A cheque account (also called a current account or transactional account) is designed for daily use — paying bills, receiving your salary, swiping your debit card, and making EFT payments. A savings account is designed for building savings — it pays interest on your balance and typically restricts the number of withdrawals to encourage saving. The key trade-off is access vs growth: cheque accounts offer full transactional access with minimal interest; savings accounts offer higher interest but limited transactions.

Savings accounts in South Africa pay significantly more interest than cheque accounts. Most cheque accounts pay little to no interest on credit balances. Savings accounts at major banks (ABSA, Standard Bank, Nedbank, FNB, Capitec) typically offer between 2–9% per annum depending on your balance tier and notice period. Fixed deposit accounts and money market accounts offer even higher rates (8–12% p.a.) but restrict access for a set term.

Most South African banks allow salary deposits into a savings account, but cheque or transactional accounts are the standard for payroll EFTs. Some savings accounts restrict withdrawals or charge fees for transactions, which can make daily salary spending impractical. Capitec's single account model and some digital bank accounts (TymeBank, Bank Zero) blur the line between savings and transactional accounts, offering both daily use and competitive interest rates.

Debit orders (including DebiCheck-authenticated mandates) are typically run from cheque or transactional accounts. Most debit order originators require a cheque account number when setting up mandates. Running debit orders from a savings account can cause failures if the account type is flagged as a restricted savings product. For reliable debit order collection, always use a cheque or current account.

Generally yes. Cheque accounts carry higher monthly fees because they include debit card issuance, unlimited swipes, internet banking, and EFT functionality. Savings accounts typically have lower or zero monthly fees but charge per-transaction fees if you exceed the allowed number of withdrawals. For low-income earners, entry-level products like Capitec's Global One account or TymeBank offer low-cost transactional banking with interest on savings built in.