How do you use money?

• Do you use cash daily or prefer cards?
• How many transactions do you make per month?
• Do you pay bills online or at branches?
• Do you receive your salary into the account?

What services do you need?

• Do you need a physical bank branch nearby?
• Is internet and mobile banking important to you?
• Do you need to send money overseas?
• Will you apply for loans or credit cards?

What is your budget?

• Can you afford monthly account fees?
• How much do you pay for banking now?
• What is the minimum balance you can keep?

1. Monthly Account Fees

This is what you pay just to have the account. In 2025, fees range from R0 to R150 per month. Digital banks like TymeBank and Bank Zero charge R0. Traditional banks charge between R5 and R150 depending on the account type.

2. Transaction Fees

You pay these fees every time you use your account. This includes ATM withdrawals, EFT payments, and debit orders. Transaction fees can add up quickly if you bank frequently.

• ATM withdrawals: R8 to R15 per transaction
• EFT payments: R0 to R40 depending on the bank
• Debit orders: R2 to R3.50 each
• Cash deposits: R5 to R12 per R100

3. Digital Banking Services

A good banking app saves you time and money. You can check your balance, pay bills, and send money instantly. All major South African banks now offer mobile banking. Some are better than others.

4. Branch and ATM Access

If you use cash often, you need ATMs nearby. Traditional banks have thousands of branches and ATMs. Digital banks use partners like Pick n Pay and Boxer for cash services.

5. Customer Service

When you have problems, you need help quickly. Check if the bank has a helpline, WhatsApp support, or live chat. Read reviews from other customers about their experience.

6. Security and Fraud Protection

In 2024, digital banking fraud increased by 86% in South Africa. Choose a bank with strong security features like two-factor authentication, biometric login, and fraud alerts. All banks must protect you against fraud, but response times differ.

7. Interest on Savings

Some banks pay you interest on the money in your account. TymeBank offers up to 11% interest on savings. Capitec offers 3.5% on your main account balance. This extra money adds up over time.

8. Additional Services

Look at what else the bank offers. Do they provide loans? Credit cards? Insurance? Rewards programmes? Some banks give you cashback when you shop at certain stores.

🥇 TymeBank (Cheapest Overall)

Monthly Fee: R0

Best For: Digital-first users who shop at Pick n Pay or Boxer

Key Features:

• Zero monthly fees
• Cash withdrawals: R2 per transaction at Pick n Pay/Boxer
• Cash deposits: First R2,000 free per month at retail partners
• Debit orders: R2 each
• EFT payments: Free to other TymeBank users, R6 to other banks
• GoalSave account: Up to 11% interest
• No physical branches

Verdict: Best choice if you are comfortable with digital banking and use Pick n Pay or Boxer regularly. You can save hundreds of Rands per year.

🥈 Bank Zero

Monthly Fee: R0

Best For: People who make many EFT payments

Key Features:

• Zero monthly fees
• ATM withdrawals: R9 per R1,000 at any ATM
• Cash deposits: R9 per R1,000 through retail partners
• Debit orders: R3.50 each
• EFT payments: Free for all EFT transfers
• Up to 9% interest on savings
• Digital only, no branches

Verdict: Perfect for people who pay bills online and send money through EFT. Free transfers save you money if you bank electronically.

🥉 Capitec (Best Traditional Option)

Monthly Fee: From R6

Best For: People who want low fees and physical branches

Key Features:

• Low monthly fee: R6 for basic account
• ATM withdrawals: R9.50 per R1,000 at Capitec ATMs
• Cash deposits: R1.40 per R100
• 3.5% interest on your main account balance
• Excellent mobile app and USSD banking
• Over 800 branches nationwide
• Affordable credit options available

Verdict: Best balance of low costs and branch access. Good choice for people transitioning from cash to digital banking.

FNB (First National Bank)

Monthly Fee: From R5.25 (Easy PAYU)

Best For: Rewards and cashback programmes

Key Features:

• Easy PAYU account: R5.25 per month (cheapest traditional bank entry-level)
• Several free transactions included
• Grocery rewards at Shoprite, Checkers, Usave
• 99c for R5 bread at Shoprite when you swipe
• 15% data cashback on FNB Connect
• Strong digital banking platform
• Wide network of ATMs and branches

Verdict: Good for people who want rewards and do not mind a small monthly fee. The grocery benefits can offset the fee.

ABSA

Monthly Fee: From R5 (Transact account)

Best For: Low-income earners under R3,000 per month

Key Features:

• Transact account: R5 per month (for those earning under R3,000)
• Free transfers to cellphone numbers (1 per month)
• Free cash withdrawals at shop counters
• Innovative ChatWallet feature
• Good branch network
• Automatically upgraded to Flexi if you earn more

Verdict: The Transact account is excellent for low-income earners. Note that you will be upgraded automatically if your income increases.

Standard Bank

Monthly Fee: From R10 (MyMo Pay-As-You-Transact)

Best For: Full-service banking and premium services

Key Features:

• MyMo account: R10 per month
• ATM withdrawals: R8 per R1,000
• Free card swipes
• Strong international banking services
• Excellent business banking options
• Largest ATM network in South Africa
• Premium private banking available

Verdict: Best for people needing comprehensive banking services. Higher fees but more services and support.

Nedbank

Monthly Fee: From R10 (Pay-As-You-Use)

Best For: Students and young adults

Key Features:

• Pay-As-You-Use: Pay only for services you use
• Special student accounts with benefits
• ATM withdrawals: R11 per R1,000
• Good savings account options
• Strong rewards programme
• Wide branch network

Verdict: Good for students and people who do not transact frequently. The Pay-As-You-Use model works well for low-volume users.

Monthly Account Fee

This is charged every month just for having the account. It ranges from R0 to R150. Some accounts include free transactions in this fee. Others charge separately for each transaction.

ATM Withdrawal Fee

Charged when you take cash from an ATM. Your own bank’s ATMs are cheaper (R8-R11 per R1,000). Other banks’ ATMs cost more (R10.50-R15 per R1,000). Many retailers offer cash back at no extra cost.

EFT (Electronic Fund Transfer) Fee

This is when you send money to another bank account online. Costs between R0 and R40. Instant payments cost more than scheduled payments. Some banks offer free EFTs to other customers of the same bank.

Debit Order Fee

Charged when someone takes money from your account automatically (like insurance or cell phone contracts). Costs R2 to R3.50 per debit order. This adds up if you have many monthly deductions.

Cash Deposit Fee

When you deposit cash at a branch or ATM. Usually R5 to R12 per R100 deposited. Digital banks often use retail partners where first R2,000 per month is free.

SMS Notification Fee

Banks charge 45c to R1 per SMS alert. This can be R15-R30 per month. Use free app notifications instead to save money.

1. Transactional Account (Current Account)

This is your main everyday account. You receive your salary here. You pay bills and use your debit card from this account. Most people have this type of account.

Best for: Daily banking, receiving salary, paying bills

2. Savings Account

Designed for saving money over time. Usually pays higher interest than transactional accounts. Some require you to leave money for a certain period. Others let you take money out anytime.

Best for: Emergency funds, saving for goals, earning interest

3. Fixed Deposit Account

You lock your money for a fixed period (3 months to 5 years). Cannot access money during this time. Earns higher interest than regular savings. Penalties if you withdraw early.

Best for: Long-term savings, money you do not need immediately

4. Tax-Free Savings Account (TFSA)

Special savings account where you pay no tax on interest earned. Limit of R36,000 per year and R500,000 lifetime. Perfect for long-term savings and retirement planning.

Best for: Long-term wealth building, retirement savings

5. Student Account

Special accounts for students with reduced fees or no fees. Usually requires proof of student status. May have limits on transactions. Good way to start banking as a young person.

Best for: University and college students

1. SIM Swap Fraud

What happens: Criminals get a new SIM card with your number. They receive your OTP messages and access your bank account. 60% of mobile banking fraud involves SIM swaps.

Warning signs:

• Your phone suddenly has no signal
• You receive messages about a SIM swap you did not request
• You get OTP messages you did not request

How to protect yourself:

• Never share OTP codes with anyone
• Register with SAFPS (South African Fraud Prevention Service)
• If you lose signal, call your bank immediately
• Use biometric login instead of SMS OTP where possible

2. Vishing (Voice Phishing)

What happens: Someone calls pretending to be from your bank. They say there is a problem with your account. They ask for your banking details or OTP.

Common lies they tell:

• “Your account has been compromised”
• “We need to verify your identity”
• “Someone is trying to do a SIM swap on your number”
• “Your money needs to be moved to a safe account”

How to protect yourself:

• Banks NEVER call and ask for passwords or OTPs
• Hang up and call your bank directly using the number on their website
• Do not press any numbers during the call
• Do not click links sent during phone calls

3. Phishing (Fake Emails and SMS)

What happens: You receive an email or SMS that looks like it is from your bank. It has a link to a fake website. When you enter your details, criminals steal them.

Warning signs:

• Poor spelling and grammar
• Urgent threats (“Your account will be closed!”)
• Suspicious links (check the URL carefully)
• Requests for personal information

How to protect yourself:

• Never click links in SMS or email from your bank
• Go directly to your bank’s app or website
• Check the sender’s email address carefully
• Banks send information messages, not links

4. Stolen Phone Banking Fraud

What happens: Criminals steal your phone and access your banking apps. In 2025, 189 phones are stolen daily in South Africa. Criminals can bypass security features and drain your account within minutes.

How to protect yourself:

• Use strong PINs (not birthdays or 1234)
• Enable biometric login (fingerprint or face)
• Never save banking passwords on your phone
• Set up two-factor authentication
• If phone is stolen, call bank IMMEDIATELY to block access

5. QR Code Phishing (“Quishing”)

What happens: Criminals create fake QR codes. When you scan them, they take you to fake banking websites or download malware onto your phone.

How to protect yourself:

• Only scan QR codes from trusted sources
• Check the URL before entering any information
• Use your bank’s official app for payments

⚠️ GOLDEN RULE: What Banks NEVER Do

• Banks NEVER call and ask for your password
• Banks NEVER ask for your OTP over the phone
• Banks NEVER send you links via SMS or email
• Banks NEVER ask you to move money to a “safe account”
• Banks NEVER ask you to download software to fix your account

• SABRIC (Banking Risk Centre): Report fraud immediately
• SAFPS (Fraud Prevention): 0860 000 272
• Your bank’s fraud line: Call the number on the back of your card
• SAPS (Police): 10111 – Report all fraud

Step 1: Choose Your New Bank

Compare banks using this guide. Consider fees, services, and convenience. Open a new account at your chosen bank. This usually takes 10-30 minutes.

Step 2: List All Your Transactions

Write down all debit orders and stop orders. Include:

• Insurance payments
• Cell phone contracts
• Store accounts
• Loan repayments
• Salary deposits
• Any recurring payments

Step 3: Move Your Salary

Give your employer your new bank details. Allow one month for this change to take effect. Keep your old account open during this time.

Step 4: Transfer Debit Orders

Contact each company that takes debit orders. Give them your new bank details. Most can be changed online or by phone. Keep records of all changes.

Step 5: Test Everything

Keep both accounts open for 2-3 months. Make sure all payments go through your new account. Check that your salary arrives correctly. Ensure all debit orders work.

Step 6: Close Old Account

Once everything works smoothly, close your old account. Visit the branch or call customer service. Make sure there are no outstanding fees. Get confirmation in writing.

Your Banking Rights

• Right to clear information about fees and charges
• Right to a bank account (basic Mzansi account)
• Right to privacy and data protection (POPI Act)
• Right to fair treatment and non-discrimination
• Right to lodge complaints and get responses
• Right to compensation if bank makes mistakes

Where to Get Help

If you have problems with your bank, follow these steps:

1. Contact your bank first: Call customer service or visit a branch. Keep records of all communication. Get reference numbers for your complaints.
2. Banking Ombudsman: If your bank does not solve your problem within 6 weeks, contact the Ombudsman for Banking Services. Phone: 0860 800 900. Email: info@nfosa.co.za. This service is FREE.
3. National Credit Regulator (NCR): For credit and loan complaints. Phone: 0860 627 627. Website: www.ncr.org.za
4. Financial Sector Conduct Authority (FSCA): For serious complaints about bank conduct. Phone: 0800 110 443. Email: info@fsca.co.za

Important Contact Numbers