In short: GoTyme Bank, Bank Zero and FNB Easy Zero have no standard monthly account fee, but that does not make every transaction free. For a month with one R1,000 ATM withdrawal and four R500 instant payments, GoTyme costs R10 before any debit orders or extras. Bank Zero costs R36 and Capitec R25.50 for the same activity. Add five debit orders and Bank Zero stays at R36 while Capitec rises to R40.50. Your cheapest account depends on how you use cash, payments and debit orders. Confirm current fees with the bank before switching.
Last checked: November 2026.
Compare the monthly fee with the transactions you actually use
This comparison is for personal, everyday banking, not business accounts, credit cards or fixed deposits. It is a shortlist, not every account available in South Africa. The amounts below are bank fees, not the cash withdrawn or money paid to someone else.
| Account | Monthly fee | One R1,000 local ATM withdrawal | One R500 instant payment to another bank |
|---|---|---|---|
| GoTyme Bank Current Account | R0 | R10 at any SA ATM | Free |
| Bank Zero personal account | R0 | R10 | R6.50 |
| Capitec Main Account | R7.50 | R10 at any SA bank ATM | R2 using PayShap |
| Absa Transact | R7.50 | R11 at an Absa ATM within the first R2,000 withdrawn that month | R2 using PayShap to a ShapID |
| Standard Bank MyMo | R7.50 | R10 within the first R2,000 withdrawn that month | R2 using PayShap to a ShapID |
| Nedbank MiGoals | R8 | R12 at a Nedbank ATM | Free using PayShap to a ShapID |
| FNB Easy PAYU | R8 | R12 at an FNB ATM | R3.50 |
| FNB Easy Bundle | R77 | Included within a shared R1,500 monthly FNB ATM and Cash@Till allowance | Included within a R1,000 monthly real-time payment allowance, then R3 to a ShapID or R5 to an account number |
These instant-payment prices depend on the route selected. A ShapID payment is not necessarily priced like a payment to an account number. For example, Nedbank MiGoals charges R10 for PayShap to an account, even though paying a ShapID is free. Capitec’s separate immediate-payment service costs R6 rather than the R2 PayShap fee.
Absa’s R11 ATM rate applies at its own ATMs for the first R2,000 a month, then R2.70 per R100 or part thereof. Standard Bank’s R10 rate applies at Standard Bank and other bank ATMs for the first R2,000 combined per month, then R2.80 per R100 or part thereof. Do not extend either introductory cash allowance to unlimited withdrawals.
Official pricing: GoTyme fees and charges, Bank Zero 2026 pricing, Capitec 2026 fees, Absa 2026 pricing, MyMo 2026 pricing, Nedbank 2026 everyday banking pricing and FNB Easy pricing.
A sample month, with and without debit orders
The first column prices one R1,000 withdrawal and four R500 instant payments, with no debit orders. Use the ATM and payment route specified above. The second adds five successful external debit orders. Both include the monthly fee. These are examples, not a forecast of your bill.
| Account | No debit orders | With five debit orders |
|---|---|---|
| GoTyme | R10 | R10 plus any applicable debit-order fees, confirm with the bank |
| Bank Zero | R36 | R36 (debit orders free) |
| Capitec Main Account | R25.50 | R40.50 (R3 each) |
| Absa Transact | R26.50 | R44 (R3.50 each) |
| Standard Bank MyMo | R25.50 | R43 (R3.50 each) |
| Nedbank MiGoals | R20 | R40 (R4 each) |
| FNB Easy PAYU | R34 | R51.50 (R3.50 each) |
| FNB Easy Bundle | R83 | R83 (debit orders included) |
FNB Easy Bundle uses its R1,000 free real-time payment allowance on the first two R500 payments. The remaining two cost R3 each to a ShapID, giving R77 + R6 = R83.
The example excludes cash deposits, prepaid purchases, SMS alerts, unpaid items, card replacement, international activity, optional rewards subscriptions and once-off card delivery. Local card purchases are free on the accounts above. Interest and rewards are not deducted from fees. Count a reward only if you qualify and would use it anyway.
Why a zero monthly fee can still cost you money
- GoTyme: The Current Account has no monthly fee, but an account with no Current Account transaction for six months or longer attracts R7 a month. ATM withdrawals cost R10 per R1,000. Code-based TymeCode withdrawals at Pick n Pay and Boxer are free; withdrawing with your debit card at retailers costs R3. Instant payments up to R5,000 are free and payments above R5,000 cost R7.
- Bank Zero: The 2026 guide applies to all incomes and any balance, with no minimum balance required. Debit orders, ordinary EFTs and card purchases are free. Instant payments and cash are not. Cash at a till costs R2.50. The guide lists a R5 monthly inactivity fee after more than six months without use, only where the balance is above R0. A card collected at Clicks costs R83 once-off; street delivery costs R125, with R30 extra outside metros.
- FNB Easy Zero: It has no monthly account fee, but does not support debit orders. Its guide sets spending limits of R3,000 daily and R24,999 monthly, and a maximum balance of R14,000. An FNB ATM withdrawal costs R12 per R1,000 and Cash@Till costs R3. It is not a like-for-like substitute if you need debit orders or higher limits.
See FNB Easy Zero’s current pricing and limits. For account features beyond fees, see our Bank Zero guide and GoTyme Bank guide.
When a bundle or a higher-fee account makes sense
Compare a bundle against the transactions it actually includes. FNB Easy Bundle’s R77 monthly fee is R69 more than Easy PAYU’s R8. It can save money only if the included activity saves enough to cover that difference. Extra payments, cash beyond allowances and excluded services can still cost more.
Discovery Gold remains a higher-fee comparison rather than a low-cost default. Its Gold pay-as-you-transact guide lists a R35 total monthly fee, including R20 for Vitality Money. The Gold bundled guide lists R170, including R45 for Vitality Money. Optional products cost extra. Compare rewards you will genuinely use against the full cost, rather than treating rewards as guaranteed cash savings.
Check that you qualify before switching
- GoTyme: Its registration page requires you to be at least 16, with a valid South African ID number and an active South African cellphone number.
- Bank Zero: Its account terms cover South African citizens and permanent residents aged 16 or older, plus younger children invited by a parent or legal guardian. Banking is app-driven, so check that your phone can run the app.
- FNB Easy Zero: The product page requires a South African resident with a valid South African ID, aged 16 or older.
- Absa Transact: The application requirements list a valid SA ID or passport for foreign nationals and proof of residence not older than three months. No payslip or minimum income is required.
- Standard Bank MyMo: Its product page lists no monthly income requirement. Applicants must be SA citizens living in South Africa, aged at least 16. Under-18 application rules differ depending on whether you have an ID.
Capitec’s Main Account requires a R30 minimum balance as well as its monthly fee. Nedbank’s MiGoals account costs R8 before optional extras such as Greenbacks membership. Ask each bank to confirm the documents and account limits that apply to you, especially if you use a passport, receive grants or need help in a branch.
Work out your own cheapest option
- Use your last three statements. Count debit orders, EFTs, instant payments, cash withdrawals, deposits, airtime and electricity purchases.
- Price the exact transaction route. Ordinary EFT, PayShap to a ShapID and immediate payment may have different charges.
- Compare cash access near home and work. A cheaper till withdrawal is useful only if a participating retailer has cash available.
- Add the monthly fee, optional subscriptions and once-off costs. Avoid unpaid debit orders and use free in-app alerts where these meet your needs.
- Confirm the effective date of the pricing guide. Absa, MyMo and Nedbank use 2026 pricing from January; Capitec’s displayed fees are valid from March 2026. FNB’s guide runs from 1 July 2026 to 30 June 2027. Discovery’s cited Gold guides apply from 1 September 2026. A guide covering part of 2027 is not the same as a future fee increase. Do not use announced future prices before they take effect.
- Move your salary and debit orders carefully. Keep enough money in the old account until you have confirmed that each payment has moved, then ask the old bank about closing it.
For service, access and features rather than price alone, read our best bank in South Africa guide.
General information only, not financial advice. Fees and account rules can change. Confirm the bank’s current pricing and eligibility before applying or switching.