Bidvest Bank has announced a new bank account that is targeted at the consumer market, reports BusinessTech.
The new account, named the “Grow” account, signals an attempt by the traditionally business-oriented bank to reach a new market.
The move comes as a variety of other new players also enter the banking market, including TymeBank, Bank Zero, and Discovery Bank – all of whom will make their respective plays next year.
The Grow account provides three different accounts within the overall offering.
These include a day-to-day transactional account, a savings account that offers 6% interest, and the EasyEquities account, which allows account holders to invest via the Fractional Share trading platform.
Grow will also support the new MoneyGram service, which allows for unlimited Grow-to-Grow transfers. This functionality will be added soon.
Grow account users can choose between a pay-as-you-transact option, which costs R6 per month and offers free point-of-sale payments and inter-account transfers, or a R175 “all inclusive” option that covers almost all transaction costs.
For example, while all cash withdrawals are free for all-inclusive account owners, pay-as-you-transact bankers will pay R20 for branch withdrawals, R6 at Bidvest’s ATMs, and R6 plus R1.40 per R100 at other local ATMs.
Pay-as-you-transact bankers will also have to pay R7 when paying a beneficiary using online banking, or R2 through Bidvest’s mobile app. Again, the all inclusive option doesn’t charge for these services.