Best Digital Banks in South Africa 2025
Compare the top digital banks in South Africa. From TymeBank's zero fees to Discovery Bank's rewards, find the perfect digital banking solution for your needs.
Digital Banking Revolution
Digital Banks at a Glance
| Bank | Type | Monthly Fee | Interest Rate | Best For | Rating |
|---|---|---|---|---|---|
TymeBank | Fully Digital | R0 | Up to 8.25% p.a. | Budget-conscious users, digital natives, savers | 4.5 |
Bank Zero | Fully Digital | R0 | Up to 6.75% p.a. | Fee-conscious users, environmentally aware customers | 4.2 |
Discovery Bank | Digital-First | R0 - R275 | Up to 10.1% p.a. | Vitality members, reward seekers, premium banking | 4.3 |
Capitec | Digital-Focused Traditional | R5.75 - R11.50 | Up to 8.1% p.a. | Cost-conscious users, students, simple banking needs | 4.4 |
FNB | Traditional with Strong Digital | R0 - R275 | Up to 7.5% p.a. | Comprehensive banking needs, business users, eBucks fans | 4.1 |
Standard Bank | Traditional with Digital Focus | R0 - R300 | Up to 6.5% p.a. | International users, investment focus, traditional banking | 3.9 |
Category Winners
Account Fees
Monthly maintenance and account fees
Both offer completely free banking with no monthly fees
Transaction Costs
Fees for transfers, payments, and withdrawals
Zero fees on most transactions, followed by TymeBank
Digital Experience
App quality, features, and user experience
Purpose-built digital platform with innovative features
Rewards Program
Cashback, points, and loyalty benefits
Up to 25% cashback through Vitality Money program
Interest Rates
Savings and current account interest rates
Up to 10.1% p.a. on savings for premium accounts
ATM Access
ATM network size and accessibility
Largest ATM network in South Africa
Detailed Bank Profiles
TymeBank
Monthly Fee
R0
Transaction Fee
R3.50 - R10
Interest Rate
Up to 8.25% p.a.
Founded
2019
Key Features
- No monthly fees
- 24/7 digital banking
- MoreTyme rewards program
- Kiosks for cash deposits
- Goal-based savings
✅ Pros
- Completely free banking
- Innovative savings features
- Easy account opening
- Good customer service
- Rewards program
❌ Cons
- Limited branch network
- No cheque services
- Cash deposits only at kiosks
- Limited business banking
Best For:
Budget-conscious users, digital natives, savers
How to Choose the Right Digital Bank
Consider Your Needs
- Budget-Conscious: Choose TymeBank or Bank Zero for zero fees
- Reward Seekers: Discovery Bank offers up to 25% cashback
- Simple Banking: Capitec offers straightforward, low-cost banking
- Comprehensive Services: FNB or Standard Bank for full-service banking
Key Questions to Ask
- 1. Do you need branch access or are you fully digital?
- 2. How important are rewards and cashback to you?
- 3. What's your monthly transaction volume?
- 4. Do you need business banking services?
- 5. How important is earning interest on your balance?
Frequently Asked Questions
What is a digital bank?
A digital bank operates primarily or exclusively online and through mobile apps, with minimal or no physical branches. They typically offer lower fees, better interest rates, and innovative features compared to traditional banks.
Are digital banks safe in South Africa?
Yes, digital banks in South Africa are regulated by the South African Reserve Bank (SARB) and must comply with the same security and regulatory standards as traditional banks. Your deposits are protected up to R100,000 per bank.
Can I deposit cash with digital banks?
Most digital banks have partnerships for cash deposits. TymeBank uses Pick n Pay and Boxer kiosks, while others may partner with retailers or ATM networks. Bank Zero and some others are moving toward cashless operations.
Which digital bank has the best app?
TymeBank and Bank Zero are praised for their user-friendly, purpose-built apps. Discovery Bank and Capitec also have highly-rated apps with innovative features. The "best" depends on your specific needs and preferences.
Do digital banks offer loans and credit?
Yes, most digital banks offer personal loans, credit facilities, and some offer home loans. TymeBank offers MoreTyme credit, Discovery Bank provides comprehensive lending, and traditional banks with digital focus offer full loan products.
Can I switch from my traditional bank to a digital bank?
Yes, you can easily open a digital bank account alongside your existing account or completely switch. Many people start by opening a digital account for specific needs (like savings or daily transactions) before making a full switch.
Our Top Recommendations
Best Overall Value
TymeBank
Perfect combination of zero fees, great features, and user experience.
Best for Rewards
Discovery Bank
Up to 25% cashback and premium banking features for active users.
Best for Simplicity
Capitec
Straightforward banking with low fees and excellent customer service.
Note: Consider your specific needs, transaction patterns, and preferences when choosing a digital bank. Many users benefit from having accounts with multiple banks to maximize benefits and ensure backup options.