South Africa’s cheapest bank accounts: Capitec vs the rest

Capitec has published its updated fee schedule for 2020/21, including a price freeze on the monthly account fee, debit orders and digital banking costs.

However, there are relatively steep increases for customers who continue to deal in cash.

According to Capitec, digital banking is changing the way South Africans are handling their finances, which underpins its digital banking focus.

While this bodes well for the bank’s ever-increasing presence in the middle market, the bank has lost some ground in the price war in the entry-level market which still largely deals in cash.

Of the 14 entry-level accounts in South Africa, only two (Bidvest Bank’s Grow account and Standard Bank’s Access account) have a higher monthly account fee than Capitec’s Global One Account.

Capitec customers can effectively pay off their monthly account fee through interest earned on a positive balance, but the entry-level market is increasingly seeing options that nix the monthly fee altogether, without these terms and conditions.

When it comes to putting money into, or taking money out of one’s account, Capitec now also falls somewhere in the middle of all the banks – with newer entrants such as TymeBank, FNB Easy Zero and African Bank’s MyWORLD account undercutting the bank’s previous lead in this space.


Monthly fees


Taking money out


Putting money in


Entry-level banking

South Africa’s entry-level bank accounts vary greatly in form and functionality, with several lenders offering more than one entry-level account.

For example, Nedbank has an extremely basic account in its MobiMoney account, which carries no monthly costs, but limited transactional capabilities.

The same can be said for the FNB Easy Zero account, which was formerly a mobile-only account with no card. This has changed for the 2019/20 period, but the account still cannot be used for debit orders.

These accounts are meant for low transactions (with limits set on how much money can be processed each month), with entry-level bankers looking for slightly more sophisticated transactions encouraged to move to the next tier.

It should also be noted that many of these accounts also offer rebates and interest on positive cash balances, which can offset many of the monthly transaction costs. These have not been taken into account here.

Discovery Bank does not have an entry-level transactional account and thus has been excluded.


Capitec Global One 2019/20 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native) R6.00 / R1000 R6.00 R8.00 / R1000 R8.00 +33.3%
Withdrawal (Other) R8.00 / R1000 R8.00 R9.00 / R1000 R9.00 +12.5%
Withdrawal (POS) R1.00 R1.00 R1.20 R1.20 +20.0%
Deposits (Cash at ATM) R1.00 / R100 R5.00 R1.20 / R100 R6.00 +20.0%
Debit orders (ATM) R3.50 R3.50
Account fee (PAYT) R5.00 R5.00

Absa Transact Account 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R6.50 R6.50 R6.00/R1000 R6.00 -7.7%
Withdrawal (Saswitch) R10.50 + R1.50 / R100 R18.00 R11.50 + R2.00/R100 R21.50 +19.4%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) R4.50 + R1.50 / R100 R12.00 R2.00/R100  R10.00 -20.0%
Debit orders (internal) Free Free
Debit orders (external) R3.80 R3.50 -7.9%
Monthly account fee (PAYT) R5.30 R4.90 -7.5%

Absa’s full 2020 pricing can be found here.


Standard Bank MyMo 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R6.50 >R1000< R13.00 R6.50 R6.50 >R1000< R13.00 R6.50
Withdrawal (Other) R12.00 >R1000< R18.00 R12.00 R12.00 >R1000< R18.00 R12.00
Withdrawal (POS) R1.40 R1.40 R1.40 R1.40
Deposit (ATM) R1.65/R100 R8.25 R1.70/R100 R8.50 +3.0%
Debit order (internal) R3.50 R3.50
Debit order (external) R3.50 R3.50
Account fee (PAYT) R4.95 R4.95
Standard Bank Access Account 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R1.85/R100 R9.25 R1.90/R100 R9.50 +2.7%
Withdrawal (Other) R9.00 + R1.85/R100 R18.25 R9.00 + R1.90/R100 R18.50 +1.4%
Withdrawal (POS) R1.40 R1.40 R1.40 R1.40
Deposit (ATM) R1.65/R100 R8.25 R1.70/R100 R8.50 +3.0%
Debit order (internal) Free Free
Debit order (external) R5.50 R5.50
Account fee R5.60 R5.80 +3.6%

Standard Bank’s MyMo 2020 pricing can be found here. The Access Account 2020 pricing can be found here.


Nedbank MobiMoney 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R10.00 R10.00 R10.00 R10.00
Withdrawal (Other) n/a n/a n/a n/a n/a
Withdrawal (POS) n/a n/a n/a n/a n/a
Deposit (Intelligent depositor ATM) Free to R4000 Free Free to R4000 Free
Debit order (internal) n/a n/a n/a
Debit order (external) n/a n/a n/a
Account fee Free Free
Nedbank PAYU Account 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R7.00 R7.00 R7.00/R1000 R7.00
Withdrawal (Other) R8.00 + R2.00/R100 R18.00 R10.00 + R2.00/R100 R20.00 11.1%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (Intelligent depositor ATM) R1.00/R100 R5.00 R1.00/R100 R5.00
Debit order (internal) Free Free
Debit order (external) R5.50 R5.50
Monthly account fee (PAYT) Free Free

Nedbank’s 2020 pricing can be found here.


FNB Easy Zero 2018/19 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native) R10.95 or R13.95 R10.95 R6.00/R1000 R6.00 -65.2%
Withdrawal (Other) n/a n/a R10.00/R1000 R10.00
Withdrawal (POS) R1.50 R1.50 R1.00 R1.00
Deposit (ATM) R10.95 or R13.95 R10.95 Free to R1500 Free -100.0%
Debit order (internal) n/a n/a
Debit order (external) n/a n/a
Account fee Free Free
FNB Easy Account (PAYU) 2018/19 Fees R500 transaction 2019/20 Fees R500 transaction % 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%
Debit order (internal) Free R2.50
Debit order (external) R3.75 R3.50 -6.7%
Account fee R5.75 R4.95 -13.9%

You can findFNB’s Easy 2019/20 pricing guide here. The Easy Zero 2019/20 price guide is here.


FinBond FinSave Value 2018/19 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native) R10.00 + 0.9% of value R14.50 n/a
Withdrawal (Other) R10.00 + 0.9% of value R14.50 n/a
Withdrawal (POS) R3.00 R3.00 n/a
Deposit (Branch) R2.00/R100 R10.00 n/a
Debit orders R2.50 n/a
Account fee (PAYT) Free n/a
FinBond FinSave Lite 2018/19 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native) R12.00 + 0.9% of value R16.50 n/a
Withdrawal (Other) R12.00 + 0.9% of value R16.50 n/a
Withdrawal (POS) R3.50 R3.50 n/a
Deposit (Branch) R2.50/R100 R12.50 n/a
Debit orders R2.50 n/a
Account fee (PAYT) R4.95 n/a

You can view the FinBond FinSave Lite and FinSave Value fees here.


African Bank MyWORLD 2018 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native ATM) R6.00 /R1000 R6.00 n/a
Withdrawal (Other ATM) R6.00 / R1000 R6.00 n/a
Withdrawal (POS) R2.00 R2.00 n/a
Deposit (ATM) 2% of amount R10.00 n/a
Debit orders (external only) R4.00 n/a
Monthly account fee (PAYT) Free n/a

You can view the African Bank MyWorld Account fees here.


TymeBank Account 2018 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native ATM) Free Free n/a
Withdrawal (Other ATM) R8.00 / R1 000 R8.00 n/a
Withdrawal (POS) R2.00 R2.00 n/a
Deposit (PnP/Boxer) R4.00 R4.00 n/a
Debit order (internal) Free n/a
Debit order (external) R2.00 n/a
Monthly account fee (PAYT) Free n/a

You can view the TymeBank Fees here.


Old Mutual Money Account 2018/19 Fees R500 transaction 2019/20 Fees R500 transaction % Change
Withdrawal (Native) R6.50 R6.50 R7.00/R1000 R7.00 +7.7%
Withdrawal (Other) R8.50 R8.50 R10.00/R1000 R10.00 +17.6%
Withdrawal (POS) R1.50 R1.50 R1.00 R1.00 -33.3%
Deposit (ATM) R7.50 R7.50 R5.00* R5.00 -33.3%
Debit order (internal) R3.50 Free -100%
Debit order (external) R3.50 R2.00 -42.9%
Account fee (PAYT) R4.50 R4.95 +10.0%

* At Shoprite, Checkers and uSave

You can view the Old Mutual Money Account fee schedule for 2019/20 here.


Bidvest Bank Grow Account (PAYT) 2019 Fees R500 transaction 2020 Fees R500 transaction % Change
Withdrawal (Native) R6.00 R6.00 R6.00 R6.00
Withdrawal (Other) R6.00 + R1.40/R100 R13.00 R6.00 + R1.80/R100 R15.00 +15.4%
Withdrawal (POS with purchase) R5.00 R5.00 R3.00 R3.00 -40.0%
Deposit (Branch) 0.80% of value R4.00 0.80% of value R4.00
Debit order (internal) R5.00 R5.00
Debit order (external) R5.00 R5.00
Account fee (PAYT) R6.00 R6.00

You can view the Bidvest Bank Grow 2020 fee schedule here.


Read: Capitec announces new fees for 2020

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South Africa’s cheapest bank accounts: Capitec vs the rest