Bank Zero’s public launch plans unveiled

Bank Zero is planning a gradual move from its current beta testing to a public launch with people who supplied their details on the Bank Zero website next year.

This is feedback from Bank Zero founder Michael Jordaan, who was responding to questions from MyBroadband.

In May Jordaan said Bank Zero planned to launch a controlled public beta early in the second half of 2020.

The new digital bank published its pricing guide for individual and business customers in October, but a public launch has been pushed out to 2021.

Bank Zero CEO Yatin Narsai said they will not be doing a “big bang” launch, especially this late in the year with many people already away on leave.

Instead of a big launch, Bank Zero said it will learn from customer feedback and incorporate such feedback before opening the gates.

Narsai said this approach will allow them to manage volumes and incorporate important customer feedback.

“Our transition to public availability will be fast but controlled,” Narsai said. “The transition happens early 2021.”

Bank Zero account pricing

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

The same pricing structure is offered across individual and business banking. It currently supports (Pty) Ltd’s, CCs, and Sole Proprietors, with trusts and partnerships to be included at a later date.

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 reveals account pricing and details

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Bank Zero’s public launch plans unveiled