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Types of bank accounts

Before opening a bank account, it’s important to understand the different types of accounts available so you can choose one with benefits and services that match your daily needs.

Current accounts

  • Get easy access to your money for day-to-day expenses
  • You get different types of cards depending on your income bracket. For example, gold card, titanium card, black card, etc

Savings accounts

  • Keep your savings separate from your everyday bank account with a savings account
  • Earn interest on the amount you save every month

Fixed / Deposit accounts

  • A savings account that you can only access when giving a certain amount of days’ notice
  • Earn more interest the longer you save

Business accounts

  • A bank account for your business’s daily banking

Resident and Non-Resident accounts

  • Transactional accounts for temporary residents or people who want to bank in South Africa but live in another country

How to choose the right account:

  • Ask yourself if you want to use this account to save money over time or if you’ll be using the account for day-to-day transactions
  • Shop around and look at a variety of products at a variety of banks. Check out the benefits that will work for you
  • Keep in mind that you don’t need a regular income to have a bank account