10 Best Cheque Accounts

Choose your quick section of our best Cheque Accounts below.

Our 10 Best Handpicked Cheque Accounts Revealed:

• ✔️FNB Easy Account
• ✔️Standard Bank Access Account
• ✔️Old Mutual Money Account
• Discovery Bank – Gold Cheque Account
• ABSA Transact Debit
• Capitec Bank – Global One Account
• Nedbank Ke Yona Bundle Account
• TymeBank Everyday Account
• Nedbank Pay-As-You-Use Account
• FNB Premier Cheque Account

The list below will provide some insight into some of the best cheque accounts, and what you can expect from top-rated banks in South Africa.

FNB Easy Account

The FNB Easy Account is a cheque account that is perfect for day-to-day transactions. It is the first-tier account offered by FNB, targeting individuals who earn between 1 000 ZAR to 7 000 ZAR. Monthly fees on this account range from between 0 ZAR to 65 ZAR.

The Easy Account is one of the best cheque accounts available and it has three different options.

With the FNB Pay-as-you-use option, clients have reduced cash and cash at till withdrawal fees. The account option charges fees whenever the account is used. There is a monthly fee of 4.95 ZAR charged for transactions made.

The Zero Monthly Fee option is a no-fee bank account which does not have any associated monthly account fees. This account is suitable for students and has a savings account with competitive rates.

The Easy Account Smart provides more value to the account holder and their family with 24/7 medical advice, legal, and financial coaching. There are also other benefits such free electronic transactions, a free savings account, and more.

Pros and Cons

Standard Bank Access Account

This account offers a simple and affordable transaction account that offers users with access to a variety of convenient banking channels. It also allows the user to bank in their community, access cellphone banking, internet, and mobile banking, anywhere at any given time.

This account type is offered to customers that do not have a monthly income. Some of the features of this account include:

• Access to deposits, transfers, and withdrawals as well as payments and the ability to obtain statements.
• Unlimited free balance enquiries.
• Free transfers between accounts.
• Access to Visa and MasterCard offers, and access to 24/7 emergency services.
• Cash can be sent from anywhere in South Africa using the InstantMoney voucher.
• Free MyUpdates that can be received via SMS or Email, and more.

Pros and Cons

Old Mutual Money Account

This bank account is a 2-in-1 account which acts both as a transactional and a savings account. This account has a ‘save your change’ function which allows the user to automatically save a percentage of the money that they spent.

In addition, customers are also offered with a focused save function on this account and they are provided with anytime transfer of funds. Customers have free card purchases whenever they swipe their card, access to monthly statements when they use the online portal or the mobile app, and the minimum account balance which must be maintained is 25 ZAR.

Customers also have access to an option to pay Money Account users by using their cellphone number. There is a tap to pay feature which is enabled but can only be used for low-cost transactions.

The account fees that customers can expect are low, starting from 4.95 ZAR per month. There are also charges for cash withdrawals at ATMS, retail till points, and international ATM withdrawals.

Each debit order costs 2.20 ZAR and branch statement requests are 10 ZAR, with a card replacement charge of 70 ZAR.

Pros and Cons

Discovery Bank – Gold Cheque Account

The Gold Cheque Account offered by Discovery is the entry level account, also known as the first-tier account. This is specifically for customers who wish to save money while simultaneously paying low bank charges.

With this account, there is a monthly fee of 5 ZAR and a Vitality Money premium fee of 5 ZAR charged, resulting in a total monthly charge of 10 ZAR. Whenever the bank card is used, customers can earn rewards and this account also offers customers with exclusive discounts on premium live events.

There are 4 free withdrawals at any ATM and unlimited swipes at local POS in South Africa. In addition, customers can get free POS swipes internationally, cash deposits at Pick n Pay retail stores, free balance enquiries, and more.

Pros and Cons

ABSA Transact Debit

The Transact Debit account is ABSA’s entry-level account for basic banking needs. The account is primarily designed for earners of income less than 3 000 ZAR, or those who do not have any income.

The monthly fee for the Transact Debit Account starts from 4.90 ZAR and customers have access to withdrawals, deposits, transfers, account payments, and statements which can be accessed from any ABSA ATM.

This account also offers unlimited balance enquiries at ABSA ATMs as well as supporting retailer till points. The CashSend feature also allows customers to send money to people who do not have bank accounts.

There are limitless swipes and numerous rewards and discounts that customers can qualify when they use their card to pay for travel costs. The account can easily be managed through the online portal, mobile, or telephonic banking services.

Pros and Cons

Capitec Bank – Global One Account

There is a variety of accounts offered by Capitec for businesses as well as personal banking. However, even though the account is not a cheque account, per se, it is one of the best, most affordable accounts offered in South Africa.

It is a simplified solution to everyday banking and the account has a variety of functionalities beyond convenient transactional capabilities.

Functions of the Global One Account include the following:

• Daily transactions
• International transactions
• Savings – both flexible and fixed term savings opportunities
• Insurance
• Home loans
• Credit, and more

Pros and Cons

Nedbank Ke Yona Bundle Account

Banking has undergone a considerable number of changes in the past few years with the emergence of fin-tech companies that offer incredible banking products. Traditional banks have had to step up to increase their offerings to reach a variety of customers, especially those who have little to no income.

The Nedbank Ke Yona Account is one designed for clients who are just starting out in banking. In addition, when signing up for this account, customers are also automatically provided with 2 000 ZAR funeral cover.

This account is also linked to the MyPocket savings account, allowing customers to save with interest. There is a 62 ZAR monthly fee to keep the account active and it includes 10 transactions which can be made without any cost during the month.

When using the Nedbank Money App, customers can make certain payments even if they do not have their card. In addition, when scanning for payments, customers can also earn Greenbacks and membership reward points.

Pros and Cons

TymeBank Everyday Account

This everyday account serves dual purposes as both a savings and a cheque account. Account opening is quick and hassle-free and there is a 0 ZAR monthly account fee. Customers only pay for the services that they use, and online shopping can be done free of charge, without any transaction fees.

As a TymeBank account holder, customers can earn double Smart Shopper points when they pay or swipe their card at Pick n Pay. With the savings account, customers can earn up to 7% per year in interest on their savings and the TymeBank Everyday Account also offers GoalSave, which is a tool that assists in making saving even simpler.

In addition, with this account, there are the following freebies:

• Monthly administration fee.
• Smart app subscription fee.
• Internet banking subscription fee.
• SMS notification fee.
• Initial debit card.
• Account statement.
• Beneficiary payment notification.
• Proof of account, and several others.

Pros and Cons

Nedbank Pay-As-You-Use Account

This account is offered to any South African residents and non-residents over the age of 16. It must be noted that this account is for personal banking applications and for this reason it is not available to trusts, companies, or legal entities.

As the name suggests, this account does not have monthly maintenance fees, it only charges fees on the transactions that are made. Those who do not have any transactions during the month will subsequently not have any fees charged for that month.

Internal transfers are free, provided that the customer uses a Nedbank ATM or their online banking platform. Each time a customer uses their card, Nedbank will charge a fee with fees varying depending on the transactions.

Transfers between Nedbank accounts costs 80 ZAR with this fee going as high as 125 ZAR from a branch teller. Instant online payments up to a maximum of 10 000 ZAR costs 10 ZAR while amounts over 2 000 ZAR attracts a fee of 49 ZAR.

The account can send up to 2 500 ZAR a day and internal debit orders may be free of charge, but external debit orders attract a fee of 5.50 ZAR per debit order.

When customers swipe their card for purchases, they are not charged a fee, but garage card transactions are subjected to a 4.30 ZAR fee. Prepaid airtime as well as data purchases cost 1 ZAR while prepaid electricity purchases cost 2 ZAR and LOTTO purchases cost 2.60 ZAR.

Pros and Cons

FNB Premier Cheque Account

This account is offered by FNB to individuals who have an annual income of between 300 000 to 749 000 ZAR per annum. This cheque account is perfect for young professionals and banking fees for this account start from as little as 219 ZAR, depending on usage.

With this account, customers can benefit from a range of rewards and it also caters extensively for additional family members.

Some rewards include, but are not limited to:

• Discounted coupons exclusive to eBucks.
• Exceptional deals and discounts through eBucks travel.
• Up to 40% off on selected flights.
• Up to 15% in eBucks which can be earned from Checkers and Shoprite.

Pros and Cons