Are you on the hunt for South Africa’s premier cheque account? Look no further! We’ve meticulously researched and curated a list of the top 8 cheque accounts available in 2024. From minimal fees to attractive interest rates, these accounts boast a spectrum of features tailored to your specific needs.
Whether you’re a student, a small business owner, or simply seeking a convenient financial management solution, our list encompasses options that align with your requirements. In this comprehensive guide, we’ll delve into each of the top 8 cheque accounts, equipping you with all the essential information to make a well-informed decision. So, if you’re ready to discover the perfect cheque account for your financial aspirations, let’s dive in!
According to Rethabile Sithole, the head financial advisor at Radius Checking, “Opting for the best cheque account entails low costs, complimentary ATM usage, stellar customer service, and the added benefit of earning interest on your account.” Choosing a superior cheque account can be complex, particularly in a market teeming with banks offering an array of options to cater to diverse consumer needs.
Rateweb has evaluated numerous cheque accounts using Rethabile’s criteria for the best cheque account. Additionally, we’ve considered factors such as the issuing bank’s technological prowess and overall staff competence. Notably, cheque accounts tailored for high net worth clients are not featured in our top rankings. This omission is because these accounts typically excel in areas like customer service, client relations, and interest rates, giving them a substantial advantage.
Without further ado, here are the top 8 cheque Bank Accounts in South Africa for the year 2024:
1. Capitec Bank Global One Account
- Monthly Fee: R7.50
- Immediate Payment: R6.50
- Number of Users: 7.6 million
- Comes With Mobile App
The Global One account offered by Capitec Bank stands out as one of the most cost-effective transactional accounts featured on our list. This cheque account operates on a pay-as-you-go basis, ensuring that you are only charged for the services you utilize. It provides convenient access to mobile, internet, and app banking facilities. While the card can be used for online transactions, it does not require a One-Time Password (OTP); instead, it utilizes a remote PIN for authentication. Additionally, you can enjoy free withdrawals at ATMs and make purchases at point-of-sale terminals without incurring any fees.
2. FNB Easy Zero Account
- Monthly Fee: R0.00
- Immediate Payment: R8.00
- Unlimited Card Swipes
- Free ATM deposit of up to R1,000.00
The FNB Easy Zero Account is an excellent choice for a checking account, thanks to its efficiency and the complimentary technology features provided by FNB. This account has no charges (R0.00) and includes free access to FNB Mobile and Internet banking services.
3. TymeBank Everyday Account
- Monthly Fee: R0.00
- Bank Statements: Free up to 12 months
- Immediate Payment: R7.00
- Comes with Access To Mobile App
- Up To 5 minutes To Open
This check account is completely fee-free and suitable for daily use. There are no monthly charges associated with this account, meaning you won’t pay anything whether you actively use it or not. With this account, you gain access to free banking services and online shopping capabilities. Opening a Tymebank account takes five minutes or less. We recommend reading our detailed article on TymeBank Everyday Account before starting your application to learn more about its features and benefits.
4. Standard Bank MyMo Account
- Monthly Fee: R6.95
- Income Requirement: None
- Available To: Anyone from Age 16
The Standard Bank MyMo account is designed for day-to-day banking needs and comes with affordable monthly fees. Unlike many accounts, it doesn’t require a specific income source, making it accessible to a wide range of individuals. The monthly charge for this account is R6.95. With MyMo, you can enjoy quick money transfers, prepaid top-ups, and withdrawals until your account balance reaches zero, all without any additional fees.
Additionally, Standard Bank Mobile provides UCount rewards and offers free R50 airtime or 250MB of data every month. It’s worth noting that this account does not offer overdraft facilities, likely due to the absence of a minimum income.
5. Nedbank MiGoals Bank Account
- Monthly Fee: R5.00
- Immediate Payment: R10.00
- Access To The Nedbank App
The Nedbank MiGoals Bank Account offers a range of benefits and features to enhance your banking experience. With a low monthly maintenance fee of R5, you gain access to free in-app transaction notifications, providing you with real-time updates on your account activity. Additionally, for just R30 a month, you can add Greenbacks membership, unlocking exclusive rewards and discounts such as 50% off Nu Metro movie tickets, the ability to withdraw Greenbacks as cash at Nedbank ATMs, and special discounts on the Avo SuperShop app.
In terms of convenience and control, opening an account is effortless with online registration. You can seamlessly manage your finances by easily switching your salary and debit orders using the Money app or Online Banking platform. Furthermore, you enjoy instant access to your account through various channels including the Money app, Cellphone Banking, or Online Banking, ensuring you stay connected and in control of your finances at all times. The account also prioritizes security, offering features like the ability to accept or reject transactions via a 24/7 anti-fraud hotline, the option to block, freeze, or replace your card through the Money app, Online Banking, or the 24/7 call center, as well as the added security of chip-and-PIN enabled cards for enhanced protection against unauthorized use.
6. Absa Transact Debit
- Monthly Fee: R5.50
- Instant Payment: R10
- Unlimited Point of Sale Transactions
This checking account is designed specifically for individuals earning less than R3000.00 per month or those with no income. It offers simplicity and affordability, making it suitable for the banking needs of low-income earners. You can access various banking services such as borrowing money through mobile banking or the app, conducting internet banking activities like purchasing prepaid cards and sending money. To maintain the account, a minimum balance of R20.00 is required, with a monthly charge of R4.90. Additionally, balance inquiries, card swipes, as well as SMS or email notifications are provided free of charge.
7. Discovery Bank Gold Cheque Account
- Monthly Fee: R115
- Vitality Money Premium: R30
- Immediate Payment: R1 – R35
- Access To Discovery Bank App
Discovery Gold is one of the best cheque accounts in South Africa, with cheap fees and a long list of advantages. You can join the Vitality Money premium and add a single credit facility if you have a Discovery Gold card. The cost of Vitality Money and the single credit facility is not insignificant. With an R5 and R30 monthly cost, respectively. A monthly cost of R5 is charged for the Discovery Gold account. You’ll also get free perks like local and international point-of-sale swipes, declined transactions, returned debit orders, ATM inquiries, inter-account transfers, and pick-n-pay deposits.
8. Old Mutual Money Account
- Monthly Fee: R5.25
- Immediate Payment: R10.00 – R25.00
- Free card purchases
The Old Mutual Money Account combines the features of a checking and savings account into one convenient package. With this account, you enjoy the benefits of both types of accounts. The account comes with perks such as free swipes, round-the-clock access to savings, secure purchase options, and access to online and mobile banking services. The only cost associated with this account is a monthly administrative fee of R5.25.
Conclusion
It’s fantastic to see that South African banks provide competitive cheque account options. With the advancement of technology, it is no longer possible to overlook the fact that low monthly costs are no longer the main predictor of a good account. Furthermore, with technology present in almost every aspect of banking, bank telephone service must be up to par. You can now choose a check account with more care and become more familiar with modern banking technology.
