Cheapest Bank Accounts in South Africa (2026): Fees Compared
Prices and facts checked 15 October 2026. We don't accept payment for rankings.
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Short answer: the cheapest everyday accounts from the big banks cost R0 to R8 a month in fees, but transaction fees decide the real cost. For a typical month (5 debit orders, 5 payments and one R1,000 ATM withdrawal), we worked out about R28 at Standard Bank MyMo, R43 at Capitec Global One and R45 at Nedbank MiGoals. FNB Easy Zero has no monthly fee. Absa's cheapest account, Flexi, costs R65 a month before transactions (Standard Bank pricing guide; BusinessTech; Nedbank fee guide).
Fees change. Banks update their pricing every year, usually on 1 January, 1 March or 1 July. We checked the figures below on 15 October 2026. Always confirm with your bank's current pricing guide.
How we compared
We read each bank's 2026 pricing guide where we could get it (Standard Bank and Nedbank), and recent reports of the 2026 fees where we couldn't (Capitec, FNB and Absa). Then we priced the same typical month at each bank:
- monthly account fee;
- 5 debit orders (insurance, cellphone, gym and so on);
- 5 online payments to other banks;
- 1 ATM withdrawal of R1,000 at the bank's own ATM;
- card purchases, which are free at all of these banks.
We didn't open these accounts, and no bank paid to be included.
Entry-level accounts compared
| Account | Monthly fee | Debit order | Payment to another bank | ATM withdrawal (own ATM) | Our typical month |
|---|---|---|---|---|---|
| Standard Bank MyMo | R7.50 | Free | R2 | R10 per R1,000 | ≈R27.50 |
| Capitec Global One | R7.50 | R3 | R2 | R10 per R1,000 | ≈R42.50 |
| Nedbank MiGoals | R8 | R4 | R1 | R12 per R1,000 | ≈R45 |
| FNB Easy Zero | R0 | Not confirmed | Not confirmed | R12 | Not enough data |
| Absa Flexi | R65 | Not confirmed | Not confirmed | Not confirmed | R65 + transactions |
Sources:
- Standard Bank: MyMo 2026 pricing guide. R7.50 a month, unchanged from 1 January 2026. Card purchases free. ATM withdrawals R10 per R1,000, up to R2,000 a month, then R2.80 per R100.
- Capitec: BusinessTech, 5 February 2026 and The Citizen. R7.50 a month, R3 per debit order, R1 to another Capitec account, R2 to other banks, R6 for an immediate payment, and R10 per R1,000 at any SA ATM. New pricing applied from 1 March 2026.
- Nedbank: Everyday banking fees 2026. R8 a month, R4 per debit order, R1 per digital payment, R12 per R1,000 at Nedbank ATMs, and free card purchases. Kids under 18 pay no monthly fee on MiGoals4Kids.
- FNB: Easy Zero keeps a zero monthly fee under FNB's pricing from 1 July 2026 (BusinessTech, 1 June 2026). The Citizen reports FNB ATM withdrawals at R12 on Easy Zero. We couldn't confirm every Easy Zero transaction fee, so check FNB's pricing guide.
- Absa: Flexi Account at R65 a month, according to The Citizen, which didn't list Absa's transaction fees.
A note on Standard Bank: The Citizen reported that MyMo's monthly fee was removed from 1 January 2026, but Standard Bank's own 2026 pricing guide still shows R7.50 a month. We've used the bank's own figure.
What actually drives your bank costs
- Cash. ATM withdrawals are the most expensive thing most people do. R10 to R12 per R1,000 adds up. Many banks offer cheaper or free withdrawals at retailer till points. For example, Standard Bank MyMo has free cashback withdrawals at participating retailers.
- Debit orders. At R3 to R4 each, 8 debit orders cost R24 to R32 a month at Capitec or Nedbank. They're free on MyMo.
- Immediate payments. Capitec charges R6 for an immediate payment to another bank. Standard payments cost R2.
- Branch transactions. Doing things in a branch is far more expensive. Standard Bank charges R100 for a branch payment.
Which account suits you?
| If you mostly… | Look at | Why |
|---|---|---|
| Pay by card and have several debit orders | Standard Bank MyMo | Free debit orders and card purchases |
| Use mostly free in-app transfers between people at the same bank | Capitec Global One | R1 Capitec-to-Capitec payments, huge user base |
| Want the lowest monthly fee and use few transactions | FNB Easy Zero | R0 monthly fee |
| Have a child under 18 | Nedbank MiGoals4Kids | No monthly fee for kids |
How to cut your bank fees
- Download last month's statement and count your debit orders, payments and cash withdrawals. Then price that month at two or three banks using their pricing guides.
- Pay by card or tap instead of drawing cash. Card purchases are free at all five banks.
- Use cashback at tills instead of ATMs where your bank offers it.
- Avoid branch transactions and paper statements.
- Switching banks is easier than it looks. Move your salary first, then your debit orders, and keep the old account open for a month.
FAQ
What is the cheapest bank account in South Africa?
On monthly fee alone, FNB Easy Zero (R0). For a typical month with debit orders and one ATM withdrawal, we worked out about R27.50 at Standard Bank MyMo, R42.50 at Capitec Global One and R45 at Nedbank MiGoals, using each bank's 2026 fees.
How much is Capitec's monthly fee in 2026?
R7.50 a month, unchanged for 2026, according to BusinessTech and The Citizen.
Does Standard Bank MyMo have a monthly fee in 2026?
Standard Bank's 2026 pricing guide shows R7.50 a month, unchanged from 2025.
Which bank has free debit orders?
Of the accounts we compared, Standard Bank MyMo lists debit orders as free online. Capitec charges R3 and Nedbank R4 per debit order.
When do bank fees change?
Each bank sets its own date: Standard Bank on 1 January, Capitec on 1 March and FNB on 1 July in 2026. Check your bank's pricing guide each year.
Sources
Pages we used for this article, checked on or before the update date above.
- Standard Bank pricing guide · standardbank.co.za
- BusinessTech · businesstech.co.za
- Nedbank fee guide · personal.nedbank.co.za
- The Citizen · citizen.co.za
- BusinessTech, 1 June 2026 · businesstech.co.za
Changelog: 15 Oct 2026, first published with 2026 pricing.