Looking for top best banks in South Africa to open an account with? Either you need Personal, trust or business accounts, look no further, as this post contains top 10 banks in South Africa that you can bank with.
Banks are important institutions in our society. They provide financial services such as loans, savings accounts, credit cards, and insurance.
In addition, they also offer other services such as mortgages, property management, and even investment banking.
There are over 20 commercial banks operating in South Africa today. These banks are regulated by the National Credit Regulator (NCR).
The NCR was established in 1998 to regulate the activities of all financial service providers in South Africa.
The following are best banks you can bank with in South Africa
1. Absa Bank
Absa bank is a South African based financial institution that offers banking services to individuals, small businesses, and corporate bodies.
It was established in April 1991 and is licensed by the Reserve Bank of South Africa (RBS). It operates under the umbrella of FirstRand Group Limited.
Absa bank provides its customers with various products and services including savings accounts, current accounts, credit cards, loans, mortgages, home insurance, and investment services. Its headquarters are located at Sandton, Johannesburg.
Amalgamated Banks of South Africa (ABSA) was formerly known as Barclays Africa Group Limited
Nedbank is a South African based multinational financial services company headquartered in Sandton, Gauteng. It is a subsidiary of ABSA Group Limited.
It is licensed by the National Credit Regulator (NCR) and is regulated by the Financial Services Board (FSB).
It operates in four segments namely Retail Banking, Corporate & Investment Banking, Wealth Management, and Insurance.
Its retail banking business includes savings accounts, current accounts and personal loans. Its corporate and investment banking segment includes asset management, treasury, risk management, capital markets, private equity, venture capital, and structured finance.
Its wealth management segment includes retirement planning, investment advice, and insurance. Its insurance segment includes general insurance, motor insurance, life insurance, and property and casualty insurance.
Headquarters: Sandton, South Africa
CEO: Michael William Thomas Brown (1 Mar 2010–)
Credit card support: 009 27 11 710 4330
Founded: 1 March 1888
Parent organization: NBS
Nedbank is a subsidiary of Nedgroup Investments, Nedbank Corporate and Investment Banking
3. Standard Bank
Standard Bank is one of the best banks in South Africa. It is a multi-national financial services provider providing value for many businesses and individuals all across South Africa.
Standard Bank is a subsidiary company of Barclays PLC. It is licensed by NCR and is regulated by FSB.
It operates in three segments namely Retail Banking, Business Banking, and Corporate & Investment Banking.
Its retail banking segment includes savings accounts, current account, personal loans, and mortgage lending. Its business banking segment includes trade finance, project finance, treasury, cash management, and payment solutions.
Its corporate and investment segment includes asset management, private equity, venture, and structured finance.
Headquarters: Johannesburg, South Africa
CEO: Lungisa Fuzile (15 Jan 2018–)
Credit card support: 009 27 86 120 1000
Founded: 15 October 1862
Founder: John Paterson
Standard Bank is a subsidiary of Liberty Holdings Limited, Standard Bank of South Africa Ltd
4. First National Bank
First National Bank is a South African owned financial services provider. It was founded in 1855 and is headquartered in Sandton, Johannesburg, Gauteng.
In addition to providing financial services, it also owns several companies such as First National Life Assurance Company, First National Trustee Company, First National Leasing Corporation, and First National Real Estate Investments.
FNB is licensed by RBA and is regulated by FNB Act No. 21 of 1998.
5. Investec Bank
Investec Bank is one of the best financial services provider in South Africa. It offers a range of financial services including savings accounts, credit cards, mortgages, loans, and insurance.
It is licensed by NCC and is regulated by FSMA. It operates in two segments namely Personal Banking and Commercial Banking.
Investec personal banking segment includes savings accounts and current accounts.
Its commercial banking segment includes loans, mortgages, and deposits.
6. Access Bank
Access Bank is one of the top rated international banks in South Africa that offers financial services to both individuals and businesses.
It was incorporated in 1995 and is headquartered in Sandhurst, KwaZulu-Natal.
It is licensed by ICASA and is regulated by FSC. It operates in five segments namely Consumer Banking, Small Medium Enterprise (SME), Merchant Banking, Asset Management, and Treasury.
Access Bank consumer banking segment includes savings accounts; current accounts; microfinance; and mobile money. Its SME segment includes loans, overdrafts, and merchant services.
Its merchant banking segment includes advisory, brokerage, and transaction processing. Its asset management segment includes fixed income, equities, and commodities.
Its treasury segment includes cash management, foreign exchange, and treasury operations.
7. Standard Chartered Bank
Standard Chartered Bank is a British multinational financial services corporation headquartered in London, United Kingdom.
It is the largest international bank in terms of assets and third largest in the world after State Street Bank and JPMorgan Chase.
It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is a member of the Federal Reserve System and the World’s second largest international bank.
It operates in over 50 countries worldwide including South Africa. It provides banking, securities, investments, and other financial services.
These banks are good for you to use if you need a new account in South Africa.