Open an account at Access Bank. As of 17.02.2025 you have access to bank account options. Simplify your finances by choosing the best account for your needs today.
Update 15.11.2024
Access Bank South Africa, part of the Access Bank Group, offers a diverse range of accounts to meet customer needs, including current accounts for daily banking, savings accounts with competitive interest rates, specialized options for non-residents, and premium services for high-net-worth individuals. While a newer player in South Africa, the bank is expanding its offerings and leveraging its parent group’s network to deliver reliable, growth-focused personal and business banking solutions.
Types of Accounts Offered by Access Bank
Current Accounts
Access Current Account. A basic account with a monthly maintenance fee of R7. All transactions are charged separately according to set tariffs. For example, cash withdrawals at Saswitch ATMs cost R16 per R1,000, and online payments cost R2.20 per transaction. This account provides access to essential banking services, making it suitable for clients with irregular banking needs.
Access Current Account with Rewards. An account with a monthly fee of R20, offers rewards such as free mobile data, grocery, and travel vouchers. All transactions are charged separately. For example, cash withdrawals at Saswitch ATMs cost R16 per R1,000, and online payments cost R2.20 per transaction. Ideal for active users seeking added benefits from their transactions.
Wealth Diamond Account. A premium account with a monthly fee of R499. All local POS and online transactions are free, including cash withdrawals. Features include a personal relationship manager, exclusive lounge access, and Legacy Lifestyle Rewards membership. Requires a minimum annual income of R1 million or investable assets of at least R5 million. This account is tailored for high-income clients who value convenience and exclusive services.
Access Account Non-Resident. An account for non-residents with no monthly management fee. Supports deposits in USD, EUR, GBP, and CAD. Ideal for expatriates and travelers, providing seamless access to international transactions. A valid foreign passport and proof of residency are required.
Diaspora Banking Account. Designed for clients with African connections, offering convenient international transactions and multi-currency savings. Suitable for those conducting business outside South Africa. Account setup requires a passport and residency permit.
Business Transaction Account. A business account with a fixed fee ranging from R160 to R265 per month, depending on the company's turnover. Includes unlimited EFTs, electronic payments, and online banking management. Ideal for companies with high transaction volumes.
Savings Accounts
Notice Deposit Accounts. Flexible accounts with notice periods of 24 hours, 48 hours, and 32 days. Interest rates range from 7.23% to 9.11%, depending on the balance and term. These accounts are ideal for clients who need flexible savings with access to funds after a notice period.
Fixed Term Deposit Accounts. Accounts with fixed terms ranging from 1 to 60 months. Interest rates reach up to 12.37% for deposits over R5 million. Suitable for clients seeking guaranteed returns over the long term. Penalties apply for early withdrawals.
Investment Accounts. Savings accounts with daily compounding interest rates. Interest rates range from 6.43% to 7.5%, depending on the deposit amount. Ideal for long-term capital growth and passive income.
Fixed Fee Accounts. Business accounts for companies with turnovers between R5 million and R750 million. Fixed monthly fees range from R160 to R265, including unlimited EFTs and electronic payments. Perfect for large companies with frequent transactions.
Key Features
Broad Account Options. Access Bank offers a range of accounts, including low-fee current accounts and savings accounts, with competitive interest rates up to 12.37% for fixed deposits.
Exclusive Services for High Net Worth Clients. The Wealth Diamond Account provides premium benefits such as private banking suites, complimentary lounge access, and Legacy Lifestyle rewards.
Support for Non-Residents. Tailored accounts for non-residents allow savings and transactions in multiple currencies, including USD, EUR, and GBP, without monthly fees.
Flexible Savings Options. Includes notice deposits with up to 8.89% annual effective interest and fixed deposits for periods up to 60 months.
Affordable Transaction Fees. Pay-as-you-transact pricing ensures transparent charges, such as R16 per R1,000 for cash withdrawals at Saswitch ATMs.
Pros and Cons
Pros
Low Monthly Fees on Entry Accounts. Starting at R7 per month, entry-level accounts provide affordable access to basic banking services.
Diverse Currency Support for Savings. Non-resident accounts enable savings in foreign currencies, helping mitigate exchange rate risks.
Integrated Banking Solutions. Features like free inter-account transfers and instant beneficiary payments simplify personal and business banking.
Cons
High Fees for Branch Transactions. In-branch payments can cost up to R120 per transaction, which may deter clients reliant on face-to-face banking.
Limited Fee-Free ATM Networks. Withdrawals at non-Access Bank ATMs, such as Saswitch, incur R16 per R1,000 fees, limiting convenience.
Premium Accounts Require Significant Income. Wealth Diamond Accounts are restricted to clients earning R1 million annually or holding R5 million in investable assets.
How to Apply for an Access Bank Account?
Online through the Bank’s Website. Go to Access Bank South Africa’s website, navigate to the “Internet Banking Log-in” section, and select “Register” if you’re a new customer. Follow the online instructions, which include entering a valid account number if you are an existing customer or obtaining an enrollment code if needed. Verification of your identity is required, which may involve sending a code to your registered email.
Using the Access More Mobile App. Download the Access More app on your mobile device, then proceed with the registration and self-enrollment process. The app will guide you through steps to link your account, verify your identity through South African ID validation, and set up security credentials like passwords.
In-Person at a Bank Branch. Visit your nearest Access Bank South Africa branch with your identification documents and proof of residence. A bank representative will assist you with the application and verification process. This method is particularly recommended for clients who require additional assistance or have complex banking needs.
Requirements and Conditions
Requirements
Identification. Valid South African ID card, passport, or Smart ID for citizens and residents. Foreign nationals must provide a valid passport and visa, not expiring within three months of account opening.
Proof of Residence. Recent utility bill or any document reflecting a physical address, not older than three months. This must include the full name and address of the applicant.
Proof of Income. Required for certain account types to confirm financial standing, such as salary deposits or relevant documentation.
Minimum Age. Applicants must be at least 18 years old to open most accounts.
Foreign Nationals. Must provide documentation, including a valid visa or permit and proof of address.
Conditions
Monthly Account Fees. Access Current Account charges R7 per month, while Wealth Diamond Account requires R499.
Interest Rates on Savings. Interest rates vary by deposit account type, ranging from 8.22% to 9.67% per annum for fixed deposits.
Minimum Balances. No minimum deposit is required for most current accounts. However, premium accounts like Wealth Diamond require substantial qualifying balances.
Transaction Fees. Cash withdrawals at Saswitch ATMs cost R16 per R1,000. EFT payments cost R2.20 per transaction.
Eligibility for Premium Accounts. High net-worth clients must meet criteria such as R1 million CTC or R5 million investable assets for the Wealth Diamond Account.
Compliance with FICA. Non-compliance with required documentation will result in account freezing after failed attempts to obtain correct documents.
Things to Pay Attention to
Compare Account Fees Before Choosing. If you need a basic account, the Access Current Account costs only R7 per month, but if you want premium services, the Wealth Diamond Account is R499. Ensure you align the account fees with the features you need.
Choose the Right Savings Account for Higher Returns. Fixed deposit accounts offer up to 9.67% interest annually, while notice deposit accounts provide up to 8.55%. Select the one that matches your savings goals and liquidity needs.
Understand Transaction Costs. Some accounts have high fees for specific transactions, such as R25 for immediate payments via Internet banking or R120 for branch payments. Choose an account that minimizes fees for the types of transactions you do most often.
Review Overdraft and Penalty Fees. If you might need overdraft access, check the applicable charges. For instance, overdraft fees start at R69 monthly, and penalties for insufficient funds are R8.50 per transaction.
Ensure FICA Compliance Early. Gather all required documents, such as proof of ID and residence, before applying. Non-compliance can lead to your account being frozen, causing inconvenience.
Plan for International Transactions. If you travel often, be aware of charges like 2.75% on international purchases and R78 for ATM withdrawals abroad. Select an account that suits your cross-border banking needs.
Assess Value-Added Services. For regular updates, free SMS notifications can be useful, but additional services like branch statements cost R32 per page. Ensure you understand what’s included and what incurs extra charges.
Editorial Opinion
Access Bank South Africa provides a comprehensive suite of accounts catering to diverse financial needs, from affordable current accounts like Access Current Account, ideal for daily banking, to Wealth Diamond for high-net-worth individuals seeking exclusive services. For savers, the bank’s competitive fixed deposit rates - up to 12.37% - and flexible notice deposit accounts make it a strong contender in the market. International clients benefit from Non-Resident and Diaspora Banking accounts, which support multi-currency savings and seamless cross-border transactions. Business clients can take advantage of tailored accounts with unlimited EFTs and fixed fees.
Can I open multiple Access Bank accounts for different purposes?
Yes, Access Bank South Africa allows clients to open multiple accounts tailored to their needs, including current, savings, and investment accounts. Each type is designed with specific features to cater to personal or business requirements.
Are there specific transaction limits for Internet banking?
Yes, Access Bank offers customizable daily transaction limits for Internet banking. These limits can be updated through the "Admin Panel" in the online banking portal.
What additional benefits do premium accounts like the Wealth Diamond Account provide?
The Wealth Diamond Account includes perks such as a personal relationship manager, exclusive lounge access at the Da Vinci Hotel in Johannesburg, complimentary use of private boardrooms, and membership in the Legacy Lifestyle Rewards program.
How are foreign currency transactions managed in non-resident accounts?
Non-resident accounts support transactions in multiple currencies, including USD, EUR, GBP, and CAD. These accounts are ideal for mitigating exchange rate risks and facilitating international transfers.
What documents are required for non-residents to open an account?
Non-residents need a valid passport, proof of residence, and a visa or permit not expiring within three months. Additional documentation may apply based on the account type.