This guide is for anyone in South Africa choosing a bank, comparing everyday account fees or looking for a how-to guide for their own bank. Every fee in the comparison table was taken from the bank’s own website or pricing guide on 29 October 2026.
In short: most big South African banks now charge between R0 and R8 a month for their entry-level account. GoTyme Bank (formerly TymeBank) and Bank Zero charge no monthly fee, OM Bank starts from R4.95, and Capitec, Absa, Standard Bank and African Bank charge R7.50. FNB Easy PAYU and Nedbank MiGoals cost R8. Discovery Bank and Investec cost more and are built around rewards and premium service. Your deposits at any registered bank are protected up to R100,000 by the Corporation for Deposit Insurance (CODI), and the National Financial Ombud (NFO) handles complaints your bank does not resolve.
On this page:
- Quick summary
- Entry-level accounts compared
- Bank by bank guides
- How to choose a bank
- Digital banks vs traditional banks
- How to switch banks
- Is your money safe? CODI explained
- Complaints and the National Financial Ombud
- Help, fraud and support guides
- Transfers and payments guides
- FAQ
Quick summary
- Lowest monthly fee: GoTyme Bank and Bank Zero (R0). OM Bank Personal Account from R4.95.
- Most branches and widest reach: Capitec, Absa, FNB, Nedbank and Standard Bank all have national branch networks and full banking apps.
- Rewards focused: Discovery Bank (Vitality Money and Discovery Miles), FNB (eBucks), Absa (Absa Rewards) and Nedbank (Greenbacks).
- Premium private banking: Investec, from R705 a month with an income requirement.
- Deposit protection: up to R100,000 per person per bank through CODI, automatically and free.
- Unresolved complaint: complain to your bank first, then go to the NFO for free.
Entry-level bank accounts compared (October 2026)
This table shows each bank’s cheapest everyday transaction account and its monthly fee. Transaction fees such as ATM withdrawals and payments are charged on top. For a full worked cost comparison, see our bank fees comparison guide.
| Bank | Entry account | Monthly fee | Fee period | Key features (from the bank) |
|---|---|---|---|---|
| Capitec | Capitec Main Account | R7.50 | Fees valid from 1 March 2026 | R2 payment to other banks, R2 PayShap, R6 immediate payment, R10 per R1,000 at any SA ATM |
| GoTyme Bank (formerly TymeBank) | Current Account | R0 | Current fee page, October 2026 | Instant payments free up to R5,000 (R7 above), cash at Pick n Pay and Boxer tills with TymeCode, 0% forex markup on international card purchases |
| Bank Zero | Personal account | R0 | 2026 pricing | Free debit orders, EFTs and card purchases, R10 per R1,000 at ATMs, R6.50 immediate payments to most banks |
| OM Bank | Personal Account | From R4.95 | Current product page, October 2026 | App sign up, cash withdrawals at Shoprite, Checkers, Boxer and Pick n Pay, savings account with no monthly fee |
| Absa | Transact Account | R7.50 | 2026 pricing | Unlimited free card swipes and till-point withdrawals, R5,000 life cover for the first 12 months, Absa Rewards |
| Standard Bank | MyMo Account | R7.50 | 2026 pricing guide (from 1 January 2026) | R2 PayShap, R3.50 debit orders, R10 per R1,000 at ATMs up to R2,000 a month |
| African Bank | MyWORLD Account | R7.50 | Pricing as at 1 October 2026 | Includes up to five savings pockets, R1 PayShap under R100 |
| FNB | Easy PAYU Account | R8 | Pricing 1 July 2026 to 30 June 2027 | Unlimited card swipes, flat R3.50 real-time payments, eBucks |
| Nedbank | MiGoals | R8 | Pricing 1 January to 31 December 2026 | R4 debit orders, R12 per R1,000 at ATMs, Greenbacks rewards, no monthly fee on MiGoals for kids |
| Discovery Bank | Gold Transaction Account (pay as you transact) | R35 (R15 account fee plus R20 Vitality Money) | Fees effective 1 September 2026 | For income under R350,000 a year, Vitality Money rewards, real-time forex accounts |
| Investec | Private Bank Account | R705 (R355 for young professionals under 30) | Fee structures from 1 August 2026 | Premium private banking for earners from R800,000 a year, multicurrency pockets |
Fees change at least once a year, usually in January, March, July or September depending on the bank. Always confirm on the bank’s own pricing guide before you open an account.
Bank by bank guides
Pick your bank below for our detailed guides.
Capitec
South Africa’s largest bank by client numbers, with one main transaction account, branches in most towns and a widely used app.
- Everything you need to know about Capitec
- Capitec app download, login and features
- How to get a proof of payment from Capitec
- Capitec SWIFT code
Absa
FNB
- FNB online banking guide
- FNB eWallet
- How to reverse an FNB eWallet
- FNB eBucks rewards guide
- How to get proof of payment from FNB
Nedbank
Standard Bank
- Standard Bank online banking guide
- Standard Bank Instant Money
- How to reverse a payment on the Standard Bank app
Discovery Bank
GoTyme Bank (formerly TymeBank)
TymeBank now trades as GoTyme Bank. Our older guides still use the TymeBank name in places.
Bank Zero
Investec
African Bank, OM Bank and others
African Bank offers the MyWORLD transaction account as well as personal loans (see our African Bank loan guide). OM Bank is Old Mutual’s bank, opened through its app, with the physical card collected at Old Mutual branches. Smaller registered banks are also covered by CODI deposit insurance; CODI publishes its list of member banks.
How to choose a bank
The cheapest account is not always the best one for you. Work through these questions:
- How do you get paid and spend? If you mostly swipe your card, an account with free card purchases matters more than cheap ATM fees. If you draw cash, look at till-point withdrawals, which are often cheaper than ATMs.
- How many payments do you make? Count your debit orders and transfers in a normal month. Each one costs R2 to R4 at most banks, so a bundle can work out cheaper if you make many.
- Do you need a branch? Digital-only banks are cheap, but you cannot walk in to sort out a problem.
- Do you want rewards? Rewards programmes can pay back more than their cost, but only if you use the partner stores and meet the activity rules.
- What documents do you have? You need an ID and usually proof of address. See which banks open an account without proof of address and opening an account as a foreigner.
For more detail, read the cheapest bank account in South Africa and our banking app comparison.
Digital banks vs traditional banks
| Digital banks | Traditional banks | |
|---|---|---|
| Examples | GoTyme Bank, Bank Zero, Discovery Bank, OM Bank | Absa, FNB, Nedbank, Standard Bank, Capitec |
| Monthly fees | Often R0 or very low | Usually R7.50 to R8 for entry accounts, higher for bundles |
| Branches | None or very few | National branch networks |
| Opening an account | In the app, usually in minutes | In the app or at a branch |
| Cash | Mainly through retailer tills and ATMs | ATMs, branches and retailer tills |
| Best for | Card spenders who are comfortable with apps | People who want face-to-face help or many products in one place |
Both types are registered banks regulated by the Prudential Authority, and deposits at both are covered by CODI.
How to switch banks
- Open the new account first and get a bank confirmation letter from the app.
- Give the new details to your employer. See how to switch your salary to a new bank account.
- Move your debit orders. Contact each company you pay (insurance, gym, phone contract) and give them the new account. DebiCheck debit orders need a new mandate that you approve on the new account.
- Update SARS and SASSA if they pay you. See changing your banking details with SARS and linking a SASSA grant to your bank account.
- Keep the old account open for one or two months so any missed debit orders or payments do not bounce.
- Close the old account once it has a zero balance and no more activity. Ask for a closure letter.
Is your money safe? CODI explained
The Corporation for Deposit Insurance (CODI), part of the South African Reserve Bank, has protected bank deposits since 1 April 2024.
- Cover is up to R100,000 per person per bank, including interest.
- It is automatic and free. All registered banks are members.
- It covers current, transaction, savings, notice, fixed-term and tax-free savings accounts.
- It does not cover unit trusts, shares, e-money balances or credit card balances in credit.
- All your accounts at one bank are added together for the R100,000 limit. Accounts at different banks are covered separately.
If you have more than R100,000 in savings, spreading it across more than one bank keeps more of it covered. CODI queries go to CODI@resbank.co.za.
Complaints and the National Financial Ombud
If your bank does not fix a problem, the National Financial Ombud Scheme (NFO) can help for free. It took over the work of the old Ombudsman for Banking Services and also covers credit providers and insurers.
- Complain to your bank first, in writing, and keep the reference number.
- If the bank does not resolve it or you disagree with its answer, lodge a complaint with the NFO.
- Contact the NFO on 0860 800 900, WhatsApp 076 574 8055 or info@nfosa.co.za.
For fraud and disputed transactions, see how to dispute fraudulent transactions.
Help, fraud and support guides
- After-hours banking support for every bank
- How to talk to a real person at SA banks
- Bank WhatsApp numbers
- USSD codes for all South African banks
- How to block a lost or stolen bank card
- What to do if you are a victim of bank fraud
- What to do if your bank freezes your account
- How to claim money from an old bank account
Transfers and payments guides
- Bank transfer times in South Africa
- PayShap: ShapID, limits and fees
- How to reverse a payment at every bank
- Paid the wrong account? What to do
- How to stop debit orders on banking apps
- Banking rewards programmes compared
- Best bank in South Africa
FAQ
GoTyme Bank (formerly TymeBank) and Bank Zero charge no monthly fee on their everyday accounts. OM Bank’s Personal Account starts from R4.95 a month. Transaction fees still apply, so check what you will actually use.
Yes. TymeBank now trades as GoTyme Bank. Its Current Account has no monthly fee.
Capitec’s Main Account costs R7.50 a month, according to Capitec’s fees valid from 1 March 2026.
Deposits at registered banks are protected by CODI up to R100,000 per person per bank, including interest. Cover is automatic and free.
Complain to your bank first. If it does not resolve the problem, contact the National Financial Ombud Scheme on 0860 800 900 or WhatsApp 076 574 8055. The service is free.
Digital banks such as GoTyme Bank, Bank Zero and Discovery Bank are registered banks regulated by the Prudential Authority, and their deposits are covered by CODI in the same way as traditional banks.
Yes. Many people keep a cheap digital account for card spending and a traditional account for their salary and debit orders. CODI also covers each bank separately.
Last checked: 29 October 2026. Monthly fees were taken from each bank’s own website or pricing guide on that date, and the CODI and NFO details from their official websites. Banks change their fees regularly, so confirm on the linked page before you open an account.
This guide is general information, not financial advice. Contact your bank directly about your own accounts.