Bank Zero pricing revealed

[Bradley Prior]

Bank Zero pricing revealed

Bank Zero has published its pricing guide for individual and business customers, which details how much it will cost to use the mobile bank's services.

 

[konfab]

If this is for businesses as well, the other banks are going to be in a lot of trouble.

 

[Smiley_lauf]

How does this compare with other 'zero/budget/online' Banks: FNB, Tyme and Capitec

 

[konfab]

How does this compare with other 'zero/budget/online' Banks: FNB, Tyme and Capitec

Capitec charges R3.50 per debt order and a R5 monthly fee.

Capitec pretty much forced the other banks to drop their prices, so it will be very interesting to see what happens with Bank Zero. I think the other banks will have a major problem trying to match them because Bank Zero has automated all the functionality of branches.

 

[B-1]

Does anyone have this? Do they force you to install an app or can you use a web browser?

 

[Thor]

Does anyone have this? Do they force you to install an app or can you use a web browser?

No browser, so I'll skip for now.

 

[nicroets]

Interesting that they charge for statements older than 3 months. Considering how cheap ssd and bandwidths is, any cutting edge fin tech firm will make that free. The longer you have clients on your website or in your app, the more opportunity to upsell, which is where the real money is.

 

[Thor]

R10 for a bank statement, seems like pure money making.

 

[lord-of-war]

But other day to day banking is free. How will they make money?

 

[konfab]

But other day to day banking is free. How will they make money?

They are a mutual bank.

You put your cash into their bank account, they put it into a commercial savings account to earn X% interest. They then pay back some of that interest to you and use the difference to pay for overheads and profit.

 

[retromodcoza]

If this is for businesses as well, the other banks are going to be in a lot of trouble.

This is purely for business. no personal accounts

 

[konfab]

This is purely for business. no personal accounts

I actually think it is for everyone:

Welcome to financial freedom for individuals and businesses! (All (PTY) LTDs, CCs, Sole Props.) Our advanced functionality and real-time control is available to all customers. We don’t have entry-level accounts that require an upgrade to high-priced ones to access needed functionality. (Pricing VAT incl)

https://www.bankzero.co.za/docs/Bank-Zero-pricing-guide-2020.pdf

 

[retromodcoza]

I actually think it is for everyone:

https://www.bankzero.co.za/docs/Bank-Zero-pricing-guide-2020.pdf

I did not read. My bad.

 

[hellfire]

Capitec charges R3.50 per debt order and a R5 monthly fee.

Capitec pretty much forced the other banks to drop their prices, so it will be very interesting to see what happens with Bank Zero. I think the other banks will have a major problem trying to match them because Bank Zero has automated all the functionality of branches.

So they will claim.
Wait until the customer service complaints start rolling in

 

[duderoo]

Be interested to know the interest rates

 

[konfab]

So they will claim.
Wait until the customer service complaints start rolling in

Didn't seem to be a problem for Tyme bank.

 

[hellfire]

Interesting to note that there is a monthly account fee if there are no transactions on the cheque account for 6 months. So you can't just put your money in a BZ savings account and leave it there

 

[hellfire]

Didn't seem to be a problem for Tyme bank.

It was for their customers

 

[ToxicBunny]

Be interested to know the interest rates

That will in some ways be the decider for many people..

TymeBank is very similar to BankZero's pricing structure, so the interest rate will be the decider (and how they structure it) for many people really.

 

[Gtx Gaming]

cash deposit fees?