What is a Bank?
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Below is a List Of All Banks In South Africa
Locally controlled banks
- Absa Group Limited
- African Bank Limited
- Bidvest Bank Limited
- Capitec Bank Limited
- Discovery Limited
- First National Bank
- FirstRand Bank – A subsidiary of First Rand Limited
- Grindrod Bank Limited
- Imperial Bank South Africa
- Investec Bank Limited
- Mercantile Bank Limited
- Nedbank Limited
- Sasfin Bank Limited
- Standard Bank of South Africa
- Ubank Limited
- TymeBank
Co-operative banks
- Ditsobotla Primary Savings and Credit Co-operative Bank
- OSK Koöperatiewe Bank Beperk
Foreign-controlled banks
- Al Baraka Banking Group
- Habib Overseas Bank Limited
- Habib Bank AG Zurich
- Access Bank South Africa
Branches of foreign banks
- Bank of Baroda
- Bank of China
- Bank of Taiwan
- BNP Paribas
- Calyon Corporate and Investment Bank
- China Construction Bank Corporation
- Citibank N.A.
- Deutsche Bank AG
- JPMorgan Chase Bank
- Société Générale
- Standard Chartered Bank
- State Bank of India
- Hongkong and Shanghai Banking Corporation (HSBC)
- Colorado Bank
Foreign Bank Representatives
- AfrAsia Bank Limited
- Banco Africano de Investimentos
- Banco BIC
- Banco BPI SA
- Banco Espirito Santo e Comercial de Lisboa
- Banco Santander Totta S.A.
- Bank Leumi Le-Israel BM
- Bank of America
- Bank of Cyprus Group
- Bank of India
- Barclays Bank Plc
Mutual banks
- GBS Mutual Bank
- VBS Mutual Bank
- Finbond Mutual Bank
- Bank Zero
State-owned banks
- Development Bank of Southern Africa
- Land and Agricultural Development Bank of South Africa
- Postbank
Which bank is number 1 in South Africa?
Standard Bank Group
The position of South Africa’s big four banks has been eroded very slightly this year but they still fill four of the top six slots in our survey of Africa’s Top 100 Banks in 2022, with Standard Bank Group being the biggest bank in Africa.
What is the newest bank in South Africa?
The Canadian-based “neobank” offers several benefits for South Africans, including no monthly account fees, no minimum balance requirement, and the ability to send, receive, hold, and save money in euros and US dollars.
Which bank do rich people use in South Africa?
Top retail banks in South Africa all offer a top-tier account, reserved exclusively for the country’s wealthiest individuals.
Each account carries a minimum annual salary requirement – ranging from R750,000 to R2.5 million – or requires a substantial amount of investible assets.
While South Africa’s banking sector has become a battleground for low-cost or zero-fee accounts, aiming to rope in the country’s unbanked, the high-income bracket is a lucrative pool.
New entrant Discovery Bank does not offer a low-income or entry-level account, but it stands by offering an exclusive ‘Purple’ account, which has the highest salary requirements among all the retail accounts advertised by the big banks.
To qualify for a Discovery Purple account, a prospective cardholder needs to earn at least R2.5 million annually (over R200,000 a month) to take advantage of the major discounts and “bespoke account structure” on offer.
Private banking group Investec has previously been mum on its salary requirements to qualify for an account but has now invited people who earn over R800,000 annually to apply.
The bank almost exclusively targets professionals and high-net-worth individuals – even crediting its very selective client base as the reason it has managed to weather the country’s volatile economic environment in recent years.
Investec’s base places it above Absa (a minimum of R750,000) and below Standard Bank (a minimum of R1.1 million).
Both Nedbank and FNB have Private Wealth offerings which require an annual salary of R1.5 million, or investable assets of R5 million for Nedbank, or a net asset value of R15 million for FNB.
RMB Private Banking – closely tied to FNB as part of the FirstRand Group – has the same entry requirements as FNB Private Wealth, requiring an annual salary of at least R1.5 million, or the same net asset value of R15 million.
| Bank | Annual salary needed | Monthly salary needed |
|---|---|---|
| Discovery Purple | R2 500 000 | R208 000 |
| FNB Private Wealth | R1 500 000 | R125 000 |
| RMB Private Banking | R1 500 000 | R125 000 |
| Nedbank Private Wealth | R1 500 000 | R125 000 |
| Standard Bank Signature | R1 100 000 | R92 000 |
| Investec Private Bank | R800 000 | R66 000 |
| Absa Private Banking | R750 000 | R62 500 |
| Average | R1 380 000 | R115 000 |