Our previous Banking Fee Guides was so popular that we've decided to create an entire section dedicated to bringing you up-to-date information about South Africa’s banks.
We’re talking account fees, loans, insurance policies, innovations, customer service and more.
And since comparing things is what we do best, we’ve lined up each bank’s offerings side-by-side so you can quickly and easily see who’s bringing the most value.
Ever wonder why comparing banking fees is so important? You might think it’s only R100 a month—just another small expense. But have you ever considered the long-term impact? Let’s break it down for you:
💡 Imagine this: If you opened a bank account at 16 and paid R100 a month in fees, by the time you're 65, you would have spent R58,800—and that’s assuming fees never increased! They typically go up by 2-5% every few years, making the total even higher.
Sound like a lot now? It should! Below is a quick look at how even small monthly fees add up over time:
| Monthly Fee | Total After 5 Years | Total After 10 Years | Total After 20 Years | Total After 30 Years |
|---|---|---|---|---|
| R50 | R3,000 | R6,000 | R12,000 | R18,000 |
| R100 | R6,000 | R12,000 | R24,000 | R36,000 |
| R200 | R12,000 | R24,000 | R48,000 | R72,000 |
Now that you see how quickly banking fees can add up, it's clear why scrutinising your monthly costs is a good move. In this guide, we’ll walk you through:
By the end, you’ll know exactly which bank offers the best value for your hard-earned money.
We didn’t just scratch the surface when researching banking fees. Our team delved deep, using reliable industry reports and up-to-date comparisons from trusted sources like the Solidarity Research Institute and leading financial publications. This ensures that the fee structures we present are not only accurate but comprehensive.
We’ve gathered data from South Africa’s top banks, including digital banks like TymeBank and Bank Zero, as well as traditional banks like FNB, Capitec, and Standard Bank. By comparing everything from monthly fees to transaction charges, we’ve created an easy-to-read guide that helps you quickly identify where you can save.
We’ve also included the latest fee updates for 2024 so you can make an informed decision.
One way that banks try to beat the competition is by offering low fees on their accounts. These fees change year on year – so let's see how fees have evolved in the last four years by comparing the entry level transactional accounts of some of South Africa's leading banks. Get your specs on, it's time for a historical fees comparison!
💡 Banks have different products and we're trying to compare apples with apples, so for this breakdown we're looking at admin fees, digital transfers and withdrawals. Click here for a more detailed look at each account's different fees – including for deposits, debit orders, stop orders and more.
| Bank | 2021 Fees | 2022 Fees | 2023 Fees | 2024 Fees |
|---|---|---|---|---|
| Absa Transact | R4.90 | R4.90 | R4.90 | R5.50 |
| Bank Zero Zero Account | Free | Free | Free | Free |
| Capitec Global One | R5 | R5 | R7 | R7.50 |
| Discovery Bank Gold PAYT* | N/A | N/A | R20** | R25** |
| FNB Easy PayU | R4.95 | R4.95 | R4.95 | R6.50 |
| Nedbank Pay-As-You-Use | Free | Free | Free | R5 |
| Standard Bank MyMo PAYT | R4.95 | R4.95 | R5.95 | R6.95 |
| TymeBank EveryDay | Free | Free | Free | Free |
*PAYT = Pay as you transact
**Includes Vitality Savings and Money Account
Digital funds transfers offer a convenient way to send money through mobile apps, online banking platforms, or USSD codes. These methods are fast, secure, and available anytime, allowing you to manage your finances effortlessly from your device.
| Bank | 2021 Fees | 2022 Fees | 2023 Fees | 2024 Fees |
|---|---|---|---|---|
| Absa Transact | Free | Free | Free | Free |
| Bank Zero Zero Account | Free | Free | Free | Free |
| Capitec Global One | Free | Free | Free | R1 to Capitec account and R2 to other SA bank. |
| Discovery Bank Gold PAYT | N/A | N/A | R2.50 | R2.75 |
| FNB Easy PayU | Free | Free | Free | Free |
| Nedbank PAYT | Free | Free | Free | Free |
| Standard Bank MyMo PAYT | R1.20 | R1.25 | R1.25 | R1.25 |
| TymeBank EveryDay | Free | Free | Free | Free |
This table combines fees for withdrawals at your bank's ATM and at another bank's ATM for a clear comparison.
| Bank | ATM Type | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Absa Transact | Local Bank | R6 per R1,000 | R8 per R1,000 | R10 per R1,000 | R10 per R1,000 |
| Other Bank ATM's | R6 per R1,000 | R8 per R1,000 | R10 per R1,000 | R10 per R1,000 | |
| Bank Zero | Local Bank | Bank Zero does not have its own ATMs | |||
| Other Bank ATM's | R9 per R1,000 | R9 per R1,000 | R9 per R1,000 | R9 per R1,000 | |
| Capitec Global One | Local Bank | R8 per R1,000 | R7.50 per R1,000 | R9.50 per R1,000 | R10 per R1,000 |
| Other Bank ATM's | R8 per R1,000 | R7.50 per R1,000 | R9.50 per R1,000 | R10 per R1,000 | |
| Discovery Bank Gold PAYT | Local Bank | N/A | N/A | R5.50 + 2.25% | 4 free, R5 + 2.50% |
| Other Bank ATM's | N/A | N/A | R5.50 + 2.25% | 4 free, R5 + 2.50% | |
| FNB Easy PayU | Local Bank | R8 per R1,000 | R7 per R1,000 | R7 per R1,000 up to R2,000, then R2.30 per R100 | R10 per R1,000 up to R2,000, then R14 per R1,000 |
| Other Bank ATM's | R12 per R1,000 | R15 per R1,000 | R12 + R2.30 per R100 | R12 + R2.30 per R100 | |
| Nedbank PAYT | Local Bank | R7 per R1,000 or part thereof | R8 per R1,000 or part thereof | R10 per R1,000 or part thereof | R11 per R1,000 or part thereof |
| Other Bank ATM's | R10 + R2 per R100 | R10.50 + R2 per R100 | R12 + R2 per R100 | R12 + R2 per R100 | |
| Standard Bank MyMo PAYT | Local Bank | R7.50 per R1,000 or part thereof | R8 per R1,000 or part thereof | R8 per R1,000 or part thereof | R9 per R1,000 or part thereof |
| Other Bank ATM's | R10 per R1,000 or part thereof | R10.50 per R1,000 or part thereof | R10.50 per R1,000 or part thereof | R10.50 per R1,000 or part thereof | |
| TymeBank EveryDay | Local Bank | TymeBank does not have its own ATMs | |||
| Other Bank ATM's | R10 per R1,000 or part thereof | R10 per R1,000 or part thereof | R10 per R1,000 or part thereof | R10 per R1,000 or part thereof | |
Point of Sale (POS) cash withdrawals let you withdraw money while shopping. Available at select retailers like PnP and Shoprite, this option combines convenience with the benefit of avoiding ATM queues.
| Bank | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Absa Transact | R1 | Free | Free | Free |
| Bank Zero Zero Account | R2 | R2 | R2 | R2 |
| Capitec Global One | R1.20 | R1.60 | R1.75 | R2 |
| Discovery Bank Gold PAYT | N/A | N/A | R2 | R2 |
| FNB Easy PayU | Free | Free | Free | R1.50 |
| Nedbank PAYT | N/A | R2 | R2 | R2 |
| Standard Bank MyMo PAYT | R1.40 | R1.40 | R1.40 | R1.40 |
| TymeBank EveryDay | Free at Pick n Pay & Boxer, R3 at other till points. | Free at Pick n Pay & Boxer, R3 at other till points. | Free at Pick n Pay & Boxer, R3 at other till points. | Free at Pick n Pay & Boxer, R3 at other till points. |
Here’s which bank account is the cheapest in each category. Remember that accounts have additional fees over and above these listed below; we’ve just picked out these five types for comparative purposes.
For an overall look at each account, check out “Which Is The Cheapest Bank Account in 2024?”
| Category | Winner(s) | Most Expensive |
|---|---|---|
| Admin fees | Bank Zero and TymeBank are free | Discovery (R25) |
| Digital funds transfers | Absa, Bank Zero, FNB, Nedbank, TymeBank (free or included) | Discovery (R2.75) |
| Cash withdrawal (local) at bank’s ATM | Discovery (4 free, R5 + 2.50% thereafter) | Nedbank (R11 per R1,000) |
| Cash withdrawal (local) at another bank’s ATM | Discovery (4 free, R5 + 2.50% thereafter) | FNB (R12 + R2.30 per R100) |
| Point of sale cash withdrawal | Absa (free) | Bank Zero, Capitec, Discovery, Nedbank (R2) |
Need a home loan? The interest rate you get depends on your personal risk profile and will be either above or below the prime lending rate – currently at 11.50% (21 November 2024).
But there are additional fees attached to home loans, as shown by our breakdown below.
| Category Cost | Description | Average Amount | Who Charges It |
|---|---|---|---|
| Initiation fee | Once-off fee for processing the home loan application. | R6,037.50 (regulated max) | Bank |
| Monthly service fee | Recurring fee for account administration and maintenance. | R69 a month | Bank |
| Bond registration fee | Legal fees for registering the mortgage bond at the Deeds Office. | R20,000–R30,000 | Attorneys (appointed by the bank) |
| Transfer costs | Legal fees for transferring property ownership to the buyer. | R30,000–R50,000 (varies by property) | Attorneys (appointed by seller) |
| Transfer duty | Tax paid to SARS for property purchases above R1,100,000. | 0% for properties under R1-million; sliding scale thereafter | SARS |
| Early termination fees | Fee for settling the bond early without 90 days’ notice. | Pro-rata rates (varied by bank) | Bank |
| Cash deposit fee | Fee for depositing cash into the home loan account. | R75 + R2 per R100 deposited | Bank |
| Homeowner’s insurance | Insurance to protect the structure of the property against risks. | R300 – R1,000 a month | Bank or external insurer |
| Bond cover (life insurance) | Insurance to settle the home loan in case of death/disability. | R200–R1,000 a month | Bank or external insurer |
| Attorney disbursements | Additional fees covering deeds office costs, postage, and admin charges. | R2,500–R4,000 | Attorneys |
Here’s how each bank competes on their offerings and rates for first-time buyers.
| Bank | Initiation Fee | Cash Deposit Fee | Home Loan Up To | Interest Rate Concession |
|---|---|---|---|---|
| Absa | R6,037.50 | R4 per R100 | 106% | 0.25% |
| Capitec | R6,037.50 | Free | 100% | Not stipulated |
| FNB | R6,037.50 | R100 + R2.50 per R100 or part thereof | 110% | Up to 0.25% |
| Nedbank | R6,037 | R100 + R2.65 per R100 or part thereof | 109% | Up to 0.75% |
| Standard Bank | R6,037.50 | R8 + R1.80 per R100 or part thereof | 108% | Based on your credit score |
Welcome to our comprehensive Banking Fees guide.
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Who do you bank with? Are you sticking with the same one you’ve since your folks opened your first account for you, or have you made the big switch to something new? 💳 Do they treat you like a VIP, or do you feel like just another number in the queue? 🤔 Tell us in the comments or on social media.
All data was sourced from each bank’s individual fees pages for 2024. Disclaimer:While every effort has been made to ensure this guide is accurate at the time of writing, be sure to always check fees directly with your bank before signing up for an account or loan – either on their website or via a phone call.
