Bank Zero review
Updated October 13, 2026 · VaultCue Editorial Team
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Our verdict
Bank Zero is an app-only bank for individuals and businesses with everyday banking and joint money management. For customers who want phone-based control with added card protection and purchase checks, it keeps security and clarity at the centre of daily use.
Key facts
- Best for
- People wanting app-only banking for personal and business use
- Monthly fee
- ZAR 0↗
- Transfer fee
- Free EFT payments↗
- Legal entity
- Bank Zero Mutual Bank↗
- Headquarters
- South Africa↗
- Founded
- 2018↗
- Support channels
- Email↗
- Audience
- Business
- Pricing model
- No monthly fee
- Features
- Digital-only
- Official website
- bankzero.co.za
Savings
Money transfer
- Exchange rate markup
- 1.8%↗
- Delivery time
- Immediate between Bank Zero accounts; next day to other banks↗
- Payout methods
- Bank, Cash-pickup↗
- Fee to send 1,000
- ZAR 0↗
Facts checked September 26, 2026, 4 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- App-only banking for both individuals and businesses in one place
- Unique card protection technology designed to guard everyday payments
- Purchase verification and daily statements help track balances closely
- Friend feature supports shared family payments from a second account
Cons
- Phone-only access with no branch network for in-person banking
- Design feels dated to some users, especially icons and layout
Who it suits
- Customers who want phone-managed personal and business banking
- Family members sharing household payments through linked accounts
Who should look elsewhere
- Customers who want branch-based banking with in-person help
Safety and regulation
Security stands at the centre of Bank Zero as an app-only bank for individuals and businesses. It uses patented technology to protect its cards during everyday payments. Customers verify purchases and can follow activity through daily statements and balance updates. Reviewers describe the app as safe and highlight controls that flag unusual spending. Verification at payment time adds friction, yet many users welcome the added reassurance.
How Bank Zero compares
Where Bank Zero is available
- Available
- South Africa
- Licence in South Africa
- South African Reserve Bank (MB0001), checked September 26, 2026
- Licence in South Africa
- Financial Sector Conduct Authority (50870), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Bank Zero offer?+
Bank Zero is an app-only bank that serves individuals and businesses. It provides everyday banking through a phone app with added tools for shared money management.
Who is Bank Zero for?+
Bank Zero suits individuals and businesses that are comfortable managing money only by phone. It also suits family members who want a separate account for shared household payments.
How does banking with Bank Zero work?+
Bank Zero works through a mobile app that handles onboarding, accounts and daily banking. Customers verify purchases in the app and receive daily statements to follow balances.
Which shared money feature does Bank Zero provide?+
The friend feature allows a second account for joint financials and family payments. It helps households keep shared spending visible without mixing it with personal banking.
How does Bank Zero protect customers?+
Protection comes from patented card technology, purchase verification and app controls. Customers also describe balance alerts and statements that make unusual activity easier to notice.
Sources
- bankzero.co.za checked September 26, 2026
Backs: Audience, Features
“App-only bank for individuals and businesses”
- bankzero.co.za/faqs checked September 26, 2026
Backs: Access terms, Founded, Headquarters
“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/lets-talk checked September 26, 2026
Backs: Legal entity, Support channels, Licences
“Bank Zero Mutual Bank (MB0001)”
- bankzero.co.za/moving-money checked September 26, 2026
Backs: Delivery time
“Payments to and from Bank Zero accounts reflect immediately. Payments to other banks, if loaded up to 23h59, are sent via the interbank clearing system to the recipient's bank the next day.”
- bankzero.co.za/rates-and-pricing checked September 26, 2026
Backs: Account kind, Exchange rate markup, Headline rate, Minimum deposit, Pricing model, Monthly fee, Payout methods, Rate type, Transfer fee, Fee to send 1,000
“Savings 5.00% ... 6.50% 7 Day Notice 4.50%”
Compiled from 5 source pages, checked October 13, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection, Currency conversion fee, Currencies.