Best Bank in South Africa

Given the wide range of financial institutions offering various services and products, selecting the best bank in South Africa can be challenging. From cutting-edge digital banking solutions to extensive branch networks and exceptional customer service, the top contenders each offer distinct advantages. Whether you are looking for competitive interest rates, low fees, or a broad range of financial services, making the right choice involves careful assessment of your personal needs and financial goals. So, which bank is considered the best in South Africa?

Key Takeaways

  • Diverse Banking Options: South Africa’s leading banks, including Standard Bank, FNB, ABSA, TymeBank, and Nedbank, provide a variety of services such as current and savings accounts, loans, and digital banking. Each bank has its own strengths, whether it be a large branch network or a fully digital platform.
  • Comparing Fees and Interest Rates: It is important to review the fees associated with account maintenance, transactions, and ATM withdrawals, as well as the interest rates offered on savings and loans to ensure you receive the best value.
  • Customer Service and Convenience: Good customer service and convenient access to banking services are vital. Look into factors such as branch locations, ATM availability, and the quality of online and mobile banking platforms.

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Best Banks in South Africa

South Africa’s banking sector is well-established and competitive, with several key players leading the market. Here’s a look at some of the top banks:

Standard Bank Review

Standard Bank

Standard Bank is one of the largest financial institutions in South Africa, with a strong presence across the African continent. Founded in 1862, it has a long history of offering a wide range of banking and financial services.

With a net profit of R44.2 billion for the year ending December 2023, up from R34.2 billion the previous year, Standard Bank has outperformed many competitors. The bank’s solid performance is due to significant growth in its various business areas and a focus on digital advancements.


  • Extensive branch network and numerous ATMs.
  • Comprehensive online and mobile banking services.
  • Wide range of financial products, including personal and business banking, investment, and insurance.


  • High Fees: Standard Bank is known for its high fees, which may be a concern for customers looking for more affordable banking options.

Customer Feedback

Standard Bank is often praised for its innovative banking solutions and strong customer service. However, some customers have raised concerns about the high fees and occasional delays in service.

First National Bank Loan Review

First National Bank (FNB)

First National Bank (FNB) is well-regarded for its innovation in the banking sector, especially in digital banking services. Founded in 1838, it is one of the oldest banks in South Africa. For the financial year 2023, FNB reported a net profit of R32.5 billion, reflecting strong growth driven by increased customer engagement and a solid digital banking platform.


  • Leading digital banking services with a user-friendly mobile app.
  • Wide range of financial products, including the eBucks rewards programme.
  • Strong emphasis on customer service and support.


  • Branch Coverage: While FNB excels in digital services, its physical branch network is not as extensive as that of some competitors.

Customer Feedback

FNB receives high ratings for its customer-focused approach and digital banking experience. Customers value the ease of use of the mobile app and the benefits provided by the eBucks rewards programme.

Choosing the right bank in South Africa involves considering various factors, including the services offered for international transactions. If you frequently deal with foreign currencies, knowing how to exchange foreign money in South Africa can help you get the best rates and services available.

Absa Personal Loan Review


ABSA Bank, part of the Barclays Africa Group, is a significant player in the South African banking industry. Established in 1991, it provides a wide range of banking and financial services to individuals, businesses, and institutions.

For the year ending December 2023, ABSA reported a net profit of R31.1 billion, an increase from the previous year, highlighting the bank’s efforts to expand its services and enhance customer experience.


  • Broad range of financial services.
  • Strong focus on community and corporate social responsibility.
  • Effective online and mobile banking services.


  • Complexity in Digital Banking: Some users find the digital banking platform less user-friendly compared to other leading banks.

Customer Feedback

ABSA is valued for its strong community involvement and wide range of products. However, some customers have mentioned that customer service can be inconsistent.

Tymebank Logo


TymeBank is a relatively new entrant in the South African banking market, having launched in 2019. It is the country’s first fully digital bank, providing a branchless banking experience. For 2023, TymeBank reported a net profit of R1.5 billion, reflecting its rapid growth and popularity among customers seeking a branchless banking option.


  • Low fees and competitive interest rates.
  • Fully digital banking with an easy-to-use mobile app.
  • Quick account opening and verification process.


  • No Physical Branches: The lack of physical branches may be a drawback for customers who prefer in-person banking services.

Customer Feedback

TymeBank is well-regarded for its affordable services and ease of use. Customers appreciate the simplicity and convenience of its digital banking platform. However, as a newer bank, it might not offer some of the comprehensive services available at more established banks.

Nedbank Loan Review


Nedbank is one of South Africa’s four largest banks, with a strong focus on sustainable development and community involvement. Founded in 1888, it provides a wide range of banking and financial services. For the year ending 2023, Nedbank reported a net profit of R29.7 billion, indicating steady growth and a firm commitment to sustainability.


  • Commitment to sustainability and green banking.
  • Wide range of financial products and services.
  • Strong presence in both personal and business banking.


  • Higher Monthly Fees: The monthly account maintenance fees are relatively high, which may be a drawback for customers looking for more affordable options.

Customer Feedback

Nedbank is recognised for its dedication to sustainability and customer service. Customers value the bank’s extensive product range and community initiatives, although some have pointed out occasional issues with service efficiency.

The National Credit Regulator ensures that banks operate within the legal guidelines to protect consumers. For more information on the standards and compliance measures banks must adhere to, check out the National Credit Regulator’s resources.

Major Banks

Overview of Major Banks

This table provides a comprehensive overview of the leading banks in South Africa, highlighting key information such as their establishment dates, headquarters locations, net profit figures for 2023, the number of branches and ATMs, and their digital banking platforms. This comparative view offers readers a quick reference to understand the scale, financial performance, and digital capabilities of each bank.

Bank NameEstablishedHeadquartersNet Profit (2023)Number of BranchesNumber of ATMsDigital Banking Platform
Standard Bank1862JohannesburgR44.2 billion1,200+7,500+Standard Bank App, Online
FNB1838JohannesburgR32.5 billion800+6,000+FNB App, Online
ABSA Bank1991JohannesburgR31.1 billion700+5,500+ABSA App, Online
TymeBank2019JohannesburgR1.5 billion0 (Branchless)N/ATymeBank App, Online
Nedbank1888JohannesburgR29.7 billion750+4,500+Nedbank App, Online

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Key Offerings of Major Banks in South Africa

This table outlines the key offerings of the major banks in South Africa, focusing on their personal banking, business banking, corporate and investment banking, and wealth management services. This helps to compare the range of products and services each bank provides to its customers.

Bank NamePersonal Banking ProductsBusiness Banking ProductsCorporate & Investment BankingWealth Management
Standard BankSavings accounts, Loans, Credit CardsSME Solutions, Merchant ServicesFinancial Advisory, InvestmentsAsset Management, Estate Planning
FNBChecking, Savings, LoansBusiness Accounts, Credit FacilitiesCorporate Finance, Trade FinanceInvestment Management
ABSA BankCurrent Accounts, Personal LoansSME Solutions, Business LoansMergers & Acquisitions, Project FinanceFiduciary Services
TymeBankTransactional Accounts, SavingsN/A (Focus on Personal Banking)N/AN/A
NedbankSavings, Home LoansBusiness Accounts, Lending ServicesCorporate Lending, Project FinanceGreen Savings Bonds

Fees and Charges

Below is a detailed table outlining the fees and charges for the top five banks in South Africa, including account maintenance fees, transaction fees, and ATM withdrawal fees.

BankAccount Maintenance FeesTransaction FeesATM Withdrawal Fees
Standard BankR99 monthly for a standard cheque accountR4.50 per transaction for electronic transfersR6 per withdrawal at Standard Bank ATMs
First National Bank (FNB)R109 monthly for Gold Cheque accountR2.75 per transaction for in-branch depositsR2 per withdrawal at FNB ATMs
ABSA BankR109 monthly for Gold Value Bundle accountR3.50 per transaction for online paymentsR4.50 per withdrawal at ABSA ATMs
TymeBankNo monthly feesNo fees for digital transactionsR8 per withdrawal at any ATM
NedbankR105 monthly for a Nedbank Savvy Plus accountR5 per transaction for in-branch transactionsR2.50 per withdrawal at Nedbank ATMs

Choosing the Best Bank

Selecting the right bank is an important decision that can greatly affect your financial well-being. Whether you are opening your first account, looking for better service, or exploring new financial products, understanding what to look for in a bank can help you make a well-informed choice. Here are some key factors to consider when choosing the best bank for your needs:

One of the key factors to consider when choosing a bank is how interest rates can affect your loan repayments. Understanding the impact of interest rates on loans helps you make informed decisions, ensuring you choose a bank that offers competitive rates and transparent terms.


Choosing the best bank in South Africa depends on your individual financial needs and preferences. With major banks like Standard Bank, FNB, ABSA, TymeBank, and Nedbank offering various services from digital banking to extensive financial products, each has its own strengths. Assessing factors such as fees, interest rates, customer service, and accessibility will help you make a well-informed choice. By carefully reviewing what each bank provides, you can find the best option for managing your finances and achieving your financial objectives.

Frequently Asked Questions

Which bank is the best to use in South Africa?

The best bank in South Africa depends on your personal needs and preferences. Standard Bank and FNB are well-regarded for their extensive services and strong digital banking platforms. TymeBank, on the other hand, offers a fully digital, low-cost banking experience. Assessing factors such as the range of services, fees, and customer support can help you choose the bank that best suits your requirements.

Which bank do wealthy South Africans use?

Wealthy South Africans often choose banks that offer extensive wealth management services, such as Standard Bank, ABSA, and Nedbank. These banks provide customised financial solutions, investment opportunities, and dedicated relationship managers for high-net-worth individuals.

Which bank is the most affordable in South Africa?

TymeBank is considered one of the most affordable banks in South Africa, with no monthly account fees and minimal transaction charges. This fully digital bank is a great choice for those looking to reduce their banking costs.

Which bank is the most trusted?

Standard Bank and FNB are frequently seen as the most trusted banks in South Africa, thanks to their long histories, solid financial performance, and focus on customer service. Both banks have received positive feedback for their dependability and wide range of banking solutions.

Which bank offers the best digital banking experience?

FNB is known for its advanced digital banking services, featuring an easy-to-use mobile app and a variety of online banking tools. Customers appreciate the user-friendly interface, convenience, and innovative features of FNB’s digital platform.

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