Not a student, not yet a professional: Banking for ‘in-betweeners’ 

I think everyone is aware of just how difficult it is to be a young person in South Africa. Everything is getting more expensive, and we have no real grounding in the working world.  

Last in, first out, they say, and at our youth unemployment rate of 45.5%, many of us will struggle to even get our foot in the door.

This, of course, does not exclude us from being economic actors. We all still need to spend money, and this comes with needing to have a bank account. (I would not recommend the cash-under-the-mattress method.) But bank fees can be hefty, especially when cash flow into your account is infrequent or virtually non-existent. And when student banking discounts no longer apply, but end-of-year raises are not a reality, it can feel like you’re being squeezed of every last dime. 

As such, finding the most affordable bank that still does everything you need it to do can save you a headache and quite a few rands. Comparing five local banks (Absa, FNB, Capitec, Standard Bank and TymeBank), here are some figures that might help you make better financial decisions to cut back on unnecessary bank expenses. 

Monthly fee and minimum balance 

Even the most expensive of the most affordable accounts is cheap, coming in at R7.50 a month for the Capitec transact account and the Standard Bank MyMo account. Absa’s basic transact account comes in at R1 cheaper, and, quite amazingly, TymeBank and FNB have no-charge accounts. The FNB Easy Zero was a surprising find, and likely the result of FNB losing the “most affordable account” award to Absa in 2025. 

Across all these accounts, the minimum balance ranges from R0 to R30 (Capitec) to keep the account active, which is fairly doable. 

Online banking, transfers, EFTs 

Being able to use online banking and make transfers and EFTs is essential to everyone’s banking these days. Luckily, banks seem to understand this, and there is no fee for online banking from any of these five accounts. While some banks are vaguer than others about inter-account transfers, it seems that these are also all free (though Absa, Standard Bank and TymeBank are the only ones that are absolutely clear about this). 

When it comes to EFTs, things are slightly pricier. Absa and FNB charge R1 per EFT, while Standard Bank charges R1.25. Capitec charges R1 for Capitec-to-Capitec transfers, but R2 per EFT to other South African banks. TymeBank is the only one with no EFT fees. 

This may seem trivial, but transfers can add up quickly among those of us who split bills and Uber rides. Depending on how many transfers you personally find yourself doing, choosing the right account could save you quite a bit in monthly charges. 

Cash withdrawals and deposits 

Cash does not seem to be something that banks want people dealing in, as these charges are easily the most expensive. Across the board, all five accounts charge R10 per R1,000 for ATM withdrawals.  

Many banks offer withdrawals at till points, and this service is free at Absa, Standard Bank and TymeBank. The latter two only apply to their specific retailer tills, such as Pick n Pay for TymeBank and places like Dis-Chem and H&M for Standard Bank. FNB and Capitec charge R1.50 and R2 respectively for till withdrawals. 

When it comes to depositing cash at ATMs, the charges are unfairly high, especially considering that those working-class South Africans who get paid their salaries in cash really have no other option. FNB is the only account to not charge for deposits at all, while Capitec comes in next at R1.40 per R100. Standard Bank is only a little higher at R1.60 per R100, while Absa jumps up to R2.60 per R100. 

TymeBank shoots up to a rate of R7 per R,1000. This would technically be 70c per R100, but the fine print says R7 for every part thereof, so you are getting that R7 charge for pretty much any cash deposit amount. 

Airtime and data top-ups, and prepaid electricity 

Airtime and data are known essentials in South Africa, but being able to pay for prepaid electricity via your bank app is a massive thing too. These expenses are already painfully steep on their own, and bank charges need not worsen this. 

FNB, TymeBank and Capitec are the cheapest for top-ups, coming in at 50c per data and airtime top-up. Standard Bank throws an extra 20c on top of this, and Absa is most expensive, at R1.50 per top-up. 

Absa retains this R1.50 charge for electricity payments, which is fairly cheap. Capitec once again comes in low by also charging R1.50 for prepaid electricity. FNB and Standard Bank have complicated sliding scales based on your electricity bill – Standard Bank will charge R1.80 for more than R100, and FNB will charge R3 for more than R150. 

TymeBank is the most expensive here at R3 for any price of electricity bill. 

I personally top-up my data and airtime at least three or four times a month, which can easily come to R200 a month. Saving a couple of rands on fees would help this process hurt a little less. 

Savings accounts and interest rates 

I’ve gone blue in the face and hoarse from exclaiming how important it is to have a savings account as a young person and, luckily, I think most people agree with me here. Thankfully, most banks do not charge fees to have an associated savings account alongside your everyday transaction account. But the difference in interest rates is notable and should factor into where you put your money. 

Average opening balances range from R0 for the TymeBank GoalSave account and Capitec savings account, to R50 for the Absa TruSave account. But the Absa savings account also has the best interest rate going, at 6.35%. FNB and TymeBank fall just below this at 6.30% and 6% respectively. The Standard Bank PureSave has a 4.75% interest rate. Way below all of these is the Capitec main savings account, with a lowly 2.25% interest rate. 

Being able to transfer money easily (and for free!) from your debit account to your savings account is helpful, and the main reason most people have both accounts with the same bank. However, it is not a necessity, and you can always consider having a savings account with a different bank if you think it will help you earn more interest. When cash is tight, compounded savings are a beautiful sight. 

Overall, choosing the right bank and account comes down to what you need your bank to do for you.  

Too many young people bank where their parents or family bank – a useless exercise in loyalty to an institution that is probably overcharging you. Read the fine print, ask lots of questions, and run like hell after those rands that are being quietly leeched away. 

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