BankZero launched in 2021 with a bold promise: zero monthly fees, zero card fees, and zero transaction fees for basic banking. It sounds too good to be true, but it is a real, SARB-licensed bank. Here is what you need to know.
What BankZero Offers
- Zero monthly fee
- Zero card fee
- Free EFTs and transfers
- Free PayShap
- Free card swipes
- Free online purchases
- Mastercard debit card (physical and virtual)
How Does BankZero Make Money?
BankZero earns revenue from interchange fees (a small fee merchants pay when you swipe your card) and from interest on deposits. By keeping their costs extremely low with no branches and a lean tech team, they can pass the savings on to customers.
What You Do Pay For
- ATM withdrawals: Saswitch fee applies (R8 to R12, charged by the ATM owner)
- Cash deposits: Via retail partners, small fee applies
- Card replacement: Fee if you lose your card
The App Experience
BankZero is app-only. There are no branches or kiosks. The app is clean and functional but more basic than Capitec or FNB. Key features include:
- Multiple named accounts (wallets) for budgeting
- Instant notifications for all transactions
- Card controls (freeze/unfreeze, set limits)
- PayShap support
- Biometric login
BankZero vs TymeBank vs Capitec
| Feature | BankZero | TymeBank | Capitec |
|---|---|---|---|
| Monthly fee | Free | Free | R6 to R13 |
| EFT/transfer fee | Free | Free | R1 to R8 |
| Savings interest | Lower | 7% to 11.5% | 6% to 10.5% |
| Branches | None | Kiosks at PnP | 850+ |
| Credit products | None | MoreTyme BNPL | Loans, credit card |
| ATM network | Saswitch only | Saswitch only | Own + Saswitch |
| PayShap | Free | Free | Free |
Who Should Use BankZero?
- People who want to pay absolutely zero banking fees
- Those who rarely use cash (most transactions are card or online)
- Good as a secondary account for specific budgeting goals
- Tech-comfortable users who do not need branch access
What Is Missing?
- No savings account with competitive interest rates
- No credit products (loans, credit card, overdraft)
- No insurance products
- Smaller customer base means fewer people can receive PayShap from you by phone number
- Limited track record compared to established banks