{"id":694521,"date":"2023-06-11T17:30:29","date_gmt":"2023-06-11T15:30:29","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=694521"},"modified":"2023-06-11T17:52:21","modified_gmt":"2023-06-11T15:52:21","slug":"the-cheapest-bank-accounts-in-south-africa-right-now","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/694521\/the-cheapest-bank-accounts-in-south-africa-right-now\/","title":{"rendered":"The cheapest bank accounts in South Africa"},"content":{"rendered":"

South Africans are currently facing major economic headwinds, with the poor the most affected.<\/p>\n

In its financial results for the six months ended 31 March 2023, African Bank<\/a> said that its credit impairments skyrocketed – up 240% to R2,240 million (H1 22: R658 million) – as its clients, mainly in the lower-income segment, struggled with high food prices and fuel inflation.<\/p>\n

Moreover, Capitec, which also primarily caters for the lower-income segment, said that its total net credit impairment charge on gross loans and advances grew by 80% to R6.3 billion (2022: R3.5 billion).<\/p>\n

Capitec added that the difficult economic conditions have seen more of its clients going into debt review, moving into arrears and default and balances being rescheduled.<\/p>\n

Amidst the struggling economic environment, BusinessTech decided to look at the cheapest entry-level bank accounts.<\/p>\n

\n

Monthly fees <\/strong><\/p>\n

Monthly management fees for entry-level accounts are the most obvious charge for consumers, with banks fighting to undercut their competitors.<\/p>\n

Given the nature of most entry-level accounts, the monthly handling fee is quickly becoming obsolete, with six of the 11 accounts not having a monthly admin fee at all.<\/p>\n

Capitec, the pioneers of the low-fee account scheme, offers the most expensive monthly admin fee at R7.00<\/p>\n

Although monthly fees can be rebated within the account, this analysis looks only at the fees.<\/p>\n

\"\"<\/a><\/p>\n

\n

Withdrawals<\/strong><\/p>\n

Although banks are increasingly trying to digitise all payments, cash remains king in South Africa, especially amongst lower-income groups.<\/p>\n

However, having cash on hand is still a necessity for middle- and upper-income households.<\/p>\n

Banks will offer withdrawals at their own-brand ATMS or via partnerships with retailers, such as TymeBank’s partnership with Pick n Pay. Accessing cash at a competitor-branded ATM will usually incur a higher cost.<\/p>\n

According to the data, Old Mutual’s Money Account has the highest fees (R15,00) for a R500 withdrawal.<\/p>\n

\"\"<\/a><\/p>\n

\n

Deposits <\/strong><\/p>\n

Deposits are less rigid than they once were, with customers able to place deposits at ATMs, branches, points of sale or digitally.<\/p>\n

Despite running on a no Fees basis, Bank Zero has the joint highest fee (R19.95) when depositing R500.<\/p>\n

On the other end of the scale, the FNB Easy Zero and Shoprite Money Market accounts offer no fees for a R500 deposit.<\/p>\n

\"\"<\/a>A more in-depth analysis of the fees offered by South Africa’s banks can be found below:<\/p>\n

\n

\"\"<\/a>
\n<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
Capitec Global One<\/th>\n2022\/23 Fees<\/th>\nR500 transaction<\/th>\n2023\/24 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR8.00 \/ R1000<\/td>\nR8.00<\/td>\nR9.50 \/ R1000<\/td>\nR9.50<\/td>\n+18.8%<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\nR10.50 \/ R1000<\/td>\nR10.50<\/td>\n+5.0%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.75<\/td>\nR1.75<\/td>\nR1.75<\/td>\nR1.75<\/td>\n–<\/td>\n<\/tr>\n
Deposits<\/td>\nR1.30 \/ R100<\/td>\nR6.50<\/td>\nR1.40 \/ R100<\/td>\nR7.00<\/td>\n+7.7%<\/span><\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR6.50<\/td>\n–<\/td>\nR7.00<\/td>\n–<\/td>\n+7.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

You can review Capitec’s 2023\/24 pricing here<\/a><\/strong>.<\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n
FNB Easy Zero<\/strong><\/th>\n2022\/23<\/th>\nR500 transaction<\/th>\n2023\/24 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR7.00 \/ R1,000<\/td>\nR7.00<\/td>\nR8.50 \/ R1000<\/td>\nR8.50<\/td>\n+21.43%<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR12.00 + R2.30 \/ R100*<\/td>\nR23.50<\/td>\nR12 + R2.40 \/ R100*<\/td>\nR24.oo<\/td>\n+2.13%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Account Fee<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* R12 fee will be waived on peak days: 1st, 3rd, 25th and 31st of a month<\/p>\n

You can review FNB’s 2023\/24 pricing here<\/a><\/strong>.<\/p>\n<\/div>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Shoprite Money Market<\/th>\n2021\/22 Fees<\/th>\nR500 transaction<\/th>\n2022\/23 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\n–<\/td>\n–<\/td>\nR5.00<\/td>\nR5.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\n–<\/td>\n–<\/td>\nn\/a<\/td>\nn\/a<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\n–<\/td>\n–<\/td>\nR5.00<\/td>\nR5.00<\/td>\n–<\/td>\n<\/tr>\n
Deposits<\/td>\n–<\/td>\n–<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Debit orders<\/td>\n–<\/td>\n–<\/td>\nn\/a<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\n–<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Shoprite are yet to update their fees for 2023\/24.<\/a><\/strong><\/p>\n

\n
\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Absa Transact Account<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR8.00 \/ R1000<\/td>\nR8.00<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n+25%<\/span><\/td>\n<\/tr>\n
Withdrawal (Saswitch)<\/td>\n R12.00+R2.30 \/ R100<\/td>\nR23.50<\/td>\n R10.00+R2.50 \/ R100<\/td>\nR22.50<\/td>\n-4.26%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\nFree<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR2.30 \/ R1.00<\/td>\n R11.50<\/td>\nR2.50 \/ R100<\/td>\nR12.50<\/td>\n+8.69%<\/span><\/td>\n<\/tr>\n
Debit orders (internal)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Debit orders (external)<\/td>\nR3.50<\/td>\n–<\/td>\nR1.00<\/td>\n–<\/td>\n-71.42%<\/span><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nR4.90<\/td>\n–<\/td>\nR4.90<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Absa’s full 2023 price guide<\/a> can be found here.<\/strong><\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Standard Bank MyMo PAYT<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR8.00 \/ R1000<\/td>\nR8.00<\/td>\nR8.00 \/ R1000<\/td>\n R8.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR10.50 \/ R1000<\/td>\nR10.50<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n-5%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR1.40<\/td>\nR1.40<\/td>\nR1.40<\/td>\nR1.40<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.00 \/ R100<\/td>\nR5.00<\/td>\nR1.20 \/ R100<\/td>\nR6.00<\/td>\n+25%<\/span><\/td>\n<\/tr>\n
Debit orders<\/td>\nR3.50<\/td>\n–<\/td>\nR3.50<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR4.95<\/td>\n–<\/td>\nR5.95<\/td>\n–<\/td>\n+20.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
<\/div>\n
Standard Bank’s MyMo 2023 pricing can be found here.<\/a><\/strong><\/div>\n
\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Nedbank Migoals<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR9.00 \/ R1000<\/td>\nR9.00<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n+11.11%<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR11.00+R2.30 \/ R100<\/td>\nR22.50<\/td>\n R10.00+R10.00 \/ R1000<\/td>\nR20.00<\/td>\n-8.88%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR1.30 \/ R100<\/td>\nR6.50<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n+53.85%<\/span><\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n–<\/td>\nR2.00<\/td>\n–<\/td>\n+R2.00<\/span><\/td>\n<\/tr>\n
Debit order (external)<\/td>\nR5.50<\/td>\n–<\/td>\nR2.00<\/td>\n–<\/td>\n-63.63%<\/span><\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Nedbank changed their PayU account to a MiGoals account <\/a><\/strong><\/p>\n

 <\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
African Bank MyWORLD<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR9.50 \/ R1000<\/td>\nR9.50<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n+5.26%<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\n R9.50 \/ R1000<\/td>\nR9.50<\/td>\nR10.00 \/ R1000<\/td>\nR10.00<\/td>\n+5.26%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (ATM)<\/td>\nR3.00 \/ R100<\/td>\nR15.00<\/td>\nR3.50 \/ R100<\/td>\nR17.50<\/td>\n+16.67%<\/span><\/td>\n<\/tr>\n
Debit orders (external only)<\/td>\nR3.00<\/td>\n–<\/td>\nR3.00<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the 2023 African Bank MyWorld Account fees here.<\/a><\/strong><\/p>\n

\n

\"\"<\/a><\/p>\n

 <\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
TymeBank Account<\/th>\n2021\/22 Fees<\/th>\nR500 transaction<\/th>\n2022\/23 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Debit card – PnP\/Boxer)<\/td>\nR3.00*<\/td>\nR3.00<\/td>\nR3.00<\/td>\nR3.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (ATM)<\/td>\nR10.00<\/td>\nR10.00<\/td>\nR10.00<\/td>\nR10.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR3.00<\/td>\nR3.00<\/td>\nR3.00<\/td>\nR3.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (PnP\/Boxer)<\/td>\nR7.00<\/td>\nR7.00<\/td>\nR7.00<\/td>\nR7.00<\/td>\n–<\/td>\n<\/tr>\n
Debit order (internal)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Debit order (external)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee (PAYT)<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view the TymeBank Fees here.<\/a><\/strong><\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Old Mutual Money Account<\/th>\nJan 2022 Fees<\/th>\nR500 transaction<\/th>\nJan 2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR15.00 \/ R1000<\/td>\nR15.00<\/td>\nR15.00 \/ R1000<\/td>\nR15.00<\/td>\n–<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR15.00 \/ R1000<\/td>\nR15.00<\/td>\nR15.00 \/ R1000<\/td>\nR15.00<\/td>\n–<\/span><\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/span><\/td>\n<\/tr>\n
Deposit<\/td>\nR12.00*<\/td>\nR12.00<\/td>\nR19.95<\/td>\nR19.95<\/td>\n+66.25%<\/span><\/td>\n<\/tr>\n
Debit orders<\/td>\nR3.00<\/td>\n–<\/td>\nR3.50<\/td>\n–<\/td>\n+16.66%<\/span><\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR4.95<\/td>\n–<\/td>\nR4.95<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

* At Shoprite, Checkers and uSave, price increases to R19.95<\/em><\/p>\n

You can view the Old Mutual Money Account fee schedule for 2023<\/a> here.<\/strong><\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Bidvest Bank Grow Account<\/th>\n2021\/22 Fees<\/th>\nR500 transaction<\/th>\n2022\/23 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (Native)<\/td>\nR6.00\/R1000<\/td>\nR6.00<\/td>\nR6.50 \/ R1000<\/td>\nR6.50<\/td>\n+8.3%<\/span><\/td>\n<\/tr>\n
Withdrawal (Other)<\/td>\nR10.00 + R2.80\/R100<\/td>\nR24.00<\/td>\nR10.00 + R2.90\/R100<\/td>\nR24.50<\/td>\n+2.1%<\/span><\/td>\n<\/tr>\n
Withdrawal (POS with purchase)<\/td>\nR5.00<\/td>\nR5.00<\/td>\nR5.00<\/td>\nR5.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (Branch)<\/td>\n3.0% of value<\/td>\nR15.00<\/td>\n3.0% of value<\/td>\nR15.00<\/td>\n–<\/td>\n<\/tr>\n
Debit orders<\/td>\nR5.00<\/td>\n–<\/td>\nR5.00<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Account fee (PAYT)<\/td>\nR6.00<\/td>\n–<\/td>\nR6.00<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

2023\/24 fees are yet to be announced for the Bidvest Bank Grow account<\/a><\/strong><\/p>\n

\n

\"\"<\/a><\/p>\n

\n
\n\n\n\n\n\n\n\n
Bank Zero<\/th>\n2022 Fees<\/th>\nR500 transaction<\/th>\n2023 Fees<\/th>\nR500 transaction<\/th>\n% Change<\/th>\n<\/tr>\n
Withdrawal (ATM)<\/td>\nR9.00 \/ R1000<\/td>\nR9.00<\/td>\nR9.00 \/ R1000<\/td>\nR9.00<\/td>\n–<\/td>\n<\/tr>\n
Withdrawal (POS)<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\nR2.00<\/td>\n–<\/td>\n<\/tr>\n
Deposit (retail)<\/td>\nn\/a<\/td>\nn\/a<\/td>\nR19.95<\/td>\nR19.95<\/td>\n+R19.95<\/span><\/td>\n<\/tr>\n
Debit orders<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Monthly account fee<\/td>\nFree<\/td>\n–<\/td>\nFree<\/td>\n–<\/td>\n–<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

You can view Bank Zero’s 2023 pricing schedule <\/a>here.<\/strong><\/p>\n

\n

Read: <\/strong>Warning over bank reversals in South Africa<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Six banks in South Africa offer entry-level accounts with no monthly fees. <\/p>\n","protected":false},"author":95,"featured_media":695271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,76,26,1799,499],"class_list":["post-694521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/694521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=694521"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/694521\/revisions"}],"predecessor-version":[{"id":695351,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/694521\/revisions\/695351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/695271"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=694521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=694521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=694521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}