Quick Facts About TymeBank

• R0 monthly fees – completely free banking
• Open account in under 5 minutes
• Earn up to 11% interest on savings
• Over 11 million customers in South Africa
• 1,000+ kiosks at Pick n Pay and Boxer stores
• Licensed by the South African Reserve Bank

What is TymeBank?

TymeBank is South Africa’s first fully digital bank. It was launched in February 2019. The bank has no physical branches. Everything is done through your phone or at kiosks in stores.

As of November 2025, TymeBank has over 11 million customers. It is owned by African Rainbow Capital (ARC), which is owned by Patrice Motsepe. The bank is fully licensed and regulated by the South African Reserve Bank.

Important: TymeBank is a real bank with a full banking licence. Your money is safe and protected under South African banking laws.

✅ Why Choose TymeBank?

TymeBank offers several benefits that make it popular with South Africans:

1. No Monthly Fees

You pay R0 every month. This is different from other banks that charge R50 to R150 per month. Over one year, you save between R600 and R1,800.

2. High Interest on Savings

The GoalSave savings account pays up to 11% interest per year. This is much higher than traditional banks. Most other banks pay 3% to 6% on savings.

3. Quick to Open

You can open an account in under 5 minutes. You only need your South African ID and a cell phone number. No paperwork is needed.

4. Convenient Locations

There are over 1,000 kiosks at Pick n Pay and Boxer stores nationwide. You can also withdraw cash at over 15,000 store tills. This includes some spaza shops.

5. Low Transaction Fees

Most transactions cost 30% to 50% less than other banks. EFTs to other banks cost only R6. Many other banks charge R15 to R25.

How to Open a TymeBank Account

There are two ways to open a TymeBank account. Both are easy and quick.

Method 1: Using the TymeBank App

Step 1: Download the TymeBank app from Google Play Store, Apple App Store, or Huawei AppGallery.

Step 2: Open the app and select “Open an Account”.

Step 3: Enter your South African ID number. The app will verify your details with the Department of Home Affairs.

Step 4: Enter your active South African cell phone number. You will receive an OTP (one-time password) to verify.

Step 5: Take a selfie in the app. This is for biometric verification to keep your account safe.

Step 6: Create your 5-digit PIN. Do not share this PIN with anyone.

Step 7: Your account opens immediately. You can start using it right away.

Method 2: At a Kiosk in Store

Step 1: Go to a Pick n Pay, Boxer, or TFG store with a TymeBank kiosk.

Step 2: A TymeBank ambassador will help you. They will guide you through the process.

Step 3: Bring your South African ID. You will scan your ID and fingerprints at the kiosk.

Step 4: The kiosk verifies your details with the Department of Home Affairs instantly.

Step 5: Collect your free Visa debit card at the kiosk immediately.

Step 6: Download the app to manage your account on your phone.

What You Need

• Valid South African ID (green barcoded ID or smart ID card)
• Active South African cell phone number (any network)
• You must be 16 years or older
• You must be a South African resident

Important: No minimum deposit is needed. You do not need proof of residence to open the account. You do not need proof of income.

Fees and Costs (November 2025)

TymeBank has some of the lowest fees in South Africa. Here are the current costs as of November 2025:

Transaction Type	Cost
Monthly account fee	R0 (FREE)
Debit card	Free
Card payments (swipe)	Free
Online purchases	Free
EFT to other TymeBank users	Free
EFT to other banks	R6.00
PayShap payments (up to R3,000)	Free
Debit orders	R2.00 each
Cash withdrawal at Pick n Pay/Boxer till	R10 per R1,000
Cash withdrawal at other ATMs	R2.50 + R10 per R1,000
Cash deposits at Pick n Pay/Boxer (first R2,000 per month)	Free
Cash deposits at Pick n Pay/Boxer (after R2,000)	R6 per R1,000

Real Cost Examples

Example 1: You want to send R500 to your friend at another bank. Cost = R6.00

Example 2: You withdraw R1,000 cash at Pick n Pay. Cost = R10.00

Example 3: You withdraw R1,000 at a Standard Bank ATM. Cost = R2.50 + R10.00 = R12.50

Example 4: You use your card to buy groceries for R800. Cost = R0 (free)

GoalSave Savings Account: Earn Up to 11% Interest

GoalSave is TymeBank’s savings tool. It helps you save money for your goals. You can earn high interest on your savings.

How GoalSave Works

GoalSave is linked to your TymeBank EveryDay account. You transfer money from your EveryDay account into GoalSave. Your money then earns interest.

Interest Rates (November 2025)

The interest rate increases the longer you save:

• Days 1-30: 4% interest per year
• Days 31-90: 5% interest per year
• After 90 days: 6% interest per year
• With 10-day withdrawal notice: 7% interest per year
• Maximum rate (with conditions): 11% interest per year

How to Get 11% Interest

To earn the maximum 11% interest rate, you must:

• Complete 10 or more transactions in your EveryDay account
• Do this for 3 months in a row
• Give 10 days’ notice when you close your GoalSave
• Have your salary or regular income paid into your TymeBank account

Key Features

• Create up to 10 different GoalSave accounts
• Give each one a name (e.g., “Holiday”, “Emergency Fund”, “New Phone”)
• Start with as little as R1
• Maximum total savings: R250,000 across all GoalSaves
• No fees to use GoalSave
• Interest calculated daily and paid monthly
• You can withdraw money anytime (but you lose the bonus if you withdraw early)
• New feature: Make partial withdrawals without closing the account

Real Savings Example

Goal: Save R10,000 for a holiday

You save: R500 per month

Time needed: 20 months

Interest earned at 6%: Approximately R530

Interest earned at 11% (with bonus): Approximately R975

TymeBank Account Features

EveryDay Account

This is your main bank account. You use it for everyday banking.

What you can do:

• Receive your salary or wages
• Pay bills and debit orders
• Send money to others (EFT and PayShap)
• Buy airtime and data
• Shop online and in stores
• Withdraw cash at ATMs and stores
• Deposit cash at Pick n Pay and Boxer

Visa Debit Card

You get a free Visa debit card. This card has contactless payments (tap to pay). You can use it at any store that accepts Visa.

Important: The card only works inside South Africa. You cannot use it abroad unless you enable international transactions in the app.

TymeBank App

The app is available for Android, iOS, and Huawei phones. You can:

• Check your balance 24/7
• View all your transactions
• Transfer money
• Pay bills
• Buy airtime and electricity
• Manage your GoalSave accounts
• Download statements
• Block your card if lost
• Change your PIN

Account Limits

TymeBank increases your account limits as you use the account more:

Account Level	Maximum Balance
New customer (“just met”)	R20,000
Regular user (“getting to know you”)	R50,000
Established customer (“good friends”)	R500,000

Additional Services

• MoreTyme: Buy now, pay later service for purchases
• SendMoney: Send cash to people without bank accounts
• Business Account: Free business banking for sole proprietors
• Insurance: Funeral cover and other insurance options
• Smart Shopper: Earn double points at Pick n Pay

🚨 Scams to Avoid (November 2025 Warnings)

Scammers target TymeBank customers. Here are the most common scams in South Africa right now:

1. Fake Bank Employee Calls

How it works: Someone calls you. They say they are from TymeBank’s fraud department. They tell you that your account has been hacked. They ask for your PIN, password, or OTP to “fix” the problem.

The truth: TymeBank will NEVER ask for your PIN, password, or OTP. Not by phone, SMS, email, or social media. If someone asks for this information, it is a scam.

What to do: Hang up immediately. Call TymeBank yourself on 0860 999 119. Use the number from their website or app, not from the caller.

2. VAT Increase Phishing (April-May 2025)

How it works: You receive an SMS or email about VAT increases. The message says to “verify your account” or “see updated fees” by clicking a link. The link takes you to a fake website that steals your login details.

The truth: TymeBank sends fee updates through the app, not through links in SMS or email.

What to do: Never click links in messages about fees or account issues. Log into the TymeBank app or website directly.

3. SIM Swap Fraud

How it works: Scammers get a duplicate SIM card in your name. Your phone loses signal. They then receive your OTPs and access your bank account.

Warning signs: Your phone suddenly has no signal. You receive SMS about a SIM activation you did not request. You cannot make calls.

What to do: If you lose signal, call your mobile network immediately from another phone. Tell them to block SIM swaps on your number. Then call TymeBank on 0860 999 119 to block your account.

4. Emergency Money Requests

How it works: You receive a WhatsApp or SMS from someone claiming to be your friend or family. They say it is an emergency. They need money urgently. They give you a different bank account number.

The truth: Scammers hack WhatsApp accounts. They impersonate your contacts.

What to do: Call the person directly before sending money. Do not use WhatsApp to call. Use their normal phone number.

5. Social Media Help Scams

How it works: You post a complaint about TymeBank on Facebook or Twitter. Someone pretending to be TymeBank support messages you. They ask you to provide your account details to “help” you.

The truth: TymeBank staff will never ask for passwords or PINs on social media.

What to do: Only use TymeBank’s official verified accounts. Send a direct message (DM) instead of posting account details publicly.

Your Rights: How to Make a Complaint

If you have a problem with TymeBank, you have the right to complain. Here is the process:

Step 1: Contact TymeBank

Contact TymeBank first about your problem:

• Phone: 0860 999 119 (customer service)
• WhatsApp: 071 670 1241
• Email: service@tymebank.co.za
• In-app: Use the chat function in the TymeBank app

TymeBank must respond to your complaint within 20 days.

Step 2: Escalate to the National Financial Ombud (NFO)

If TymeBank does not solve your problem after 20 days, or you are not happy with their response, contact the National Financial Ombud Scheme.

What is the NFO? The NFO is an independent body that helps resolve complaints between banks and customers. Their service is completely free.

• Phone: 0860 800 900
• Email: info@nfosa.co.za
• Website: www.nfosa.co.za
• Address: Claremont Central Building, 6th Floor, 6 Vineyard Road, Claremont, Cape Town, 7700

The NFO started operations on 1 March 2024. It replaced the old Banking Ombud. The NFO investigates complaints fairly and impartially.

Step 3: Other Options

If your complaint is about something specific, you can also contact:

• Financial Sector Conduct Authority (FSCA): For banking regulation issues – 0800 110 443 or www.fsca.co.za
• National Credit Regulator (NCR): For credit-related issues – 0860 627 627 or www.ncr.org.za
• Information Regulator: For privacy and data protection issues – 010 023 5200 or inforegulator.org.za
• National Consumer Tribunal: For serious consumer rights violations – 010 590 5200 or www.thenct.org.za

Your Banking Rights

Under South African law and the Code of Banking Practice, you have these rights:

• The right to clear information about fees and services
• The right to complain and get a response
• The right to privacy and data protection
• The right to dispute unauthorized transactions
• The right to access your account statements
• The right to close your account
• The right to free help from the NFO

How TymeBank Compares to Other Banks

Bank	Monthly Fee	Savings Interest	EFT to Other Banks
TymeBank	R0	Up to 11%	R6
Bank Zero	R0	Up to 9%	Free
Capitec	R50	Up to 9%	Free
FNB Easy PAYU	R5.25	5-7%	R15
Standard Bank	R69	4-6%	R17
ABSA Transact	R5.25	3-5%	R20

When to Choose TymeBank

• You shop regularly at Pick n Pay or Boxer
• You want to save money on bank fees
• You want high interest on your savings
• You are comfortable using a mobile app for banking
• You do not need to send money internationally
• You are between 16 and 65 years old

When TymeBank May Not Be Best

• You need to send or receive money from other countries
• You need in-person help at a physical branch
• You do not have a smartphone
• You need to cash cheques (TymeBank does not accept cheques)
• You want a credit card (TymeBank only offers debit cards)

TymeBank is excellent for most South Africans in 2025. The R0 monthly fee saves you at least R600 per year compared to traditional banks. The GoalSave interest rate of up to 11% is one of the highest in South Africa for everyday savers.

We recommend TymeBank if: You want to save money on banking fees, you shop at Pick n Pay or Boxer, and you are comfortable using a mobile app. The high savings interest makes TymeBank perfect for building an emergency fund or saving for a goal.

Be aware of scams. Never share your PIN, password, or OTP with anyone. TymeBank will never ask for this information by phone, SMS, or email. If something feels wrong, hang up and call TymeBank directly on 0860 999 119.

Getting started is easy. Download the TymeBank app and open your account in under 5 minutes. Or visit a Pick n Pay or Boxer kiosk for help. You can have your account and free debit card on the same day.