, these are the 10 cheapest in South Africa, according to Business Tech. That’s correct, embattled consumers are in more debt than ever before due to high food prices and inflation, so why are you leaching what money you have leftover to your bank through service fees?

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African Bank, for example, says the debt of its clients has increased by 240% in 2023 alone. So, any opportunity to save on monthly expenses needs to be explored. And opening an account or switching to one of these cheapest banks in South Africa is an option.

CHEAPEST BANKS IN SOUTH AFRICA

When considering the cheapest banks in South Africa, you need to look at the following fee structures that banks use to make money:

• Monthly service fees
• Withdrawal fees
• Deposit fees

MONTHLY FEES

Let’s start with monthly fees. It’s actually good news for the monthly fees of the cheapest banks in South Africa. Around half of the entry-level accounts don’t have any monthly service fee at all:

WITHDRAWAL FEES

The cheapest banks in South Africa are going digital where possible, but cash withdrawals are still a reality of life, especially in lower-income areas where cash is king. Most banks offer ATM machines – although often not enough for the amount of people who need them, especially at month-end.

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Some banks also offer withdrawals via retail partners like supermarkets, etc. However, these often incur a higher withdrawal charge, so beware. Using a typical R500 withdrawal, here’s how the cheapest banks in South Africa rate:

DEPOSIT FEES

Another fee structure South African banks use to generate income from your account is deposit fees. Nowadays, you can deposit cash digitally, as well as at ATMs, points of sale, etc.

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Despite this variety of options, these are the cheapest banks in South Africa to deposit cash across the board (using R500 as the benchmark).

There you have it, the cheapest banks in South Africa when you breakdown their monthly service, deposit and withdrawal fees. Consider which criteria works best for you, and choose the best bank account to suit your needs.

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