South Africa’s digital bank, Bank Zero, has introduced the ability to deposit cash into its bank accounts. It has also slashed some of its prices for 2023 at a time when most banks would be increasing them.
Previously, the bank only allowed customers to deposit money into accounts using EFT and transfers from different banks. Customers will now be able to deposit actual cash into their accounts via Pick n Pay or Shoprite till points.
Bank Zero gave zero indication of the cost of a deposit at a retail store. It says the cost will depend on the retailer and customers would have to confirm the fee with the retailer they choose before depositing the money.
The digital bank launched in August 2021. The group has decided to focus on business banking, though its services are available to both individuals and businesses.
“The current customer base of Bank Zero consists of a large percentage of first adopters, which reflects in our higher-than-expected account activity. Whereas the early adopters were expected, the large percentage of business banking customers joining Bank Zero was somewhat surprising. It clearly talks to the current gap in the market for business banking – both in terms of fees and solutions,” says Michael Jordaan, Bank Zero’s chairperson, in a statement.
Jordaan says there is a gap in the business banking market in terms of fees and solutions.
2023 price slashed
Instead of raising costs, Bank Zero intends to drop some of its prices for 2023. Other prices remain unchanged in the new year.
The bank published its 2023 price list this week and it plans to keep most transaction fees at zero.
Zero costs for all first-party transactions will stay in place. It will also continue to only charge for third-party transactions with the costs being carried by the customer.
The bank will continue to charge for third-party costs. The bank has reduced card personalisation and delivery from R79 in 2022 to R69 in 2023.
Drum roll!! Our new pricing guide for 2023 has just been released. And… all the Zeros are still Zeros – with a nice drop in our once-off card fee too. Have a look here: https://t.co/xxnWqM6x2Q pic.twitter.com/dyBt39ypk8
— Bank Zero (@BankZeroSA) November 8, 2022