Country hub / South Africa
Financial apps and digital money services in South Africa.
Seven approved records cover five direct banks and two cross-border payment services. The exact legal entity and product determine whether CODI deposit protection can apply.
Direct answer
Five records are direct bank accounts; Wise and PayPal are not South African banks.
Qualifying deposits at GoTyme Bank, Bank Zero, Discovery Bank, Capitec and OM Bank can enter CODI's R100,000 per-qualifying-depositor, per-bank framework. Accounts and accrued interest at the same bank aggregate for the limit.
Wise uses an overseas electronic-money and safeguarding model. PayPal uses PayPal Pte. Ltd. plus an FNB-assisted withdrawal path under South African exchange-control rules. Neither balance becomes CODI-covered because a bank processes a transfer.
Product classification
Bank deposits and payment-service balances are not interchangeable.
Resolve the legal entity and product before comparing fees, rails or app convenience.
Commercial bank
Qualifying deposits can enter CODI at the named registered bank.
Mutual bank
Bank Zero is a CODI member, with the same product and depositor tests.
Electronic money
Wise safeguarding is not South African bank-deposit insurance.
Payment service
PayPal's FNB withdrawal path does not make its balance an FNB deposit.
Verified ZA comparison
Change the job, not the evidence.
These controls only reorder approved market records. Legal entity, product class, protection wording, source date and confidence stay fixed.
Bank deposits: Prioritises direct South African bank deposits and CODI aggregation.
| Provider | Product type | Market status | Legal entity | Protection model | Evidence | Compare |
|---|---|---|---|---|---|---|
| GoTyme BankA direct digital current account with retail cash access and separate savings. | south african commercial bank digital current account | available with residency identity acceptance account and product conditions | GoTyme Bank Limited, formerly Tyme Bank Limited | Qualifying deposits aggregate at GoTyme under CODI's R100,000 limit.GoTyme is the current name of the same bank formerly listed as TymeBank; the rename does not create a second CODI limit. | 5 source records | |
| Bank ZeroA direct mutual-bank account for personal or business digital banking. | south african mutual bank digital account | available with residency identity membership account and product conditions | Bank Zero Mutual Bank | Qualifying deposits aggregate at Bank Zero under CODI's R100,000 limit.Zero-priced core actions do not include every cash, immediate-payment, card-delivery, dispute, inactivity or foreign transaction. | 4 source records | |
| CapitecA direct South African bank account with digital, branch and cash access. | south african commercial bank transaction and savings account | available with residency identity acceptance account channel and product conditions | Capitec Bank Limited | Qualifying deposits aggregate at Capitec Bank under CODI.Personal, business, credit, insurance, investment, card and channel services use separate contracts and fees. | 5 source records | |
| Discovery BankA direct bank account with plan-based banking, savings, forex and rewards layers. | south african commercial bank digital transaction account | available with residency identity income acceptance plan and product conditions | Discovery Bank Limited | Qualifying deposits aggregate at Discovery Bank under CODI.Income, plan, monthly fee, Vitality, forex, credit and reward conditions must be resolved separately. | 5 source records | |
| OM BankA direct app-based bank account connected to the wider Old Mutual ecosystem. | south african commercial bank digital current account | available with residency identity acceptance app card and product conditions | OM Bank Limited | Qualifying deposits aggregate at OM Bank under CODI.Old Mutual insurance, investment, lending and rewards products do not become CODI deposits; complete public bank fees remain unavailable. | 5 source records | |
| WiseA safeguarded multicurrency account and international receiving or transfer tool. | uk electronic money multicurrency account for south african residents | available with residency identity currency account detail route and product conditions | Wise Payments Limited for the cited South Africa resident account | Wise safeguards ordinary account money; it is not a CODI bank deposit.The cited ZAR route currently supports sending to South African bank accounts, not sending from ZAR; account details, currencies and fees remain conditional. | 4 source records | |
| PayPalCross-border PayPal payments that settle through the required South African bank flow. | singapore payment service with south africa withdrawal partner | available with residency identity exchange control fnb link withdrawal and transaction conditions | PayPal Pte. Ltd. | The PayPal balance is not a South African bank deposit or CODI product.South African exchange-control terms require received funds to be withdrawn within 30 days; FNB linking and conversion conditions apply. | 3 source records |
GoTyme Bank
south african commercial bank digital current account- Market status
- available with residency identity acceptance account and product conditions
- Legal entity
- GoTyme Bank Limited, formerly Tyme Bank Limited
- Product note
- GoTyme issues the cited current and deposit accounts directly as a South African bank. Qualifying deposits aggregate under CODI's R100,000 per-depositor, per-bank limit; GoalSave, fixed deposits, cards, advances and credit retain separate terms.
- Protection model
- Qualifying deposits aggregate at GoTyme under CODI's R100,000 limit.GoTyme is the current name of the same bank formerly listed as TymeBank; the rename does not create a second CODI limit.
View legal and product sources
Bank Zero
south african mutual bank digital account- Market status
- available with residency identity membership account and product conditions
- Legal entity
- Bank Zero Mutual Bank
- Product note
- Bank Zero issues personal, business and qualifying deposit accounts directly as a mutual bank. Eligible deposits aggregate under CODI; cash, immediate payments, card delivery, foreign transactions and other extras retain separate fees.
- Protection model
- Qualifying deposits aggregate at Bank Zero under CODI's R100,000 limit.Zero-priced core actions do not include every cash, immediate-payment, card-delivery, dispute, inactivity or foreign transaction.
View legal and product sources
Capitec
south african commercial bank transaction and savings account- Market status
- available with residency identity acceptance account channel and product conditions
- Legal entity
- Capitec Bank Limited
- Product note
- Capitec issues the cited transaction and savings deposits directly. Qualifying balances aggregate under CODI; business, credit, insurance, investment, card and channel services retain separate contracts and fees.
- Protection model
- Qualifying deposits aggregate at Capitec Bank under CODI.Personal, business, credit, insurance, investment, card and channel services use separate contracts and fees.
View legal and product sources
Discovery Bank
south african commercial bank digital transaction account- Market status
- available with residency identity income acceptance plan and product conditions
- Legal entity
- Discovery Bank Limited
- Product note
- Discovery issues the cited transaction and savings deposits directly. Qualifying accounts aggregate under CODI; plan, income, Vitality, forex, credit, reward and transaction conditions remain separate.
- Protection model
- Qualifying deposits aggregate at Discovery Bank under CODI.Income, plan, monthly fee, Vitality, forex, credit and reward conditions must be resolved separately.
View legal and product sources
OM Bank
south african commercial bank digital current account- Market status
- available with residency identity acceptance app card and product conditions
- Legal entity
- OM Bank Limited
- Product note
- OM Bank is a registered bank and CODI member with current-account, card and payment functions. Only qualifying OM Bank deposits receive CODI treatment; Old Mutual insurance, investment, lending and rewards products remain separate.
- Protection model
- Qualifying deposits aggregate at OM Bank under CODI.Old Mutual insurance, investment, lending and rewards products do not become CODI deposits; complete public bank fees remain unavailable.
View legal and product sources
Wise
uk electronic money multicurrency account for south african residents- Market status
- available with residency identity currency account detail route and product conditions
- Legal entity
- Wise Payments Limited for the cited South Africa resident account
- Product note
- South African residents can use conditional Wise account, receiving and transfer functions, while the cited ZAR route currently supports sending to rather than from ZAR. Wise is not a South African bank and its safeguarded balance is not CODI-covered.
- Protection model
- Wise safeguards ordinary account money; it is not a CODI bank deposit.The cited ZAR route currently supports sending to South African bank accounts, not sending from ZAR; account details, currencies and fees remain conditional.
View legal and product sources
PayPal
singapore payment service with south africa withdrawal partner- Market status
- available with residency identity exchange control fnb link withdrawal and transaction conditions
- Legal entity
- PayPal Pte. Ltd.
- Product note
- PayPal provides a cross-border payment account subject to South African exchange-control rules and a 30-day withdrawal requirement for received funds. FNB facilitation does not make the PayPal balance a South African bank deposit or create CODI coverage.
- Protection model
- The PayPal balance is not a South African bank deposit or CODI product.South African exchange-control terms require received funds to be withdrawn within 30 days; FNB linking and conversion conditions apply.
View legal and product sources
0 selected locally.No matching comparison is published
Protection boundary
R100,000 follows the qualifying depositor and exact registered bank.
CODI aggregates qualifying current, transaction, savings, term and notice deposits at the same bank, including accrued interest. Five accounts at one bank do not create five protection limits, while qualifying deposits at different registered banks are assessed separately.
Protection depends on both the depositor and the product. CODI excludes categories such as financial institutions and does not turn loans, overdrawn balances, insurance, annuities, investments or rewards into deposits.
Wise and PayPal remain payment-service relationships. Safeguarding, trust accounts, account details, card links or FNB withdrawal processing are legally distinct from a qualifying deposit held in the customer's name at a CODI member bank.
Bank deposit
Confirm product eligibility and combine covered balances at the same bank.
Multiple accounts
Do not multiply the limit across account pockets, plans or currencies at one bank.
Payment-service funds
Read the safeguarding, trust, exchange-control and insolvency terms without claiming CODI.
Adjacent product
Credit, insurance, investments, rewards and promotions retain their own contracts.
Eligibility and identity
Residence, identity, income, channel and live product terms still control access.
Providers can require South African residence or citizenship, age, identity and address evidence, tax or income information, a supported device, FICA checks and account approval. Business, savings, forex, credit and physical-card products can add further tests.
GoTyme's 2026 rename does not create a new bank relationship. OM Bank's wider Old Mutual group context does not reclassify insurance or investment products. PayPal receipt and withdrawal functions remain subject to South African exchange-control rules.
Read the evidence methodologyFee snapshot
A zero monthly fee does not make every cash, instant, card or FX action free.
GoTyme lists no current-account monthly fee but separates ATM, cash-deposit, larger instant, inactivity, replacement and international charges. Bank Zero lists zero-priced core EFT, debit-order and purchase actions while charging for selected immediate, cash, card delivery, dispute, inactivity and foreign-currency events.
Discovery's cited bundled Gold example is R170 monthly and is not its universal price. Capitec uses a current product guide; complete OM Bank fees remain unavailable. Wise and PayPal costs vary by route, currency, conversion and partner. Confirm the final screen.
Payment rails
EFT and PayShap are infrastructure, not protection badges.
Participation, direction, identifiers, device support, timing, screening, limits and fees remain provider-specific.
EFT
South African market context only. Verify the exact account, provider, direction, identifier, participant, schedule, limit and price.
PayShap
South African market context only. Verify the exact account, provider, direction, identifier, participant, schedule, limit and price.
cash
South African market context only. Verify the exact account, provider, direction, identifier, participant, schedule, limit and price.
card
South African market context only. Verify the exact account, provider, direction, identifier, participant, schedule, limit and price.
SARB oversees the national payment system and SAMOS settlement. PayShap provides real-time payments across participating banks using account details or a proxy such as a cellphone number. A rail listing, card, cash partner or bank-processing relationship does not prove universal support, guaranteed timing or CODI eligibility.
Source ledger
Every material South Africa claim keeps its entity, product, source and date.
Sources were observed on 12 July 2026 and require launch-time reverification.
GoTyme Bank South Africa source drawer
GoTyme Bank is displayed as south african commercial bank digital current account in South Africa.
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- The official notice records the change from Tyme Bank Limited to GoTyme Bank Limited in 2026.
- The CODI list may still display the former name while the provider's current terms use GoTyme Bank.
- The name change does not create a separate coverage limit or separate bank.
- GoTyme Bank identifies itself as the registered South African bank providing its current and deposit accounts.
- The terms state qualifying account funds are covered by CODI subject to the regulations and coverage limit.
- Current accounts, GoalSave, fixed deposits, cards, advances and promotions retain separate terms.
- The current schedule lists no monthly current-account fee and separates instant, standard, cash, card and inactivity charges.
- Instant payments up to R5,000 are listed as free and larger eligible instant payments as R7, while conditions and limits apply.
- ATM, retailer, replacement, decline and international charges remain transaction-specific.
Bank Zero South Africa source drawer
Bank Zero is displayed as south african mutual bank digital account in South Africa.
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- The agreement identifies Bank Zero Mutual Bank, registration MB0001, and defines the account as a bank account.
- Personal, business, savings, notice, card and international functions retain separate conditions.
- Mutual-bank status does not remove CODI product and depositor eligibility rules.
- The 2026 guide lists zero monthly fees for cited personal and business accounts and zero fees for standard EFTs, debit orders and card purchases.
- Immediate payments, cash, card delivery, disputes, inactivity and foreign-currency purchases can create separate charges.
- The guide states cross-border EFTs are not yet available and does not make every transaction free.
Discovery Bank South Africa source drawer
Discovery Bank is displayed as south african commercial bank digital transaction account in South Africa.
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- Discovery Bank describes a direct bank transaction account with EFT, salary, debit-order, savings and conditional foreign-currency functions.
- The cited bundled Gold example has income, monthly-price and product conditions.
- Rewards, credit, forex and savings products must not be merged into one account claim.
- Discovery identifies qualifying transaction, savings and deposit accounts as CODI-covered up to R100,000 per depositor per bank.
- It excludes loan accounts, overdrawn balances and debit balances in credit-card accounts.
- Foreign-currency deposit conversion and all coverage remain subject to CODI rules.
- The schedule effective 1 January 2026 lists R170 monthly for the cited bundled Gold transaction account, including account and Vitality Money components.
- PayShap, ATM, international, decline, replacement and optional product fees vary by threshold or event.
- This example is not a universal Discovery Bank price and other tiers use separate schedules.
Capitec South Africa source drawer
Capitec is displayed as south african commercial bank transaction and savings account in South Africa.
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- Capitec identifies Capitec Bank Limited and its South African Reserve Bank registration.
- The page establishes the bank entity but not every product, fee or protection outcome.
- Banking, business, credit, insurance and partner products retain separate legal treatment.
- Capitec's official library publishes the current personal banking fee guide and product agreements.
- Public fees change by payment, card, cash, branch, digital and account action and require the current guide.
- No universal free-account or cheapest-account conclusion is inferred.
- Capitec publishes CODI information for qualifying bank deposits.
- Coverage follows the qualifying depositor, product and total at Capitec Bank rather than each app pocket.
- Credit, insurance, investments and unrelated group services do not inherit deposit insurance.
OM Bank South Africa source drawer
OM Bank is displayed as south african commercial bank digital current account in South Africa.
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- The Prudential Authority records OM Bank Limited as a registered bank from 17 April 2024.
- SARB's current CODI register and 2025/26 annual report confirm its deposit-insurance membership.
- Registration does not prove every Old Mutual group product is a bank deposit.
- The report says OM Bank was onboarded to CODI and restates the R100,000 qualifying-depositor, per-bank boundary.
- CODI membership attaches to the registered bank and qualifying deposits, not to all Old Mutual products.
- Insurance, investments, lending and rewards retain separate protection and risk treatment.
- Current Old Mutual materials describe an OM Bank account, debit card, EFT, PayShap and bill-payment functions.
- They identify South African residence, identity, account-opening and physical-card collection conditions for the cited promotion.
- Promotion rewards are excluded from persistent pricing or ranking claims and full bank fees remain unavailable.
Wise South Africa source drawer
Wise is displayed as uk electronic money multicurrency account for south african residents in South Africa.
- Wise lists South African resident access to sending, holding and receiving features with country-specific limitations.
- The page does not list a Wise card for South African residents and feature availability can differ for existing accounts.
- Currency, account-detail, business and route access remain conditional.
- The South Africa site identifies Wise Payments Limited and its FCA electronic-money authorisation.
- Wise describes ordinary account money as safeguarded rather than a South African bank deposit.
- Foreign account details and partner banks do not create CODI coverage for the Wise balance.
- Wise currently supports sending ZAR to South African individual and business bank accounts but states users cannot currently send from ZAR under this route guide.
- Recipient information, amount, timing, Swift threshold and compliance conditions apply.
- A payout route does not establish local-bank participation or CODI protection for Wise.
- Wise lists no monthly fee for holding supported currencies for South African residents.
- Conversion, transfer, receiving and third-party fees remain currency-, amount- and route-specific.
- The transaction preview is authoritative and no permanent cheapest claim is made.
PayPal South Africa source drawer
PayPal is displayed as singapore payment service with south africa withdrawal partner in South Africa.
- The agreement identifies PayPal Pte. Ltd. as the service provider and contains South Africa-specific exchange-control and withdrawal terms.
- South African recipients must withdraw received balance to a South African bank account within 30 days under the cited terms.
- The agreement does not classify PayPal as a South African bank or extend CODI protection to its balance.
- PayPal documents withdrawal through an FNB Online Banking profile to FNB or another linked South African bank account.
- FICA documents, identity matching, currency conversion, transaction review and a stated three-to-five-business-day estimate apply.
- FNB facilitation does not turn the PayPal balance into an FNB deposit or CODI-covered product before withdrawal completes.
- SARB Financial Surveillance regulates South African cross-border transactions and authorised foreign-exchange dealers.
- A domestic account, card or payment-app listing does not prove every cross-border transaction is permitted.
- Residence, purpose, allowance, documentation, provider and transaction review remain relevant.
South Africa regulator, protection and rail sources
- The current CODI list includes Capitec Bank, Discovery Bank, OM Bank, TymeBank and Bank Zero under their exact bank classes.
- All registered commercial, mutual, co-operative and local-branch banks are automatically CODI members.
- Membership establishes institution status, not product eligibility, pricing or customer acceptance.
- CODI became operational on 1 April 2024 and covers qualifying balances up to R100,000 per qualifying depositor per registered bank.
- The limit aggregates qualifying products such as current, transactional, savings, term and notice accounts at the same bank and includes accrued interest.
- Payment-service balances, investments, insurance, annuities and non-qualifying depositors or products do not inherit this coverage.
- SARB operates, regulates, supervises and oversees the national payment system and settlement through SAMOS.
- The NPS includes cards, EFTs and other retail and large-value systems.
- Market infrastructure does not prove a particular provider supports every rail, direction, limit or schedule.
- PayShap is a real-time retail payment system for participating South African banks using account details or a proxy such as a cellphone number.
- The cited report describes payments within 60 seconds and participation rather than universal availability.
- Provider support, limits, fees, request-to-pay access and screening remain institution-specific.
- SARB Financial Surveillance regulates South African cross-border transactions and authorised foreign-exchange dealers.
- A domestic account, card or payment-app listing does not prove every cross-border transaction is permitted.
- Residence, purpose, allowance, documentation, provider and transaction review remain relevant.
Unavailable or deliberately not inferred
- A universal winner, guaranteed approval, permanent rate or permanent fee.
- CODI coverage for Wise, PayPal, insurance, investments, rewards or credit.
- A separate protection limit for each app section at the same institution.
- Universal EFT, PayShap, cash, card, ATM, forex or open-finance support.
- Independent onboarding, payment, support, fraud-recovery or insolvency testing.