Top 10 Best Banks In South Africa 2020

Want to bank in SA? Discover the best banks In South Africa that you can transact with, safely and securely.

Banking is a very important aspect of our everyday life. With the world going digital, it’s even more difficult for us to go a day without making banking either through conventional methods or by making transactions over the Internet. Banks offer services from very simple ones such as bill payments too much more advanced services such as credit facilities and loans.

Top 10 Best Banks In South Africa 2020

While some banks offer excellent services to their customers, customers of others have to go through more difficulties in order to enjoy banking services. The top banks offering excellent banking services to South Africans are discussed below.

  • Standard Bank

The Standard Bank Group Limited is the top bank in South Africa. It leads the pack when it comes to offering top class banking services to South Africans as well as the global community. The banking group is made up of three excellent units offering banking services to South Africans.

The units making up the group are, Personal and Business Banking, Corporate and Investment banking, and Liberty Holdings Limited. Some of the services offered by the bank include transactional banking services, saving, borrowing and lending, investment, insurance services, risk management, wealth management as well as advisory services.

To the global market, Standard Bank offers services such as fixed income, forex services, and also commodities and equities. The banking group offers Investment banking services, such as advisory, debt products, structured trade, and commodity finance, debt capital markets, and equity capital markets to its customers. In the aspect of real estate, the bank offers finance and principal management.

Some of the transactional products offered by the bank are transactional banking, investor services, and also trade finance. To the business community, the bank offers market access and risk mitigation services to support its clients in meeting up their business requirements, provision of foreign exchange services, commodity, credit, interest rate, and also equity instruments. Transacting business with this bank is always a pleasure whether you are a regular customer or a business owner.

  • Absa Group Limited

The Absa group was formerly known as Barclays Africa Group Limited. It is one of South Africa’s financial services offering such services as personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. The banking group which was established in 1991 has a long history of banking excellence.

The bank offers direct initiatives such as banking solutions and community development projects to the South African community. This has positioned it to become the second-best bank in South Africa in terms of investments and assets. Services offered by the bank are quite affordable which is why a large number of South Africans patronize the bank.

  • Firstrand Bank Group

Established in 1998, FirstRand bank group has grown to become one of the leading banks in South Africa. It has managed to improve the local community as well as the country’s economy through the services it offers. The bank has made several investments from the RMI Nigeria group to several other new franchises. The bank offers insurance products and personal banking solutions to businesses and individuals in addition to its main banking services. This has aided its growth and widen its investments.

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  • Nedbank Group

Nedbank Group is the fourth bank on our list of Best Banks In South Africa. It is one of the wealthiest banks in South Africa. It has a strong and well-connected banking network throughout South Africa. It has its main headquarters in Johannesburg and has two regional centers in Cape Town and Durban. Within the Nedbank group is Nedbank Banking Limited, Go Banking and BoE Private Clients.

The group was founded in 1969 and it offers retail and wholesale banking services to its large number of clients. Even though the main focus of the group is on offering banking services to its clients, it engages in other business activities such as job creations, investments, and project financing.

The company provides services to clients through its many subsidiaries spread all over the country. This bank has over 32,000 workers in its employment and generates over $5bn in revenue.

  • Capitec Banking Group

The bank was originally set up to offer personal and retail services, however, it has expanded its operations and surpassed other giants in the banking industry of South Africa. It is fifth on our list as the bank is ranked within the top 5 South African banks by financial analysts and business corporations.

The bank majorly offers banking services for retails to people in the local community. This has aided the development of local markets and also the satisfaction of clients. The services are top-notch;this is why it made our list of Best Banks In South Africa.

  • Investec Bank Limited

Investec is another leading light in the South African banking industry. It majors in the management of wealth and assets in different markets all over the world. It offers top quality services to a large number of clients in the development of excellent and reliable business operations.

The bank is a specialist bank and provides investment, corporate as well as institutional banking, private banking products, and services to South Africans. The bank offers services to private bank accounts, private business accounts, fixed deposit accounts, instant access accounts, and also flexible notice accounts.

The bank’s services also include financing and lending services such as motor vehicle finance, home and personal loans, asset finance, specialized and structured finance, property development finance, growth and acquisition finance, aviation finance, corporate lending, commercial property finance, medical practice finance, power and infrastructure finance, and specialized finance.

  • African Bank Limited

African bank limited is another bank with a good reputation in the south African banking sector. It offers financial products and services to South Africans. The bank has its headquarters in Midrand, South Africa. The activities of the bank are carried out through a strong and efficient distribution network in addition to digital and direct marketing, contact center as well as sales and service channels.

  • Grindrod Limited

Grindrod Limited is a very large company that has a financial services group within its units. Grindrod has interest in investment, asset management services, property finance as well as retail services. It offers these services through Grindrod Bank and Grindrod Asset Management. Grindrod bank offers financial services to private, corporate, as well as institutional clients based in South Africa.

The company offers such services as prime linked notice, call, and also fixed deposits. It provides private client lending, traditional mortgage finance services, mezzanine finance services,  debtor finance, property exchange-traded funds, and property private equity products services.

In addition to all these services, the company offers investment services to potential investors. Investment banking and corporate finance advisory as well as transaction execution services that include raising capital, listings, IPOs, mergers and acquisitions, and also B-BBEE funding and financial structuring. The company has its headquarters in Durban, South Africa.

  • Bidvest Group Limited

Bidvest Group Limited was established in 2000 with its main headquarters in Johannesburg. It has a long history of providing quality services to clients. The bank provides financial services as well as services like travel and consumer products to its customers.

The company provides personal as well as business banking services to people living in South Africa. In addition to these services, Bidvest also offers foreign exchange services as well as vehicle financing services to its customers. Being a forward-thinking bank that is firmly rooted in technology, Bidvest also provides Internet banking services as well as asset finance service to customers.

The bank was formerly called Rennies Bank Limited and changed its name in July 2007 to Bidvest Bank Limited. Bidvest Bank Limited operates as a unit of Bidvest Group.

  • Sasfin Holdings Limited

Sasfin Holdings Limited offers excellent business banking and private client financial services to a wide customer base in South Africa. Divisions in Sasfin include; business, capital, wealth, transaction, and treasury, commercial solutions as well as corporate services.

The bank was set up in 1987 with its headquarters in Johannesburg. Sasfin provides an all-around comprehensive number of specialist financial products and services designed for Businesses and Wealthy clients. Their financial products and services cater to the needs of entrepreneurs, corporate bodies, institutions, and high-net-worth individuals.

Sasfin is more than just a bank as it delivers beyond the traditional expectations of the financial services industry. Sasfin tries to provide financial solutions with exceptionally personalized service delivery. The bank tries to create tailor-made products and services that suit the needs of each client whether he/she is an entrepreneur or an investor.

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Conclusion On The Best Banks In South Africa 2020

The above banks are clearly ahead of their peers in the South African banking industry. They offer quality services that meet the needs of their numerous service. Clients that patronize these banks can attest to the excellent financial services they enjoy from these financial institutions.

These banks have demonstrated that they have what it takes to continue to excel in their business activities as they constantly come up with new and innovative services to cater to the needs of their clients. The other banks have a lot of work to do to catch up with these banks who have remained relentless in regular pursuit of banking excellence.

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