2024 could be the year you shift to one of SA’s cheapest banks. Barring those lucky ones with an annual bonus, money is tight for many South African’s ahead of the December break.
TRENDING: Important INFO if you’re applying for a South African ID online
So, we decided to break down the service, withdrawal and deposit fees to find SA’s cheapest banks. These are primarily entry-level accounts, but let’s see what we can find. As reported by Business Tech, 2023 has been a tough year for embattled consumers who are in debt like never before in the face of consumer inflation.
SA’S CHEAPEST BANKS
To this end, we’re going to compare eleven entry-level accounts to find the bank that will cost you the least to run an account. Unlike our story on service, deposit and withdrawal fees of each bank, this time we’re going to break it down one bank at a time.
|SHOPRITE MONEY MARKET
|FNB EASY ZERO
|ABSA TRANSACT ACCOUNT
|STANDARD BANK MYMO
|CAPITEC GLOBAL ONE
|AFRICAN BANK MYWORLD
|BIDVEST BANK GROW ACCOUNT
|OLD MUTUAL MONEY ACCOUNT
CONFIRMED: All SASSA payment DATES for 2024
When looking to find SA’s cheapest banks, in some instances, the withdrawal and deposit fees may vary depending on the retail outlet/ATM you use. The figures listed we correct at the time of writing and refer to each bank’s dedicated facilities. Please do let us know if you find service charges different to those stated.
CHEAPEST TOTAL BUNDLE
Nevertheless, the bundle total gives you a good idea of the charges you’ll be in for at each bank. Shoprite Money Market ranks first, followed by FNB Easy Zero in second with single-digit service fees. Nedbank MiGoals is the third most affordable bank in South Africa, followed by TymeBank, ABSA Transact and Standard Bank MyMo.
From there on, with transaction fees beyond R20, you have Capitec Bank Global One, African Bank MyWorld and Bidvest Bank Grow Account. Bringing up the tail with the two most expensive service fees bundles are Bank Zero and the Old Mutual Money Account.
NEXT READ: How much are vehicle license renewal fees?
Did you find this look into SA’s cheapest banks helpful? Would you change your bank based on this knowledge? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates.
CLICK HERE TO READ MORE ARTICLES FROM RAY LEATHERN