Current Accounts

Most people have a current account and almost anyone can get one. They are generally used for everyday banking. With so many accounts on the market, all offering different features, you can get more for your money so it pays to shop around for the right account. You need to think carefully about what you need from your account. In the table below we have listed a variety of current account providers to suit all your account needs. You can compare all the main features and extra benefits of some of the best current accounts in South Africa. Once you have found the account you want, you can apply online directly through this site. Please make sure that you read the terms and conditions of these current accounts thoroughly before you invest your money.

If you wish to speak to someone: Contact Us or Enquiry Line: +27 10 500 3675

COMPANYACCOUNT

ACCOUNT

Account name

TYPE

TYPE

Account type

INTEREST APY

INTEREST APY

Annual Percentage Yield

INTEREST GROSS

INTEREST GROSS

Gross interest is the annual rate of interest which is paid without the deduction of lower rate tax to eligible individuals and certain organisations

PAID

PAID

How often interest is paid on account

ACCESS

ACCESS

How account can be accessed

OD RATE

OD RATE

Cost of overdraft

BANKING CHARGES

BANKING CHARGES

Additional banking charges

SERVICES CHARGES

SERVICES CHARGES

Charges for extra services

FEATURES

FEATURES

Account features

MORE INFO

Nedbank Mzansi Account
Nedbank Mzansi Account

Mzansi AccountCurrent AccountAsk on applicationAsk on applicationMonthlyOnline, branch, SMSOverdraft facility R12 per monthDishonoured payment R10Monthly Maintanance FREEFeatures

Features

Free Banking: Yes
Debit Card: Yes
Cheque Guarantee_Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: Yes

1. Self-service Banking
2. eNote
3. eStatement
4. Personal Money Manager
5. Overdraft
6. Garage Card
7. Affinity

Nedbank Mzansi Account
The Mzansi Account is a current account that is easy to use and simple to understand, with a straightforward, uncomplicated fee structure. It allows people to easily transfer money into your account and you to safely withdraw this cash. Save money with no monthly maintenance fees and no additional (Saswitch) fees when drawing cash at other banks’ ATMs.Please make sure that you have carefully read the terms and conditions of this current account in detail before you invest your money. If you need information contact the bank. DETAIL INFORMATION >>Services

Services

1. A Mzansi debit card, which you can use to buy goods at tillpoints and to draw cash from ATMs, Pick ’n Pay tillpoints and Post Office counters, making it safer than carrying cash around.
2. Free access to Personal Money Manager, an online budgeting tool for internet banking users that allows you to track your income, expenditure and fees on your account. (OPTIONAL)
3. The option to top up your airtime at a Nedbank ATM or via SMS.
4. The opportunity to earn extra money (interest) on the positive balance in your account.
 
 
Other Available options:
 
1. Self-service Banking
2. eNote
3. eStatement
4. Personal Money Manager
5. Overdraft
6. Garage Card
7. Affinity


Advantages

Advantages

This account is ideal if you’re looking for a safe alternative to carrying cash and want an affordable bank account that provides instant access to your money, as and when you need it.
 
You can also withdraw cash for less at Post Office counters and all Pick n Pay tillpoints:
 
1. No monthly account maintenance fees.
2. Free SMS banking.
3. Free access to all self-service banking options (cellphone, internet and telephone banking).
4. First cash deposit of every month free at any Nedbank branch or ATM.
5. Free unlimited cheque deposits.
6. Free balance enquiries at Nedbank branches.
7. One free balance enquiry per month at a Nedbank ATM.
8. One free statement enquiry over the counter per month.
9. One free statement enquiry per month at a Nedbank ATM.
10. One free statement per month at a Nedbank Self-service terminal.


Disadvantages

Disadvantages

1. You must apply for the current account before you can find out what interest rate is offered

If you wish to speak to someone: Contact Us or Enquiry Line: +27 10 500 3675

Compare Current Accounts

For your entire daily banking needs make sure you have the right current account for you and your finances.

What is a Current Account?

Current accounts are an essential part of many people’s financial lives as most people in South Africa will have one. The reasons why current accounts are so popular are because they provide an instantly accessible place for your money. They help you manage your money on a day to day basis.

When you have a <current account you will receive a monthly statement which lists all your transactions, what money has come in, gone out and whether you have received any charges.

What are the benefits of Current Accounts?

Current accounts are usually where your income gets paid into. You can also pay people from this account, receive payments and take out money from ATMs. You will be able to set up standing orders and direct debits from a current account for regular payments so if you have to pay bills you will not have to worry about missing payment deadlines.

Most accounts will come with a chequebook and a card that you can use to withdraw money and make payments easily. Some current accounts also offer interest on the money you have on the account, although the rates are often lower than on a savings account.

Overdraft facilities

Some current accounts come with an overdraft facility which is essentially borrowing money from the account provider. Some accounts may offer overdrafts on an interest free basis. However, you should watch out for charges as some banks may charge you for this facility and rates can vary. There can be hefty fees for exceeding your overdraft.

Access your account 24 hours a day with online banking

With a current account you can get online banking which is a great feature. Internet banking is easy to use, secure and convenient. You do not have to travel to your nearest bank for many basic services and you can access your account 24 hours a day. You can also access your statements instantly, make transfers quickly and schedule monthly payments to be made out of your account automatically.

Choosing the right account for you

The right account will depend on you and your requirements. Many accounts offer incentives with their accounts such as free gifts and vouchers but you need to make sure that despite these are you still getting a good deal.

Watch out for any hidden charges with some account providers and always read the terms and conditions thoroughly.

Use the table above to compare different current account providers.

Do you want to switch bank accounts? Compare currents accounts suitable for you

Switching current accounts can save you hundreds a year so it is certainly worth considering the options available to you. Although most banking is ‘free’, this only applies if you are in credit. Watch out for the interest that you will receive or fees that you will incur if you go into your overdraft.

When you apply for a new current account it is worth noticing that sometimes you can get extra benefits by signing up via comparison websites.