The banking sector in South Africa is massive, it consists of local banks, foreign-controlled banks, and mutual banks. The largest and best banks are Standard Bank, First Rand Group, Absa Group, Nedbank Group, and Investec.
With all the old and emerging banks, the competition is hard, making it more difficult for customers to decide on which bank to go to when looking for the best bank they can trust with their money.
All banks have great advertising that promises good service but, there is always a catch with most of them.
In no particular order, we will be highlighting the best banks in South Africa.
1. Standard Bank
Standard bank made it to the list because they offer high-class banking services to South Africa and the global community. In terms of total assets, Standard Bank is rated as the largest bank in South Africa. It operates in more than 20 countries and has over 500 000 employers.
It offers its financial services to individuals, businesses, institutions, and corporations in Africa and abroad. Their services consist of transactional banking, investment, and advisory services, deposit, credit cards, mobile and online banking, etc.
Standard Bank is one bank that you can trust with your finances as they have been in the business for way too long. This put them at a greater advantage as they have been striving to do better and empower their clients. Their security system is way too tight so, you don’t have to worry about unauthorised transactions.
They have low fees accounts such as the MyMo account that charges as little as R4.95 monthly fees and does not require a monthly income for one to open it. It has flexible fees that allow you to pay only for what you use.
2. First Rand Bank Group
First Rand Group is a holding company that operates in South Africa, the UK, India, and certain markets in sub-Saharan Africa. Its portfolio consists of First National Bank (FNB), RMB, Wesbank, Aldermore, MotoNovo, Ashburton Investments, DirectAxis, MotoVantage, and FCC.
We will mostly be focusing on FNB as it represents FirstRand’s functions in the retail and commercial sphere.
FNB is also one of the oldest banks with its establishment traced back to 1838. Its track record says a lot about the bank as it has managed to score 80.7% customer satisfaction rate.
It is one of the innovative banks with an outstanding app that allows users to do transactions from the comfort of their homes using their mobile phones. Everyone likes convenience when it comes to banking.
FNB is widely known for its eWallet service which has made transactions much easier and safer for most South Africans. The great thing about this is that in case of an error or incorrect transaction, one can easily reverse the eWallet payment.
3. Absa Group
Formally known as Barclays African Bank, Absa forms part of the largest and best banks in South Africa. It is an African group that was established in 1991 and its banking history is rotted in excellence.
It is highly rated for its investments and assets and its banking solutions are not to be overlooked.
Absa Bank is a subsidiary of Absa group and it offers services such as corporate and investment banking, personal and business banking, credit cards, wealth and investment management, and bancassurance.
Their most popular account is the Transact account which is recommended for people that earn less than R3 000 per month or do not have a monthly income. The monthly fees for this account are set at R4.90, which is much cheaper.
The bank is passionate about tailoring solutions for its clients and uniquely creating a shared value. Its customer satisfaction rate is set at 78.6%.
4. Capitec
Numbers don’t lie, Capitec has a high customer number and 84.7% customer satisfaction rating, making them one of the best and most affordable banks in South Africa. It was established in 2001 and from its inception, it has proven to be one of the banks with less fees and great innovative banking solutions.
Because of their affordable charges (as little as R6.50 transaction fees), Capitec is the only bank that always has the longest queue in malls and ATMs, proving that it is the bank that most people prefer.
Capitec is all about simplicity, affordably, accessibility, and empowering people to take control of their finances.
They have amazing and affordable loan products and to make things easier for their clients, they have a loan calculator that one can use for the best value of their loan application.
5. African Bank Limited
With 0 monthly fees, African bank is one of the reputable banks in South Africa. Although it has a smaller customer base, it has been performing well within its niche as its customer satisfaction rate is at 83.4%.
6. Investec
Investec is a financial institution created to cater to individuals, businesses, corporates, and intermediaries providing support to their personal and business goals.
It offers its clients banking and wealth management services and is widely known for its custom baking services to certain private clients.
It is a global business that operates in the UK and South Africa and has been in the banking business since 1974.
Investec is the best bank for wealth management. So, if you are looking into investing your money and securing your finances, this is the bank for you.
Now that you know what the best banks in South Africa are, to balance your finances you may now need to look into the best savings accounts in South Africa. These savings accounts are available within most of the already mentioned banks.