South Africa
activeFeaturedNeobankBusiness banking
- HQ
- London
- Fee
- Free personal
Bank Zero
Sandton mutual bank. SARB. CODI R100,000. App-only South African bank.
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6.9Mixed
AlternativesFive questions
At a glance
Is it a bank?
Yes — Mutual bank — Bank Zero Mutual Bank (SARB). Still read the entity on the statement.
If it fails?
CODI (Corporation for Deposit Insurance) up to R100,000 per qualifying depositor — mutual banks are in by law
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Low / free core pitch — confirm live
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.9
/10 · Mixed
Bank Zero Mutual Bank is a SARB mutual bank. CODI covers qualifying deposits up to R100,000. Michael Jordaan and Yatin Narsai built an app-only clearing bank in Sandton. That is a bank. It is not Capitec-scale and it is not a multi-currency EMI. Salary in rand can live here; FX still belongs on Wise.
What it is
Mutual-bank class is the file: members, not listed-bank shareholders. CODI launched in April 2024 and mutual banks are in automatically. Directories call it a neobank. This desk calls it a mutual bank with an app.
Best for: South African residents who want a SARB mutual bank on a phone, not a Big Five branch.
Last checked 2026-08-28. Not advice.
What it does well
- +Named SARB mutual bank
- +CODI R100k
- +Clearing bank, not a wallet
- +Founders are known quantities
What to watch
- −Mutual, not a commercial bank
- −ZAR-only home
- −Small versus Standard / FNB
- −Not a remote IBAN
Who holds the money
The account
- Platforms
- iOS · Android
- Account types
- ZAR transactional · savings
- Partner bank
- Bank Zero Mutual Bank
- Minimum balance
- R0
- Lowest monthly fee
- Low / free core pitch — confirm live
- Who can open
- South African residents
- Availability
- South Africa
How money actually moves
- Who holds the cash
- Bank balance
- How money moves
- In-app ledger
- Built for
- Personal · Business
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Bank Zero lists a physical card and a virtual card on visa, plus Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
CODI (Corporation for Deposit Insurance) up to R100,000 per qualifying depositor — mutual banks are in by law
Who holds the money: Bank Zero Mutual Bank
- SARBMutual bank — Bank Zero Mutual Bank · South Africa
Fees
- Monthly
- Low / free core pitch — confirm live
- FX markup
- Rand product, not Wise
- ATM
- SASWITCH / network schedule
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- –Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- ✓Business
- –Kids
- –Halal
- ZAR transactional account
- App-only
- Clearing-bank rails
- CODI member
- Kids profiles (CODI per profile)
Score
- Safety25%
- 7.8
- Fees20%
- 8.0
- Features15%
- 6.8
- App15%
- 7.6
- Global15%
- 3.4
- Support10%
- 6.6
Change log
Full logLicence
SARB mutual bank, CODI R100k
Sandton. App-only clearing bank. Mutual class, not a Big Five commercial bank.
Available in
Straight answers
FAQ
01Is Bank Zero a bank?
Bank Zero holds a banking-style licence (SARB). Still read the legal entity on the statement, not the app icon.
02How is money protected?
CODI (Corporation for Deposit Insurance) up to R100,000 per qualifying depositor — mutual banks are in by law
03Where is Bank Zero available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with Bank Zero.
04Card and wallets?
Bank Zero lists a physical card and a virtual card on visa, plus Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open Bank Zero remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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