The Bidvest Bank Grow Account is a two-tiered cheque account. The account provides a pay-as-you-go account as well as a bundled account. Bidvest Grow Account holders can also save with the account’s added savings account.
Account holders with the Grow savings account can earn interest on a positive balance. EasyEquities is also available through the account. Account holders can now open an account in the Bidvest Bank Mobile App to trade shares with EasyEquities.
The Bidvest Grow Account has modern features such as:
- In-app purchases of electricity and airtime, inter-account transfers and payments, and payments to other bank accounts held by different banks via the Bidvest App
- Card tap-and-go functionality,
- Cash deposits at select retailers, as well as free access to the internet and mobile banking platforms.
The Bidvest Grow Account is one of the best ways to manage money and transact in South Africa through a reputable bank. Below, we look at the features and fees of the Bidvest Grow Account.
Bidvest Grow Bank Account Summary
The Bidvest Grow bank account is a transactional account that comes in two variations: a Pay As You Use account and an all-in-one account for billing purposes. The account charges a monthly account fee of R6.00 for a Pay As You Use option and R185.00 for an all-in-one option.
Pensioners can open a Bidvest Bank Grow Account with no monthly account fees. Pensioners are not charged a monthly fee for the Pay As You Use and All in One accounts. A free primary card is also included with the account. However, replacing a cheque card costs R120.00 per card.
The Bidvest Bank Grow bank account includes free EasyEquities access. When using the Bidvest Bank App, there are no minimums or platform fees for EasyEquities accounts. The Grow Account will be linked to your EasyEquities account so that you can easily transact with it.
As the Bidvest Bank Grow Account can be accessed online, and it includes a variety of deposit options. Account holders can deposit funds into the Grow Account by using the following methods:
- Electronic Fund Transfer,
- Deposit at selected retailers that includes Shoprite, Checkers, USave, Boxer, and Pick n Pay.
The account also allows users to withdraw money in a variety of ways. Bidvest Bank Grow Account holders can withdraw cash in the following ways:
- selected retailers that include Shoprite, Checkers, USave, Boxer, and Pick n Pay.
- SASWITCH ATM,
- Other banks’ ATMs.
The fees that apply to the transactions on the Bidvest Grow bank account are detailed below.
Bidvest Bank Grow Account fees 2023
| Fee Description | Pay As You Use Option | All-in-One Option |
| Monthly Account Fee | R6.00 | R185.00 |
| Monthly account fee for pensioners | Free | Free |
| Cash deposit at retailers | R19.50 | Free |
| Withdrawal at Bidvest Bank ATM | R6.50 per R1000.00 | Free |
| SASWITCH ATM | R10.00 + R2.90 per R100.00 | Free |
| International ATM | R52.50 + 3% international currency conversion fee | 3% international currency conversion fee |
| Primary card issue | Free | Free |
| Card replacement fee | R120.00 | R120.00 |
| Beneficiary payment through service centre | R11.00 | Free |
| Payment through internet banking | R7.00 | Free |
| Payment through mobile banking | R2.00 | Free |
| Internal transfer through service centre | R10.00 | Free |
| Internal transfer through mobile app | R2.00 | Free |
| Recurring transfers | Free | Free |
| Internal transfer through internet banking | Free | Free |
| Domestic Point of sale purchase | Free | Free |
| International point of sale purchase | R17.00 + 4% international currency conversion fee | 4% international currency conversion fee |
| Domestic POS withdrawal and purchase fee | R3.00 | Free |
| Domestic POS cash withdrawal | R5.00 | Free |
| International POS cash withdrawal | R40.00 + 4% international currency conversion fee | 4% international currency conversion fee |
| Debit order fee | R5.00 | Free |
| Debit order payment fee | R25.00 | Free |
| Stop order fee through service Centre | R11.00 | Free |
| Stop order fee through internet banking | R6.00 | Free |
| Mobile App prepaid purchase | Free | Free |
Advantages of the Account
- There are two pricing options for the account.
- The All-in-One account includes unlimited local transactions.
- Prepaid purchases are entirely free.
- The account has various cash deposit and withdrawal methods.
- There is no minimum income requirement for the account, it is open to anyone.
- Pensioners are exempt from paying the monthly account fee and can open the account for free.
- Account holders have free access to the EasyEquities investment platform. Grow EasyEquities account holders are not required to pay a monthly maintenance fee.
- The account includes free access to Bidvest Bank’s digital platforms.
Disadvantages of the Account
- The account does not include a rewards program that rewards account holders for using the account.
- Transactions on the Pay As You Use account are expensive and can be very expensive for a frequent transactor.
- A 4% international conversion fee is excessive.
Requirements of the Bidvest Bank Grow Account
- Must have an original South African ID book or Smart card.
- Proof of residence that is not older than 3 months at the time of application. The proof of residence must reflect the applicant’s name(s) and surname and the current residential address.
- Must be 18 years or older at the time of application.
Conclusion
The Bidvest Bank Grow Account allows anyone to bank and has no minimum income requirement. The account includes a free savings account as well as the ability to invest using the free EasyEquities platform. Grow Account is only available to South African residents and cannot be opened by passport holders.
