There are over 70 banks operating in South Africa legally. Some of these banks are locally controlled, some foreign-controlled and some are just branches of other financial institutions established in other countries.
The focus of this article is on the locally controlled banks that are regarded as the best for savings and taking home loans based on customer reviews and banking services in South Africa.
Here are the top 10 best banks in South Africa for savings and home loans and whose banking services are top-notch according to customer reviews
1. Standard Bank
The Standard Bank of South Africa Limited is arguably one of the top 3 South African biggest banks when it comes to opening a savings account as a student, trader or even business man or woman.
The bank is the biggest lender in Africa when it comes to home loans and operates in many countries including Ivory Coast, Malawi, Mozambique, Namibia, Nigeria, Tanzania, Uganda, United Kingdom, Argentina, Isle of Man, Jersey, Turkey and Russia.
They are into commercial banking, foreign currency exchange, insurance, investment banking, investment management, private banking, consumer banking and wealth management.
This bank currently has over 50,000 employees on its payroll. Established in 1862 (156 years ago), this is one of the oldest banks in the country.
In the past, this bank’s customer service was poor. However, the story changed as the number of customers happy with their services especially when it comes to savings.
2. ABSA Group Limited
Formerly known as Barclays Africa Group Limited and originally Amalgamated Banks of South Africa, ABSA Group is a South African financial service provider with an interest in commercial banking, retail banking, credit cards, private equity, investment management and banking.
This bank was established in 1991 and currently serves South Africa, Nigeria, Botswana, Tanzania, Ghana, Namibia, Mauritius, Zambia, Kenya, Uganda, Mozambique and Seychelles.
As of 2017, ABSA Group Limited has about 39,000 permanent employees.
3. Nedbank Group
Nedbank is another best bank in South Africa for saving as a business person or even as a student. Established in 1888 as Dutch Bank and Credit Union for South Africans, it has lived up to its expectation in providing unique banking services to its many customers
Since its establishment, this bank has grown in terms of popularity among the locals in the country.
This bank has products ranging from insurance, wholesale and retail banking, asset management, and wealth management.
This bank focuses its financial service provision in South Africa. The staff strength of this bank is put at 1 Trillion and has its headquarters in Johannesburg.
4. Bidvest Bank
Bidvest Bank is a subsidiary of the Bidvest Group. Founded in 1988 by Brain Joffe and currently has significant holdings in over 300 companies.
This South African bank is also one of the best when it comes to opening a savings account with them and has interest in foreign exchange, investment banking, loans, saving and debit cards.
Bidvest bank currently has over 140 retail banking outlets in South Africa for easy reach and access.
5. First Rand
First Rand is one of the largest financial service providers in South Africa. The financial service provider provides services such as investment banking and insurance.
Aside from South Africa, the bank operates in Lesotho, Botsawan, Swaziland, Nigeria, Zambia, Ghana, Namibia, Tanzania, Mozambique, India, Guernsey and London.
The bank currently has over 40,000 employees on its payroll. Aside from being one of the largest in the country, it is also one of the top 10 best banks in South Africa.
6. Investec South Africa
Investec is a popular bank in South Africa and has an international specialist banking and asset management group that doles out top-notch financial services.
This group provides services ranging from investment banking, investment management, capital markets, wealth management, asset management, and private banking among others.
This bank operates primarily in the United Kingdom, South Africa, Ireland and Australia where it has many branches.
This bank is the first South African company to be listed on both the London and Johannesburg stock exchanges using the dual listed companies structure.
Investec South Africa has also been ranked as one of the home loan friendly South African banks that is recognized internationally.
7. Capitec Bank
As of October 2017, this bank was the second largest retail bank in South Africa.
Capitec Bank is a South African retail bank with an interest in commercial banking, home loans, debit and credit cards and investment banking. Every month, Capitec Bank register about 120,000 new customers.
Capitec maintains about 500 retail branches and over 3,000 ATMs either partially or completely owned by them.
As of 2015, it was stated that the bank has over 6.2 million customers out of which 3.5 million are mobile banking customers and 309,000 are online bankers.
8. Gridrod Bank
Gridrod Bank is a popular commercial bank in South Africa licensed as a locally controlled financial institution by the Reserve Bank of South Africa.
The bank has an interest in loan, Mortgages, credit and debit cards as well as investments among others.
This bank is owned by a shipping and logistic company with branches in Johannesburg, Cape Town, Pretoria, and Durban.
9. African Bank
African Bank is another leading South African-based retail bank with an interest in home loans to customers, avings account, debits and credits card, investments, checking and savings.
This remains one of the best banks in South Africa to save your money today.
10. Sasfin Bank
Sasfin Bank is one of the top customer friendly banks in South Africa that provides the following financial services ranging from checking, loans, savings, investments and cards.
They are focused mainly on the needs of institutions, entrepreneurs and high-income net worth individuals in the country.