Quick Facts

• Cheapest account starts at R7.50 per month (MyMo)
• Only need South African ID to open account online
• Free unlimited card swipes on all accounts

Standard Bank is one of South Africa’s “Big 4” banks, serving millions of customers across the country. Whether you’re opening your first bank account or switching from another bank, this guide explains everything you need to know about Standard Bank’s services, costs, and how to get started safely.

We’ll cover the three main account types, current 2025 fees, and help you choose the right account for your needs and budget.

✅ Standard Bank Account Types (2025)

MyMo Account – R7.50 per month

Best for: Students, young people, and those with basic banking needs

• Pay only for transactions you use
• Free unlimited card swipes
• No minimum monthly income required
• Ages 16-25 get Varsity Vibe discounts
• Can open online with just your ID

MyMo Plus Account – R115 per month

Best for: Working people who make regular transactions

• Bundle of free transactions included
• Free cash withdrawals up to R3,000 at Standard Bank ATMs
• Free debit orders and electronic transfers
• Free prepaid airtime and electricity
• UCount Rewards points on purchases

Achieva Account – From R115 per month

Best for: People wanting banking, insurance, and credit in one package

• Includes MyMo Plus Account features
• Gold credit card (subject to affordability)
• Free R10,000 accidental death cover
• Free will drafting service
• Access to loans and revolving credit
• Money management tools

What You Need to Open an Account

For All Accounts:

• Age: 16 years or older
• Identity: Green barcoded South African ID or Smart Card ID
• Residence: Must live in South Africa
• Contact: Valid cellphone number

Under 18 Years Old:

If you’re under 18 and don’t have an ID, you need to apply in-branch with a parent or guardian. Bring:

• Original birth certificate
• Certified copy of parent/guardian’s ID
• Parent/guardian must be present

✅ How to Open Your Account

Option 1: Online Application (Fastest)

1. Visit standardbank.co.za
2. Click “Open An Account”
3. Choose your account type
4. Fill in your personal details
5. Upload photos of your ID (front and back)
6. Create your Internet Banking profile
7. Start banking immediately online

Option 2: Standard Bank App

1. Download the Standard Bank app
2. Select “Open An Account”
3. Follow the step-by-step process
4. Take photos of your ID with your phone
5. Complete verification

Option 3: Visit a Branch

Bring your ID and visit any Standard Bank branch. A consultant will help you choose the right account and complete the application.

Banking Services Available

Digital Banking:

• Internet Banking (online)
• Standard Bank Mobile App
• SMS banking
• USSD banking (*120*2345#)

Payment Options:

• Debit orders (automatic payments)
• Electronic transfers (EFTs)
• Instant Money (send cash via SMS)
• Card payments (in-store and online)
• Scan to Pay (QR codes)

Cash Services:

• ATM withdrawals (Standard Bank and other banks)
• Cash deposits at ATMs
• Branch deposits and withdrawals
• Cashback at participating retailers

⚠️ Common Fees (2025)

Note: Fees shown are as of September 2025. Some fees may vary based on transaction amounts. Always check current pricing on Standard Bank’s website.

🚨 Stay Safe from Banking Scams

Common Scams to Watch For:

SMS/Email Phishing

Fake messages claiming to be from Standard Bank asking you to click links or share banking details. Standard Bank will NEVER ask for your PIN, password, or OTP via SMS or email.

Phone Call Scams (Vishing)

Criminals phone pretending to be from the bank, often claiming your account is compromised and asking for login details to “secure” it.

SIM Swap Fraud

Fraudsters take control of your phone number to receive your banking OTPs. If you suddenly lose network signal, contact your provider immediately.

How to Protect Yourself:

• Never share your PIN, password, or OTP with anyone
• Don’t click on links in unexpected SMSs or emails
• Always type the bank’s website address yourself
• Enable app/internet banking notifications
• Check your account regularly for unknown transactions
• If in doubt, call Standard Bank directly on 0860 123 000

Comparing with Other Banks

Standard Bank competes with other major South African banks. Here’s how they compare for basic accounts in 2025:

Standard Bank’s Advantages:

• Large branch and ATM network across South Africa
• Strong mobile app and internet banking
• Comprehensive insurance and credit products
• International banking services
• Good student and youth programs

Potential Disadvantages:

• Not the cheapest option available
• Higher fees for premium accounts
• Can be crowded at popular branches
• Some digital banks offer more innovative features

✅ Which Standard Bank Account Should You Choose?

Choose MyMo (R7.50/month) if you:

• Are a student or have limited income
• Don’t make many banking transactions
• Want the cheapest possible option
• Mainly use card payments and rarely withdraw cash
• Are comfortable paying per transaction

Choose MyMo Plus (R115/month) if you:

• Have a steady income and make regular transactions
• Withdraw cash frequently (over R3,000 per month)
• Use debit orders and electronic transfers often
• Want predictable monthly costs
• Buy prepaid airtime and electricity regularly

Choose Achieva (from R115/month) if you:

• Want banking, credit, and insurance together
• Are looking to build your credit history
• Value the convenience of one-stop financial services
• Want access to loans and revolving credit
• Are interested in financial planning tools

⚠️ Your Rights as a Banking Customer

You Have the Right To:

• Receive clear information about all fees and charges
• Get monthly statements (electronic or printed)
• Cancel debit orders and stop payments
• Dispute unauthorised transactions
• Close your account at any time (with proper notice)
• Complain if you’re not satisfied with service

Where to Complain:

• Standard Bank complaints: 0860 123 000
• Banking Ombudsman: 0860 800 900
• National Credit Regulator: 0860 627 627
• Financial Sector Conduct Authority: 0800 110 443

Standard Bank is a solid choice for most South Africans, especially if you value having physical branches nearby and comprehensive services under one roof. The MyMo account at R7.50 per month is particularly good value for young people and those with basic banking needs.

However, don’t automatically choose Standard Bank without comparing. Banks like TymeBank offer free accounts, while Capitec might be slightly cheaper. Consider your specific needs, location, and how you prefer to bank before making your final decision.

Remember: you’re not locked in forever. You can always switch banks later if your needs change or you find a better deal elsewhere. The most important thing is to start banking safely and legally, building your financial foundation for the future.