Standard Bank
Standard Bank made it to the list because they offer high-class banking services to South Africa and the global community. In terms of total assets, Standard Bank is rated as the largest bank in South Africa. It operates in more than 20 countries and has over 500 000 employers.
It offers its financial services to individuals, businesses, institutions, and corporations in Africa and abroad. Their services consist of transactional banking, investment, and advisory services, deposit, credit cards, mobile and online banking, etc.
First Rand Bank Group
First Rand Group is a holding company that operates in South Africa, the UK, India, and certain markets in sub-Saharan Africa. Its portfolio consists of First National Bank (FNB), RMB, Wesbank, Aldermore, MotoNovo, Ashburton Investments, DirectAxis, MotoVantage, and FCC.
We will mostly be focusing on FNB as it represents FirstRand’s functions in the retail and commercial sphere.
FNB is also one of the oldest banks with its establishment traced back to 1838. Its track record says a lot about the bank as it has managed to score an 80.7% customer satisfaction rate.
Absa Group
Formally known as Barclays African Bank, Absa forms part of the largest and best banks in South Africa. It is an African group that was established in 1991 and its banking history is rotted in excellence.
It is highly rated for its investments and assets and its banking solutions are not to be overlooked.
Absa Bank is a subsidiary of Absa Group and it offers services such as corporate and investment banking, personal and business banking, credit cards, wealth and investment management, and bancassurance.
Capitec
Numbers don’t lie, Capitec has a high customer number and 84.7% customer satisfaction rating, making them one of the best and most affordable banks in South Africa. It was established in 2001 and from its inception, it has proven to be one of the banks with less fees and great innovative banking solutions.
Because of their affordable charges (as little as R6.50 transaction fees), Capitec is the only bank that always has the longest queue in malls and ATMs, proving that it is the bank that most people prefer.
Capitec is all about simplicity, affordably, accessibility, and empowering people to take control of their finances.
They have amazing and affordable loan products and to make things easier for their clients, they have a loan calculator that one can use for the best value of their loan application.
What type of bank account is best for a trust?
A Trust checking account makes it easy for your Trustees to pay off debts and distribute inheritances without draining other assets or relying on outside funds. It also makes it easy to track the money going out and its Beneficiaries.
Can a trust have a bank account in South Africa?
If you decide to register your trust for tax, SARS wants the banking details, but on the application, you can state that the trust has no bank account and then insert an alternative bank account in its place (with the consent of the other account holder), so that gets around that one.
How do I open a bank account for Trust in South Africa?
For Legal Trusts:
Proof of physical address of business (if absent, an affidavit is required for a sole proprietor) Company registration document (if absent, an affidavit is required for a sole proprietor), Company Resolution (where more than one signatory on the account is applicable), Trust Deed.
How much does it cost to open a trust account in South Africa?
The upfront costs of setting up a trust can range between R6 000 and R12 000 and, while the process is best navigated with a fiduciary specialist, your active involvement and decision-making are required. Here’s what setting up your living trust will entail.