South Africa’s cheapest bank accounts: Capitec vs the rest

February 19, 2020
Posted in Article
February 19, 2020 Tumelo Moloi

Capitec has published its updated fee schedule for 2020/21, including a price freeze on the monthly account fee, debit orders and digital banking costs.

However, there are relatively steep increases for customers who continue to deal in cash.

According to Capitec, digital banking is changing the way South Africans are handling their finances, which underpins its digital banking focus.

While this bodes well for the bank’s ever-increasing presence in the middle market, the bank has lost some ground in the price war in the entry-level market which still largely deals in cash.

Of the 14 entry-level accounts in South Africa, only two (Bidvest Bank’s Grow account and Standard Bank’s Access account) have a higher monthly account fee than Capitec’s Global One Account.

Capitec customers can effectively pay off their monthly account fee through interest earned on a positive balance, but the entry-level market is increasingly seeing options that nix the monthly fee altogether, without these terms and conditions.

When it comes to putting money into, or taking money out of one’s account, Capitec now also falls somewhere in the middle of all the banks – with newer entrants such as TymeBank, FNB Easy Zero and African Bank’s MyWORLD account undercutting the bank’s previous lead in this space.


Monthly fees


Taking money out


Putting money in


Entry-level banking

South Africa’s entry-level bank accounts vary greatly in form and functionality, with several lenders offering more than one entry-level account.

For example, Nedbank has an extremely basic account in its MobiMoney account, which carries no monthly costs, but limited transactional capabilities.

The same can be said for the FNB Easy Zero account, which was formerly a mobile-only account with no card. This has changed for the 2019/20 period, but the account still cannot be used for debit orders.

These accounts are meant for low transactions (with limits set on how much money can be processed each month), with entry-level bankers looking for slightly more sophisticated transactions encouraged to move to the next tier.

It should also be noted that many of these accounts also offer rebates and interest on positive cash balances, which can offset many of the monthly transaction costs. These have not been taken into account here.

Discovery Bank does not have an entry-level transactional account and thus has been excluded.


Capitec Global One2019/20 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R6.00 / R1000R6.00R8.00 / R1000R8.00+33.3%
Withdrawal (Other)R8.00 / R1000R8.00R9.00 / R1000R9.00+12.5%
Withdrawal (POS)R1.00R1.00R1.20R1.20+20.0%
Deposits (Cash at ATM)R1.00 / R100R5.00R1.20 / R100R6.00+20.0%
Debit orders (ATM)R3.50R3.50
Account fee (PAYT)R5.00R5.00

Absa Transact Account2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R6.50R6.50R6.00/R1000R6.00-7.7%
Withdrawal (Saswitch)R10.50 + R1.50 / R100R18.00R11.50 + R2.00/R100R21.50+19.4%
Withdrawal (POS)R1.60R1.60R1.00R1.00-37.5%
Deposit (ATM)R4.50 + R1.50 / R100R12.00R2.00/R100 R10.00-20.0%
Debit orders (internal)FreeFree
Debit orders (external)R3.80R3.50-7.9%
Monthly account fee (PAYT)R5.30R4.90-7.5%

Absa’s full 2020 pricing can be found here.


Standard Bank MyMo2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R6.50 >R1000< R13.00R6.50R6.50 >R1000< R13.00R6.50
Withdrawal (Other)R12.00 >R1000< R18.00R12.00R12.00 >R1000< R18.00R12.00
Withdrawal (POS)R1.40R1.40R1.40R1.40
Deposit (ATM)R1.65/R100R8.25R1.70/R100R8.50+3.0%
Debit order (internal)R3.50R3.50
Debit order (external)R3.50R3.50
Account fee (PAYT)R4.95R4.95
Standard Bank Access Account2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R1.85/R100R9.25R1.90/R100R9.50+2.7%
Withdrawal (Other)R9.00 + R1.85/R100R18.25R9.00 + R1.90/R100R18.50+1.4%
Withdrawal (POS)R1.40R1.40R1.40R1.40
Deposit (ATM)R1.65/R100R8.25R1.70/R100R8.50+3.0%
Debit order (internal)FreeFree
Debit order (external)R5.50R5.50
Account feeR5.60R5.80+3.6%

Standard Bank’s MyMo 2020 pricing can be found here. The Access Account 2020 pricing can be found here.


Nedbank MobiMoney2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R10.00R10.00R10.00R10.00
Withdrawal (Other)n/an/an/an/an/a
Withdrawal (POS)n/an/an/an/an/a
Deposit (Intelligent depositor ATM)Free to R4000FreeFree to R4000Free
Debit order (internal)n/an/an/a
Debit order (external)n/an/an/a
Account feeFreeFree
Nedbank PAYU Account2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R7.00R7.00R7.00/R1000R7.00
Withdrawal (Other)R8.00 + R2.00/R100R18.00R10.00 + R2.00/R100R20.0011.1%
Withdrawal (POS)R2.00R2.00R2.00R2.00
Deposit (Intelligent depositor ATM)R1.00/R100R5.00R1.00/R100R5.00
Debit order (internal)FreeFree
Debit order (external)R5.50R5.50
Monthly account fee (PAYT)FreeFree

Nedbank’s 2020 pricing can be found here.


FNB Easy Zero2018/19 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R10.95 or R13.95R10.95R6.00/R1000R6.00-65.2%
Withdrawal (Other)n/an/aR10.00/R1000R10.00
Withdrawal (POS)R1.50R1.50R1.00R1.00
Deposit (ATM)R10.95 or R13.95R10.95Free to R1500Free-100.0%
Debit order (internal)n/an/a
Debit order (external)n/an/a
Account feeFreeFree
FNB Easy Account (PAYU)2018/19 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R1.90/R100R9.50R6.00/R1000R6.00-36.8%
Withdrawal (Other)R9.00 + R1.90/R100R18.50R10.00/R1000R10.00-45.9%
Withdrawal (POS)R1.60R1.60R1.00R1.00-37.5%
Deposit (ATM)R0.95/R100R4.75R1.00/R100R5.00+5.2%
Debit order (internal)FreeR2.50
Debit order (external)R3.75R3.50-6.7%
Account feeR5.75R4.95-13.9%

You can findFNB’s Easy 2019/20 pricing guide here. The Easy Zero 2019/20 price guide is here.


FinBond FinSave Value2018/19 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R10.00 + 0.9% of valueR14.50n/a
Withdrawal (Other)R10.00 + 0.9% of valueR14.50n/a
Withdrawal (POS)R3.00R3.00n/a
Deposit (Branch)R2.00/R100R10.00n/a
Debit ordersR2.50n/a
Account fee (PAYT)Freen/a
FinBond FinSave Lite2018/19 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R12.00 + 0.9% of valueR16.50n/a
Withdrawal (Other)R12.00 + 0.9% of valueR16.50n/a
Withdrawal (POS)R3.50R3.50n/a
Deposit (Branch)R2.50/R100R12.50n/a
Debit ordersR2.50n/a
Account fee (PAYT)R4.95n/a

You can view the FinBond FinSave Lite and FinSave Value fees here.


African Bank MyWORLD2018 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native ATM)R6.00 /R1000R6.00n/a
Withdrawal (Other ATM)R6.00 / R1000R6.00n/a
Withdrawal (POS)R2.00R2.00n/a
Deposit (ATM)2% of amountR10.00n/a
Debit orders (external only)R4.00n/a
Monthly account fee (PAYT)Freen/a

You can view the African Bank MyWorld Account fees here.


TymeBank Account2018 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native ATM)FreeFreen/a
Withdrawal (Other ATM)R8.00 / R1 000R8.00n/a
Withdrawal (POS)R2.00R2.00n/a
Deposit (PnP/Boxer)R4.00R4.00n/a
Debit order (internal)Freen/a
Debit order (external)R2.00n/a
Monthly account fee (PAYT)Freen/a

You can view the TymeBank Fees here.


Old Mutual Money Account2018/19 FeesR500 transaction2019/20 FeesR500 transaction% Change
Withdrawal (Native)R6.50R6.50R7.00/R1000R7.00+7.7%
Withdrawal (Other)R8.50R8.50R10.00/R1000R10.00+17.6%
Withdrawal (POS)R1.50R1.50R1.00R1.00-33.3%
Deposit (ATM)R7.50R7.50R5.00*R5.00-33.3%
Debit order (internal)R3.50Free-100%
Debit order (external)R3.50R2.00-42.9%
Account fee (PAYT)R4.50R4.95+10.0%

* At Shoprite, Checkers and uSave


Bidvest Bank Grow Account (PAYT)2019 FeesR500 transaction2020 FeesR500 transaction% Change
Withdrawal (Native)R6.00R6.00R6.00R6.00
Withdrawal (Other)R6.00 + R1.40/R100R13.00R6.00 + R1.80/R100R15.00+15.4%
Withdrawal (POS with purchase)R5.00R5.00R3.00R3.00-40.0%
Deposit (Branch)0.80% of valueR4.000.80% of valueR4.00
Debit order (internal)R5.00R5.00
Debit order (external)R5.00R5.00
Account fee (PAYT)R6.00R6.00

source : https://bit.ly/2P7XsjJ

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