Choosing the right bank account in retirement is about more than a plastic card and an app. It is about keeping monthly fees predictable, avoiding surprise charges, and getting real value that fits how you live at 60, 70, or 80 plus. For many pensioners that means simple, unlimited digital banking, fair cash allowances, easy statements for proof of income, and helpful extras such as will-drafting assistance, rewards, and decent rates on savings.
This 2025 guide reviews South Africa’s strongest options for pensioners and over-55s. It compares the headline fees and inclusions, explains who each account suits best, and finishes with practical tips to keep your monthly banking costs low. Fees and features change from time to time; always confirm current pricing with your bank before switching.
What matters most for pensioners (our criteria)
When assessing accounts aimed at seniors or suitable for retirees, we prioritised:
- Low, predictable monthly fees or a credible path to paying nothing via balance rebates.
- In-bundle value that reduces cash-handling costs: free or discounted ATM withdrawals, retailer till-point withdrawals, and a healthy allowance for digital transactions.
- Senior-specific concessions: discounted bundles from age 55, fee rebates for maintaining a balance, and services like will drafting.
- Simple, safe digital banking: intuitive apps for statements, proof of account, debit-order control, and instant payments (including PayShap or real-time payments) at low or no cost.
- Savings and tax efficiency: straightforward access to tax-free savings products and sensible interest on positive balances or companion savings.
The best accounts for pensioners in 2025 (shortlist)
1) FNB Aspire Encore (55+) — best senior bundle under roughly R50 per month
If you are 55 or older and want an all-in bundle with strong everyday value, FNB’s Aspire Encore stands out. The monthly account fee is positioned in the low-to-mid-R40s with unlimited in-app payments and transfers, an allowance of free ATM withdrawals and deposits, and discounted real-time payments up to a monthly limit. There is commonly a full monthly-fee rebate if you maintain a set balance in the current account, along with eBucks-linked retail and fuel benefits when you add qualifying products.
Why it suits pensioners: the price-to-value ratio is excellent; FNB’s app is mature and easy; and the bundle includes enough cash and instant-payment allowances to keep most retirees’ costs low. If you prefer to keep a cash buffer in your account, the fee-rebate structure can take your maintenance fee to zero in practice.
2) Standard Bank Consolidator (55+) — best for generous in-bundle cash
Standard Bank’s Consolidator pricing is purpose-built for older clients who want many transactions included for one flat fee. The bundled fee sits in the high-R40s and typically includes free Standard Bank ATM withdrawals and cash deposits up to monthly limits, unlimited electronic transactions, free retailer cash withdrawals, a small number of free branch withdrawals and a free branch deposit each month, plus will-drafting offered via Standard Trust when it is appointed as executor.
Why it suits pensioners: if you still use cash regularly, few bundles match the combined ATM and branch allowances for the price, and you retain unlimited digital banking without paying extra for everyday transfers and payments.
3) Nedbank MiGoals Plus with 55+ pricing — best for fee discount and deposit/withdrawal allowances
Nedbank’s MiGoals Plus has a standard fee that is halved for clients aged 55 and older. Maintain a stipulated minimum daily balance and Nedbank refunds the monthly maintenance fee in full the following month. In-bundle value typically includes free ATM withdrawals and free ATM deposits within monthly caps, unlimited digital payments, and free Greenbacks membership. The higher-tier MiGoals Premium also offers a seniors discount and higher free cash limits.
Why it suits pensioners: it rewards prudent cash management and moderate balances with real fee savings, while still including meaningful free cash allowances each month.
4) Absa Prosperity Cheque Account (55+) — best for senior-focused perks and service
Absa’s Prosperity Cheque Account targets clients 55 and older with a competitive monthly fee, balance-based rebates, Absa Rewards on card purchases, and will-drafting assistance for over-60s through the bank’s partner network. The bundle is straightforward and the Absa Banking App covers statements, debit-order tracking, and proof of account with ease.
Why it suits pensioners: over-60s will appreciate the integrated will-drafting service and the predictable, simple bundle structure supported by a large branch network.
5) Capitec Global One — best ultra-low monthly fee with transparent pay-as-you-use charges
Capitec keeps things simple with one transactional account and a very low monthly administration fee. Purchases are free, retailer cash withdrawals are low-cost, ATM withdrawals are charged at a flat rate per thousand rand withdrawn, and immediate payments are competitively priced. For pensioners who mostly tap, EFT, and occasionally withdraw small amounts at retailers, monthly spend can be extremely low.
Why it suits pensioners: the fee sheet is clear and rewards digital transacting, with very low everyday costs and wide access via retailer tills and ATMs across the country.
6) TymeBank EveryDay Account — best zero-monthly-fee digital account
TymeBank charges no monthly account fee and offers a long list of free transactions when you bank digitally and use retailer till-points for cash. The account is optimised for app and online use, makes instant payments easy, and integrates with GoalSave for simple, higher-rate savings.
Why it suits pensioners: if you want to eliminate the fixed monthly fee and you are happy with digital banking and retailer till-points, TymeBank can reduce your costs to near-zero without sacrificing functionality.
7) African Bank MyWORLD — best for no monthly fee and simple rewards (digital-first)
African Bank’s MyWORLD account markets no monthly account fees and low everyday charges. It is a clean, app-first product that pairs naturally with African Bank’s competitive fixed deposits for parking lump sums safely, and it has a straightforward rewards proposition.
Why it suits pensioners: if you are fee-sensitive and comfortable with app-first banking, MyWORLD is a strong, simple option. It also combines neatly with fixed deposits for better rates on larger savings.
8) Bank Zero — best R0-per-month card-centric account
Bank Zero is radically simple: R0 monthly fee and R0 for most digital payments such as EFTs, QR payments, SendMoney, debit orders, taps, local card purchases, notifications, and statements. It is a modern, card-centric account, ideal for retirees who are confident with digital tools and rarely need branch services.
Why it suits pensioners: there is no bundle to “use up”, and you avoid paying for services you do not use. If you seldom handle cash and pay mainly by card or EFT, your monthly banking costs can approach zero.
Quick comparison (headline features)
The table below is a plain-English snapshot. Always consult the latest pricing guide for exact fees and caps.
| Bank & Account | Age focus | Typical monthly fee | Notable inclusions (highlights) |
|---|---|---|---|
| FNB Aspire Encore | 55+ | Low-to-mid R40s | Unlimited app payments and transfers, discounted or included real-time payments up to a cap, allowance for free ATM withdrawals and deposits, rewards, possible fee rebate for maintaining a qualifying balance. |
| Standard Bank Consolidator | 55+ | High-R40s | Free ATM withdrawals and deposits at Standard Bank up to monthly limits, unlimited digital transactions, retailer cash withdrawals included, limited free branch transactions, free will-drafting when the bank’s trust company is executor. |
| Nedbank MiGoals Plus (55+ pricing) | 55+ | Seniors pay roughly half of standard fee | Fee refunded with a qualifying minimum daily balance; free ATM withdrawals and deposits up to monthly caps; unlimited digital transactions; Greenbacks included. |
| Absa Prosperity Cheque | 55+ | Approx. R60 range | Senior-tailored bundle with balance rebates, Absa Rewards cashback, and will-drafting assistance for over-60s. |
| Capitec Global One | All | Very low (single-digit rand) | Free purchases, low-cost retailer cash withdrawals, flat-rate ATM withdrawals per thousand rand, competitively priced immediate payments. |
| TymeBank EveryDay | All | R0 | Zero monthly fee; many free digital transactions; instant payments supported; retailer till-points for cash. |
| African Bank MyWORLD | All | R0 | No monthly account fee; low everyday fees; pairs well with competitive fixed deposits; simple rewards. |
| Bank Zero | All | R0 | R0 for most digital transactions, taps, local card purchases, statements, and notifications; app-first experience. |
Which one should you choose? (by retirement profile)
“I mostly tap, EFT, and rarely withdraw cash”
- Pick: Bank Zero or TymeBank EveryDay for R0 monthly fee and R0 on most card and EFT activity. If you prefer a bundle with lifestyle rewards and occasional free cash allowances, consider FNB Aspire Encore.
“I withdraw cash every week and still visit a branch occasionally”
- Pick: Standard Bank Consolidator. The included ATM and branch allowances can trim your monthly costs even if you prefer cash. Nedbank MiGoals Plus is a close second, especially with the 55+ discount and the free ATM deposit and withdrawal caps.
“I can keep a steady balance to offset fees”
- Pick: FNB Aspire Encore, which offers a fee rebate if you keep a qualifying balance; or Nedbank MiGoals Plus or Premium, which refund the maintenance fee entirely with a stipulated minimum daily balance. If you value an integrated seniors ecosystem with strong branch coverage, Absa Prosperity also ties rebates to minimum balances.
“I want senior-focused perks, including help with my will”
- Pick: Absa Prosperity for over-60s will-drafting assistance; or Standard Bank Consolidator for a complementary will-drafting service when its trust company is the nominated executor.
“I receive the Older Persons Grant (SASSA) and want the cheapest way to access it”
- Pick: The Postbank SASSA card has historically carried no monthly service fee with a number of free transactions each month. If you would prefer broader functionality, consider moving your grant to a low-fee bank like Capitec, TymeBank, African Bank, or Bank Zero for clear pricing and stronger digital tools.
How to keep your banking costs low in retirement
- Prefer digital transactions. EFTs, card purchases, and in-app payments are almost always cheaper than branch transactions and cash. Most accounts above offer unlimited digital transactions at no additional cost.
- Use retailer till-points for cash. Cashback at major supermarkets is often free or cheaper than ATM withdrawals and can be done during your normal shopping.
- Track instant-payment caps. Many banks include free or discounted instant payments up to a monthly cap. Staying within that limit avoids extra charges.
- Leverage senior discounts and balance rebates. Over-55 discounts can halve monthly fees; maintaining a minimum balance can rebate them entirely with some banks.
- Avoid unnecessary branch usage. Use the banking app for statements, proof of account, debit order management, and limit changes. Branch fees are materially higher than digital alternatives.
- Consolidate debit orders. Bringing debit orders into a single account with a flat monthly bundle often reduces ad-hoc transaction charges.
- Audit your fees every quarter. Banks periodically refresh pricing. A quick check every three months helps you spot creeping costs and change behaviour before small charges add up.
Savings, interest, and tax breaks worth remembering
- Tax-free savings accounts (TFSAs). The annual contribution limit remains widely communicated at R36,000 per individual. All growth and withdrawals are tax free. Several banks offer TFSA options inside their apps, from call-style tax-free savings to unit trusts. For pensioners, a TFSA can be a simple way to keep emergency or medium-term savings tax-efficient.
- Interest exemption for seniors. For the 2025 year of assessment, the first R34,500 of South African-sourced interest is exempt from income tax if you are 65 or older (R23,800 if under 65). If you split emergency funds between a notice account and a fixed deposit, you can often keep monthly interest below the exemption threshold and avoid tax drag altogether.
- Higher tax thresholds for seniors. In 2025, you start paying income tax only when taxable income exceeds roughly R148,217 if you are 65 to under 75, and roughly R165,689 if you are 75 or older. Many pensioners fall below these levels, which makes simple interest-earning products more efficient than they might be for younger earners.
- Mind your risk and access. Although fixed deposits pay higher rates, ensure you keep at least three months’ living expenses in an accessible account. Unexpected medical co-payments, home repairs, or family emergencies are easier to manage when your cash is not locked away.
Step-by-step: switch in a week or less
- Choose your new account based on your behaviour. If you pay mainly with a card and only sometimes need cash, a zero-monthly model will likely be cheapest. If you draw cash weekly, a seniors bundle with generous ATM allowances may be better.
- Open the account online where possible. Most banks support remote FICA using your ID and proof of residence, and will issue a virtual card while the physical card is prepared for collection or delivery.
- Move your income. Update your pension or annuity provider, investment platforms, medical scheme, and any employers with the new banking details. If you receive the Older Persons Grant, follow the bank’s instructions to switch your SASSA payments.
- Switch debit orders using the new bank’s switching service or in-app tools. This typically takes a few working days; monitor progress inside the app.
- Run both accounts in parallel for one pay cycle to ensure nothing is missed. Then close the old account to avoid duplicate monthly fees and to reduce the risk of stray debit orders.
Final recommendations
- Most pensioners who want a bundle should start with FNB Aspire Encore or Standard Bank Consolidator. Both are senior-friendly, well-priced, and generous with in-bundle cash and digital transactions.
- If you can hold a buffer balance, Nedbank MiGoals Plus becomes highly attractive because the fee halves for over-55s and can be refunded to zero with a qualifying minimum daily balance.
- If you want to eliminate the fixed fee entirely, TymeBank, Bank Zero, or African Bank MyWORLD are strong R0-monthly choices. Pair one of these with a TFSA or a fixed deposit for the best after-tax outcome on your savings.
- If you value in-branch services and a seniors ecosystem, Absa Prosperity offers targeted perks, including will-drafting assistance for over-60s and a familiar national footprint.
Ultimately, the cheapest account is the one that matches your habits. If you pay mostly by card and make the occasional small cash withdrawal at a supermarket till, the zero-monthly models can be close to free. If you still handle cash every week, a seniors bundle with generous ATM allowances may be the smarter option—even if the sticker fee looks higher—because it cuts the add-on charges that creep in elsewhere.
William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends.
You can contact him on william@rateweb.co.za
