The Bidvest Bank Grow Account™ offers a versatile banking solution, combining a transactional savings account with a dedicated savings pocket. This account caters to various financial needs with its flexible features and competitive pricing. In this updated review, we delve into the latest features, fees, and benefits of the Bidvest Grow Account, highlighting its strengths and weaknesses.
Key Features of the Bidvest Grow Account™
The Bidvest Grow Account™ integrates several modern banking features, making it a compelling option for South Africans. Here’s a detailed look at its key functionalities:
- Transactional and Savings Pocket: The account combines everyday transactional banking with a separate savings pocket to help you manage your funds more effectively.
- EasyEquities Integration: Users can trade shares through EasyEquities directly within the Bidvest Bank Mobile App, simplifying investment management.
- In-App Transactions: Purchase electricity, airtime, and make inter-account transfers via the Bidvest App.
- Card Functionality: Enjoy tap-and-go payments for added convenience.
- Cash Deposits: Make deposits at select retailers, with free access to online and mobile banking platforms.
Account Variants and Fees
The Grow Account™ is available in two variants: Pay As You Transact and All-In. Here’s a breakdown of their fees and features:
1. Pay As You Transact
- Monthly Administration Fee: R6.00
- Card Replacement: R120.00
- Cash Withdrawals:
- Own ATM: R7.00 per R1,000
- Saswitch ATM: R10.00 + R3.00 per R100.00
- International ATM: R52.50 + 3% international currency conversion fee
- Electronic Payments:
- Beneficiary Payment: R11.00 (Service Centre), R7.00 (Internet Banking), R2.00 (Mobile App)
- Internal Transfer: R10.00 (Service Centre), Free (Internet Banking and Mobile App)
- Point of Sale Transactions:
- Domestic POS: Free
- International POS: R17.00 + 4% international currency conversion fee
- Balance and Statement Enquiries:
- Service Centre: Free (Balance Enquiry), R10.00 per page (Statement Enquiry)
- Internet Banking: Free (Balance Enquiry), R7.50 (Statement Enquiry)
- Mobile App: Free (Balance Enquiry), Free (Statement Enquiry)
2. All-In
- Monthly Administration Fee: R185.00
- Card Replacement: R120.00
- Cash Withdrawals: Free at own and Saswitch ATMs
- Electronic Payments: Free for all types of transactions
- Point of Sale Transactions:
- Domestic POS: Free
- International POS: 4% international currency conversion fee
- Balance and Statement Enquiries: Free
Advantages of the Bidvest Grow Account™
- Flexible Pricing: The Pay As You Transact option is ideal for occasional users, while the All-In option offers unlimited local transactions for a flat fee.
- No Minimum Income Requirement: The account is accessible to a broad range of customers.
- Free Access to EasyEquities: Users can trade shares without additional platform fees.
- Pensioner Benefits: Pensioners enjoy fee waivers and a free primary card.
- Comprehensive Digital Services: Access various banking services through the Bidvest App and Internet Banking.
Disadvantages of the Bidvest Grow Account™
- Limited Rewards Program: The account lacks a rewards program, which might be a drawback for those seeking cashback or loyalty benefits.
- High International Conversion Fees: The 4% international currency conversion fee can be costly for frequent international transactions.
- Transaction Costs for Frequent Users: The Pay As You Transact option may incur significant costs for users who perform many transactions.
Requirements for Opening a Bidvest Grow Account™
To open a Bidvest Grow Account™, you must meet the following requirements:
- Identification: An original South African ID book or Smart ID card.
- Proof of Residence: A document not older than three months showing your name and current address.
- Age: You must be 18 years or older.
Conclusion
The Bidvest Bank Grow Account™ is a robust banking option offering a blend of transactional and savings features. With flexible fee structures and integration with EasyEquities, it caters well to both everyday banking and investment needs. While the account has some drawbacks, such as high international fees and no rewards program, it remains a solid choice for many South Africans. Pensioners and digital banking enthusiasts, in particular, will find value in its offerings.