Best Bank Accounts
It's almost impossible to live without a bank account. However, with so many banks offering a variety of banking products with different features, it can be difficult to choose just one that suits all your needs and benefits you in the process.
To help you choose, ThinkMoney subscribers assessed a variety of bank accounts in the South African market based on their experience in terms of service, fee structure, integrity, internet banking, telephone banking and value for money from the various financial institutions. This was rated out of a maximum of 5 stars overall for the best bank accounts assessed.
Lowest monthly fees
Capitec Global One Gold at R29, 40 had the lowest typical monthly fees for most of its users, and received a 4.4 overall star rating. Out of 309 reviews, more than 90% were recommendations for others to try the product.
Service was another stand out feature for reviewers, with Refilwe Khoza commenting, “I recently opened a bank account with Capitec and their service was wonderful and extra special. Every single item was explained to me, even the contract, before I signed”.
Edith Rae added, “I have banked with Capitec for over two years and I am impressed with the low cost of banking and the advanced Internet banking”.
Online banking and other features
The range of banking options offered by one of South Africa’s largest banks, FNB, also received positive ratings. FNB offers a range of products such as the FNB Easy Account, Smart Account, Smart Cheque Account, Platinum Cheque Account, Gold Cheque Account and the Platinum Cheque Account, which all received ratings above 3.
The ability to open a bank account online in ten minutes was attractive to most customers and frequently featured in the best bank accounts rated on ThinkMoney. Free Internet banking and SMS notifications were more reasons why customers were positive about FNB banking products and often considered it to be the best bank account available. The Standard Bank Pure Saves Savings Account received a 3.6 overall star rating. Typical monthly fees are R43. 26 and with a 3% interest rate per annum, it is a very affordable bank account with great benefits for the consumer.
Best bank accounts for students
The Nedbank Design Student Account had the cheapest monthly fees of all the bank accounts surveyed at R21.61 – making it the best bank account choice for the stereotypically cash strapped student. The bank accounts offered by ABSA mostly earned a 3.1 overall star rating. Monthly fees were on average for most of these accounts more than R110. Despite the high fees, service from the bank rated high for most account holders.
The Sanlam Liquid was also reviewed as one of the best bank accounts, with an overall star rating of 4.5 stars. ThinkMoney.co.za subscriber Jan Hendrik de Jager commented that, "it’s the best savings account I have ever had with good interest", while Sanelisiwe Miya commented on the excellent customer service she received when she accidentally entered the wrong pin and Sanlam contacted her to find out if anything was amiss.
A bank account is not only a place to put your money, but it can also be a place where you can earn interest, making your money work for you. Make sure you choose a bank account with a financial institution that has a reputation for good service but will also benefit you in the long run.
Looking for the best bank account in South Africa for your lifestyle and financial needs? Read our bank account reviews written by ThinkMoney subscribers, and then apply quickly and easily online. You can also compare bank accounts side by side, looking at various features such as products details and fees.
