TymeBank vs Discovery Bank vs Bank Zero - Fees and accounts compared

Jamie McKane

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TymeBank vs Discovery Bank vs Bank Zero - Fees and accounts compared

South Africa has seen the launch of a number of digital banks in recent years as consumers move more to online and cashless platforms.

Aside from the traditional banks, each of which has an established customer base in South Africa, the country has three main players in the digital banking sector - Discovery Bank, TymeBank, and Bank Zero.
 

Thestealth

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Why is BZ mentioned? It's not a "real bank" yet. I'm testing an EMV kernel that'll steal everybody's money. Can I get some airtime please????
 

mr_norris

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Why is BZ mentioned? It's not a "real bank" yet. I'm testing an EMV kernel that'll steal everybody's money. Can I get some airtime please????
I guess BZ is being mentioned so the public doesn't forget about them. Feel sorry for the people who read the article expecting prices for BZ when there are none.
 

ToxicBunny

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Bank Zero will largely be stillborne... they're 18 months too late to market now.
 

Superman-7

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F me, Discovery Bank is expensive!
And then on top of that - and this is a personal preference - the financial footwork and mental arithmetic required to fulfil some of the steps/goals/targets is also just not for me.

I like my banking simple - it should fade into the background quietly - which is why I'm with Tymebank.
 

konfab

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And then on top of that - and this is a personal preference - the financial footwork and mental arithmetic required to fulfil some of the steps/goals/targets is also just not for me.
If you already do that stuff, it is quite easy. My biggest problem is still cost though.


I like my banking simple - it should fade into the background quietly - which is why I'm with Tymebank.
Capitec are also a pleasure to deal with.
 

Dups!

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No complaints with Tymebank as a savings bank. Would be nice if they up their limit beyond R500 000.

Maybe they should apply for the license.
 

Boris Becker

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You need to a PHD to understand the hoops you have to jump through with Discovery Bank to earn the rewards they offer. They are app driven but the app and the website doesn't provide clear information on how to earn the rewards and the fine print. It's mostly trial and error.

They migrated my Discovery Credit Card to a Discovery Bank Credit Card, so I'm only paying R75 per month including R15 for Vitality Money. Will see how it compares to Ebucks over the next few months.

For the monthly fees they charge (which are similar to traditional banks), they offer very little services compared to traditional banks. You can't email or chat to them. You can only phone them, which is a real pain.
 

hj007

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Discovery Bank has been a MASSIVE disappointment. Bank Zero, well nothing to say until it launches really.
 

ReggaeBoyz

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Discovery Bank is CRAP. My Discovery Card was "migrated" to Discovery Bank from FNB and then "someone" paused it and after more than a week of incompetent liars and stupid consultants promising to fix it I just cancelled it. They are completely useless when dealing with anything and could not organise a piss up in a brewery.
 
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