Switch SASSA Grant from Postbank to Personal Bank Account – Cheapest Banks in SA

 

In September 2023, many SASSA grant beneficiaries were unable to access their payments due to a Postbank technical glitch. Unfortunately this was not an isolated issue, with GroundUp reporting that SASSA recipients also experienced payment problems in November 2022 (due to a technical glitch), again in December (due to a cyber attack) and again in January 2023 (due to another glitch).

These problems mainly affected SASSA Gold Card Holders, and owing to this, many grant recipients are intending to change their grant payments away from Postbank and into their own personal bank account.

If you are a grant recipient and would like to have your social grant paid into your own account instead of the Postbank account, keep reading as we discuss the costs of the various personal bank accounts in South Africa. We will also inform you how to go about opening a bank account and how to change your banking details for your SASSA grant.
 

Which bank account in South Africa has the lowest monthly fees

Here is a breakdown of the monthly administration fees at banks across South Africa – we have compared the cheapest account at each bank:

  • Bankzero: R0 monthly administration fee
  • Tymebank: R0 monthly administration fee
  • Nedbank MiGoals Account: R0 monthly administration fee
  • Absa Transact Account: R4.90 monthly administration fee
  • FNB Easy PayU: R5.25 monthly administration fee
  • Standard Bank MyMo PayT: R5.95 monthly administration fee
  • Capitec Global One: R7.00 monthly administration fee

 

Which bank account in South Africa has the lowest withdrawal fees

Looking at the bank accounts we mentioned above, here are a list of the withdrawal fees from each account.

Bankzero fees:

  • R2 per cash withdrawal at Point of Sale tills at Pick n Pay, Spar, Shoprite Group
  • R9 per R1000 block per cash withdrawal at local and international ATM’s
  • R8.50 per cash withdrawal without your card (use SendMoney & cash-out at Shoprite Group)
  • Download the full list of Bankzero Fees here

Tymebank fees:

  • R3 per cash withdrawal with debit card at till points at Pick n Pay and Boxer (this includes a cash back with purchase)
  • R3 per cash withdrawal with debit card at till point at other retailers
  • R10 per cash withdrawal from ATMs (R10 per R1 000 or part thereof)
  • Download the full list of Tymebank Fees here

Nedbank MiGoals Account fees:

Absa Transact Account fees:

FNB Easy PayU fees:

  • Free cash withdrawals at selected retailers using Cash@Till®
  • R2.40 per R100 cash withdrawal fee at FNB ATM (or R1.20 per R100 using the cardless option)
  • Download the full list of FNB Fees here

Standard Bank MyMo PayT fees:

  • R8 per R1 000 or part thereof, for cash withdrawals of up to R3 000 per month
  • R2.20 per R100 or part thereof, for cash withdrawals at Standard bank ATMs
  • R10 per R1 000 or part thereof, up to R3 000 per month, thereafter R2.20 per R100 or part thereof at other bank’s ATM
  • Download the full list of Standard Bank Fees here

Capitec Global One fees:

  • Free purchases at local Mastercard® card machines
  • R1.75 per cash withdrawal at Pick n Pay, Shoprite, Checkers or Boxer tillpoints
  • R9.50 per R1 000 cash withdrawal at Capitec ATMs
  • R10.50 per R1 000 cash withdrawal at other bank ATMs
  • Download the full list of Capitec Fees here

The fees listed in this article are at the current date of publishing: 23 September 2023.
 

How to get your social grant paid into your own bank account

SASSA grant recipients have the choice to get their grants paid into the SASSA gold card (via Postbank) or to have it paid into their own personal account.

To change your payment method and have your grant paid into your bank account (which must be registered in the recipients name), follow these steps:
Step 1: Download the CONSENT FORM FOR BANK PAYMENT
Step 2: Complete the form in full, making sure to also sign and date it at the bottom
Step 3: Visit your nearest SASSA branch with your form, proof of identity (ID document/ birth certificate/ drivers license) and proof of bank account in your name (received from the bank) or 3 months bank statement showing your personal details (name and bank account number).
Your next grant payment will be made into your bank account.

This payment change information is relevant to all social grants except the SRD Grant. If you are a SRD Grant recipient and wish to change your payment method, read here.
 

Read more about the different types of SASSA grants here:

SRD R350 Grant Care Dependency Grant Child Support Grant Foster Child Grant Disability Grant Older Persons Grant Grant-In-Aid War Veterans Grant

 

Types of Grants How to Apply Status Check Payment Dates Jobs & Vacancies Updates & Blog Contact SASSA

 

CONTACT SASSA

For any further queries, please contact SASSA directly:
Contact the SASSA Toll Free Call centre on: 0800 60 10 11
Contact the SASSA Head Office on: 012 400 2322
Email SASSA Head Office at: Grantsenquiries@sassa.gov.za
Contact details of SASSA offices across the country: SASSA offices

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