Banking on a budget: The most affordable banks in SA
Want to save money on banking fees? Here’s a look at which banks in South Africa offer the best value for your hard-earned cash.
Are you tired of breaking the bank (pun intended) every time you check your account fees?
Well, you're in luck! The Solidarity Research Institute has just released its 2025 Banking Charges report and we've got the scoop on the cheapest banks in South Africa.
The report compared South Africa’s five major banks – Capitec, Absa, Nedbank, Standard Bank, and FNB – along with digital banks TymeBank and Bank Zero to determine which offers the most affordable banking options.
For entry-level accounts, Absa’s Transact account now holds the title of the most affordable option at R6.50 per month, knocking Capitec off the top spot. Yes, you read that right – Absa has dethroned Capitec in the low-transaction category.
Capitec, however, still dominates the mid-level segment, with its account emerging as the most cost-effective at R7.50 per month – beating the competition by R2.50.
When it comes to top-tier banking, Nedbank’s MiGoals Premium account takes the lead at R240 per month, making it the most affordable option for premium banking.
The method behind the transaction profile comparison
To determine the most affordable bank, Solidarity's analysis examined four distinct transaction profiles, each representing a different banking segment:
12- and 17-transaction profiles: basic banking habits, typically associated with low-income or entry-level accounts
25-transaction profile: mid-tier accounts, previously referred to as “gold” accounts
30-transaction profile: high-end or “premium” banking services
What’s behind these changes?
Well, it seems that Capitec's interest-earning benefits, which previously made it the cheapest option, have been matched by other banks.
While Absa's decision to stop automatically moving customers to the Flexi account when they earn more than R3,000 per month has made its Transact account even more attractive.
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