Bank Zero pricing revealed

ToxicBunny said:
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.
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Only downside to TB is that you need to keep it in a goal to earn interest, and if you break the goal, you start all over again at 4%.
 
Are there any other business accounts that cost R0 per month. I dont think I can get a pty registered on Capitec or Thyme?
 
As others have said their business model must be a little tight not having many fees - but also not many overheads.
Margin will be from:
1. Interest spread - lend to others at X%, give lenders X-2%... [risky though as no deposit insurance in SA!]
2. Interchange fees - they get paid a very small %age of all card swipes from Visa/Mastercard (i.e. a cut of the cut of the cut from the retailer)
3. Upsells... will come
 
duderoo said:
Only downside to TB is that you need to keep it in a goal to earn interest, and if you break the goal, you start all over again at 4%.
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4% is still better than most instant access savings account. Just set up multiple goal saves, just remember the total matters.
 
B-1 said:
Does anyone have this? Do they force you to install an app or can you use a web browser?
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Yep, I would prefer a Web Browser as appose to a cell phone app as I do not trust cell phone security with regards to this...have been using online banking for years now.
 
Johnatan56 said:
4% is still better than most instant access savings account. Just set up multiple goal saves, just remember the total matters.
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Correct, but would be good if they had some interest rate on their day to day accounts.
 
supersunbird said:
Yep, finger trouble is much more likely on a app screen.
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That, and just usability for me in general. When there is lots of data to be looked at then a big PC screen is just better.

Checkers Sixty60, I'm looking at you on that front. Your app is great, but I want a website to use as well so I can setup a decent weekly shopping list and use the service more regularly.
 
Nuisance fees – Insufficient funds, exceeding card limits, card set to lock or ATM off, locked after 3 wrong pins, Using new card before activation, using old uncancelled cardR2
Request statements older than 3 monthsR10 per statement
Dispute or stop debit orderR8
Dispute card transaction (ie chargeback)R30

These are going to be problematic.
 
“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,” said Bank Zero.

“With Bank Zero the same advanced payment functionality and real-time control are available to all customers.”
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I have a problem with that claim, I can do all I can on my FNB Easy account that I could do on my Gold cheque account.
 
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