There are numerous banks in South Africa that provide cheque accounts to meet the various demands and aims of its clientele. Choosing the best bank and account for your specific needs can be a time-consuming process.
According to Rethabile Sithole, the top financial adviser at Radius Checking, “having the best cheque account means obtaining cheap costs, free ATM usage, and the finest customer service.” Even better if you get interest on your account.”
It is not simple to find a fantastic check account, especially in a nation with so many banks offering a variety of cheque accounts for various clientele.
Cheque accounts for high-net-worth clientele are excluded from our list of the best. This is due to the fact that these accounts have a significant edge in terms of customer service, client relations, and interest.
Our primary emphasis is on first-tier cheque accounts from all five major banks. A thorough analysis of Discovery bank cheque, Investec, Old Mutual, and Postbank accounts was carried out.
In no particular order, below are the top ten cheque accounts in South Africa for the year 2021.
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1. FNB Easy account
The FNB Easy Account is a fantastic cheque account with excellent efficiency owing to FNB’s accompanying technological offerings.
The account is available in two billing options: simple smart billing at R59 per month and pay-as-you-go billing at R4.95 per month.
Transactional billing differs between the two accounts. You receive free card swipes, up to ten free online transactions, and other cost-cutting benefits with an Easy smart account.
Whereas with the Pay-as-you-go option, you get charged for each transaction. Other free options include cell phone banking, mini statements, card purchases, and balance inquiries.
Features and Benefits of FNB Easy Account
- Free historical statements are available.
- Unsuccessful transactions are charged 8.50 ZAR.
- Simple conversion to a gold account
- Amount charged for a balance inquiry if you are assisted by a FNB adviser.
- Transfers are both free and planned.
- Charges for linked account transfers if a consultant is involved.
- Charges on debit orders are no longer levied.
- Additional bank statements are subject to fees.
- This account can be banked in three distinct ways.
2. Standard bank’s Access Account
Standard Bank’s Access account is a day-to-day bank account with low monthly fees. This cheque account requires no income and is open to anybody. The account has a monthly charge of R5.80.
You can obtain quick money, prepaid top-ups, and withdrawals till the end of the month. All of these services are provided at no cost.
UCount awards and R25 airtime or 250mb data from Standard Bank Mobile are among the benefits. However, there is no overdraft capacity on this card, which might be due to the account’s lack of a minimum income criterion.
Features and Benefits of Standard Bank’s Access account
- This account is open to those with a monthly income of 0 ZAR.
- When compared to similar products from other banks, bank costs are greater.
Allows for large-scale transactions.
- Internal transfers, card swipes, balance inquiries, debit and stop orders are all free through mobile.
- Monthly costs are low.
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3. Old Mutual Money Account
This bank account is a two-in-one account that serves as both a transactional and a savings account. This account features a ‘save your change’ feature that allows the user to automatically save a part of their spending.
Customers are also given with a concentrated saving feature on this account, as well as the ability to transfer cash at any moment.
Customers receive free card purchases everytime they swipe their card, monthly statements when they utilize the internet portal or mobile app, and the minimum account balance that must be maintained is 25 ZAR.
Customers may now pay Money Account customers using their telephone number. A tap to pay function is enabled, however it can only be utilized for low-cost transactions.
Customers may anticipate cheap account fees, beginning at 4.95 ZAR per month. Cash withdrawals from ATMs, retail till terminals, and overseas ATM withdrawals are also subject to fees.
Each debit order costs 2.20 ZAR, and branch statement inquiries cost 10 ZAR, plus a 70 ZAR card replacement fee.
Features and Benefits of Old Mutual Money Account
- Monthly costs that are competitive, as well as a large number of free transactions
- Money Account can only send money to those who have the same account as them.
- Simple and motivating method to save money
- Savings are placed in a money market unit trust
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4. Discovery bank Gold cheque account
Discovery’s Gold Cheque Account is the entry level account, often known as the first-tier account.
This is intended for clients who want to save money while while paying low bank fees.
This account has a monthly cost of 5 ZAR and a Vitality Money premium fee of 5 ZAR, for a total monthly charge of 10 ZAR.
Customers may earn points whenever they use their bank card, and this account also provides them with special discounts on premium live events.
In South Africa, there are four free withdrawals from any ATM and unlimited swipes at local POS.
Customers may also enjoy free POS swipes worldwide, cash deposits at Pick & Pay retail shops, free balance queries, and other benefits.
Features and Benefits of Discovery bank Gold cheque account
- Bank fees are low.
- Currency conversion rate of 2.75 percent
- Rewarded for certain health items and equipment purchased at specific stores
5. Absa transact debit
ABSA’s entry-level account for basic banking requirements is the Transact Debit account. The account is primarily intended for persons with an annual income of less than 3 000 ZAR or those who do not have any income.
The monthly cost for the Transact Debit Account is 4.90 ZAR, and clients have access to withdrawals, deposits, transfers, account payments, and statements from any ABSA ATM.
This account also includes unlimited balance inquiries at ABSA ATMs and participating merchant till points. Customers can also use the CashSend function to send money to those who do not have bank accounts.
Customers who use their card to pay for travel expenses can earn unlimited swipes as well as many incentives and discounts.
The account may be conveniently handled via the internet portal, mobile banking, or telephone banking services.
Features and Benefits of Absa transact debit
- Catering to consumers who do not have a steady source of revenue
- Accounts may only be accessible by people earning 3 000 ZAR or less; after three months of transaction activity exceeding 5 000 ZAR, the client is automatically transferred to a higher tier product.
- There is no subscription cost for banking online, through the app, or over the phone.
6. Capitec bank Global One account
The Capitec Bank’s Global One account is one of the most affordable transactional accounts on our list.
For every 12 transactions, Global One costs R13.33 each month. This check account is a pay as you go account, which means you are invoiced as you use it.
You will be able to bank via mobile, internet, and app. The card may be used to transact online, but it does not employ OTP.
Instead, it requires a remote pin to do so. You can obtain it for free when you make a cash withdrawal or make a purchase at a point of sale.
Capitec offers a choice of accounts for both commercial and personal banking.
Despite the fact that the account is not a cheque account, it is one of the best and most cheap accounts available in South Africa.
It is a simpler approach to everyday banking, and the account offers a number of features in addition to quick transactional capabilities.
The Global One Account has the following features:
- Transactions on a daily basis
- International business dealings
- Savings — options for both flexible and fixed-term savings
- Home loans, credit, and other services
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7. Account Nedbank Ke Yona Bundle
Financial has experienced significant changes in recent years, thanks to the advent of fin-tech firms that provide fantastic banking solutions. Traditional banks have had to scale up their services in order to reach a wider range of clients, particularly those with low or no income.
The Nedbank Ke Yona Account is intended for individuals who are new to banking. In addition, when clients sign up for this account, they are instantly supplied with 2 000 ZAR burial protection.
This account is also linked to the MyPocket savings account, allowing consumers to save money while earning interest. There is a monthly charge of 62 ZAR to keep the account active, which includes 10 free transactions during the month.
Customers can make some payments using the Nedbank Money App even if they do not have their card. Customers can also earn Greenbacks and membership reward points while scanning for payments.
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Features and Benefits of Nedbank Ke Yona Account
- Funeral insurance of 2 000 ZAR
- Because it is intended for low-income banking, transaction quantities are limited.
Internal debit orders and stop-orders are limitless and free.
- Free card swipes are available indefinitely.
- eNote SMS alerts are completely free.
8. TymeBank Everyday Account
This daily account functions as both a savings and a check account. Account opening is simple and easy, and there is no monthly account charge of 0 ZAR. Customers only pay for the services they use, and online purchasing is free of charge with no transaction costs.
Customers with TymeBank accounts may earn double Smart Shopper points when they pay or swipe their card at Pick n Pay. Customers may earn up to 7% per year in return on their savings with the savings account, and the TymeBank Everyday Account also includes GoalSave, a program that helps make saving even easier.
There are also the following freebies with this account
- Monthly administration charge
- Subscription cost for smart app.
- Subscription charge for internet banking
- Fee for SMS notification
- The first debit card.
- Statement of accounts.
- Notification of Beneficiary Payment
- Account proof, among other things.
Features and Benefits of TymeBank Everyday Account
- A substantial variety of freebies and perks are available.
- Certain constraints and limitations
- The pay-as-you-go premise
- Limit increases are time-consuming.
- There are no monthly account fees.
9. Nedbank pay-as-you-use-account
Any South African resident or non-resident above the age of 16 is eligible for this account.
It should be mentioned that this account is just for personal banking purposes, and hence it is not open to trusts, corporations, or legal entities.
This account, as the name implies, has no monthly maintenance costs and only charges fees on transactions.
Those who do not have any transactions throughout the month will not be charged any fees for that month.
Internal transfers are free for customers who utilize a Nedbank ATM or their online banking platform.
Nedbank will charge a fee each time a client uses their card, with costs ranging based on the transaction.
Transfers between Nedbank accounts cost 80 ZAR, with a branch teller charging up to 125 ZAR.
Instant online payments up to a maximum of 10,000 ZAR are charged a fee of 10 ZAR, while sums exceeding 2,000 ZAR are charged a fee of 49 ZAR.
The account may transmit up to 2 500 ZAR per day, and although internal debit orders are free, external debit transactions are charged a cost of 5.50 ZAR each debit order.
Customers are not charged a fee when they swipe their card for purchases, however garage card transactions are subject to a 4.30 ZAR cost.
Prepaid airtime and data costs 1 ZAR, while prepaid energy costs 2 ZAR and LOTTO transactions cost 2.60 ZAR.
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Features and Benefits of Nedbank pay-as-you-use-account
- Account is perfect for individuals who do not frequently use a bank account.
- If the card is used regularly, it may become less cheap.
- The Nedbank Money App makes it simple to access. There is a limit to the amount that may be stored in the bank.
- The fees are reasonable.
10. FNB Gold Cheque Bundle
The Gold Cheque account includes free 120mb, a 60-minute call package, and 60 free SMSs. Free minutes are only available for local calls. Free withdrawals and deposits, access to a savings account, incentives, and a credit option have all been added.
The account has a monthly maintenance charge of R109.00. Although the costs for a Gold account are quite costly, the services and technologies provided by FNB elevate this account beyond many others.
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11. FNB Premier Cheque Account
FNB offers this account to people with an annual income ranging from 300 000 to 749 000 ZAR. This cheque account is ideal for young workers, and banking costs start as low as 219 ZAR each month, depending on use.
Customers may earn a variety of prizes with this account, and it also provides substantial support for extra family members.
Some examples of incentives include, but are not limited to:
- Coupons that are only available through eBucks.
- eBucks travel offers exceptional bargains and savings.
- On certain flights, you may save up to 40%.
- Checkers and Shoprite customers may earn up to 15% in eBucks.
South African banks provide competitive cheque account products, which is wonderful to see. With the advancement of technology, it is impossible to overlook the reality that low monthly costs cannot be the primary determinant of a fantastic account.
Furthermore, with the existence of technology in numerous sectors of banking, telephone service from banks must be of high quality.
You may now choose a check account with greater care and become more acquainted with contemporary banking technologies.