Zero app review

It probably comes as no surprise, but with a name like that, Zero comes with no fees. No monthly fee, no transaction fees, no cash withdrawal fees. Nothing. Zero. It’s not just about zero fees, though. At its core, Zero is aiming to put sustainability and the climate at the forefront and make money a force for the good of the planet.

What is Zero?

Zero is a sustainable money app, personal account and debit card, made for those who want to put the planet first. It’s a Certified B Corporation (B Corp), so it’s verified as meeting high social and environmental performance standards. This sustainability is evident in its choice of products, with its debit card made from 95% recycled plastic. It also has a proprietary GreenScore, which is designed to calculate how green you are and give you advice on how to improve that.

How does Zero work?

Zero is an app-based product. You can start by downloading the app from the Apple App Store or Google Play Store. Then you have to sign up and verify your identity. Once verified, you’ll get access to the account, along with account details and a virtual card. You can order a physical card if you want one, with a choice of Sea (blue), Land (green) or Sky (grey). They’re all Mastercard debit cards and do the same thing, but it’s a matter of personal taste.

The app is pretty simple, so you can view your account balance and GreenScore (once you have one) with ease. You also get granted community share options when you sign up and they’re available to view in the app as well. Zero says it is setting aside 20% of the company for its users, so if it grows in value, you’ll be able to benefit too. It has future plans for an IPO, which you can read about in the app. You can also earn more share options by referring people to the app. While many competitors offer cash or monetary incentives, this is a novel approach.

The main benefit of Zero from a user’s perspective, aside from any ethics or sustainability, is the fee structure. It’s incredibly simple because there are no fees. So you can spend in the UK and abroad without any extra charges. There are some limits on the account, with the most notable being cash withdrawals, which are a maximum of £500 a day. That amount is high compared to other digital banking apps, so it’s not something to count against the account.

Is Zero safe?

Zero’s app has password and biometric login, which is pretty standard for most apps. You’re able to freeze and unfreeze your card in the app, if you ever misplace your card.

Zero is an e-money provider, so it’s not covered by the Financial Services Compensation Scheme (FSCS), but customer funds are safeguarded with Clearbank, which is a fully regulated UK bank. This money is ringfenced from Zero’s own funds and ensures that customer funds are protected in the unlikely event that Zero becomes insolvent.

Bottom line

If you’re looking for an account that aims to put sustainability and climate first, then Zero might be worth checking out. Even if you’re not, the lack of any fees at home or abroad makes this a competitive product in its own right.

Frequently asked questions

• How is Zero sustainable?

  With B Corp Certification, Zero is verifying it meets high standards of social and environmental performance.

• How does Zero make money?

  Zero makes money from the interchange fees received through Mastercard International from spending with the debit card.