AfrifinHub / Ithala
Ithala: Historical accounts & existing balances
Historical accounts & existing balances explained using the existing Ithala coverage on AfrifinHub. Review the sections below and use the bank navigation to explore related topics.
Reader notice: AfrifinHub is an independent information website, not this bank or its agent. We do not process applications, repayments or account support. Fees, rates, eligibility, contact details and dated developments in this guide may have changed and have not all been re-verified. Confirm them directly with the institution before acting. Never send AfrifinHub a PIN, password, OTP, card details or identity documents. Ithala coverage describes historical products and regulatory/depositor issues, not an invitation to open an account. Payment-routing details are deliberately withheld.
Ithala Bank Accounts: Product Range (Not Currently Open to New Customers)
Source: existing AfrifinHub article. Original WordPress modification: 2026-09-18. This is not a new fact-check date.
Ithala’s FSP licence has been suspended since 2024 and it is prohibited from concluding new business, including opening new accounts. Existing account balances have been subject to a National Treasury-backed repayment process via FNB since December 2025, not normal banking access. See the News & Updates page for the full timeline. The product descriptions below reflect what Ithala has historically offered.
Transactional accounts
| Account | Who it’s for | Access channels |
|---|---|---|
| Iciko Base Account | Everyday individual banking | ATM, branch, merchant POS, internet and mobile banking |
| Student Account | Students needing debit and credit transactions on available balances | ATM, POS, branch, internet and mobile banking |
Both accounts let clients transact and manage funds across Ithala’s standard channels. Ithala does not publish a full public fee schedule for these accounts online, so confirm current monthly fees, transaction charges and opening requirements with a consultant at your nearest branch or via the call centre before applying.
Savings and investment accounts
| Account | How it works | Best for |
|---|---|---|
| Fixed Deposit | Locks savings for an investment period of your choice, with interest at a fixed rate | Lump sums you won’t need for a set term |
| 32 Day Notice Account | Funds held for a minimum of 32 days; clients can place multiple notices on funds needed, and it pays a higher rate than an ordinary savings account | Savers who can plan withdrawals in advance |
| Savings Account | Flexible, all-purpose account for day-to-day accumulation of savings | General-purpose saving |
| Call Deposit (Retail Call) | Designed for larger lump sums, with funds available on demand and a higher rate than a savings account | Clients with sizeable balances who still want quick access |
| Target Save | Goal-based account for a fixed monthly amount over a minimum six-month period, aimed at specific goals | Saving toward events like education, a wedding, lobolo or a home deposit |
As with the transactional accounts, Ithala does not publish specific current interest rates for these products on its public pages. Always ask for the current rate card and any minimum deposit requirements before opening a savings or investment account.
Can I open an Ithala Bank account right now?
No. Ithala’s FSP licence suspension means it cannot conclude new business, which includes opening new transactional, savings, business or stokvel accounts. This applies regardless of what documentation you have available. If you need a new account in KwaZulu-Natal, consider a different, fully licensed bank until Ithala’s regulatory situation is resolved — check the News & Updates page for the latest.
Which Ithala account suits you?
The Iciko Base account suits anyone wanting a straightforward everyday transactional account with branch, ATM and digital access. Students should look at the dedicated Student Account. For savings, the 32 Day Notice and Call Deposit accounts suit customers with a lump sum who want a better rate than a basic savings account — the difference being whether you can commit to advance notice (32 Day Notice) or need funds available on demand (Call Deposit). Target Save is built specifically for a goal with a deadline, while the Fixed Deposit suits money you’re confident you won’t need before the term ends.
Frequently asked questions
What is Ithala’s entry-level account called?
The Iciko Base Account is Ithala’s everyday transactional account for individuals.
Does Ithala have a student account?
Yes, Ithala offers a dedicated Student Account for debit and credit transactions on available balances.
What’s the difference between Call Deposit and 32 Day Notice?
Call Deposit funds are available on demand, while the 32 Day Notice Account requires a minimum 32-day notice period before withdrawal, though it allows multiple notices to be placed.
Can I open a new Ithala account right now?
No. Ithala’s FSP licence has been suspended since 2024, which prohibits it from concluding new business, including opening new accounts of any type.
Does Ithala have a stokvel account?
Yes, Ithala has historically offered a dedicated Stokvel Bank Account for registered stokvels and savings clubs — see the Business & SMME Finance page for details. Like all Ithala accounts, it isn’t currently open to new applicants.
What are Ithala’s current interest and investment rates?
Ithala hasn’t published specific current interest rates for its savings and investment accounts on its public pages, and none are being opened to new customers in any case. Confirm any rate on an existing account directly with Ithala.
How do I get a statement for my Ithala savings account?
Registered internet banking users can typically download statements through the portal; otherwise contact the call centre (080 133 1130) or visit a branch.