Quick Facts

• TymeBank and Bank Zero have R0 monthly fees
• Capitec charges R7.50 per month with simplified fees
• All three banks are fully licensed and SARB regulated
• Combined customer base exceeds 34 million South Africans

Overview: Three Different Banking Approaches

South Africa’s banking landscape changed dramatically in 2025. Three banks now dominate the affordable banking market, each with a different approach to serving South Africans.

Capitec Bank started in 2001 and revolutionised banking with simple, low fees. Today it has 24 million customers and the largest ATM network in South Africa. Capitec charges R7.50 monthly but offers physical branches and widespread cash access.

TymeBank launched in 2019 as South Africa’s first fully digital bank. With over 11 million customers, TymeBank offers zero monthly fees and partners with Pick n Pay and Boxer stores for cash services. It reached profitability in December 2023.

Bank Zero launched in 2021 as a mutual bank, meaning customers are co-owners. It has approximately 700,000 customers and focuses on zero-fee digital banking with no physical branches or ATMs. In June 2025, Lesaka Technologies acquired Bank Zero to expand its reach.

💰 Monthly Fees & Transaction Costs Comparison

Capitec Banking Fees (2025)

Capitec simplified its fees in 2025 to five clear price points: R1, R2, R3, R6, and R10.

• Monthly fee: R7.50 (includes all digital banking features)
• Payments between Capitec accounts: R1
• EFT payments to other banks: R2
• Debit orders: R3
• Immediate payments (real-time): R6
• ATM withdrawals (per R1,000): R10 at any ATM
• Cash deposits (per R100): R1 at Capitec ATMs

TymeBank Banking Fees (2025)

TymeBank offers zero monthly fees and focuses on keeping costs low for digital users.

• Monthly fee: R0
• EFT to other banks: R6
• Payments between TymeBank accounts: Free
• Debit orders: R2
• ATM withdrawals: R10 per R1,000 at Pick n Pay/Boxer partner ATMs; R2.50 + R10 per R1,000 at other ATMs
• Cash deposits: First R2,000 free per month at Pick n Pay/Boxer tills; then R6 per R1,000
• Card purchases: Free (local and online)

Bank Zero Banking Fees (2025)

Bank Zero has zero monthly fees and focuses on electronic banking with minimal cash services.

• Monthly fee: R0
• EFT to other banks: Free
• Payments between Bank Zero accounts: Free
• Debit orders: Free
• ATM withdrawals: R9 per R1,000 at any ATM
• Cash deposits: Currently not available
• Card purchases: Free (local and online)
• Initial card fee: One-time fee for physical card

💡 Example: Monthly Cost for Typical User

Person who does: 5 EFTs, 2 ATM withdrawals, 3 debit orders monthly

Key Features & Services

What Each Bank Offers

Capitec Features:

• 850+ physical branches across South Africa
• 8,798 ATMs (largest network in SA)
• Personal loans up to R250,000
• Credit cards available
• Funeral cover insurance
• 24/7 customer service (0860 10 20 43)
• Mobile app with 12.4 million active users
• GlobalOne transactional account with savings features

TymeBank Features:

• No physical branches (fully digital)
• 1,000+ kiosks at Pick n Pay, Boxer and TFG stores
• EveryDay Personal and Business accounts
• GoalSave savings with up to 10% interest
• MoreTyme buy-now-pay-later credit (lending paused April 2025)
• Free cash withdrawals at Pick n Pay/Boxer tills
• Account opening in under 5 minutes
• Smart Shopper rewards integration

Bank Zero Features:

• 100% digital (no branches or ATMs)
• Mutual bank (customers are co-owners)
• Single account for personal and business use
• Free EFT payments to any bank
• QR code payment system
• In-app approval for all online purchases
• Debit order notifications with reject options
• Patented anti-fraud card technology

✅ ATMs & Cash Access Options

How you access cash differs significantly between these three banks. This is crucial for South Africans who still need physical cash regularly.

Capitec Cash Access

Best for: People who need frequent cash access and prefer visiting bank branches.

• 8,798 Capitec ATMs nationwide (growing, not shrinking)
• 850+ branches with tellers for deposits and queries
• R10 per R1,000 withdrawal at any ATM
• R1 per R100 for cash deposits at Capitec ATMs
• Can withdraw at other banks’ ATMs without extra fees

TymeBank Cash Access

Best for: Shoppers who regularly visit Pick n Pay or Boxer stores.

• No own ATMs (uses partner retailers)
• Free cash withdrawals at Pick n Pay and Boxer tills
• 1,000+ kiosks for card collection and account opening
• R10 per R1,000 at partner ATMs (Pick n Pay/Boxer)
• R2.50 + R10 per R1,000 at other banks’ ATMs
• First R2,000 free for cash deposits monthly at tills

Bank Zero Cash Access

Best for: Digital users who rarely need cash and do mostly electronic payments.

• No own ATMs or branches
• R9 per R1,000 at any South African ATM
• Cash deposits currently NOT available
• Focuses on cashless, digital-only banking
• Moving toward partnership agreements for future cash services

Savings Accounts & Interest Rates

All three banks offer savings options, but TymeBank currently offers the highest interest rates in South Africa.

TymeBank GoalSave (Winner for Interest)

• Up to 10% interest per year (as of 2025)
• Interest increases after 90 days if salary paid into TymeBank
• 10-day notice period for withdrawals to earn highest rates
• Maximum R100,000 can earn the 10% rate
• Goal-based savings pockets to save for specific targets

Capitec Savings

• Flat interest rate across all balance ranges (changed 2025)
• Up to 4.85% on savings (lower than TymeBank)
• GoalSave feature for targeted savings
• Fixed deposits up to 60 months available
• Interest earned on positive transactional balances

Bank Zero Savings

• 7-day, 32-day and 45-day notice accounts
• Interest rates: 2.1% to 3.9% depending on amount and notice period
• 32-day notice with over R1,000 earns 2.6% annually
• Lowest interest rates of the three banks
• Focus on savings discipline rather than high returns

🚨 Critical Scam Warnings for All Three Banks

Banking fraud increased by 40% in South Africa in 2025 according to SABRIC. All three banks are being targeted by scammers. You must protect yourself.

Common Scams Targeting These Banks

1. Fake “Fraud Department” Calls

Scammers call pretending to be from Capitec or TymeBank’s fraud department. They say there are suspicious transactions on your account. They ask you to:

• Log into your banking app while on the call
• Send money to a “safe account”
• Approve transactions to “stop fraud”
• Share OTP codes or PINs

REALITY: Your bank will NEVER ask you to move money to stop fraud. Never share OTP codes. Only call the official numbers on the back of your bank card.

2. SMS Phishing (Smishing)

You receive an SMS that looks like it’s from your bank. It says:

• “Suspicious activity detected – click here to verify”
• “Your account will be closed – update details now”
• “Unauthorised debit orders – approve reversal”

REALITY: Never click links in SMS messages. Capitec, TymeBank and Bank Zero will NEVER send links to log into your banking app. Delete these messages immediately.

3. SIM Swap Fraud

Scammers swap your SIM card to receive your OTP codes and access your bank account. They do this by:

• Phoning you and tricking you into sharing personal information
• Visiting your mobile operator pretending to be you
• Physically swapping SIM cards during face-to-face interactions

PROTECT YOURSELF: If your phone suddenly loses signal, contact your mobile operator immediately. Enable SIM swap notifications with your provider.

4. Fake Job Advertisements

Scammers post fake Capitec job ads on Facebook, especially for “ATM assistance” positions. These ads:

• Promise R8,000 to R12,000 monthly salary
• Require no experience or qualifications
• Ask you to pay “training fees” upfront
• Direct you to fake external job sites

REALITY: Capitec, TymeBank and Bank Zero only advertise jobs on their official websites. No legitimate employer asks for upfront payments.

How to Protect Yourself

• Never share your PIN, password or OTP codes with anyone
• Never move money to “safe accounts” – this is always a scam
• Only call official numbers: Capitec 0860 10 20 43 | TymeBank customer service via app
• Enable transaction notifications on your banking app (not SMS)
• Check your account daily for unauthorised transactions
• Use biometric login (fingerprint) instead of passwords
• Never log into banking apps on public WiFi
• Report scam attempts to SABRIC immediately

What to Do If You’re Scammed

Act immediately if you suspect fraud:

1. Call your bank immediately to freeze your account
2. Report to your bank’s fraud department
3. Open a case at your nearest police station
4. Report to SABRIC (South African Banking Risk Information Centre)
5. Contact the Banking Ombudsman: 0860 800 900

Pros & Cons of Each Bank

Capitec Bank

✅ PROS:

• Largest ATM network in South Africa (8,798 ATMs)
• 850+ physical branches for face-to-face service
• Can deposit cash at ATMs and branches
• Offers personal loans up to R250,000
• 24/7 customer support via phone
• Simplified fee structure (5 clear price points)
• Excellent mobile app with 12.4 million users

❌ CONS:

• R7.50 monthly fee (not free like competitors)
• Lower savings interest rates than TymeBank
• Transaction fees add up for frequent users
• R10 per R1,000 for ATM withdrawals
• High fraud complaints in 2025

TymeBank

✅ PROS:

• R0 monthly fee (completely free)
• Highest savings rate: 10% on GoalSave
• Free cash withdrawals at Pick n Pay/Boxer tills
• Account opens in under 5 minutes
• First R2,000 cash deposits free monthly
• Over 11 million customers (proven track record)
• Achieved profitability in December 2023
• Ranked #1 bank in South Africa by Forbes 2024

❌ CONS:

• No physical branches (digital only)
• R6 per EFT to other banks (expensive)
• No personal loans available (lending paused April 2025)
• Only one credit card option (limited)
• Low Trustpilot score (1.7/5) due to fraud complaints
• Slow fraud resolution reported by customers
• Not suitable for non-tech-savvy users

Bank Zero

✅ PROS:

• R0 monthly fee (completely free)
• Free EFT payments to any bank (best for transfers)
• Free debit orders (best for recurring payments)
• Patented anti-fraud card technology
• In-app approval for online purchases (extra security)
• Simple, transparent pricing on one page
• Mutual bank model (customers co-own the bank)

❌ CONS:

• No cash deposit facilities (major limitation)
• Smallest customer base (700,000+ users)
• Lowest savings interest rates (2.1% to 3.9%)
• No credit products or loans offered
• 100% digital only (not for everyone)
• One-time card issuing fee required
• Limited proven track record compared to competitors

✅ Which Bank Should You Choose?

The best bank for you depends on how you use money. Here’s a simple guide to help you decide.

Choose Capitec If:

• You regularly use cash and need to deposit cash often
• You prefer visiting physical branches for help
• You need personal loans or credit facilities
• You want the security of a large, established bank
• You don’t mind paying R7.50 monthly for convenience
• You live in rural areas with Capitec branches
• You’re not confident using only digital banking

Choose TymeBank If:

• You shop regularly at Pick n Pay or Boxer
• You want to save money with 10% interest rates
• You want zero monthly fees
• You’re comfortable using only a mobile app
• You want to open an account in under 5 minutes
• You need free cash withdrawals when shopping
• You don’t need personal loans right now

Choose Bank Zero If:

• You do mostly electronic payments (EFTs and debit orders)
• You rarely use cash
• You want zero fees on EFTs and debit orders
• You value extra security features for online shopping
• You’re very comfortable with digital-only banking
• You don’t need to deposit cash
• You like the idea of co-owning your bank

⚠️ Are All Three Banks Safe?

Yes. All three banks are fully licensed and regulated by the South African Reserve Bank (SARB).

This means:

• Your deposits are protected up to R100,000 per bank
• All must follow the same security standards
• All are supervised by the Prudential Authority
• All must comply with POPI Act (data protection)
• All must follow National Credit Act regulations

However, customer complaints about fraud resolution differ:

• TymeBank has fraud complaints about slow refunds (Trustpilot 1.7/5)
• Capitec faces criticism for account freezing without notice
• Bank Zero has fewer fraud reports (smaller customer base)

For Most South Africans: TymeBank offers the best value with R0 monthly fees, 10% savings interest, and free cash withdrawals at Pick n Pay/Boxer. However, keep a Capitec account if you need cash deposits or personal loans.

For Digital-First Users: Bank Zero is the cheapest option if you do mainly electronic transfers and rarely use cash. Free EFTs and debit orders save you significant money over time.

For Traditional Banking Needs: Capitec remains the best choice if you need physical branches, cash deposits, personal loans, or comprehensive banking services in one place. The R7.50 monthly fee is worth it for these features.

Smart Money Move: Use TymeBank GoalSave for your savings (10% interest), Bank Zero for EFTs (free), and Capitec for cash access. You can have accounts at all three banks simultaneously.

Critical Security Reminder: Regardless of which bank you choose, enable all security features, never share OTP codes, and check your account daily for unauthorised transactions. Banking fraud increased 40% in 2025 – stay vigilant.