Bank Zero review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Bank Zero suits South African businesses that want an easy access account that earns interest, with a monthly fee of ZAR 0 and a rate of 5% to 6.5% against a site median of 3%. The trade off is a currency conversion fee of 1.8% and an app only service.
Key facts
- Best for
- App managed banking for South African businesses that want an easy access balance earning a variable rate.
- Monthly fee
- ZAR 0↗
- Currency conversion fee
- 1.8%↗
- Card type
- Debit↗
- Card network
- Mastercard↗
- Legal entity
- Bank Zero Mutual Bank↗
- Headquarters
- South Africa↗
- Founded
- 2018↗
- Support channels
- Email, Chat, Phone↗
- Features
- Multi-currency, Virtual card
- Audience
- Business
- Official website
- bankzero.co.za
Pros and cons
Pros
- A no monthly fee model (no monthly fee) means the monthly fee is ZAR 0, and the savings account is free to open.
- Interest of 5% to 6.5% on a variable rate (variable) sits above the site median of 3%.
- A debit card on the mastercard network, with multi currency and virtual card options (multi currency and virtual card) in the same app.
- Registered with the South African Reserve Bank as Bank Zero Mutual Bank, under mutual bank registration MB0001.
Cons
- Support runs on email, chat and phone only, and the savings account is opened and managed in the app.
- The currency conversion fee of 1.8% sits at position 157 of 258 on the list.
- A variable rate (variable) can move, so the 5% to 6.5% figure is not fixed for the life of the account.
Who it suits
- South African businesses that want an easy access balance (easy access) earning 5% to 6.5% from their phone.
- Freelancers and sole traders who already run their spending and their debit card from a phone.
- Readers who want multi currency and virtual card options (multi currency and virtual card) alongside a debit card on mastercard.
Who should look elsewhere
- Readers who want an account denominated in euros rather than rand, and would rather have bunq at a monthly fee of €0.
- Readers whose main task is cross border transfers, where Wise runs on a monthly fee of £0.
- Anyone after a credit card rather than a debit one, who should see Varo Believe Secured Credit Card at a monthly fee of $0.
How Bank Zero compares
8.8 vs 9.4
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Where Bank Zero is available
- Available
- South Africa
- Licence in South Africa
- South African Reserve Bank (MB0001), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Bank Zero cost to hold?+
The account runs on a no monthly fee model (no monthly fee), so the monthly fee is ZAR 0. The savings account is opened and managed in the app and is free to open. The cost to watch is the currency conversion fee of 1.8%.
What interest rate applies to the balance?+
Balances earn a variable rate (variable) of 5% to 6.5% on an easy access account, with no term to commit to. The site median for a headline rate is 3%, so the return sits above the middle of the market. A variable rate can change over time.
How do you open and run the account?+
Everything happens in the app, which is where the savings account is opened and managed. There is no branch network or call centre to visit. The account is built for business customers, so it suits readers who are comfortable running money from a phone.
What kind of card comes with the account?+
The card is a debit card on the mastercard network, so it draws straight from your balance. Card options include multi currency and virtual card, so you can hold more than one currency and add a virtual card. The card works on cost rather than on rewards.
Who regulates the bank and what cover applies?+
Bank Zero Mutual Bank is registered with the South African Reserve Bank under registration MB0001, and it is based in South Africa, having been founded in 2018. Read the current account terms for what cover applies to your balance.
Is there a minimum deposit?+
The minimum deposit is ZAR 0, so you can open the savings account without tying up money first. The account is an easy access one (easy access), so money moves in and out without a notice period, and 5% to 6.5% applies to the balance you keep.
What does converting currency cost?+
The currency conversion fee is 1.8%, above the site median of 1% on the same measure. It ranks at position 157 of 258 brands, so heavy currency use is where cost adds up rather than the account fee.
Who is the account built for?+
The audience is business customers, so the account is aimed at companies rather than personal savers. Business banking accounts for 32.9% of the brands on this list, which puts Bank Zero in a small group.
Sources
- bankzero.co.za checked September 26, 2026
Backs: Audience, Legal entity
“Zero-fee banking for individuals and businesses”
- bankzero.co.za/rates-and-pricing checked September 26, 2026
Backs: Currency conversion fee
“1.8% markup applied to purchases made in currencies other than ZAR”
- en.wikipedia.org/wiki/Bank_Zero checked September 26, 2026
Backs: Card type, Founded, Headquarters, Card network
“patented debit card, obtained with an agreement with MasterCard”
- bankzero.co.za/faqs checked September 26, 2026
Backs: Access terms, Features, Monthly fee, Support channels
“There will be no physical Bank Zero branch network nor any call centres. All communication will be App-driven and/or via email.”
- bankzero.co.za/rates-and-pricing checked September 26, 2026
Backs: Account kind, Headline rate, Minimum deposit, Pricing model, Rate type
“Savings 5.00% ... 6.50% 7 Day Notice 4.50%”
- gov.za/documents/notices/mutual-banks-act-registration-ba... checked September 26, 2026
Backs: Licences
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Free ATM withdrawals, Protection.
Related by the facts
Bank Zero
App managed banking for South African businesses that want an easy access balance earning a variable rate.