TymeBank is a digital bank that operates in South Africa. It is a new type of bank that offers accessible and affordable banking services to its customers. TymeBank prides itself on being digitally smart, which means that it saves money by not having physical branches. This allows it to offer its customers lower fees and only charge for what they use.
One of the unique features of TymeBank is its GoalSave savings tool. This tool allows customers to save money and earn up to 11% interest per year. The interest rates increase over time, making it an attractive option for those looking to grow their savings. TymeBank also offers online banking and shopping, which makes it convenient for customers to manage their accounts from their smartphones.
Opening an account with TymeBank is simple and can be done in under 5 minutes. All that is required is a South African ID number and an active South African cellphone number. Customers can also collect their personalised Visa debit card at a kiosk after opening their account. With its accessible and affordable banking services, TymeBank is a great option for those looking for a digital bank in South Africa.
TymeBank Overview
TymeBank is a South African digital bank that provides retail banking services through its mobile app, mobile-friendly internet banking site, and partnerships with three retail chains: Boxer, Pick n Pay, and TFG. It is the first bank in South Africa to put its core banking system in the cloud, which reduces its operational costs and allows it to offer competitive rates to its customers.
Backed by mining billionaire Patrice Motsepe, TymeBank has over 6 million customers as of October 2023, making it one of the fastest-growing banks in the country. It adds over 200,000 customers to its banking platform every month, with over 6,600 new customers added daily.
TymeBank offers a range of banking products and services, including savings accounts, transactional accounts, and personal loans. Its flagship savings product, GoalSave, offers interest rates of up to 6% on balances over R1. Customers can also earn up to 11% interest per year on their savings with GoalSave.
One of the key advantages of banking with TymeBank is its low fees. The bank does not charge monthly fees, and customers only pay for what they use. This makes it an attractive option for customers who are looking for affordable banking services.
Overall, TymeBank is a reliable and innovative digital bank that is rapidly gaining popularity in South Africa. Its commitment to providing affordable and accessible banking services to its customers has made it a top choice for many South Africans looking for a modern banking experience.
Key Features of TymeBank
TymeBank is a digital bank in South Africa that offers a range of banking services. Below are the key features of TymeBank:
Everyday Account
TymeBank offers a zero monthly fee transactional account to consumers from the age of 16 and sole proprietors. This account allows customers to perform typical banking transactions such as deposits, withdrawals, and payments. The account also comes with a Visa debit card that can be used to make purchases at physical stores and withdraw cash at ATMs.
GoalSave
TymeBank’s GoalSave tool is a free savings account that allows customers to save towards specific goals. Customers can set up multiple GoalSave accounts and choose the amount they want to save and the date they want to achieve their goal. The account offers competitive interest rates and helps customers save towards their goals faster.
SendMoney
TymeBank’s SendMoney service allows customers to send money to anyone with a South African cellphone number. The service is free and can be accessed via the TymeBank app or kiosks. Customers can also send money to non-TymeBank customers.
Visa Debit Card
TymeBank’s Visa debit card can be used to make purchases at physical stores and withdraw cash at ATMs. The card is currently limited to bricks and mortar transactions within South Africa, with online purchases and international payments also in the pipeline.
In summary, TymeBank offers a range of digital banking services including an everyday account, GoalSave tool, SendMoney service, and Visa debit card. These features are designed to make banking easier and more accessible for customers.
Banking with TymeBank
TymeBank is a digital bank in South Africa that offers affordable banking services to its customers. With TymeBank, customers can open an EveryDay account in under five minutes and enjoy banking without monthly fees.
Ways to Bank
TymeBank offers various ways to bank, including USSD, online banking, and their banking app. Customers can use USSD to send money, check their EveryDay account balances, and add cash to their GoalSave accounts. To use USSD, customers need to register and use the mobile number linked to their EveryDay account. Online banking allows customers to view their EveryDay account balances, manage their savings with GoalSave, manage payments and send money, run debit orders, manage beneficiaries, manage profile information and settings, and buy prepaid electricity, airtime, data, and SMS bundles. TymeBank’s banking app offers similar features to online banking and allows customers to bank on-the-go.
Banking Fees
TymeBank offers affordable banking services with no monthly fees. Customers only pay for the services they use. For example, customers can withdraw cash from Pick n Pay and Boxer stores for a fee of R6.50 per withdrawal. Balance enquiries and transactions at TymeBank kiosks are free of charge. Customers can view TymeBank’s full list of banking fees on their website.
In summary, TymeBank offers affordable banking services to its customers with various ways to bank, including USSD, online banking, and their banking app. Customers only pay for the services they use, and TymeBank’s banking fees are transparent and easy to understand.
TymeBank Ambassador
TymeBank has introduced the Ambassador Programme to assist customers in opening accounts, upgrading their profiles, and checking their account balances. The programme is available at most Pick n Pay, Boxer, and TFG stores, where customers can visit a TymeBank kiosk. The kiosks have a TymeBank ambassador who is knowledgeable and confident in helping customers every step of the way.
The TymeBank ambassador is a friendly and approachable person who can assist customers in opening an EveryDay account in less than five minutes. All that is required is a South African ID number, a thumbprint, and a cellphone. The ambassador can also help customers switch their SASSA grants to TymeBank accounts by filling in the SASSA switch forms and providing a manual proof of account.
Customers can print their free Visa debit card at the kiosk immediately, making it simple, safe, and convenient. The kiosks do not have cash, but the TymeBank ambassador can assist customers with any queries they may have regarding their accounts.
The TymeBank ambassador programme is an excellent way for customers to receive personalized assistance with their banking needs. The ambassadors are trained to provide clear and neutral information about TymeBank’s products and services. They are knowledgeable about the bank’s core-banking platform, which is in the cloud, and the strategic relationship with Pick n Pay and Boxer stores that eliminates the need for physical bank branches.
Overall, the TymeBank ambassador programme is a valuable addition to the bank’s customer service offerings. The ambassadors are confident, knowledgeable, and approachable, making them an excellent resource for customers who need assistance with their banking needs.
Frequently Asked Questions
How do I open an account with TymeBank?
To open an account with TymeBank, you can visit their website or download the TymeBank app. You will need to provide your South African ID number and a valid cellphone number to receive a security code for verification. Follow the prompts to complete your application.
What are the contact details for TymeBank?
If you need to get in touch with TymeBank, you can call their customer helpline at 0860 999 119 or visit their Help Centre on their website. They also have a dedicated WhatsApp support line at 0860 999 119, which is available 24/7.
Where can I download the TymeBank app?
The TymeBank app is available for download on both the App Store and Google Play Store. Simply search for “TymeBank” and download the app onto your device.
How do I log in to my TymeBank account with my password?
To log in to your TymeBank account, open the TymeBank app and enter your registered cellphone number. You will receive a security code via SMS, which you will need to enter to access your account. Once you have entered the security code, you can set up a password for future logins.
What is the process for depositing money into my TymeBank account?
You can deposit money into your TymeBank account by visiting any Pick n Pay or Boxer store nationwide. Simply provide your TymeBank account number and deposit the cash directly into your account. You can also transfer money from another bank account into your TymeBank account using the app or online banking.
Can I withdraw cash from any ATM using my TymeBank card?
Yes, you can withdraw cash from any ATM in South Africa using your TymeBank Visa debit card. However, please note that some ATMs may charge a fee for withdrawals.