Bank Zero announces pricing and account details

 ·28 Oct 2020

Digital bank, Bank Zero, has published its pricing guide for both individual and business customers ahead of its official launch.

In September, co-founder Michael Jordaan said that the bank had started a closed roll-out and that the bank plans to be publicly available before the end of 2020.

“Bank Zero is live and is operating across six payment rails. The closed rollout has started,” he said. “Customers (individual and businesses) are being added in this closed rollout. It will then be followed by general public availability.”

Jordaan had previously explained that Bank Zero would select its public beta participants from those who had supplied their details on the Bank Zero website.

How accounts will work 

Bank Zero said that it will offer one account type, with the costs kept the same for both individuals and businesses.

“Although there have been some shifts in the industry towards bringing down the costs for individuals, the focus has only been on entry-level accounts, with customers then forced to pay more should they want to upgrade to better functionality.

“With Bank Zero the same advanced payment functionality and real-time control are available to all customers,” the bank said.

All private companies, closed corporations and sole proprietors can join Bank Zero, with more business types, like trusts and partnerships, to be included later.

“You can add as many business profiles as you want, quick and easy – and at zero cost. Furthermore, each business can load as many additional users as they want – also at zero cost,” it said.

Other key features include:

  • Customers can open as many accounts as they want;
  • Customers can send money to other Bank Zero customers at no cost using the ‘send money’ feature and the person’s cellphone number;
  • The app will support QR payments and no cost to the customer;
  • Proof of Payments are only charged for when we incur a third party cost, such as when a proof of payment is SMSed;
  • There are no costs for prepaid items such as electricity, data, airtime, – other than the cost of the actual product.


Bank Zero said that customers will also receive all notifications on banking activities at no cost.  However, the bank said that customers will sometimes incur third-party costs where it provides you with a ‘direct service’.

This includes withdrawing cash using your card at another bank’s ATM or at a retailer point-of-sale. You will also be charged when your card is personalised and couriered.

“Since we want to give you as much as possible for free, we hope you understand when we ask you to pay some unpreventable costs, which you can control.”

The bank said that it will also charge customers ‘nuisance fees’ in certain instances.

“You’re charged a nuisance fee when you’ve done something silly, like exceeding your chosen card spending limits, or you’ve locked your card and then tried to use it – basically anything where we incur a cost from another bank without being able to complete the transaction.

“But this is totally in your control and there shouldn’t be a reason why we ever charge you a nuisance fee,” it said.

  • If you use your card to withdraw cash at an ATM, you will be charged R9 per every R1000 that you withdraw. For both a R500 or a R1,000 cash withdrawal you will be charged R9 at an ATM. For a R2,000 cash withdrawal you will be charged R18 at an ATM, etc;
  • If you do cardless cash withdrawals, using the send money functionality and then accessing the cash at Checkers, Shoprite, Usave, you will be charged R8.50 for any amount up to the R3,000 max limit.
  •  If you use your card to withdraw cash directly at a retailer  – including PnP, Spar, Checkers, Shoprite – you will be charged R2.

Read: African Bank to retrench staff amid restructure – with a third of employees affected

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