7 Cheapest bank accounts in South Africa

7 Cheapest bank accounts in South Africa in 2022.
7 Cheapest bank accounts in South Africa in 2022.

When we receive our salaries from our employers or when we just receive money into our accounts the first thing we worry about is bank charges. And we change banks now and again looking for cheaper bank account alternatives. So we will explore cheapest bank accounts in South Africa.

The proprietors of financial companies are well aware that the majority of South Africans earn a living wage and that others are destitute. As a result, they are constantly competing to provide the most feature-rich accounts at the lowest prices. Monthly service fees for basic accounts have reduced to nearly insignificant amounts as Pay As You Use (PAYU) accounts have grown in popularity.

We compared the seven largest banks in South Africa: FNB, Capitec, Tyme bank, Absa, Standard Bank, African Bank, and Nedbank. To compare the banks, we chose the account with the lowest service cost from each bank, with the capacity to make foreign transactions as the only other requirement.

The comparison only analyses a few key fees and transaction types for readability, such as how much banks charge to keep an account and how much it costs to spend money. Benefits such as rewards programmes, discount coupons, or sweeteners such as airtime or data were not considered.

1. FNB cheapest bank accounts

FNB has got two cheapest bank accounts which you can use in South Africa. They have FNB Easy Zero account and FNB Easy account. Let’s look at their monthly bank charges, withdrawal and deposit fees.

For FNB Easy Zero account Fees:

  • Monthly fees – R0.00
  • Withdrawals @ FNB ATM – R7.00 per R1000
  • Withdrawals @ non-FNB ATM – R15 per R1000
  • Deposit Charges – R0.00
  • Deposit @Till – R19.95
  • Cash @Till – R0.00
  • Transfer to another FNB acc – R0.00

Download the full guide of Zero Account charges here.

FNB Easy account Fees or Charges

  • Monthly fees – R4.95 or R59.00 depending on either the card is Easy PAYU or Easy Smart Option
  • Cash withdrawals @FNB ATMs are free for up to R2000 per month then the following charges will apply, R2.20 per R100 or R7.00 per R1000
  • Cash @Till – R0.00
  • Withdrawals @non-FNB ATMs – R11 + R2.00 per R100 for Easy Smart Option and R15 per R1000 for Easy PAYU.

Download the full guide for here Easy Accounts charges.

2. ABSA cheapest bank accounts

The second bank with cheapest bank account charges is Absa bank. They have one cheapest account, “Absa Transact Account”. This account is the most affordable just like the FNB Easy account. Lets look at their bank account charges for this account.

Absa Transact Account

  • Monthly fees – R4.90
  • Withdrawal @ABSA ATMs – R8.00 per R1000
  • Withdrawal @non-Absa ATMs – R12.20 + R2.20 per R100 or R23.50 per R500
  • Deposit – R2.20 per R100 or R11 per R500
  • Debit orders (internal) – R0.00
  • Debit orders (external) – R1.00

Read the full guide for Absa Transact account.

3. Capitec cheapest bank account

Capitec is a new bank which came and joined the big four banks but most people recommended it for its cheaper fees and charges. The bank has got one of its cheapest bank account called Capitec Global One.

The Capitec Global One fees are as follows until 2023:

  • Monthly Fees – R6.50
  • Withdrawals @Capitec ATMs – R8.00 per R1000
  • Withdrawals @non-Capitec ATMs – R10 per R1000
  • Deposits – R1.30 per R100 or 6.50 per R500
  • Debit orders – R3.50

Read the full guide of Capitec here.

4. Standard Bank- its cheapest bank accounts MyMo account

Standard Bank has MyMo PAYT account as their cheapest bank account. Most people are using this account and they don’t have complaints. So, lets look into this account’s monthly and transaction charges.

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MyMo PAYT account of Standard Bank

  • Monthly fees – R4.95
  • Withdrawals @Standard Bank ATMs – R8.00 per R1000
  • Withdrawals @non-Standard Bank ATMs – R10.50 per R1000
  • Deposits – R1.00 per R100 or R5 per R500
  • Debit orders – R3.50

Read the full guide here.

5. Nedbank’s affordable bank account

Nedbank is another bank that most South Africans and other residents of the country are using. It has a cheapest bank account to accommodate the poor and those who want to save money in South Africa. Their account is called PAYU account which is like the previous four. It doesn’t charge monthly fees but its withdrawals are slightly higher which compensate for free monthly charges.

The fees of this account are as follows:

  • Monthly fees – Free or R0.00
  • Withdrawals @Nedbank ATMs – R9.00 per R1000 and R9.00 per R500
  • Withdrawals @non – Nedbank ATMs – R11 + R2.30 per R100 and R23.00 for R500
  • Deposits – R1.30 per R100 and R6.50 for R500
  • Debit order (internal) – Free
  • Debit order (external) – R5.50

Read the full guide of Nedbank here.

6. African bank is on list

African Bank is one of the cheapest bank. Most people are not aware of this because they choose the five major bank. So we are going to explore their monthly, Deposits and withdrawals fees. They’re cheapest account is called My World account.

African Bank account charges

  • Monthly Fees – Free or R0.00
  • Withdrawals @African Bank – R9.00 per R1000
  • Withdrawals @non – African Bank – R9.50 per R1000
  • Deposit – R3.0p per R10p
  • Debit order – R3.00 per R100
  • Debit order- R3.00

Read My World account guide here.

7. Tyme Bank cheapest account

Tyme Bank is a digital banking company which allows users to open accounts online. It is just a new comer but its bank charges are awesome, they’re the cheapest bank account charges in South Africa amongst others. Let’s look at their bank charges for their cheapest account.

Tyme Bank Account

  • Monthly fees – Free or R0.00
  • Withdrawals (Debit card, Pnp/Boxer) – R3.00
  • Withdrawals @ATMs – R10 per R1000
  • Deposit PnP/Boxer – R7.00
  • Debit (internal) – Free
  • Debit Order (external) – free

Read my the full guide of Tyme bank account fees here.