Bank Zero reveals account pricing and details

Bank Zero has published its pricing guide for individual and business customers, which details how much it will cost to use the mobile bank’s services.

Bank Zero noted that it only offers one account type, explaining that this is because it doesn’t believe in the practice of luring customers in with an entry-level account that has limited functionality.

“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.”

It also noted that the exact same pricing structure is offered across individual and business banking.

“Businesses still pay far too high basic banking fees,” said Bank Zero. “This brings much relief in bank costs to businesses.”

It noted that it currently supports all (Pty) Ltd’s, CCs, and Sole Proprietors, with the likes of trusts and partnerships to be included at a later date.

Bank Zero added that it is the first bank in South Africa to charge nothing for both EFT payments and debit orders, and also touted that it is free to open an account, maintain your account, swipe your card, make a transfer, and make payments to other Bank Zero customers.

Bank Zero closed beta goes live

This pricing information follows Bank Zero previously telling MyBroadband that it had launched its closed rollout.

“Bank Zero is live and is operating across six payment rails. The closed rollout has started,” said Bank Zero co-founder Michael Jordaan.

“Customers (individual and businesses) are being added in this closed rollout. It will then be followed by general public availability.”

He said that Bank Zero plans to be publicly available before the end of 2020.

Jordaan had previously explained that Bank Zero would select its public beta participants from those who had supplied their details on the Bank Zero website.

Bank Zero’s full pricing guide is detailed below.

Bank Zero pricing
Activity Price
Monthly fee on account R0
Minimum balance in any account R0
Notifications on all banking activities R0
Open more savings or notice accounts R0
Transfer money between own accounts R0
Pay recipient at another bank R0
Pay recipient at Bank Zero R0
Pay recipient at Bank Zero using their QR code R0
Pay by debit order R0
Pay by card R0
Buy prepaid data, airtime, electricity, etc R0
Send proof of payment via email R0
Receive monthly statement via email or download R0
Request previous statements within 3 months R0
Request account confirmation level R0
Set up new business profile R0
SendMoney to Bank Zero recipient using their cell number (up to R3,000) R0
SendMoney to self (up to R3,000): cardless cash at Checkers, Shoprite, Usave R8,50
SendMoney to someone not at Bank Zero (max R3,000): cash out at at Checkers, Shoprite, Usave R8,50
Draw cash at ATM R9 per R1,000
Draw cash at Point of Sale (Pick n Pay, Spar, Checkers, Shoprite) R2
Balance enquiry at Point of Sale or ATM R2
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 card R2
Card personalisation with delivery to a Clicks store R79
Card personalisation with delivery to a street address (main/regional) R139/R179
Send proof of payment via SMS R1,50
Open additional check account on profile R100
Request statements older than 3 months R10 per statement
Receive money via a Bank Zero QR code 0.5% of amount
Dispute or stop debit order R8
Dispute card transaction (ie chargeback) R30
No transactions on check account for more than 6 months R5 per month

Now read: Bank Zero is now live

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Bank Zero reveals account pricing and details