While South Africa\u2019s banks ramp up competition to offer the most affordable banking account for consumers, they have not forgotten about their premium clients.<\/p>\n
With few exceptions, South Africa’s banks offer a wide variety of bank accounts to meet the needs of customers with different banking requirements.<\/p>\n
Even the one-account Capitec Bank has moved to offer more, having introduced a credit offering for clients of its Global One account who need higher-level banking options.<\/p>\n
For low income earners, or those who have simpler transaction needs, all banks now offer entry-level accounts, which are competitively priced to try and capture the market once dominated by Capitec.<\/p>\n
The “golden” mid-tier bank account offerings have also broadened over the years, with banks trying to draw in customers with inclusive bundles that cover most of the day-to-day transactions of South Africa’s middle class.<\/p>\n
Finally, there are premium accounts, which throw on all the bells and whistles high-income earners might enjoy including access to airport lounges, and direct access to traders and wealth managers to assist with more complex transactions.<\/p>\n
For a breakdown of mid-level (‘gold’) accounts, you can read:\u00a0South Africa\u2019s 2017 banking fees compared<\/a><\/strong><\/p>\n Below, we’ve broke down the costs involved with South Africa’s cheapest, and most expensive bank accounts.<\/p>\n South African entry-level accounts<\/strong><\/p>\n Determining the cheapest account in South Africa would depend on the types of transactions a client would need. From a pure entry level, Absa’s Transact account carries the lowest monthly fee (R4.95), and also the lowest withdrawal fee at point of sale (R1.15).<\/p>\n Withdrawals are a little more complicated, as Standard Bank and FNB charge per R100 – while the other banks carry a single fee. This means the former two are cheaper as for withdrawals under R300 (at R4.80 and R5.55, respectively), but get more expensive than the other banks after that point.<\/p>\n