FNB First Business Zero Account Review 2022

Published by
Lethabo Ntsoane

The FNB First Business Zero Account, which is aimed at small enterprises, was first introduced in October 2020. Registered businesses are not eligible for this account because it is designed for sole proprietorships. On their journey to become a recognized business, sole proprietors must overcome various obstacles. Accounting for sole owners can be time consuming; yet, banking costs can eat up a significant portion of a company’s income. To address these issues, one solution was to design a cost-effective account that allows customers to access value-added services at no additional expense.

The FNB First Business Zero Account has a zero monthly service fee and gives account holders free access to the FNB quick accounting software. These free services help sole owners save money while remaining compliant with government agencies such as SARS and CIPC. The FNB First Zero Account is a pay-as-you-go account, which means that account holders are charged for each transaction they make. The account, on the other hand, comes with a number of complimentary services as well as a lower cost for pay and clear transactions.

FNB First Business Zero Account Summary

FNB First Business Zero Account is a pay as you use cheque account for sole proprietors. The account is for sole proprietors with annual revenue of R0 to R5,000,000.00. The account comes with a R0.00 monthly account fee which is the lowest for any business account from FNB. There are free services that the account comes with, these include a business call account, access to instant solutions, FNB Connect SIM which comes with free 100MB data, 30 voice minutes, and 30 SMSs. The account has free debit card purchases and has a reduced pay and clear rate of R8.00 per transaction. 

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 100MB 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 2022

Fee DescriptionFee
Monthly Account FeeR0.00
Local debit card purchases feeFree
International debit card purchases feeFree
Electronic third party paymentsR1.50
Pay and clear now feeR8.00
Consultant assisted third party paymentsR80.00
Honouring feesFree
Unpaid account feesFree
Point of sale decline feeFree
ATM decline feeFree
Internal debit order feeFree
External debit order feeR4.00
Cash deposit at FNB branch R3.95 per R100.00 with a minimum of R50.00 per deposit
Cash withdrawals at FNB branchR3.74 per R100.00 with a minimum of R50.00 per withdrawal
Payment notification by emailFree
Payment notification by SMS Free
FNB ATM cash withdrawal feeR2.00 per R100.00
Other banks’ ATMs cash withdrawal feeR10.00 + R2.00 per R100.00 or part thereof
Cash@till cash withdrawal feeFree
FNB First Business Zero Account Fees 2022

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.

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 at

Published by
Lethabo Ntsoane
Tags: FNB