Bank Zero vs TymeBank fees and services compared

Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
Messages
6,015

hj007

Expert Member
Joined
Aug 30, 2006
Messages
1,253
Thanks for this.
2 questions:

1. Dont you have to go to a TymeBank terminal at PnP to set it up vs online only for BankZero?

2. What about business banking, my understanding is that BankZero offers cheaper accounts for SMEs vs TymeBank which isn't for businesses? Or can you do a business account on Tyme?
 

DanDango

Honorary Master
Joined
Sep 4, 2013
Messages
10,227
Thanks for this.
2 questions:

1. Dont you have to go to a TymeBank terminal at PnP to set it up vs online only for BankZero?

2. What about business banking, my understanding is that BankZero offers cheaper accounts for SMEs vs TymeBank which isn't for businesses? Or can you do a business account on Tyme?

On question 1: you can signup online for TymeBank or terminal at PnP. Signing up online you only get a basic account, you will need to go to the terminal for fingerprints and to print your debit card.
 

iOra

Active Member
Joined
Jun 28, 2017
Messages
51
Thanks for this.
2 questions:

1. Dont you have to go to a TymeBank terminal at PnP to set it up vs online only for BankZero?

2. What about business banking, my understanding is that BankZero offers cheaper accounts for SMEs vs TymeBank which isn't for businesses? Or can you do a business account on Tyme?
2. TymeBank is for sole proprietors only and you'd need to have a personal account with them in order to qualify for the business account. Don't know the nitty gritty re Bank Zero for business though.
 

retromodcoza

Well-Known Member
Joined
Mar 4, 2006
Messages
436
2. TymeBank is for sole proprietors only and you'd need to have a personal account with them in order to qualify for the business account. Don't know the nitty gritty re Bank Zero for business though.

I opened a Bank Zero account for my CC. Had to provide CK documents and proof of business address. There is an option for PtyLtds as well. Thyme bank doesn't have this option for juristic persons as far as I'm aware.

Also - what this article is missing is the cost of setting up the account. Its SUPER easy and all done from the app with Bank Zero. No need to travel. No need to print documents. FICA happened pretty quickly - within 12 hrs for me.
 

Johand

Expert Member
Joined
Jan 21, 2005
Messages
1,729
I was sceptical of Tyme when they launched but I got it as a secondary account the other day and it is awesome. Quick to set up and FICA and get a card. Funky app.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
28,021
Lol Tyme bank is superior.

Thanks for this.
2 questions:

1. Dont you have to go to a TymeBank terminal at PnP to set it up vs online only for BankZero?

2. What about business banking, my understanding is that BankZero offers cheaper accounts for SMEs vs TymeBank which isn't for businesses? Or can you do a business account on Tyme?
To get your card you'll need to send to a Clicks store anyway.
 

hj007

Expert Member
Joined
Aug 30, 2006
Messages
1,253
I opened a Bank Zero account for my CC. Had to provide CK documents and proof of business address. There is an option for PtyLtds as well. Thyme bank doesn't have this option for juristic persons as far as I'm aware.

Also - what this article is missing is the cost of setting up the account. Its SUPER easy and all done from the app with Bank Zero. No need to travel. No need to print documents. FICA happened pretty quickly - within 12 hrs for me.
Thanks - I'm curious as to how it compares when it's a small employer, with decent number of efts, debit orders etc.
The app seems iOS only for now though, but I assume Android will launch soon...
 

JustJack

Expert Member
Joined
Sep 21, 2012
Messages
1,267
Thanks - I'm curious as to how it compares when it's a small employer, with decent number of efts, debit orders etc.
The app seems iOS only for now though, but I assume Android will launch soon...
Android is available. I opened mine over the weekend
 

cavedog

Honorary Master
Joined
Oct 19, 2007
Messages
19,323
Tyme bank seem waaaay better.

The R79 once off card fee you have to pay to start with bank zero is quite a big amount and will take you a lot of months to finally make up in saving interests ect. Just go to PnP and get the bank account and card for free.
 

Gaz{M}

Executive Member
Joined
Feb 9, 2005
Messages
6,815
I had a terrible onboarding experience so far with Tyme Bank. Firstly, I couldn't upgrade my profile on the app because their link with Home Affairs is down or something, so I had to drive all the way to a PnP to use the terminal. I went through all the steps, then it said right at the end that they couldn't upgrade my profile. Then I tried to print a debit card and that also failed. Now they have locked my account due to suspicious activity! Good grief, makes me nervous about the money I have deposited there already.
 

duderoo

Expert Member
Joined
Jun 7, 2005
Messages
2,817
I had a terrible onboarding experience so far with Tyme Bank. Firstly, I couldn't upgrade my profile on the app because their link with Home Affairs is down or something, so I had to drive all the way to a PnP to use the terminal. I went through all the steps, then it said right at the end that they couldn't upgrade my profile. Then I tried to print a debit card and that also failed. Now they have locked my account due to suspicious activity! Good grief, makes me nervous about the money I have deposited there already.
I would not be worried at all
 

Happy Days

Expert Member
Joined
Feb 14, 2017
Messages
1,057
I had a terrible onboarding experience so far with Tyme Bank. Firstly, I couldn't upgrade my profile on the app because their link with Home Affairs is down or something, so I had to drive all the way to a PnP to use the terminal. I went through all the steps, then it said right at the end that they couldn't upgrade my profile. Then I tried to print a debit card and that also failed. Now they have locked my account due to suspicious activity! Good grief, makes me nervous about the money I have deposited there already.
I opened my account online and then went to a PnP store to do the upgrade. Tried several times to have the machine authenticate my fingerprints, but no luck.

Then tried with a kiosk in a different Pnp and it worked first time, with the card issued and account upgraded. Best advice is to try a different kiosk once the call-center unlocks you.
 

sutekj

Senior Member
Joined
Apr 28, 2008
Messages
625
The interest rates on both are neglible. So is R135 to have the card delivered, in the grand scheme of things. So based on that I'd go for Bank Zero. I don't want to go to PnP to pick up anything.

The most important thing is how much time and effort a bank saves you. Can I easily buy electricity on their online banking? How about setup virtual cards? I like the feature of being able to reject debit orders.
 

NeonNinja

Neon Resident
Joined
Nov 22, 2009
Messages
23,040
The interest rates on both are neglible. So is R135 to have the card delivered, in the grand scheme of things. So based on that I'd go for Bank Zero. I don't want to go to PnP to pick up anything.

The most important thing is how much time and effort a bank saves you. Can I easily buy electricity on their online banking? How about setup virtual cards? I like the feature of being able to reject debit orders.
For you. Not the masses.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
28,021
The interest rates on both are neglible. So is R135 to have the card delivered, in the grand scheme of things. So based on that I'd go for Bank Zero. I don't want to go to PnP to pick up anything.

The most important thing is how much time and effort a bank saves you. Can I easily buy electricity on their online banking? How about setup virtual cards? I like the feature of being able to reject debit orders.
Bank Zero rep? 3.05% vs 7% is not negligible.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
56,842
The interest rates on both are neglible. So is R135 to have the card delivered, in the grand scheme of things. So based on that I'd go for Bank Zero. I don't want to go to PnP to pick up anything.

The most important thing is how much time and effort a bank saves you. Can I easily buy electricity on their online banking? How about setup virtual cards? I like the feature of being able to reject debit orders.

Where are you getting better interest rates than Tyme Bank?
 
Top