Open an account at HBZ Bank. As of 17.02.2025 you have access to bank account options. Simplify your finances by choosing the best account for your needs today.
Update 14.11.2024
HBZ Bank provides a variety of accounts to suit different financial needs, from straightforward current accounts for daily transactions to savings accounts aimed at growing funds with competitive interest. HBZ also offers foreign currency accounts for customers managing multiple currencies, supporting local and international needs. Each account type is designed with secure, reliable features to efficiently meet personal and business banking goals.
Types of Accounts Offered by HBZ Bank
Checking Accounts
Basic Current Account. A standard account is used for everyday transactions with minimal fees. Requires a minimum balance of ZAR 5,000 to avoid potential account closure due to insufficient funds. This account supports routine banking needs without additional features.
Overdraft-Enabled Current Account. Includes an overdraft facility, allowing clients to access additional funds beyond their balance. Interest is charged at 3 percentage points above the prime rate on overdrafts exceeding the limit, suitable for flexible access to credit in daily operations.
Shariah Current Account. Structured in line with Shariah principles, this account operates without interest to comply with Islamic banking values. It offers standard transactional features while ensuring funds are managed according to ethical and Shariah-compliant practices.
Savings Accounts
Basic Savings Account. A straightforward savings account designed for individuals aiming to grow their funds, with competitive interest on balances above ZAR 2,000. This account is ideal for clients seeking secure and accessible savings.
Shariah Savings Account. A savings account adhering to Shariah principles, offering a non-interest-bearing option that allows HBZ Bank to invest funds per Islamic finance guidelines. This account includes profit-sharing aligned with ethical banking values.
Foreign Currency Accounts
Personal Foreign Currency Account. A non-transactional account for storing funds in USD, EUR, or GBP, with a minimum required balance of 1,000 units in the currency. Withdrawals require two business days' notice, with no monthly fees applied, making it suitable for international transactions.
Investment Allowance Foreign Account. Tailored for clients who wish to make investments under South African currency regulations, this account provides a structured way to hold foreign currencies with specific terms aligned with SARB guidelines and a minimum balance requirement.
Key Features
Daily Accessibility. HBZ Bank's accounts are designed for ease of access, allowing clients to manage transactions and check balances as needed, catering to both personal and business users who require daily financial flexibility.
Shariah-Compliant Options. The bank provides Shariah-compliant accounts for clients who prioritize ethical banking, ensuring that both savings and current accounts operate without interest, adhering to Islamic financial principles.
Overdraft Facility. For those with specific cash flow needs, HBZ offers an overdraft option on selected accounts, allowing users to access funds beyond their balance, with interest charged at competitive rates.
Foreign Currency Accounts. HBZ Bank's foreign currency accounts support USD, EUR, and GBP, making them ideal for individuals and businesses involved in international trade or investments.
Minimal Fees on Non-Transactional Accounts. Foreign currency accounts, for example, incur no monthly fees, adding cost-effectiveness to international fund storage.
Flexible Savings Options. The bank’s basic savings accounts offer competitive interest rates for those looking to grow their funds securely while maintaining easy access.
Pros and Cons
Pros
Niche and Specialized Services. HBZ Bank focuses on specific banking needs with a range of accounts tailored for high-net-worth individuals and business clients, offering unique solutions like foreign currency accounts and Shariah-compliant options.
Enhanced Security Features. With secure online banking through HBZBankweb, the bank offers clients multi-layered security protocols, including HBZsecure keys, which provide added protection for online transactions.
Cost-Effective Foreign Currency Management. The foreign currency accounts at HBZ Bank incur no monthly maintenance fees, benefiting clients who frequently manage multiple currencies.
Cons
Limited Branch Network. With fewer branches compared to larger banks, HBZ Bank may have accessibility challenges for clients who prefer in-person banking services.
Overdraft Interest Rate. The interest rate on overdrafts is set at three percentage points above the prime rate, which may be higher than other banks’ offerings, making it less competitive for overdraft-dependent clients.
Non-Interest Bearing Foreign Currency Accounts. While beneficial for currency management, HBZ’s foreign currency accounts do not earn interest, limiting the growth potential for long-term deposits in these accounts.
How to Apply for an HBZ Bank Account?
Begin your application process by visiting the HBZ Bank website and navigating to the Product section under Personal Banking. Choose "Opening a Personal Account" to review requirements and download the necessary forms. Complete the forms accurately, print and sign them, and prepare supporting documents such as a South African ID or passport, proof of residence, and any other required documents. While the application cannot be completed fully online, these steps allow you to prepare in advance before visiting a branch.
Visit any HBZ Bank branch to complete the account application process in person. Bank staff will provide the required forms and guide you through each step of completion. Bring a valid ID or passport, proof of residence (not older than three months), and any additional required documents. Once processed, a representative will confirm your account setup and provide the necessary account details.
Requirements and Conditions
Requirements
Identification. Applicants must provide a valid South African ID document if they are South African residents. For foreign nationals, a valid passport along with a residence, work, or study permit is required.
Proof of Residence. A recent document confirming the physical address, such as a utility bill or municipal rates bill, is required. This document should not be older than three months.
Proof of Income. HBZ Bank may request proof of income, such as recent bank statements or payslips, especially if the applicant is opening an account involving credit or overdraft facilities.
Age Requirement. Applicants must be at least 18 years old to be eligible for an HBZ Bank account.
Initial Deposit. A minimum initial deposit may be required for certain accounts. For example, a savings account may require ZAR 2,000, while a current account may require ZAR 5,000.
Foreign Currency Account Minimum Balance. Foreign currency accounts require a minimum balance of USD 1,000, GBP 1,000, or EUR 1,000 to open and maintain the account.
Conditions
Interest and Non-Interest Accounts. Basic savings accounts offer competitive interest rates, while Shariah-compliant accounts are non-interest-bearing to align with Islamic principles. Foreign currency accounts are also non-interest-bearing.
Monthly Maintenance Fees. Current and savings accounts may have minimal fees, whereas foreign currency accounts do not incur monthly fees.
Overdraft Facility. Current accounts with an overdraft option charge interest on any overdrawn amounts. This feature is suitable for clients needing flexible access to credit for everyday transactions.
Exchange Control Regulations. All foreign currency transactions must comply with South Africa’s Exchange Control Regulations. Supporting documents, such as Balance of Payments forms, must accompany transactions, and restrictions may apply based on South African Reserve Bank guidelines.
Transaction Restrictions for Foreign Accounts. Deposits and withdrawals for foreign currency accounts are processed at the spot rate with a two-business-day processing period. These accounts are non-transactional and only accessible through HBZ’s foreign exchange outlets.
Closing Conditions. HBZ Bank reserves the right to close an account if the minimum balance requirement is not maintained or if there are compliance issues related to anti-money laundering regulations.
Things to Pay Attention to
Account Maintenance Fees. Ensure you understand the monthly maintenance fees associated with each account type, as these fees may vary. Some accounts, such as Foreign Currency Accounts, may not incur monthly fees, while others might, depending on the account specifics.
Minimum Balance Requirements. Certain accounts require a minimum balance to avoid potential closure or other fees, which must be maintained at all times to keep the account active.
Transaction Limits and Fees. For accounts using online transfers, set a reasonable daily transaction limit for security purposes. Transfers may incur additional fees, particularly for third-party payments. Transfers between HBZ accounts are generally cheaper, while those to other banks might involve percentage-based fees with a maximum cap.
Foreign Exchange Rates and Conversion. For currency accounts, be mindful of fluctuations in foreign exchange rates, as HBZ Bank applies a Spot Rate and two-day processing time for withdrawals. The bank determines currency conversion rates, so consider these if planning cross-border transactions.
Interest on Balances. Some HBZ Bank accounts, such as specific savings accounts, offer interest on balances, while others, like the Foreign Currency Account, do not. Confirm interest-earning options to maximize potential returns on your deposited funds.
Editorial Opinion
HBZ Bank provides a targeted selection of accounts suited for high-net-worth individuals and businesses, with unique options like Shariah-compliant and Foreign Currency Accounts. Key strengths include minimal fees on non-transactional accounts, competitive savings interest, and secure online banking. Potential clients should review minimum balance requirements and consider the bank’s higher overdraft rates. Overall, HBZ Bank excels in specialized and ethical banking, ideal for those with specific financial priorities.
Can I link multiple accounts to a single HBZ Bank web login?
Yes, HBZ Bank allows clients who are signatories on multiple accounts to link them under a single HBZBankweb login, providing easy access to view and manage all linked accounts from one interface.
Do I need to be Muslim to open a Shariah-compliant account at HBZ Bank?
No, you do not need to be Muslim to open a Shariah-compliant account. HBZ Bank offers these accounts for clients who prefer banking following Islamic principles, which include non-interest-bearing features and ethical investment practices.
How long does it take to process a transfer using HBZBankweb?
Transfers made after 3:00 pm will be processed on the next business day, while those made on weekends or holidays will appear on the following business day. Be sure to set transaction limits to avoid any processing delays.
Does HBZ Bank offer interest on its foreign currency accounts?
No, HBZ’s foreign currency accounts are non-interest-bearing. However, they support currency management without monthly maintenance fees, providing a cost-effective option for storing foreign currencies.
How are foreign currency conversions handled for withdrawals in my Foreign Currency Account?
Withdrawals from a Foreign Currency Account are processed at the prevailing spot rate, with a two-business-day notice requirement for conversions. The account does not earn interest, but it provides flexibility for currency management.