The cheapest bank accounts in South Africa – how Spot Money compares to the rest

The battle for the most affordable entry-level banking account in South Africa has become a race to zero, with a new entrant into the market, Spot Money, bringing a sixth zero-monthly fee option to consumers.

Spot Money is a digital bank born out of the rebranding of Virgin Money SA, offering app-based banking with a linked debit card. It joins the likes of Discovery and TymeBank in being purely digital, without a costly ATM or branch network to maintain.

It carries no monthly account fee, which puts it on the same playing field as many other entry-level banks in the country.

With 15 entry level accounts to choose from, and more on the way – with Bank Zero expected to launch some time this year – we’ve broken down a comparison between these accounts using three fundamentals:

  • How much it costs you each month to manage the account;
  • How much the banks charge you to put money into the account;
  • How much the banks charge you to take money out of the account.

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 offering, which carries no monthly costs, but has limited transactional capabilities.

These accounts are targeted at minimal transactions – with limits set on how much money can be processed each month.

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.

Other benefits, such as rewards programmes, discount coupons, or sweeteners like airtime or data have also not been taken into account.

Discovery Bank does not have an entry-level transactional account and thus has been excluded. Capitec is set to introduce new fees at the end of February, while Absa has said it will be doing a belated fee review at the end of March.

Monthly fees

Monthly account management fees for entry-level accounts have become a lightning rod for competition in the segment, with banks shaving cents off the monthly charges to undercut competitors.

Given the basic nature of most entry-level accounts, the monthly handling fee is quickly becoming obsolete, with new entrants scrapping the cost altogether.

Among the 15 entry-level accounts on offer, six carry no monthly admin fee.

Withdrawal fees

While digital banking and card payments are increasingly becoming the norm in South Africa, for much of the population – especially those in the entry-level banking segment – cash is still king. Even among middle and upper-income brackets, having cash on-hand is often a necessity.

Thus withdrawal fees – how banks structure the cost of getting physical cash out of your account – has often been a sore point. Traditional banks have long relied on complicated fee structures to slice as much as they can off the top of any transaction, but since Capitec pioneered the fixed-fee withdrawal structure, this has almost become the baseline for most banks.

Banks with native or own-brand ATMs (or retailer partnerships, as with TymeBank) reward customers for sticking to their systems with lower fees. Accessing your cash at a competing or non-partnered outlet incurs a higher cost.

Deposit fees

Deposits are no longer as straight forward as they once were. In place of the more traditional methods of putting money into accounts – like depositing cash at the ATM or in-branch – banking customers can now also deposit funds through retailers and other digital means.

This has led to retailers partnering with new players in the market: Pick n Pay and Boxer store till points are the de facto ATMs for TymeBank, and Spot uses an ETF method of ‘top ups’ for its accounts, where funds are added through digital codes, or directly from other bank accounts.

For more traditional banks, however, ATM and branch deposits are still the mainstay.


Capitec Global One 2019/20 Fees R500 transaction 2020/21 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

You can view Capitec’s 2020/21 fee schedule here. New fees are expected to be announced in February 2021.


Absa Transact Account 2020 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (Native) R6.00/R1000 R6.00 R6.00/R1000 R6.00
Withdrawal (Saswitch) R11.50 + R2.00/R100 R21.50 R11.50 + R2.00/R100 R21.50
Withdrawal (POS) R1.00 R1.00 R1.00 R1.00
Deposit (ATM) R2.00/R100 R10.00 R2.00/R100  R10.00
Debit orders (internal) Free Free
Debit orders (external) R3.50 R3.50
Monthly account fee (PAYT) R4.90 R4.90

Absa’s full 2020/21 pricing can be found here.


Standard Bank MyMo 2019 Fees R500 transaction in 2020 2021 Fees R500 transaction in 2021 % Change
Withdrawal (Native) R6.50 >R1000< R13.00 R6.50 R7.50/R1000 R7.50 +15.4%
Withdrawal (Other) R12.00 >R1000< R18.00 R12.00 R10.00/R1000 R10.00 -16.7%
Withdrawal (POS) R1.40 R1.40 R1.40 R1.40
Deposit (ATM) R1.70/R100 R8.50 R9.00/R1000* R9.00 +5.9%
Debit orders R3.50 R3.50
Account fee (PAYT) R4.95 R4.95
Standard Bank Access Account 2020Fees R500 transaction in 2020 2021 Fees R500 transaction in 2021 % Change
Withdrawal (Native) R1.90/R100 R9.50 R7.50/R1000 R7.50 -21.0%
Withdrawal (Other) R9.00 + R1.90/R100 R18.50 R10.00/R1000 R10.00 -46.9%
Withdrawal (POS) R1.40 R1.40 R1.40 R1.40
Deposit (ATM) R1.70/R100 R8.50 R9.00/R1000* R9.00 +5.9%
Debit orders (internal/external) Free/R5.50 R3.50
Account fee R5.80 R5.80

* First R1,500 is free

Standard Bank’s MyMo 2021 pricing can be found here. The Access Account 2021 pricing can be found here.


Nedbank MobiMoney 2020 Fees R500 transaction 2021 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 2020 Fees R500 transaction in 2020 2021 Fees R500 transaction in 2021 % Change
Withdrawal (Native) R7.00/R1000 R7.00 R8.00/R1000 R8.00 +14.3%
Withdrawal (Other) R10.00 + R2.00/R100 R20.00 R10.50 + R2.20/R100 R21.50 +7.5%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (ATM) R1.00/R100 R5.00 R1.20/R100 R6.00 +20.0%
Debit order (internal) Free Free
Debit order (external) R5.50 R5.50
Monthly account fee (PAYT) Free Free

Nedbank’s 2021 pricing can be found here.


FNB Easy Zero 2019/20 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (Native) R6.00/R1000 R6.00 R8.00/R1000 R8.00 +33%
Withdrawal (Other) R10.00/R1000 R10.00 R12.00/R1000 R12.00 +20%
Withdrawal (POS) R1.00 R1.00 Free Free -100%
Deposit (ATM) Free to R1500 Free Free to R1500 Free
Debit order (internal) n/a n/a
Debit order (external) n/a n/a
Account fee Free Free
FNB Easy Account (PAYU) 2019/20 Fees R500 transaction in 2019/20 2020/21 R500 transaction in 2020/21 % Change
Withdrawal (Native) R6.00 / R1000 R6.00 R8.00 / R1000 R8.00 +33%
Withdrawal (Other) R10.00 / R1000 R10.00 R12.00 / R1000 R12.00 +20%
Withdrawal (POS) R1.00 R1.00 Free Free -100%
Deposit (ATM) R1.00 / R100 R5.00 R1.10 / R100 R5.50 +10%
Debit order (internal) R2.50 R1.50 -40%
Debit order (external) R3.50 R3.50
Monthly account fee R4.95 R4.95

You can find FNB’s Easy 2020/21 pricing guide here. The Easy Zero 2020/21 price guide is here.


FinBond FinSave Value 2019/20 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (ATM) R10.00 + 0.9% of value R14.50 R10.00 + 0.9% of value R14.50
Withdrawal (POS) R3.00 R3.00 R3.00 R3.00
Deposit (Branch) R2.00/R100 R10.00 R2.00/R100 R10.00
Debit orders R2.50 R2.50
Account fee (PAYT) Free R10.00 +R10.00
FinBond FinSave Lite 2019/20 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (ATM) R12.00 + 0.9% of value R16.50 R12.00 + 0.9% of value R16.50
Withdrawal (POS) R3.50 R3.50 R3.50 R3.50
Deposit (Branch) R2.50/R100 R12.50 R2.50/R100 R12.50
Debit orders R2.50 R2.50
Account fee (PAYT) R4.95 R4.95

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


African Bank MyWORLD 2020 Fees R500 transaction 2021 Fees R500 transaction % Change
Withdrawal (Native) R6.00 /R1000 R6.00 R6.00/R1000 R6.00
Withdrawal (Other) R6.00 / R1000 R6.00 R6.00/R1000 R6.00
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (ATM) 2% of amount R10.00 2% of amount R10.00
Debit orders (external only) R4.00 R4.00
Monthly account fee (PAYT) Free Free

You can view the 2021 African Bank MyWorld Account fees here.


TymeBank Account 2019/20 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (PnP/Boxer) Free Free Free Free
Withdrawal (ATM) R8.00 / R1 000 R8.00 R9.00/R1000 R9.00 +12.5%
Withdrawal (POS) R2.00 R2.00 R3.00 R3.00 +50%
Deposit (PnP/Boxer) R4.00 R4.00 R6.00 R6.00 +50%
Debit order (internal) Free Free
Debit order (external) R2.00 Free -100%
Monthly account fee (PAYT) Free Free

You can view the TymeBank Fees here.


Old Mutual Money Account 2019/20 Fees R500 transaction 2020/21 Fees R500 transaction % Change
Withdrawal (Native) R7.00/R1000 R7.00 R12.00/R1000 R12.00 +71%
Withdrawal (Other) R10.00/R1000 R10.00 R12.00/R1000 R12.00 +20%
Withdrawal (POS) R1.00 R1.00 R1.00 R1.00
Deposit R5.00* R5.00 R12.00* R12.00 +140%
Debit orders R2.00 R2.50 +25%
Account fee (PAYT) R4.95 R4.95

* At Shoprite, Checkers and uSave, price increases to R19.95 at Pick n Pay and Boxer stores.

You can view the Old Mutual Money Account fee schedule for 2021 here.


Bidvest Bank Grow Account (PAYT) 2020 Fees R500 transaction 2021 Fees R500 transaction % Change
Withdrawal (Native) R6.00 R6.00 R6.00 R6.00
Withdrawal (Other) R6.00 + R1.80/R100 R15.00 R10.00 + R1.80/R100 R19.00 +26.7%
Withdrawal (POS with purchase) R3.00 R3.00 R5.00 R5.00 +66.7%
Deposit (Branch) 0.80% of value R4.00 1.5% of value R7.50 +87.5%
Debit orders R5.00 R5.00
Account fee (PAYT) R6.00 R6.00

You can view the Bidvest Bank Grow fee schedule here.


Bidvest Bank Grow Account (PAYT) 2020 Fees R500 transaction 2021 Fees R500 transaction % Change
Withdrawal (ATM) R6.00 + 1.4% of value R13.00
Withdrawal (POS with purchase) R6.00 + 0.5% of value R8.50
Deposit (Top-up) Free Free
Debit orders n/a
Account fee (PAYT) Free

You can view the Spot Money fee schedule here.


Read: 2021 South African banking fees compared: Capitec vs Absa vs Standard Bank vs Nedbank vs FNB

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The cheapest bank accounts in South Africa – how Spot Money compares to the rest