We compared fees for three prominent digital banks in the country, including TymeBank, Bank Zero, and Discovery Bank, to determine which is the cheapest.
Bank Zero is the most affordable digital bank in South Africa, while Discovery Bank is the most expensive, a MyBroadband analysis has revealed.
Both Bank Zero and TymeBank don’t charge monthly account fees, while Discovery Bank does. As a result, Discovery Bank is the most expensive by quite a large margin.Bank Zero sets itself apart from TymeBank due to its lower withdrawal and transaction notification fees. For example, the Discovery Bank Gold PAYT includes the Vitality Money premium. These account holders can access dynamic interest rates, discounts, and Discovery Miles rewards.
TymeBank customers can get attractive interest rates of up to 11% annually by signing up for its GoalSave product.It also allows customers to provide it with a “Heads-Up” before withdrawing to earn higher interest rates. The interest rate is further increased if your salary or other regular monthly income gets paid into your TymeBank account.
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