Bank Zero's plans to catch up with TymeBank and Discovery

Jan

Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
Messages
13,447
Reaction score
11,018
Location
The Rabbit Hole
Bank Zero's big plans to catch up — including adding a vital missing feature

Bank Zero is planning to officially exit its beta period and roll out several significant new features in the coming months. However, it is facing an uphill battle against more established digital banks seeing exponential customer growth.

The zero-monthly-cost bank launched to the public in October 2021, following a brief testing period where users had to get on a waiting list to join.
 
Jan said:
Bank Zero's big plans to catch up — including adding a vital missing feature

Bank Zero is planning to officially exit its beta period and roll out several significant new features in the coming months. However, it is facing an uphill battle against more established digital banks seeing exponential customer growth.

The zero-monthly-cost bank launched to the public in October 2021, following a brief testing period where users had to get on a waiting list to join.
Click to expand...
URL is broken.
 
What about the ability to make and receive SWIFT forex payments? As far as I can see they have no forex capabilities at all besides the ability to pay for international purchases via their debit card.
 
McGuywer said:
Bank Zero was just late to the party. They created the hype and Tyme Bank capitalised on it.
Also, having Tyme Bank at PnPs, is a huge advantage for Tyme Bank.
Click to expand...
I'm of this belief as well. This was a first mover situation and they gotten beaten to the punch, badly.
 
They are missing quite a few important "features". The inability to pay SARS from Bank Zero's business account became a deal breaker for me. Had to move back to FNB...
 
Was relatively easy to set up a business account. Setting up an individual account to get a business account was odd as it made the process pretty long + 2 cards etc, plus then the transfer funds from another source and then use those individual funds to fund the business were a little strange.

Otherwise, seems fine.
 
dsix3e said:
They are missing quite a few important "features". The inability to pay SARS from Bank Zero's business account became a deal breaker for me. Had to move back to FNB...
Click to expand...

That's a massive deal breaker. Of course you could always pay SARS via EFT but that's error prone and it takes ages to reflect as paid on Efiling compared to using the SARS Efiling Credit Push system that most of the other banks have.
 
Signing up with a digital-only bank when needing to use cash does not compute. :unsure:
 
No bank in South Africa — other than Bank Zero — currently offers a Zero fee account for Pty Ltd
Click to expand...

And without website access, I don't see many of those companies wanting to use it. Sometimes you can't even give away something.
 
Bank Zero came into the market way too late in my opinion. Tyme bank has been around for ages and invested in marketing at Pick n Pay stores. I recall there used to be a person in the store literally handing out flyers and helping people open accounts etc.

Discovery came later but can rely on the vitality faithful, and have also spent a lot on marketing, and recently launched innovative products (forex product). and also is backed by their rewards programme.

Bank zero, i personally have not seen any marketing from them - apart from threads on this forum. No rewards programme, nothing else that the other players dont have. Cant see why anybody would open an account with them.
 
Ecco said:
Bank Zero came into the market way too late in my opinion. Tyme bank has been around for ages and invested in marketing at Pick n Pay stores. I recall there used to be a person in the store literally handing out flyers and helping people open accounts etc.

Discovery came later but can rely on the vitality faithful, and have also spent a lot on marketing, and recently launched innovative products (forex product). and also is backed by their rewards programme.

Bank zero, i personally have not seen any marketing from them - apart from threads on this forum. No rewards programme, nothing else that the other players dont have. Cant see why anybody would open an account with them.
Click to expand...
But you can put your pic on the card
 
deweyzeph said:
That's a massive deal breaker. Of course you could always pay SARS via EFT but that's error prone and it takes ages to reflect as paid on Efiling compared to using the SARS Efiling Credit Push system that most of the other banks have.
Click to expand...
Can't currently pay SARS via eft on bank zero either as they don't have preferred suppliers list.

This is the only issue I have. Have to use my personal capitec account to pay SARS and then reimburse myself from my business.
 
When last did someone try to download the Android app for Bank Zero. I can't find it on the app store nor does the link on their website work... The Apple app link works, but iPhones are for people who like getting scammed
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter