Banking

The best bank account in South Africa 2022

Published by
Lethabo Ntsoane

Which of the following best describes the best bank account? The solution is far from straightforward. We frequently focus on what best answers our immediate banking difficulties. We therefore fail to consider making a better banking decision today that will have a beneficial impact on how we bank in the future. There is a lot to consider when selecting a bank account before deciding on which account type to open.

You must understand the bank with which you will be dealing, including its history, present financial situation, management, systems, and business practices. If you don’t do your homework and your bank is affected by the Lehman Brothers crisis, you might not be able to recover any or all of your money. Choosing a bank account in South Africa can be challenging considering the number of active products available. Months of searching and trial and error may be required. Depending on your income, you may be eligible for different types of bank accounts.

Making an informed decision can be a daunting task. You wouldn’t want to make a banking decision that you would live to regret every day.

What you need to know before opening a bank account

Account opening and closing fees are levied by several banks. However, there are banks that provide excellent services while charging no fees for account cancellation or opening. Choosing a bank account entails more than just account service and monthly fees. Accessibility, technology, interest rates, and customer service are all important considerations. You must also compare your bank to others. To do a comparison, you must first identify what type of account you desire. Your income is important while selecting a banking account. When opening a bank account, consider how much you make. Different bank accounts offer different advantages. Given your income, you should seek assistance from a banker to maximize your benefits.

The list below is in no particular order.

Top 3 best bank accounts in South Africa 2022

#BankBank Account
1Capitec BankCapitec Global One Account
2ABSA BankABSA Premium account
3FNBFNB Private wealth account
Best Bank Account in South Africa 2022

What we based our study on

There are many types of bank accounts in South Africa. We will focus on the most popular accounts which are gold account, platinum/premier account and private banking.

This article is based on studying bank accounts from the big 5 banks, plus Discovery Bank and Investec Bank. Looking at the gold, premier/platinum, and private banking accounts we have selected the top account in each category.

The ranking is based on customer support, bank technology, user-friendliness, affordability, service fees, rewards and added benefits.

Best gold account in South Africa 2022

Capitec Global One Account is the best Gold Card Bank Account in South Africa. Gold cards are the best way to start your professional banking life. The account is easy to use and doesn’t come with hefty fees. As the account is simple and has low charges, the rewards are not that much compared to other accounts. You can earn more rewards through shopping rather than banking. Capitec bank has spent most of its resources to make its Global one account work. It is indeed working in their favour as it is the fan-favourite in the gold account category.

According to the Solidarity Research Institute, Capitec Bank has the lowest account for low-income earners. The primary purpose of a gold account is to serve low-income earners. Capitec Bank, on the other hand, does it so effectively that it outperforms every other bank in this category.

Competitive advantages

  • Provides the cheapest option for customers that make 12 and 17 transactions in a month.
  • Has cash send option to non-Capitec customers and can send up to R3000. Cash can be redeemed at Usave, checkers, and Shoprite.
  • Charges up to R23.00 on 12 transactions amounting to R2000.00 per month.
  • Charges up to R36 on 17 transactions amounting to R2000 per month.
  • Cost R8 to withdraw R500 at other bank ATMs. The lowest in the country.
  • Charges R8 for R1000 on withdrawals at other bank ATMs.
  • Cost R16 to withdraw R2000 at other bank ATMs. The lowest rate in the country for the same withdrawal amount compared to other banks.

Best Premier/Platinum account in South Africa 2022

ABSA Premium account is the best platinum/premier account in South Africa. Bank Accounts in the Platinum/Premier tiers are intended for young professionals. These accounts are superior to Gold accounts in that they provide access to additional services. For the same account, other institutions even provide a private banker. Bank charges are higher than those of a gold account, therefore the luxury does not come cheap. This account type earns higher rewards, which can include travel benefits.

The Absa Premium bank account offers numerous advantages. This account is ideal for young professionals because it simplifies banking for them. There is a premium line available 24 hours a day, 7 days a week to assist you with your banking needs. You will also receive a premium chat service for banking, financial, investment, and home loan assistance.

Competitive advantages

  • Free will for your family when you die.
  • A monthly service fee of R190.00 pm, which is lower than the FNB premier’s R219.00 pm and Standard bank platinum account of R209.00.
  • Comes with a one-card solution to access savings, credit and debit.
  • Your family receives R25,000.00 upon death.
  • There are free retrenchment and disability benefit. Must be less than 70, have your salary declared when opening the account and use Absa app or online banking.

Best Private bank account in South Africa

FNB Private wealth account is the best private bank account in South Africa. It’s all about prestige in private banking. This is a whole new level of banking. Many things are taken care of for you so you don’t have to worry about banking. Private banking provides you with your own dedicated private banker who is available to you 24 hours a day, seven days a week. You are assigned a single private banker who will do anything banking-related you request. Private banking entitles you to invitations to exclusive events. Your private banker, who is qualified in such dealings, closely monitors your investments on your behalf.

With Private Banking, saving may not be the main priority but getting things done is the main objective. FNB Private wealth account gives private banking experience like no other bank in South Africa.

Competitive Advantages

  • Monthly account fees are waived off up to R499 pm if R100,000.00 is kept int the account.
  • You get free card purchases, eBucks membership, send money and card replacement.
  • Unlimited benefits include prepaid purchases, debit orders, and cash withdrawals.
  • You get access to SLOW lounges nationwide and internationally.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane