Having a bank account with no monthly fees is something that some of us appreciate. We often use these bank accounts to save up money; which usually doesn’t earn enough interest to pay for the monthly admin fees. Let’s look at some banks with no monthly fees in South Africa.
TymeBank
Being a digital bank, TymeBank has no monthly admin fees and offers some of the highest interest rates for savings accounts. It’s the best bank to park your money; to save while earning interest, interest can be as high as 7% and 8% if you earn your salary through TymeBank.
FNB easy Zero
FNB now has an account that allows people to use it without paying any monthly admin fees. This was previously reserved for the youth and students but now everyone can have this. The interest rates on savings are not as high as time but you get a lot of benefits for using this account. It can be opened online and you can simply collect your card at your nearest FNB branch.
Nedbank pay as you use
Nedbank pay as you use has no monthly admin fees. This also goes for the unlocked.me account which is only available to the youth. The interest rates at Nedbank are usually low; there is little incentive to choose Nedbank over other banks on this list.
Bank Zero
This is a digital mutual bank that was formed in 2018; it’s very new and hasn’t gained much public spotlight. It is similar to other digital banks, except it has zero fees for a lot of things, including making transfers to other banks.
The main disadvantage is that you can only withdraw money at selected retail stores or pay heavy withdrawal fees when withdrawing at other ATM. Bank zero doesn’t seem to have a savings account as yet; also, very little incentive to switch to it.
