The cheapest bank accounts in South Africa compared – including Discovery

Discovery Bank has published its full fee schedule for its banking options, which includes a new entry-level account for the South African market.

Once dominated by Capitec Bank, the entry-level banking market has over the years been flooded with a wide range of options from almost every big banking player in the country.

After low-cost banking options being introduced by the “big four” banks, groups like Old Mutual, Bidvest Bank, African Bank, and now Discovery Bank have also entered the fray.

The market has also seen the launch of several digital banking options, including TymeBank, FNB’s eWallet Extra (which will be rebranded as FNB Easy Zero) and Standard Bank (MyMo).

There are now 12 entry level accounts available to South Africans, all offering low-fee banking, with monthly account fees starting from free, to R10.00 a month.

The graphs below look at how these banking accounts compare across three main categories – the monthly fee, how much the banks charge to put money into the accounts, and how much they charge to get money out.

The figures are based on a single R500 transaction.

Monthly account fees

With the launch of TymeBank in South Africa, customers were given introduced to the first free, fully transactional account in the country. FNB, which had already launched eWallet eXtra as a free account, was limited to digital transactions only, and has subsequently revealed it will be making the account fully transactional with a card.

TymeBank was followed up by African Bank’s MyWORLD transactional account, which also carries no monthly fee. Following the launch of these zero-fee accounts, Nedbank revised its entry-level account to also have no monthly account fee.

Withdrawals and Deposits

Banks charge you to put money into an account and to take money out of an account.

Most entry-level accounts have followed the fixed-fee model for transactions, popularised by Capitec. The fixed fee offers a simplified structure for customers, but also carries caps and limits, aimed specifically at customers who have few, low-value transactions.

Discovery, FNB and Standard Bank deviate from the fixed-fee model, but the latter two banks have accounts which do offer fixed fees in the form of eWallet eXtra and Standard Bank’s new MyMo accounts.

TymeBank’s withdrawals are free, but it does not use an ATM network. Instead, withdrawals are made Pick n Pay and Boxer till points.

Banking fee breakdown

The tables below outline key transactions for all 12 accounts, and how they have changed over the past year (where applicable).


Discovery Bank Transact Gold 2018 Fees R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native ATM) R4.50 + 1.5% of amount R12.00
Withdrawal (Other ATM) R4.50 + 1.5% of amount R12.00
Withdrawal (POS) R2.00 R2.00
Deposit (ATM) n/a n/a
Monthly account fee (PAYT) R10.00

You can view the Discovery Bank Gold Transaction Account fees here.


African Bank MyWORLD 2018 Fees R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native ATM) R6.00 R6.00
Withdrawal (Other ATM) R6.00 R6.00
Withdrawal (POS) R2.00 R2.00
Deposit (ATM) 2% of amount R10.00
Monthly account fee (PAYT) Free

You can view the African Bank MyWorld Account fees here.


TymeBank Account 2018 Fees R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native ATM) Free Free
Withdrawal (Other ATM) R8.00 / R1 000 R8.00
Withdrawal (POS) Free Free
Deposit (PnP/Boxer) R4.00 R4.00
Monthly account fee (PAYT) Free

You can view the TymeBank Fees here.


Old Mutual Money Account 2017/18 Fees R500 transaction in 2017/18 2018/19 Fees R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R6.50 R6.50
Withdrawal (Other) R8.50 R8.50 R8.50 R8.50
Withdrawal (POS) R2.50 R2.50 R1.50 R1.50 -40.0%
Deposit (ATM) R7.00 R7.00 R7.50 R7.50 +7.1%
Monthly account fee (PAYT) R4.50 R4.50

You can view the Old Mutual Money Account fee schedule for 2018/19 here.


Capitec Global One 2018/19 Fees R500 transaction in 2018/19 2019/20 Fees R500 transaction in 2019/20 % Change
Withdrawal (Native) R6.50 R6.50 R6.00 / R1 000 R6.00 -7.7%
Withdrawal (Other) R8.75 R8.75 R8.00 R8.00 -8.6%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) 95c / R100 R4.50 R1.00 / R100  R5.00 +11.1%
Monthly account fee (PAYT) R5.75 R5.00 -13.0%

You can review Capitec’s full 2019/20 pricing here.


Absa Transact Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R6.05 R6.05 R6.50 R6.50 +7.4%
Withdrawal (Other) R12.11 R12.11 R10.50 + R1.50 / R100 R18.00 +48.6%
Withdrawal (POS) R1.31 R1.31 R1.60 R1.60 +22.1%
Deposit (ATM) R4.54 + R1.41 / R100 R11.59 R4.50 + R1.50 / R100  R12.00 +3.5%
Monthly account fee (PAYT) R4.99 R5.30 +6.2%

Absa’s full 2019 pricing can be found here.


Nedbank PAYU Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R6.50 R6.50 R7.00 R7.00 +7.7%
Withdrawal (Other) R8.00 + R1.51 / R100 R15.55 R8.00 + R2.00 / R100 R18.00 +15.8%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (Intelligent depositor ATM) R1.00 / R100 R5.00 R1.00 / R100 R5.00
Monthly account fee (PAYT) R5.50 Free -100%

Nedbank’s PAYU 2019 pricing can be found here.


Standard Bank Access Account 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R1.82 / R100 R9.10 R1.85 / R100 R9.25 +1.6%
Withdrawal (Other) R8.07 + R1.82 / R100  R17.80 R9.00 + R1.85 / R100 R18.25 +2.5%
Withdrawal (POS) R1.82 R1.82 R1.40 R1.40 -23.1%
Deposit (ATM) R1.61 / R100 R8.05 R1.65 / R100 R8.25 +2.5%
Monthly account fee (PAYT) R5.30 R5.60 +5.7%

Standard Bank’s full Access 2019 pricing can be found here.

Standard Bank MyMo 2018 Fees
(15% VAT)
R500 transaction in 2018 2019 Fees R500 transaction in 2019 % Change from 2018 to 2019
Withdrawal (Native) R6.50 R6.50
Withdrawal (Other) R12.00 R12.00
Withdrawal (POS) R1.40 R1.40
Deposit (ATM) R1.65 / R100 R8.25
Monthly account fee (PAYT) R4.95

Standard Bank’s full MyMo 2019 pricing can be found here.


FNB Easy Account (PAYU) 2018/19 Fees R500 transaction in 2018/19 2019/20 Fees R500 transaction in 2019/2020 % Change
Withdrawal (Native) R1.90 / R100 R9.50 R6.00 / R1000 R6.00 -36.8%
Withdrawal (Other) R9.00 + R1.90 / R100 R18.50 R10.00 / R1000 R10.00 -45.9%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) R0.95 / R100 R4.75 R1.00 / R100 R5.00 +5.2%
Monthly account fee R5.75 R4.95 -13.9%

You can find FNB’s Easy 2019/20 pricing guide here.

FNB eWallet eXtra 2018/19 Fees R500 transaction in 2018/19 2019/20 Fees R500 transaction in 2019/2020 % Change
Withdrawal (Native) R10.95 or R13.95 R10.95 R6.00 R6.00 -45.2%
Withdrawal (Other) n/a n/a n/a n/a
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) R10.95 or R13.95 R10.95 Free (up to R1 500) R0.00 -100%
Monthly account fee Free Free

You can find FNB’s eWallet eXtra 2019/20 pricing guide here.


Bidvest Bank Grow Account (PAYT) 2017/18 Fees
(Transact)
R500 transaction in 2017/18 2018/19 Fees
(Grow)
R500 transaction in 2018/19 % Change from 2017/18 to 2018/19
Withdrawal (Native) R5.50 R5.50 R6.00 R6.00 +9.0%
Withdrawal (Other) R9.60 + R1.40/R100 R16.60 R6.00 + R1.40/R100 R13.00 -21.7%
Withdrawal (POS) R4.00 R4.00 R5.00 R5.00 +25.0%
Deposit (Branch) 0.80% of value R4.00 0.80% of value R4.00
Monthly account fee (PAYT) R22.00 R6.00 -72.7%

You can view the Bidvest Bank Grow fee schedule for 2019 here.


Read: Capitec cuts banking fees for 2019

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The cheapest bank accounts in South Africa compared – including Discovery