How Much to Open African Bank Account?
How much do you need to open an African Bank account in South Africa? African Bank is one of the fastest growing banks in South Africa. In 2022, the bank reported that it now had over 1.253 million customers, up from around 740 thousand the previous year. You are here because you wish to become an African Bank client and you are wondering at the minimum initial deposit that is required when opening an account.
What is the African Bank account opening initial deposit?
The African Bank initial deposit amount when opening an account depends on the type of account that you have chosen. African Bank offers a couple of account types. Each is designed to meet the needs of different sections of the South African banking community. The table below shows the initial deposit for different types of African Bank accounts;
| Account type | Initial deposit |
|---|---|
| MyWorld | R0 |
| Investment Accounts | R500 |
Monthly charges
Thats the answer to the question how much do I need to open an African Bank account. As you can see in the above table, you can open a MyWorld account free of charge. That is something that you can do online.
You don’t have to pay anything, making African Bank one of the most attractive options for those looking for ordinary accounts. However, if you wish to open any one of the many investment accounts that are offered by African Bank, you will need an initial deposit of R500.
Note that there are no monthly fees on the MyWorld account. That’s great in that you don’t have to worry about depositing money into your account to keep it active. All that you need to do is to open your account and it will remain active for as long as you need it.
Here are the requirements for opening an African Bank account
Summary
In this article we answered the question how much does it cost to open an African Bank account. We noted that African Bank offers a couple of bank accounts. What you choose depends on your particular needs.
The most popular account is the MyWorld account. This account has no monthly fees. It also does not have an initial deposit fee. That’s good for those looking for hassle free banking. You don’t have to worry about having to deposit money into your account to keep it alive.
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