New market entrants in the banking sector include TymeBank, which has garnered more than 4.5 million customers since its launch just three years ago in February 2019, and the innovative Bank Zero, headed by former FNB chief executive Michael Jordaan. Bank Zero offers both individual and business clients zero fees on transactions and zero monthly fees.
However, you will pay R2 for till point withdrawals at Spar, Checkers and Pick n Pay and R9 per R1,000 when you make a withdrawal from an ATM. To keep costs low, Bank Zero is fully digital, with no physical branches or ATM network.
Spot Money, which is an open banking service originating from the old Virgin Money, also offers zero monthly and transaction fees.
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FNB, part of the second-biggest banking group in the country (FirstRand), this week launched its lifestyle banking options – a comprehensive range of new lifestyle solutions and partnerships that are designed to help you beyond financial services. The new lifestyle solutions include:
A service that has already been successfully operating nationally for roughly three years, GuardMe includes 250 armed response service providers, 2,500 armed response vehicles and more than 5,000 armed response personnel.
You can also use the FNB App to activate a distress panic button in an emergency, without logging in. This service is free for the first three months and thereafter costs R19.90 per month per user. You can sign up additional family members and friends as they choose.
Examples of the deals available include: 
Jacques Celliers, chief executive of FNB, says the bank is shifting into high gear to offer customers exponential help.
“As South Africa’s largest provider of transactional banking services, we are acutely aware of the areas where our customers spend the majority of their money. As a result, our new solutions and partnerships are informed by a combination of our big data and analytical capabilities, which enables us to meet our customers’ needs.
“By providing integrated solutions and low-cost devices for accessing education, security, entertainment and staying connected, we help customers manage their money and lifestyles more effectively. We continue to expand our solutions beyond financial services, building on the success of lifestyle offerings such as nav», fuel rewards and eBucks Travel, as well as FNB Connect,” says Raj Makanjee, FNB retail chief executive.
In the last month, Discovery Bank launched Vitality Travel, a fully integrated travel booking service offering discounts and simplified trip management.
“The comprehensive travel offering is the world’s first shared-value travel platform which channels behavioural savings into the greatest possible savings on flights, holiday accommodation, car hire and holiday packages,” says Hylton Kallner, chief executive of Discovery Bank.
The Vitality Travel platform allows you to easily compare travel prices across the market and access discounts from a wide range of travel partners. The catch is that you have to be a member of Discovery Bank.
The FNB Lifestyle Solutions, on the other hand, are being thrown open to the wider public, although the hope is, of course, to see clients either switching to FNB or entering the banked market through its offerings.
Vitality Travel’s local partners include FlySafair, Airlink, Lift and Kulula, with international partners including British Airways, Emirates and Qantas.
As with most Discovery offerings, it is largely incestuous and you have to buy into the Discovery network of offerings to boost your discounts. The more enmeshed you are, the higher the discount. Travel rewards are based on engagement in Vitality programmes, Discovery products and monthly qualifying card spend.
Dinesh Govender, chief executive of Discovery Vitality, says travel rewards are among the most popular benefits, with Vitality members booking nearly 1.5 million flights a year. BM/DM
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