Most popular banks among South Africa’s richest people and business owners

The 2025 South African Investor and Banking Report revealed that FNB and Standard Bank are the preferred institutions among wealthy individuals.

The 2025 South African Investor and Banking Report is based on survey responses from South African retail and institutional investors.

The survey was conducted in April 2025 and received responses from 2,104 South African investors.

Many respondents were high-income earners and high-net-worth individuals, and 20% were institutional investors or worked for asset managers.

As part of the survey, respondents were asked which South African retail bank they prefer for their personal finances.

FNB reigned supreme with 26% of survey respondents stating it is their preferred bank for personal finances.

Standard Bank was a close second at 21%, while Absa and Capitec came in third and fourth, respectively.

The biggest winner over the past two years has been Capitec, increasing its popularity from 10% in 2023 to 15% in 2025.

This is significant in the banking sector, as it can be very difficult to convince a prospective client to switch banks.

People were also asked which new digital bank they would pick, and here, Discovery Bank maintained its dominant position.

63% of respondents selected Discovery Bank over TymeBank and Bank Zero. Discovery Bank has done a superb job of marketing and positioning itself as the new bank of choice.

Its digital platform, which features multiple reward and behaviour-tracking innovations, is another selling point among South Africans.

TymeBank, aimed at working-class South Africans, took second place in the digital bank rankings, well ahead of third-place Bank Zero.

Bank Zero, backed by Michael Jordaan, has not experienced the same market share growth as Discovery Bank and TymeBank.

FNB maintains its extensive lead in the business banking segment, with 39% of respondents who are business owners stating it offers the best service levels.

Standard Bank took second place at 19%, while Investec was in third at 12%. Capitec secured fourth place, surpassing Nedbank and Absa.

This represents a significant jump compared to 2024, when it received only 5% of the vote and was behind all its competitors in the business banking space.

Preferred retail bank among South African investors

Preferred digital bank

Preferred business bank