Best Digital Banks in South Africa (2025)
Zero fees, high interest, great apps - the new era of banking.
South Africa is experiencing a digital banking revolution. Gone are the days when you had to queue at a branch or pay R100+ in monthly fees.
Today, you can open a bank account from your phone in minutes, pay zero monthly fees, and earn up to 11% interest on your savings. But which digital bank is right for you? We've compared the top options.
Quick Verdict
- Best Overall: TymeBank - Zero fees, up to 11% interest, easy signup at Pick n Pay
- Best App: Capitec - The gold standard for mobile banking in SA
- Best for Rewards: Discovery Bank - If you're already on Vitality, it's a no-brainer
- Best for Zero Fees: Bank Zero - True zero-fee banking with decent rates
Digital Bank Comparison
| Bank | Monthly Fee | Savings Rate |
|---|---|---|
TymeBank | R0 | Up to 11% |
Capitec | R6.50 | 6.5% - 8.8% |
Discovery Bank | R0 - R265 | Up to 11% |
Bank Zero | R0 | 8.25% |
African Bank | R4.95 | Up to 10.8% |
FNB (Easy Account) | R6.50 | 5% - 8% |
Detailed Reviews
TymeBank
Best overall valueR0
Up to 11%
Capitec
Best app experienceR6.50
6.5% - 8.8%
Discovery Bank
Best for Vitality membersR0 - R265
Up to 11%
Bank Zero
Best for zero feesR0
8.25%
African Bank
Best fixed deposit ratesR4.95
Up to 10.8%
FNB (Easy Account)
Best rewards ecosystemR6.50
5% - 8%
Why Choose a Digital Bank?
Lower Fees
No physical branches means lower costs. Many digital banks charge R0 monthly fees.
Higher Interest
Digital banks often offer 2-3x higher savings rates than traditional banks.
Better Technology
Built for mobile from day one. Faster, more intuitive, and more innovative features.
Digital Banks vs Traditional Banks
| Feature | Digital Banks | Traditional Banks |
|---|---|---|
| Monthly Fee | R0 - R6.50 | R99 - R265 |
| Savings Rate | Up to 11% | 3% - 5% |
| Branch Access | Limited/None | Extensive |
| Account Opening | 5-10 minutes (App) | 30+ minutes (Branch) |
| Home Loans | Limited | Full Service |
Things to Consider
- • No branches: If you prefer face-to-face banking, digital banks may not be for you
- • Limited products: Some don't offer home loans or complex investment products
- • Cash deposits: Check if you can deposit cash easily (TymeBank has Pick n Pay, Capitec has ATMs)
- • Support: Customer service is usually via chat/call only - no branch visits
Our Recommendation
For most South Africans, we recommend opening two accounts:
Primary: Capitec
Best banking app, wide ATM network, affordable fees. Great for everyday banking.
Savings: TymeBank
Park your savings here for up to 11% interest. Zero fees, easy to transfer in.
Frequently Asked Questions
Is my money safe in a digital bank?
Yes. All the banks listed here are registered with the South African Reserve Bank and regulated by the FSCA. Your deposits are protected just like at traditional banks.
Can I get a debit card?
Yes, most digital banks offer free debit cards. TymeBank and Capitec cards are available immediately at kiosks. Others are delivered to your door.
What about salary payments?
All digital banks accept salary payments. You'll receive a branch code and account number just like any other bank. Many employers already pay into TymeBank and Capitec.