Published: 2026-01-01 | Last updated: 2026-05-20
Regulatory Disclaimer: Bank Zero is a mutual bank regulated by the Prudential Authority. As a mutual bank, depositor protections differ from those at commercial banks. Verify the current status of your deposit protections at prudentialauthority.co.za before committing funds.
Full Fee and Feature Table
| Parameter | Value |
|---|---|
| Monthly account fee | R0 (for all individuals and businesses) |
| Annual account fee | R0 |
| Card type | Mastercard debit (personalised) |
| Minimum opening balance | R0 |
| Minimum ongoing balance | R0 |
| EFT payment (send money) | R0 |
| EFT receipt (receive money) | R0 |
| Debit order (pay out) | R0 |
| Debit order (receive / collection) | R0 |
| In-store card payment (POS swipe) | R0 |
| Online card payment (ecommerce) | R0 |
| NFC / tap-to-pay payment | R0 |
| QR payment (Bank Zero to Bank Zero) | R0 |
| ATM cash withdrawal (local) | R9 per R1,000 (or part thereof) |
| ATM cash withdrawal (international) | R10 per R1,000 block, minimum R50 |
| Forex mark-up (international card) | 1% of transaction value |
| Card delivery — Clicks store | R79 |
| Card delivery — metro address | R139 |
| Card delivery — rural address | R179 |
| Card replacement | Fee applies (confirm via app) |
| Interest on savings balance | 4.75% p.a. (balances < R1,000, Aug 2025) |
| 7-day notice deposit rate | 4.50% p.a. |
| 32-day notice deposit rate | 4.80% p.a. |
| 45-day notice deposit rate | 4.85% p.a. |
| Single Discretionary Allowance (SDA) | Up to R1 million per calendar year for international payments |
| Max single international transaction | R50,000 |
Fees are based on Bank Zero's published 2025/2026 pricing guides. Always confirm current fees at bankzero.co.za/rates-and-pricing.
Account Requirements
To open and maintain a Bank Zero account you must:
- Be a South African resident with a valid South African ID document or a valid South African passport.
- Hold a South African cell phone number (for two-factor authentication and app registration).
- Own a compatible smartphone — iOS (iPhone with current iOS version) or Android — with a working camera for biometric verification.
- Be 18 years of age or older.
- Complete FICA (Financial Intelligence Centre Act) verification — identity document and proof of address submitted via the app.
There is no minimum income requirement and no credit check for the standard debit card account.
Interest Rates in Detail
Bank Zero pays competitive interest on all balances in the savings account. As of August 2025, the published rates are:
| Balance Tier | Savings (instant access) | 7-Day Notice | 32-Day Notice | 45-Day Notice |
|---|---|---|---|---|
| Under R1,000 | 4.75% p.a. | 4.50% p.a. | 4.80% p.a. | 4.85% p.a. |
Rates are linked to the South African Reserve Bank repo rate and adjust periodically. Bank Zero publishes updated rate sheets on its website whenever rates change.
Worked Example: Cost of Banking for a Month
Assume a typical user who:
- Receives a salary via EFT: R0
- Pays 3 debit orders (rent, insurance, phone): R0
- Makes 10 EFT payments: R0
- Makes 30 in-store card payments: R0
- Withdraws R2,000 cash from an ATM (local): R18 (2 × R9)
Total monthly banking cost: R18 (compared to R100–R180+ at a typical commercial bank for the same activity).
Risk Warning
Bank Zero does not offer credit products. The debit card draws funds directly from your account balance — you cannot spend more than what you have. There is no overdraft facility. If your balance is insufficient, a transaction will be declined at no charge.
As a mutual bank, Bank Zero's depositor protection framework differs from that of South Africa's commercial banks. Customers are advised to review the current protections available under the Mutual Banks Act and the Financial Sector Regulation Act before depositing large sums.