Best Banks in South Africa : Over 70 banks are lawfully functioning in South Africa. Others of these banks are locally owned, some are foreign-owned, and some are just branches of other financial organizations based in other countries.
Based on consumer ratings and banking services in South Africa, this article focuses on locally held banks that are considered as the best for saving and taking out house loans.
List Of Top 10 Best Banks in South Africa (2022 List):
- Standard Chartered Bank
- ABSA Group Limited
- Nedbank Group
- Bidvest Bank
- First Rand
- Investec South Africa
- Capitec Bank
- Gridrod Bank
- African Bank
- Sasfin Bank
According to user ratings, the following are the top ten best banks in South Africa for savings and house loans.
1. Standard Chartered Bank
When it comes to opening a savings account as a student, merchant, or businessman or lady, the Standard Chartered Bank is probably one of the top three South African banks.
When it comes to home loans, the bank is Africa’s largest lender, with operations in Ivory Coast, Malawi, Mozambique, Namibia, Nigeria, Tanzania, Uganda, the United Kingdom, Argentina, the Isle of Man, Jersey, Turkey, and Russia.
Commercial banking, foreign currency exchange, insurance, investment banking, investment management, private banking, consumer banking, and wealth management are all areas of expertise.
This bank today employs more than 50,000 people. This is one of the country’s oldest banks, having been founded in 1862 (156 years ago).
Previously, this bank’s customer service was subpar. However, the situation has changed as the number of consumers who are satisfied with their services, particularly when it comes to savings, has increased.
2. ABSA Group Limited (ABSA)
ABSA Group is a South African financial services firm with interests in commercial banking, retail banking, credit cards, private equity, investment management, and banking. It was formerly known as Barclays Africa Group Limited and was initially known as Amalgamated Banks of South Africa.
This bank was founded in 1991 and presently services the following countries: South Africa, Nigeria, Botswana, Tanzania, Ghana, Namibia, Mauritius, Zambia, Kenya, Uganda, Mozambique, and Seychelles.
ABSA Group Limited had around 39,000 permanent workers as of 2017.
3. Nedbank Group
Nedbank is another excellent South African bank for saving as a company owner or student. It was founded in 1888 as the Dutch Bank and Credit Union for South Africans, and it has lived up to its name by offering distinctive financial services to its numerous consumers.
Since its inception, this bank has gained in popularity among the country’s residents.
Insurance, wholesale and retail banking, asset management, and wealth management are all available through this bank.
This bank primarily provides financial services in South Africa. This bank has a staff of one trillion people and is headquartered in Johannesburg.
4. Bidvest Bank
This South African bank is also one of the best for creating a savings account and specializes in foreign exchange, investment banking, loans, savings, and debit cards.
Bidvest Bank now offers approximately 140 retail banking branches in South Africa that are easily accessible and reachable.
5. First Rand – Best Banks in South Africa
In addition to South Africa, the bank has offices in Lesotho, Botswana, Swaziland, Nigeria, Zambia, Ghana, Namibia, Tanzania, Mozambique, India, Guernsey, and London.
The bank presently employs more than 40,000 people. Apart from being one of the largest in the country, it is also one of the top ten best banks in South Africa.
6. Investec South Africa
Investec is a well-known South African bank with a worldwide specialty banking and asset management company that provides first-rate financial services.
This group offers a variety of services such as investment banking, investment management, capital markets, wealth management, asset management, and private banking.
This bank primarily works in the United Kingdom, South Africa, Ireland, and Australia, where it has several branches.
This bank is the first South African corporation to be dual-listed on the London and Johannesburg stock markets.
Investec South Africa has also been acknowledged globally as one of the most home loan friendly South African banks.
7. Capitec Bank
As of June 2017, this bank was South Africa’s second largest retail bank.
Capitec Bank is a retail bank in South Africa that specializes in commercial banking, housing loans, debit and credit cards, and investment banking. Capitec Bank adds over 120,000 new clients each month.
Capitec operates over 500 retail outlets and over 3,000 ATMs that are either partially or entirely owned by them.
According to 2015 data, the bank has over 6.2 million clients, of which 3.5 million use mobile banking and 309,000 use internet banking.
8. Grindrod Bank – Best Banks in South Africa
Grindrod Bank is a well-known commercial bank in South Africa, chartered by the Reserve Bank of South Africa as a locally owned financial institution.
Among other things, the bank is interested in loans, mortgages, credit and debit cards, and investments.
A shipping and logistics corporation owns this bank, which has branches in Johannesburg, Cape Town, Pretoria, and Durban.
9. African Bank
African Bank is another significant South African retail bank that offers consumers home loans, savings accounts, debit and credit cards, investments, checking and savings.
This is still one of the best banks in South Africa for saving money.
10. Sasfin Bank
Sasfin Bank is one of the most customer-friendly banks in South Africa, offering a variety of financial services such as checking, loans, savings, investments, and cards.
They are primarily concerned with the demands of the country’s institutions, businesspeople, and high-net-worth individuals.