Open an account at Standard 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 13.11.2024
Standard Bank offers a diverse range of accounts tailored to daily banking and savings goals, with unique benefits like a cloud-based digital platform for seamless access, the SimplyBlu platform for small businesses, and one of South Africa's most comprehensive Shari’ah-compliant banking options. With perks like UCount Rewards for versatile spending and SnapScan and Shyft mobile wallets for effortless transactions, Standard Bank delivers convenience, innovation, and ethical choices, setting it apart in the South African banking landscape.
Types of Accounts Offered by Standard Bank
Checking Accounts
MyMo Account. A low-cost account with a monthly fee of R4.95, offering unlimited card swipes, ATM withdrawals, free digital banking access, and UCount Rewards. MyMo Account holders also benefit from a free Standard Bank Mobile SIM card and up to R300 airtime when they maintain a positive balance.
(sum)1 Account. A no-fee account designed for clients under 16, providing basic transactional features without monthly charges, allowing young users to manage money with parental guidance. This account includes access to a savings pocket for learning financial habits early on.
Access Account. A flexible, pay-as-you-transact account offering essential banking features with low fees and no fixed monthly charges, aimed at clients who want control over their banking costs based on usage. This account also provides the Bank Your Change feature, enabling automatic savings on each transaction.
Prestige Banking Account. Available to clients with a monthly income of R25,000 or more, this account offers a dedicated Prestige Banker, personalized financial planning, exclusive UCount Rewards, and priority customer service access. It includes complimentary travel insurance and access to lifestyle benefits like airport lounge access.
Professional Banking Account. Tailored for young professionals with a degree, this account provides benefits like competitive rates on personal loans, a dedicated relationship manager, financial advisory services, and lifestyle benefits, including access to exclusive events and career-focused financial guidance.
Private Banking Account. For high-net-worth individuals with a monthly income of R58,000 or more, this account offers wealth management services, access to a private banker, and exclusive rewards for a personalized banking experience. It includes advanced investment options, access to private financial advisors, and additional family banking options.
Signature Banking Account. A premium account for clients with a monthly income of R92,000, featuring 24/7 private banking support, personalized investment and financial planning, dedicated relationship management, and access to luxury lifestyle benefits such as curated events and exclusive travel experiences.
Consolidator Banking Account. Tailored for clients aged 55+, offering special rates and benefits for easier financial management.
Non-Resident accounts. Optimum Bank Account offers international banking with multi-currency support and online access. Platinum Optimum Account adds premium support for high-net-worth clients. Seafarer Account is tailored for maritime clients, providing 24/7 access and flexible solutions for those frequently abroad.
Savings Accounts
PureSave Account. A no-fee savings account offering interest on balances with no fixed term, allowing clients to save flexibly while earning competitive returns on their deposits. It allows unlimited withdrawals without penalties, providing easy liquidity.
MarketLink Savings Account. A flexible savings account with competitive tiered interest rates based on balance, combining easy access to funds with growth potential. This account is ideal for clients seeking liquidity, as it offers instant access to savings while earning interest.
Fixed Deposit Account. A long-term investment account offering fixed interest rates, with terms ranging from one month to five years. Clients can choose higher rates for longer terms, providing predictable growth, though early withdrawals may incur penalties.
MoneyMarket Select Account. Designed for clients seeking high short-term returns, this account offers competitive interest rates with monthly interest payouts, allowing clients to grow their savings without a long-term commitment while retaining flexibility.
MoneyMarket Call Account. A short-term savings option with daily interest calculations and monthly payouts, providing immediate access to funds and competitive returns. Ideal for clients who prioritize both liquidity and steady growth.
Tax-Free Call Account. A tax-free savings account with immediate access to funds, allowing clients to grow their savings without tax deductions on interest up to the government-stipulated limit of R36,000 per year, promoting flexible, tax-efficient savings.
Flexi Advantage Account. A hybrid savings account that combines fixed deposit benefits with partial access to funds, allowing clients to withdraw a portion of their balance after a set period while still earning competitive interest on the remaining amount.
Shari’ah Fixed Deposit Account. A Shari’ah-compliant investment product that offers profit-sharing instead of interest, catering to clients who seek ethical financial solutions aligned with Islamic principles. Terms range from one to five years, offering predictable growth within ethical guidelines.
Shari’ah Call Account. A flexible, Shari’ah-compliant savings account that provides easy access to funds while earning returns based on profit-sharing rather than traditional interest, ideal for clients who prioritize both accessibility and ethical finance.
Notice Deposit Account. A savings account with a required notice period of 32 to 90 days for withdrawals, offers higher interest rates than standard savings accounts. It is suitable for clients who want scheduled access to their funds with the benefit of enhanced interest rates.
AutoShare Invest Account. A savings and investment account that allows clients to invest in selected shares on the Johannesburg Stock Exchange, providing an opportunity to combine regular savings with stock market exposure, with low transaction fees and flexible terms for individual investors.
Key Features
Daily Accessibility. Standard Bank accounts provide seamless daily access to funds through mobile and online banking platforms, allowing users to easily manage transactions and monitor their finances on the go.
High Interest on Savings. Competitive interest rates on savings accounts, such as the MoneyMarket and Fixed Deposit options, enable clients to grow their savings with rates that vary according to term and balance.
Unlimited Digital Transfers. Standard Bank offers unlimited electronic transfers on certain accounts, making it easy and cost-effective to move funds between accounts and conduct online transactions.
Fixed and Variable Rate Options. Customers can choose from accounts with either fixed rates, like Fixed Deposit Accounts, or variable rates, such as MoneyMarket accounts, depending on their financial goals.
Shari’ah-Compliant Accounts. Shari’ah-compliant savings and investment accounts offer ethical profit-sharing returns instead of traditional interest, catering to clients who follow Islamic finance principles.
UCount Rewards Program. Many Standard Bank accounts offer participation in the UCount Rewards Program, allowing clients to earn and redeem points on everyday purchases and services, adding value to their banking experience.
Tailored for Age Groups. Specific accounts are tailored to particular age groups, such as the (sum)1 Account for young clients and the Consolidator Account for clients aged 55+, providing relevant benefits for each stage of life.
Pros and Cons
Pros
Variety of Specialized Accounts. Standard Bank provides a diverse range of accounts tailored to different life stages and needs, such as accounts for young professionals, high-net-worth individuals, and non-residents, making it suitable for a wide client base.
Robust Wealth Management Services. For clients with higher income levels, Standard Bank offers exclusive wealth management services through private and signature banking options, providing investment advice and financial planning.
Integrated Digital Solutions. Standard Bank’s digital platform is highly integrated, offering features like contactless payments, biometric security, and mobile wallet compatibility, which enhances the convenience and security of banking services.
Cons
Monthly Fees on Premium Accounts. Premium accounts like Private and Signature Banking come with relatively high monthly fees, which may not be ideal for clients seeking cost-effective options.
Customer Support Wait Times. Some clients have reported delays in reaching customer support, which can impact the user experience, especially for clients with urgent needs.
Stringent Account Requirements. Certain accounts have strict eligibility criteria, such as high minimum income thresholds for premium accounts, which can limit access to some of the bank's more exclusive features.
How to Apply for a Standard Bank Account?
Online or via Mobile App. Online or via Mobile App: Visit the Standard Bank website or download the app. Go to "Products and Services" and select "See All Accounts." Compare accounts, choose one, and click "Register" or "Sign in." Provide name, email, username, password, and verify email. Enter ID, cellphone number, nationality, and tax details. Submit, then verify with OTP. Complete application prompts, agree to terms, and submit. You'll receive a confirmation on-screen, followed by email or SMS upon approval, allowing access to your new account online.
At the Bank's Branch. Locate your nearest branch using the branch finder on the Standard Bank website. Prepare all necessary documents, including your South African ID, proof of residence, and proof of income, if required. Foreign nationals need a valid passport, proof of residence, and proof of income or employment if applicable. Visit the branch with the documents and inform the representative that you’d like to open a new account. Complete the application forms as guided by the representative, who will verify your documents. After verification, the representative will help finalize your account setup and provide you with access information.
Requirements and Conditions
Requirements
Identification. A valid South African ID or, for foreign nationals, a passport with a valid work, study, or residency permit is required for identification.
Proof of Residence. A recent utility bill, bank statement, or official document verifying your residential address, dated within the last three months, is required.
Age. Applicants must be at least 18 years old to open an account online or in a branch. For the Standard Bank mobile app, the minimum age requirement is 16 years.
Proof of Income. For accounts with specific income requirements (e.g., Prestige or Private Banking), proof of income such as recent payslips or bank statements may be required.
Initial Deposit. Certain accounts may require an initial deposit or minimum balance, depending on the account type and terms.
Conditions
Monthly Fees. Many accounts have a monthly fee, ranging from low-cost options like the MyMo Account (R4.95) to premium accounts with higher fees based on the services provided.
Interest Rates on Savings. Savings accounts like the PureSave and MarketLink offer competitive interest rates, with rates varying by account type and balance, promoting savings growth.
Transaction Limits. Pay-as-you-transact accounts like the AccessAccount charge fees per transaction, while premium accounts offer unlimited electronic transfers as part of the monthly fee.
Overdraft Facility. Certain accounts offer overdraft facilities, subject to credit approval, providing financial flexibility for eligible clients.
UCount Rewards. Many accounts participate in the UCount Rewards program, allowing customers to earn points on transactions that can be redeemed for products or services.
International Fees. Foreign transactions may incur additional fees, depending on the account and currency involved.
Shari’ah-Compliant Options. Accounts under Shari’ah compliance follow profit-sharing structures instead of traditional interest, catering to Islamic banking principles.
Withdrawal and Access Terms. Fixed Deposit and Notice Deposit accounts may have restrictions on withdrawal frequency and require advance notice or lock-in periods, offering higher returns for long-term deposits.
Things to Pay Attention to
Monthly Account Fees. Review the monthly maintenance fees for each account option. For example, the MyMo Account charges R4.95 per month, while premium accounts like Signature Banking may have higher fees, which are justified by additional services. Consider if the account’s features align with the cost.
Transaction Fees and Limits. Pay-as-you-transact accounts, such as the AccessAccount, may have per-transaction fees for services like cash deposits, ATM withdrawals, and interbank transfers. Verify transaction limits and fees to avoid unexpected charges based on your usage patterns.
Interest Rates on Savings. For savings accounts, compare the interest rates offered across different products. Accounts like the MoneyMarket Call and Fixed Deposit offer higher rates for long-term savings, which may benefit clients looking to maximize returns on their savings.
Eligibility for UCount Rewards. Many Standard Bank accounts participate in the UCount Rewards program, which lets you earn points on purchases. Confirm if the account you choose qualifies for UCount, as this can add value to your transactions through discounts and redeemable rewards.
Minimum Balance Requirements. Some accounts may require a minimum balance to avoid additional fees or to qualify for certain benefits. Check these requirements carefully, especially if you plan on maintaining a low balance, to avoid penalties or lost privileges.
Overdraft and Credit Facilities. Certain accounts offer optional overdraft facilities, which can be helpful for short-term credit needs but are subject to credit approval. Ensure you understand the associated interest rates and terms before committing to an overdraft to avoid costly debt.
Accessibility for Non-Residents. Standard Bank offers specialized accounts like the Optimum Bank Account for non-residents. Review eligibility and conditions for these accounts if you’re a non-resident, as they may have specific requirements and benefits suited to international clients.
Editorial Opinion
Standard Bank stands out for its tailored banking solutions, particularly for those seeking flexibility, diverse savings options, and rewards. Its accounts cater to different stages of life and financial needs, from basic, low-fee options to high-net-worth private banking. While premium accounts offer extensive services, they come with higher fees, so clients should evaluate account benefits against their needs. For savings-focused clients, accounts like MoneyMarket Call and Fixed Deposit provide competitive returns, and those valuing ethical finance will find strong Shari’ah-compliant options. Overall, Standard Bank combines accessibility with innovative digital tools, making it an attractive choice for individuals prioritizing growth and convenience in their financial management.
Can I apply for Standard Bank accounts as a student, and are there any special accounts for students?
Yes, Standard Bank offers accounts tailored to students, such as the (sum)1 Account for clients under 16 and the Professional Banking Account for young professionals and graduates. Students and younger clients can manage their finances with features like low or no monthly fees and savings pockets, along with other perks designed for early financial planning.
Are there specific benefits for Standard Bank clients who travel frequently?
Yes, Standard Bank’s Private and Signature Banking accounts provide travel-related perks such as complimentary travel insurance and airport lounge access. The World Citizen Credit Card also offers additional travel benefits for frequent travelers.
Does Standard Bank provide guidance for managing savings and investments, and is financial planning support available?
Standard Bank offers financial planning and wealth management services, particularly for clients with accounts like Professional, Private, and Signature Banking. Clients can access personalized advice, investment options, and planning services to meet savings and long-term financial goals.
Can I change my Standard Bank account type after opening it, and what is the process?
Yes, clients can upgrade or downgrade account types. This process typically involves visiting a branch or contacting customer support, where a consultant will assist with switching and provide any updated terms or requirements.
Can I use Standard Bank's mobile app to manage international transactions and currency exchanges?
Yes, Standard Bank’s mobile app includes features for international transactions and currency exchanges, allowing clients with applicable accounts to handle multi-currency management and conduct international transfers efficiently.
