ZA Savings Go: High Savings Rates and Easy Mobile Interface

ZA Savings Go: High Savings Rates and Easy Mobile Interface

Best Savings Rate for Mobile Banking Platforms in Hong Kong

Good for

  • Customers interested in a fully online banking experience
  • Customers depositing modest amounts of money (under HK$500,000)
  • Young people or beginner savers

Bad for

  • Customers more comfortable conducting banking needs at physical branches
  • Customers in need of more versatile banking accounts
  • High-income customers or avid investors

Editor's Rating

4.5/5.0

The ZA Savings Go account is an exciting and innovative savings account option for Hong Kongers willing to transition to fully online/mobile banking. Despite the lack of physical branch locations and in-person banking support, the ZA Savings Go account offers an incredibly high savings rate. At 1% p.a., ZA's rate is especially attractive particularly for customers who do not anticipate depositing more than HK$500,000 into savings. Moreover, ZA customers benefit from rotating promotional benefits and high savings rates in exchange for some comfortability afforded by more traditional banking experiences.

ProsCons
  • Maximum savings rate 1000-times higher than that of most banks in Hong Kong
  • No-fee cash withdrawal at over 3,000 Visa-compatible ATMs in Hong Kong
  • Free ZA Card for cash withdrawal when signing up for an account
  • Only deposits under HK$500,000 qualify for the maximum savings rate
  • No physical branch locations
  • No compatibility with investment accounts
Promotion Various promotional offers are available to customers who make purchases with their ZA Card. More details are available below.
Pros & Cons
Pros:
  • Maximum savings rate 1000-times higher than that of most banks in Hong Kong
  • No-fee cash withdrawal at over 3,000 Visa-compatible ATMs in Hong Kong
  • Free ZA Card for cash withdrawal when signing up for an account
Cons:
  • Only deposits under HK$500,000 qualify for the maximum savings rate
  • No physical branch locations
  • No compatibility with investment accounts
  • Promotion Various promotional offers are available to customers who make purchases with their ZA Card. More details are available below.

What Makes ZA Savings Go Stand Out?

There are several features of the ZA Savings Go account that make it exceptional compared to other savings accounts in Hong Kong. The first is that it operates fully online on mobile devices and has no physical branch locations. Despite this, ZA customers still benefit from a great deal of convenience compared to some physical banks' accounts. For instance, the free ZA Card given to all ZA account holders is compatible for no-fee cash withdrawals at over 3,000 Visa ATMs throughout Hong Kong—more than the 2,600 of JETCO affiliate banks and 1,000 of ETC affiliate banks.

Furthermore, the savings rate of 1% for deposits of HK$500,000 is among the highest of any savings account in Hong Kong. Especially compared to traditional banks such as HSBC and Citi, who offer a maximum rate of 0.0010%, the 1% savings rate is especially attractive for customers who seek to maximize earning potential from interest. However, because this rate is only available for deposits under HK$500,000, the account is perhaps less attractive to high-income customers who prefer to earn primarily from investing and other banking activities.

ZA Savings Go Interest Rates

ZA Savings Go Hong Kong Dollar Savings Rate
Deposit AmountInterest Rate
HK$500,000 and under1.000%
Above HK$500,0000.010%
ZA Savings Go Hong Kong Dollar Savings Rate
Deposit AmountInterest Rate
HK$500,000 and under1.000%
Above HK$500,0000.010%
ZA Savings Go Time Deposit Rate
Deposit PeriodInterest Rate
1 Month0.250%
3 Months1.080%
6 Months0.600%
12 Months0.600%
ZA Savings Go Time Deposit Rate
Deposit AmountInterest Rate
1 Month0.250%
3 Months1.080%
6 Months0.600%
12 Months0.600%

ZA Savings Go Details & Requirements

Details and Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A

Promotional Offers

ZA accounts have rotating promotional offers that are available for any new or existing customer to take advantage of. For your convenience, we have documented some of the best rewards for ZA customers below. You can read more details by visiting ZA's website.

  • Deliveroo Offer: Earn an 11% cash rebate when you order Deliveroo takeaway with your ZA Card. No promo code or extra action is needed. Offer valid until 31 March 2021.
  • McDonalds Offer: Customers can earn a HK$15 cash rebate when they spend HK$30 at McDonalds restaurants with their ZA Card. Offer valid from 18 January 2021 to 11 February 2021.
  • Online Spending Offer: ZA customers can earn a 6% cash rebate for all online purchases made with their ZA Card. Offer valid until 31 March 2021.
  • Buy 1 Get 1 Free Offer: ZA customers can enjoy buy-1-get-1-free coffee at participating merchants in Hong Kong. Click here to see a list of participating coffee houses. Offer valid until 31 March 2021.
  • ZA PowerDraw: Customers who use their ZA Card or with Apple Pay at a physical store are eligible for a chance to win up to a cash rebate of up to 200%. Offer valid until 31 March 2021. Click here for more details.
  • Shopping Mall Offers: ZA also offers promotional rewards for shopping at various malls in Hong Kong. Click here to see participating shopping centres.

How Does ZA Savings Go Compare to Other Accounts?

Read our comparisons of ZA Savings Go with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

ZA Savings Go vs. livi Bank liviSave

Consider this if you are a high income customer interested in mobile banking.

livi Bank liviSave is another premier mobile banking option for Hong Kongers to consider. Compared to ZA Savings Go, liviSave offers a different interest rate scheme. For deposits valued under HK$500,000, ZA offers a higher interest rate. In addition, livi Bank is currently offering new customers a promotional interest rate of 3% for their first deposits under HK$50,000. However, high-income customers seeking to maximize their earnings from savings will surely find livi Bank's rates more attractive than those offered by ZA.

When it comes to convenience, ZA Savings Go may be a more attractive option than livi Bank liviSave. Both accounts do not afford customers compatibility with cheque and investment accounts, and both should be used in conjunction with existing accounts at other banks. However, the ZA Card is eligible for no-fee cash withdrawals at over 3,000 Visa ATMs in Hong Kong, whereas livi's Mastercard accrues fees for cash withdrawals. Moreover, ZA customers can take advantage of rotating consumer benefits from participating retailers.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / Address
  • Must be a Hong Kong resident with a valid Smart Hong Kong Identity Card, Hong Kong address, and Hong Kong mobile number
  • Must currently be in Hong Kong
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • First HK$50,000 or below: 1.00%
  • Above HK$50,000 and under HK$500,000: 0.50%
  • Above HK$500,000: 0.10%

ZA Savings Go vs. Airstar Savings Account

Consider this if you are interested in mobile banking and a high promotional savings rate.

Airstar Savings Account and ZA Savings Go are both solid choices for customers interested in opening a mobile savings account. However, similarly to livi Bank liviSave, Airstar offers a different interest rate scheme than ZA Savings Go. Apart from Airstar's promotional rate of 3.60% for deposits under HK$20,000, ZA's 1% interest rate for all account balances under HK$500,000 is over double the rate offered by Airstar. On the other hand, for customers planning to store over HK$1,000,000, Airstar's savings rate is 10-times higher than the rate offered by ZA. ZA Savings Go might be a more appealing option for customers who identify as low-to-middle income.

When it comes to convenience, both accounts are not ideal and require customers to use other banks for their cheque and investing needs simultaneously. However, ZA customers will find no-fee cash withdrawals easier due to ZA Savings Go's provided debit card with widespread ATM access. Airstar customers will need to rely on other bank cards to conduct in-person purchases and cash withdrawals, but can deposit US Dollars and RMB in addition to HK Dollars.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • First HK$20,000: 3.60%
  • Above HK$20,000 and under HK$1,000,000: 0.50%
  • Above HK$1,000,000: 0.10%

ZA Savings Go vs. CNCBI inMotion

Consider this if if you are value a mobile banking platform as well as the reputation of a major JETCO bank.

CNCBI inMotion is a great option for customers who enjoy mobile banking platforms such as ZA Savings Go but also prioritize the benefits of using a traditional bank. Moreover, CNCBI inMotion features greatly expanded banking features than the ZA Savings Go account, as customers can use the account for different kinds of deposits outside of savings and time deposits.

The cost of accessibility to in-person banking support and expanded features, however, is in savings rate. ZA Savings Go, and other mobile-only banking options, offer much higher interest rates than traditional banks such as CNCBI. Customers will need to evaluate their needs and preferences before choosing between the two.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • Deposit under HK$4,999.99: 0.0000% p.a.
  • Deposit over HK$5,000: 0.0010% p.a.

ZA Savings Go vs. HSBC One Account

Consider this if if you are value a mobile banking platform as well as the reputation of a major ETC bank.

HSBC One Account, like CNCBI inMotion, is another integrated account option that features a strong mobile app platform. The HSBC One Account allows customers to set up various banking accounts, deposit and withdraw foreign currencies, and even take advantage of a wide range of promotional offers. Unlike ZA Savings Go, however, the HSBC One Account does not offer the kinds of high interest rates that ZA customers can enjoy. The trade off between banking with a large, reputable bank like HSBC and a new, startup like bank such as ZA will rely on customers' preference for more flexibility and higher potential earnings.

Details & Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • Deposit under HK$5,000: 0.000%
  • HK$5,000 and above: 0.0010%
黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.