Bank Zero

Yes. Bank Zero holds mutual banking licence MB0001, issued by the Prudential Authority (a division of the South African Reserve Bank) in August 2018. It is also authorised by the FSCA as a Financial Service Provider (FSP no. 50870). You can verify these details directly on the Prudential Authority website at [prudentialauthority.co.za](https://www.prudentialauthority.co.za) or the FSCA website at [fsca.co.za](https://www.fsca.co.za). As a mutual bank, it operates under a different depositor protection framework than commercial banks — review the current protections before depositing large amounts.

As of August 2025, Bank Zero pays 4.75% per annum on instant-access savings balances under R1,000. Higher rates apply to notice deposits: 4.50% p.a. for 7-day notice, 4.80% p.a. for 32-day notice, and 4.85% p.a. for 45-day notice. Rates are linked to the South African Reserve Bank repo rate and are updated periodically on the Bank Zero website.

Yes. The Bank Zero Mastercard debit card works internationally at any POS terminal or ATM that accepts Mastercard. A 1% forex mark-up applies to foreign-currency transactions. International ATM withdrawals cost R10 per R1,000 block, with a minimum fee of R50. Annual international card spend is subject to South Africa's Single Discretionary Allowance (SDA) limit of R1 million per calendar year, with a maximum of R50,000 per single transaction.

After ordering your card in the app, delivery takes approximately 3–5 business days for collection at a Clicks store (R79 fee) or 3–7 business days for metro home delivery (R139 fee). Rural deliveries may take 5–10 business days (R179 fee). Once received, activate the card immediately via the app (Card > Activate Card) to avoid a nuisance fee for non-activation.

Bank Zero is app-only — there is no web banking portal for day-to-day transactions. All account management, payments, card controls, and statements are accessed exclusively through the Bank Zero mobile app, available for iOS and Android. This design choice allows Bank Zero to maintain a leaner cost structure, which supports the zero-fee model.

If you lose your phone, no one can access your Bank Zero account without your biometric authentication (fingerprint or Face ID) or app PIN, as the app is device-bound. To regain access on a new phone, download the app, enter your cell number, and complete re-verification. If you lose your physical card, open the app (from any device you re-register on), navigate to Card, and freeze or cancel the card immediately. Order a replacement card through the app — a replacement fee applies.

No. As of 2026, Bank Zero does not offer any credit products — no personal loans, overdrafts, or credit cards. The bank positions itself as a savings and transactional bank. The debit card draws funds only from your available account balance. If Bank Zero introduces lending products in the future, it will be announced on their website and in the app. --- Schema.org JSON-LD: