Which current account at the major banks offers the cheapest charges? Do you get any interest on balances? We looked at the best transactional accounts out there.
Absa Current Accounts
With Absa’s Transact Account:
- You pay a monthly fee of R4,50 and no opening balance or minimum balance is required.
- You get full electronic banking functionality that includes internet banking, cellphone banking, telephone banking and Absa ATMs.
- There is no charge for the online subscription and you get internet, cellphone and telephone banking free.
The Flexi Account is a full-service transactional account that gives you full access to internet and cellphone banking. Key benefits associated with this account include:
- Free funeral cover for clients aged between 18 and 65 years
- Personal health advisor
- Legal assist
- Discounted doctor’s network
- Missing assist
- Monthly administration fee is R14,00
- You don’t pay subscription fees for internet, cellphone and telephone banking
First National Bank
With FNB’s Easy Account you pay a monthly fee of R4.20 and receive:
- Free inContact SMS notifications for transactions above R100 on the account
- Free subscriptions to Online and Cellphone Banking
- Free card swipes for purchases at retail stores
- Free cash withdrawals at till-points in stores such as Pick n Pay, Checkers and Shoprite which means customers don’t have to stand in queues at ATMs
- Free transfers between linked accounts
- Free Stop orders
- Free Savings account, called a Savings Pocket, linked to the transactional account which offers credit interest dependent on the balance in the account.
“Clients earn 4.7% per annum on a R10 000 balance. Transfers into and out of the savings account are free of charge and there are no monthly fees that erode the savings,” says Jo-Ann du Plessis, head of pricing, FNB Core Banking Solutions.
Nedbank
“For clients who want a basic, secure pay-as-you-transact bank account, we would recommend the Nedbank Ke Yona Plus account,” says Moira Sharp, product specialist manager for pricing analytics at Nedbank.
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Find out moreThe Ke Yona Plus account costs only R5.00 per month and this includes free funeral cover to the value of R2000 and access to free SMS Banking. Clients are able to easily transfer amounts to and from their linked JustSave account/s .There are no fees on savings. Rates for the JustSave Accounts are tiered so the more you save, the more interest you earn.
Capitec Bank
According to Charl Nel, spokesperson for Capitec Bank their "transaction" account is built on a savings account platform, and not on a current account platform. For the Transactional account you pay a monthly premium of R5.
Transaction/Savings account:
Amount 0— R 9 999 - 4.4 % R 10 000— R24 999 - 4.5 % R25 000 — R 99 999 - 4.6% 100 000+ - 4.75%
Standard Bank
With Standard Bank Access Account you pay as you bank and there are ay any monthly admin fees and get free cell phone banking and free balance enquiry with your cellphone banking. With Standard Bank’s Access Account Plus you pay a monthly fee of R59 and get :
- Unlimited electronic transactions
- Unlimited card swipes
- Unlimited cash-back at till points
- R2 000 death benefit
- Free cellphone banking
- Unlimited pre-paid electricity recharges at Standard Bank ATMs and on cellphone banking
- Four free Standard Bank ATM withdrawals
- Unlimited transfers to other Standard Bank account holders
- Two free Standard Bank ATM deposits
- FREE stop orders to any Standard Bank Savings and Investment accounts
Justmoney says:
- Despite many current accounts charging a low account fee, charges for deposits,statement fees and balance enquiries could push your monthly fee up. Some banks charge a standard fee for these services so it is a good idea to opt for this.
- Check whether the account is linked to a saving account. This way you have access to a free savings account.
- Always check the key benefits you get with your account. Many people will for instance take out funeral cover, without realising it is covered by their current accounts.
- Do a check list on all the stores and institutes you can swipe/draw money for free on your current account.
