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.
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.
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.