In recent ThinkMoney research, Capitec, FNB and Nedbank were revealed as the leading consumer bank accounts in South Africa. This was according to nearly 7 000 bank account reviews written by Thinkmoney users, who voted Capitec, FNB and Nedbank accounts as the most popular both in terms of the number of reviews and a high average rating.
Thinkmoney users are able to rate bank accounts out of a maximum score of 5 according to the following criteria: service, telephone banking, value for money, fee structure, integrity and Internet banking.
The outright leader in terms of overall ratings was the Capitec Global One Card, which scored an average of 4.4 out of 5. This account was also voted as offering the best value for money, scoring an exceptional 4.6 out of 5. This is due to this account’s very low monthly charges (only R4.50 per month), which makes it highly affordable to most consumers. Capitec is also highly focused on keeping banking simple, and this is reflected in their rating for “service”, for which they scored an average of 4.2 out of 5.
Also receiving high ratings from Thinkmoney users was the The FNB Gold Cheque Account, which received 654 reviews and an average rating of 4.1 out of 5. The FNB Smart Cheque Account received 575 reviews, although its average rating was lower at 3.8 out of 5.
The Nedbank Current Account also received a large number of reviews (536) but scored a lower average rating of 3.4 out of 5.
Although some other bank accounts such as Investec Private Banking and RMB Private Banking scored higher than Capitec, FNB and Nedbank, many of these are only available to a smaller group of individuals such as high earners.
CEO of Thinkmoney Gareth Mountain commented: “Capitec has an aggressive growth strategy, while FNB focuses on delivering excellent above-the-line marketing campaigns. These strategies have both obviously been very successful and are reflected in the opinions of ThinkMoney users.
Those with a Capitec account also like to vocalise that they have taken the leap from ‘the traditional banks’ and are very satisfied with the service and fee structure.”
With a wide choice of bank accounts available to South African consumers, it makes sense to shop around to find the bank account that is best suited to your individual saving goals and financial needs.