How much do you need to open a Standard Bank account in South Africa? That’s a question that a lot of people in the country have been asking. Standard Bank is the biggest bank in South Africa. They are the most capitalized, though they trail behind others like Capitec when it comes to customer numbers. You are here because you wish to get a Standard Bank account and you are wondering at the minimum amount that you need to deposit when doing so.
Minimum amount to open a Standard Bank Account
The minimum deposit when opening a Standard Bank account depends on the type of account that you wish to open. The table below shows the minimum required deposit for different Standard Bank accounts;
|(sum)1 Banking Account||R0|
|MyMo Bank Account||R5.95|
|Prestige Banking Account||R230|
|Professional Banking Account||R250|
|Consolidator Banking Account||R49|
Some Standard Bank accounts can be opened for free
As you can see a lot of Standard Bank accounts can be opened free of charge. These accounts include the PureSave Account and the (sum)1 Banking Account. The (sum)1 Banking Account is for children under the age of 16.
With some accounts, you have a minimum amount that you need to pay when opening your account. That’s usually the same as the monthly fee for each of these accounts.
In this article, we answered the question how much does it cost to open a Standard Bank account in South Africa. We covered the issue of the opening amount that is required when opening such an account. It was noted that this amount varies depending on the type of account that is being opened.