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2023-02-16 1:09 PM

FNB First Business Zero Account Review 2023

By Lethabo Ntsoane

The FNB First Business Zero account is a transactional account designed for sole proprietorships with annual revenues ranging from R0.00 to R5,000,000.00. FNB connect Sim holders receive free 400MB data, 30 voice minutes, and 30 SMSs every month by performing 1 transaction with the account.

The FNB First Business Zero Account, aimed at small businesses, was launched in October 2020. Since it is intended for sole proprietorships, registered businesses are not eligible for this account. Sole proprietors must overcome numerous obstacles on their path to becoming a recognized business.

Accounting for sole proprietors can be time consuming, but banking costs can eat up a sizable portion of a company’s revenue. To address these concerns, one solution was to create a low-cost account that allows customers to access value-added services at no extra cost.

The FNB First Business Zero Account has no monthly service fee and provides free access to the FNB instant accounting software. These free services assist sole proprietors in saving money while staying in compliance with government agencies such as SARS and CIPC. 

The FNB First Zero Account is a pay-as-you-go account, which means account holders are charged for each transaction. The account, on the other hand, includes a number of free services as well as a lower cost for pay and clear transactions.

Costs and benefits that comes with the FNB First Business Zero Account are detailed below.

FNB First Business Zero Account Benefits

  1. The account comes with no monthly service fee.
  2. The account comes with an FNB Connect Sim which comes with 400MB data bundles, 30 voice minutes, and 30 SMSs.
  3. Clients only get billed for services that they use and there are no additional costs for unused services.
  4. The account comes with access to instant accounting solutions to account for business financial activities.
  5. Comes with a business coach with Funda on the FNB App at no additional cost.
  6. Access to QR speed point.
  7. Comes with free debit card purchases whether online or in-store.
  8. The account comes with free email notifications for every transaction made.
  9. Cash withdrawals at a till are for free across South Africa.
  10. The account comes with free SMS notifications for every transaction made.
  11. Internal debit orders are free of charge and are unlimited.

FNB First Business Zero Account Fees 2023

Fee DescriptionAmount
Monthly Account Fee R0.00
Card swipesFree
Internal debit ordersFree
External debit orders R4.00
EFT paymentsR1.50
Immediate paymentR7.00
Cash withdrawals at FNB ATM R9.00 per R1,000.00 or part thereof
Cash deposits at FNB ATMR9.00 per R1,000.00 or part thereof
Branch cash deposit R4.00 per R100.00 or part thereof (min R55.00)
Branch cash withdrawals R4.00 per R100.00 or part thereof (min R55.00)
Payment honouring unpaidFree
Declined feesFree

Competitive Advantages of the FNB First Business Zero Account

  • The account has the lowest monthly account fee of R0.00 for a business account from First National Bank.
  • The account comes with a business coach that can be accessed on the FNB App.
  • There are no charges for services that are unused, therefore, clients are only billed for transactions that they perform.
  • Cash withdrawals at tills are for free.
  • Ability to manage cash flow with the FNB digital platform.
  • Access to the FNB instant accounting software to record transactions and to ensure that accounts are up to date.
  • Free access to FNB digital platforms.
  • Don’t need airtime when logging in to FNB App.

Competitive Disadvantages of the FNB First Business Zero Account

  • The account doesn’t offer eBucks rewards for any purchases or money spent.
  • The account is only for sole proprietorships and not for established businesses.

How to open the Account

  1. Must be a sole proprietor operating in South Africa.
  2. Have an annual income of R0.00 to R5,000,000.00 per annum at the time of application.
  3. Present proof of address as the owner of the business which is not older than 3 months at the time of application.
  4. Be over the age of 18 at the time of application.
  5. Have a valid South African ID book or a Smart card.
  6. Have your personal income tax number.


Sole proprietors have been neglected for years in South Africa and banking for them has not been easy. FNB’s ability to integrate banking and compliance for sole traders has made the First Business Zero Account attractive for sole traders. This is because the FNB instant accounting software doesn’t require much knowledge of accounting for one to use, just a series of tutorials can get one started, in the process making this banking account an ideal choice for savvy sole traders.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo

Tags: FNB