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Top 10 Best Banks in South Africa For Savings & Home Loans (2020)

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Are you looking for the leading banks in South Africa where you can save and easily process your home loans? Based on quality and standard of services, South Africa’s banking system has a reputation both in Africa and in the world.

In South Africa, they are about 50 branches and representative offices of foreign banks, 3 mutual banks, 10 locally controlled banks, 2 co-operative banks, and 7 foreign controlled banks.

Based on customers reviews and offered banking services, here are the 10 best locally controlled banks in South Africa for savings and home loans:

1. Standard Bank

The Standard Bank of South Africa Limited is the best, biggest, and most reputable bank in South Africa. They lead the pack in offering excellent customer services. If you are a student, trader, or business person, saving and getting home loans is made simple and convenient.

Standard Bank of South Africa has three banking units. They are Personal and Business Banking, Corporate and Investment banking, and Liberty Holdings Limited.

It was established in 1862 and is among the oldest banks in the country.

They also operate in Namibia, Tanzania, Ivory Coast, Mozambique, Nigeria, Malawi, UK, Uganda, Argentina, Tanzania, Russia, Isle of man, Turkey and Jersey.

Their services include Foreign currency exchange, investment banking and management, wealth management, consumer banking, commercial banking, insurance, and private banking.

2. ABSA Group Limited

ABSA Group Limited is a South African banking provider with services ranging from retail banking, private equity, credit cards, investment banking/management to commercial banking.

Originally, it was formerly known as Africa Group Limited.

The group was established in 1991 and currently, it’s services spread to Nigeria, Ghana, Mozambique, Tanzania, Namibia, Uganda, Seychelles, Kenya, Botswana, Mauritius and Zambia.

3. Investec Bank Limited

Investec is the third on our list. This is because it is among one of South Africa’s leading banking institutions. It focuses on wealth and asset marketing. The bank also delivers when it comes to quality business operations.

It services cuts to flexible notice accounts, fixed deposit account, private business account, private bank account, and instant access account.

4. Nedbank Group

Nedbank bank is one of the wealthiest banks in South Africa due to its strong connected network.

The financial institution was established in 1969. It’s main headquarter is located in Johannesburg while it’s regional centers are in Cape Town and Durban.

Their customer feedback is excellent due to its reliable banking services.

Additionally, they generate over $5bn in revenue across its subsidiary in the world.

5. Bidvest Bank

Bidvest Bank was established in 1988. It is a subsidiary of the Bidvest Group.

As far as opening a savings account is a concern, Bidvest is a brand to look out for. Their services are but not limited to investment banking, debit and saving cards, and foreign exchange.

6. First Rand

First Rand is one of South Africa’s largest banking brands that majors in insurance and investment banking.

They also operate in Nigeria, Lesotho, Swaziland, Botswana, Ghana, Tanzania, India, London, Zambia, Namibia, Mozambique, and Guernsey.

They are also among the leading banking institution in the country.

7. Capitec Bank

Capitec Bank is a leading retail banking institution in South Africa that majors in home loans, investment banking, commercial banking, and debit and credit cards.

They have 500 branches with over 602 million of customers.

8. Gridrod Bank

Gridrod Bank is a financial service provider that is owned by Shipping and logistics companies.

It has branches in Durban, Pretoria, Cape Town, and Johannesburg.

It is license to operate as a local commercial financial institution.

It majors in loans, mortgages, investment banking, credit and debit cards, and so on.

9. African Bank

African Bank is a South African retail bank with no subsidiaries.

As far as savings is concern, African Bank is a brand to look out for.

They offer services in investment banking, checking and savings, loans, savings account, debit and credit card among others.

10. Sasfin Bank

Sasfin Bank is a South African based banking service provider. It is one of the most customer-friendly financial institutions in the country.

Their vision is to satisfy the needs of entrepreneurs, businessmen, and institutions.

They offer financial services like investment banking, debit and credit cards, and loans.

 

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