Banking fees have long been a pain point for South Africans. With rising living costs and tighter household budgets in 2025, consumers are demanding transparent, low-cost banking solutions. The good news is that competition among banks—both traditional and digital—has intensified, driving fees down.
If you’re asking, “Which bank has the lowest fees in South Africa in 2025?” this guide provides a detailed breakdown of the major banks’ pricing, comparing account fees, transaction charges, and hidden costs.
Why Banking Fees Matter in South Africa
South Africans pay some of the highest relative banking fees in the world. According to past studies by FinMark Trust and World Bank surveys:
- A basic transactional account can eat up 1–2% of monthly income for low earners.
- Most banks charge for transactions like cash deposits, withdrawals, and debit orders.
- “Pay-as-you-transact” (PAYT) models can become expensive if not monitored.
With the rise of digital-only banks (like TymeBank and Bank Zero), consumers now have cheaper alternatives.
Key Banking Fee Categories
When comparing fees, focus on:
- Monthly Account Fees: Fixed monthly charges for keeping your account open.
- Card Swipes: Usually free at major banks, but always confirm.
- ATM Withdrawals: Big cost differences between own-bank ATMs vs. other-bank ATMs.
- Cash Deposits: Some banks offer free deposits, others charge per R100.
- Debit Orders & EFTs: Electronic transfers and debit order fees vary widely.
- International Transactions: Online shopping and foreign transfers often attract high charges.
Banks Compared: Lowest Fees in 2025
Here’s a breakdown of South Africa’s most popular banks and their 2025 fee structures for entry-level accounts.
1. TymeBank – Everyday Account
- Monthly fee: R0
- Card swipes: Free
- ATM withdrawals: R10 per R1,000 at TymeBank partner ATMs (Pick n Pay, Boxer). R2,50 + R10 per R1,000 at other ATMs.
- Cash deposits: First R2,000 free per month at Pick n Pay/Boxer tills; then R6 per R1,000.
- Debit orders: R2 each.
- EFTs: Free immediate payments between TymeBank users; R6 per EFT to other banks.
Verdict: Cheapest for digital users who shop via card and use Pick n Pay tills for cash.
2. Bank Zero – Pay-As-You-Use Account
- Monthly fee: R0
- Card swipes: Free
- ATM withdrawals: R9 per R1,000 at any ATM.
- Cash deposits: R9 per R1,000 (through partnered retailers).
- Debit orders: R3.50 each.
- EFTs: Free (real-time payments included).
Verdict: Strong competitor to TymeBank, especially for EFT-heavy users, but cash deposits are pricier.
3. Capitec – Global One Account
- Monthly fee: R50 (includes unlimited app and online banking).
- Card swipes: Free
- ATM withdrawals: R9 per R1,000 (Capitec ATMs), R2.50 + R9 per R1,000 (other ATMs).
- Cash deposits: R1 per R100 at Capitec ATMs.
- Debit orders: R3.50 each.
- EFTs: R1 per transfer.
Verdict: Best hybrid option—low monthly fees with excellent app features, but pricier than TymeBank/Bank Zero for cash-heavy users.
4. FNB – Easy PAYU Account
- Monthly fee: R5.25
- Card swipes: Free
- ATM withdrawals: R7 per R1,000 (FNB ATMs), R2.50 + R10 per R1,000 (other ATMs).
- Cash deposits: R7 per R1,000.
- Debit orders: R3.75 each.
- EFTs: R1.20 per transfer.
Verdict: Still competitive with low monthly fees, but extra charges add up quickly compared to digital banks.
5. Standard Bank – MyMo Account
- Monthly fee: R6.95
- Card swipes: Free
- ATM withdrawals: R10 per R1,000 (own ATM).
- Cash deposits: R2.50 per R100.
- Debit orders: R4 each.
- EFTs: R1.20.
Verdict: Affordable for light users, but cash deposits are among the most expensive.
6. ABSA – Transact Account
- Monthly fee: R4.90
- Card swipes: Free
- ATM withdrawals: R8.50 per R1,000 (own ATM).
- Cash deposits: R2.50 per R100.
- Debit orders: R3.50.
- EFTs: R1.
Verdict: Competitive low monthly fee, but cash deposit fees make it costly for cash-heavy users.
7. Nedbank – Pay-As-You-Use (Ke Yona Bundle)
- Monthly fee: R5
- Card swipes: Free
- ATM withdrawals: R8 per R1,000 (Nedbank ATMs).
- Cash deposits: R2.50 per R100.
- Debit orders: R3.75.
- EFTs: R1.20.
Verdict: Very similar to ABSA/Standard Bank in pricing—affordable on monthly fee but high on cash deposits.
Banking Fees 2025: Quick Comparison Table
| Bank & Account | Monthly Fee | ATM Withdrawal (per R1000) | Cash Deposit | EFT | Debit Order | Notes |
|---|---|---|---|---|---|---|
| TymeBank | R0 | R10 (partner stores) | Free up to R2000, then R6/1000 | R6 | R2 | Best for digital users |
| Bank Zero | R0 | R9 | R9/1000 | Free | R3.50 | Best for EFTs |
| Capitec Global One | R50 | R9 | R1/100 | R1 | R3.50 | Best app, low debit costs |
| FNB Easy PAYU | R5.25 | R7 | R7/1000 | R1.20 | R3.75 | Affordable but adds up |
| Standard Bank MyMo | R6.95 | R10 | R2.50/100 | R1.20 | R4 | Pricey on cash |
| ABSA Transact | R4.90 | R8.50 | R2.50/100 | R1 | R3.50 | Low monthly fee |
| Nedbank PAYU | R5 | R8 | R2.50/100 | R1.20 | R3.75 | Similar to ABSA |
Which Bank Has the Lowest Fees in 2025?
1. Overall Winner: TymeBank
- With zero monthly fees, free card swipes, and generous free cash deposit allowances, TymeBank is the cheapest overall—especially for digital-first users.
2. Best for EFTs and Transfers: Bank Zero
- Free EFTs and no monthly charges make Bank Zero the winner for people who move money electronically.
3. Best Traditional Bank: Capitec
- While digital banks win on cost, Capitec’s Global One Account remains the best among traditional banks due to its balance of low fees, user-friendly app, and widespread ATMs.
4. Honourable Mentions: ABSA & FNB
- Both offer competitive PAYU accounts with low monthly fees (under R6), but cash deposit fees reduce their attractiveness for cash-heavy users.
Tips to Reduce Banking Fees in 2025
- Go digital: Use online banking, card swipes, and EFTs instead of cash.
- Choose the right account: PAYU accounts are great for low-volume users; bundles may be cheaper if you transact often.
- Avoid out-of-network ATMs: Stick to your bank’s ATMs or retailer partners.
- Use free transfers: TymeBank and Bank Zero have free intra-bank transfers.
- Track monthly fees: Review your bank statement for hidden costs (e.g., SMS notifications, which can be disabled in favour of free app alerts).
FAQs
1. Which South African bank has zero monthly fees?
TymeBank and Bank Zero both have zero monthly fees in 2025.
2. Is Capitec still the cheapest bank?
Capitec remains competitive but has been overtaken by digital banks like TymeBank and Bank Zero in terms of absolute lowest fees.
3. Which bank is best for students?
TymeBank and Capitec both offer excellent value for students. Some traditional banks also have dedicated student accounts with reduced fees.
4. Are digital-only banks safe?
Yes. TymeBank and Bank Zero are fully licensed by the South African Reserve Bank and regulated like traditional banks.
5. Can I switch banks easily in 2025?
Yes. The Financial Sector Conduct Authority (FSCA) has simplified account switching, allowing debit orders to be migrated with less hassle.
Conclusion
In 2025, South Africans have more choices than ever before when it comes to low-cost banking.
- TymeBank is the outright winner for lowest fees overall, perfect for everyday digital users.
- Bank Zero shines for EFT-heavy customers.
- Capitec remains the best traditional option, offering low costs with excellent service and app functionality.
If you want to pay the absolute minimum for banking, go digital. Avoid cash, stick to card swipes and EFTs, and choose a zero-fee bank like TymeBank or Bank Zero.
With the right account, you can save hundreds of rands each year—money better spent on your actual needs than on banking fees.
