Some people wait till they have money before opening a bank account. It might happen that you are in town and think of opening an account but don’t have any money to deposit into it. Is this possible? This is a guide on how to open a bank account with no money in South Africa.
Yes, it’s possible to open a bank account with no money in South Africa. A number of commercial South African commercial banks allow you to open an account with no money. You will have to have some money for monthly charges on some banks.
These charges can vary from just R5 a month to well over R200 per month. This depends mostly on which bank you use and which account you are using. TymeBank has no monthly charges at all, other banks offer accounts that have no monthly charges; typically geared towards students and they youth.
Capitec Bank and Standard Bank have some form of monthly charges and don’t have accounts that have zero monthly charges. Nedbank, FNB and Absa offer accounts that don’t have any monthly charges for people who are qualifying.
You can open a bank account with no money but you will likely have to deposit it soon enough to cover monthly charges. Do you have any thoughts or questions? Comment below.