Banking
South Africa — Banking: Best Banks
The Prudential Authority lists registered banks including Absa, Capitec, FirstRand, Nedbank, Standard Bank, Investec, Discovery Bank and TymeBank.
VerifiedGovernment / official sourceSouth African Reserve Bank Prudential Authority — registered banksLast reviewed: 2026-10-23
Key facts
- The SARB publishes a list of South African registered banks and representative offices, kept by the Prudential Authority.
- The locally controlled bank list dated 10 October 2025 includes Absa, African Bank, Bidvest Bank, Capitec, Discovery Bank, FirstRand, Investec, OM Bank, Nedbank, Sasfin, Standard Bank and TymeBank, with Ubank under curatorship.
- An older deposit insurance page counted 14 commercial banks, 3 mutual banks, 5 co-operative banks and 12 local branches of foreign banks.
- The SARB does not rank banks.
Steps
- Opening a bank account — To open a bank account in South Africa, one typically needs to provide identification documents and proof of address. The specific requirements may vary depending on the bank and type of account.
- Choosing a bank — When choosing a bank in South Africa, it's essential to consider factors such as fees, interest rates, and customer service. However, little information is available on how to objectively compare banks and determine the 'best' one.