TymeBank has grown to over 10 million customers since launching in 2019, making it one of the fastest-growing banks in South African history. But is it actually good? This review covers everything from accounts and fees to savings rates and what is missing.
Account Types and Fees
| Feature | EveryDay Account | Plus Account |
|---|---|---|
| Monthly fee | Free | Free |
| Card fee | Free | Free |
| Cash deposit (Pick n Pay/Boxer) | R4 to R8 | R4 to R8 |
| ATM withdrawal (Saswitch) | R8 to R12 | R8 to R12 |
| Send money | Free | Free |
| PayShap | Free | Free |
TymeBank’s biggest advantage is zero monthly fees. There is no account maintenance fee, no card fee, and sending money between accounts is free.
GoalSave: Best Savings Rates in SA
TymeBank’s GoalSave feature consistently offers among the highest savings interest rates in South Africa:
- Flexible savings (GoalSave): Starts at 4%, reaches 6% after 90 days. Boost to 10% by giving 10 days notice before withdrawal and completing 10+ transactions per month for 3 months
- Fixed deposit (3 months): Around 8% to 9%
- Fixed deposit (12 months): Around 9% to 10%
You can create multiple savings goals with different target amounts and dates. Interest is calculated daily and paid monthly.
MoreTyme: Buy Now, Pay Later
MoreTyme lets you split purchases into 3 interest-free payments over 2 months at thousands of retailers. It works at Pick n Pay, Superbalist, TFG stores, and many online retailers. There are no interest charges if you pay on time, but late payments attract fees.
What Is Missing from TymeBank?
- No branches: Everything is done via app, kiosk, or call centre
- No credit card: Only debit card available
- No vehicle finance
- No home loan
- Limited ATM network: Uses Saswitch (any ATM) but no own ATMs
- Cash deposits only at Pick n Pay and Boxer
TymeBank vs Capitec
| Feature | TymeBank | Capitec |
|---|---|---|
| Monthly fee | Free | R6 to R13 |
| Savings rate | 4% to 10% | 6% to 10.5% |
| Branches | None (kiosks only) | 850+ |
| Credit card | No | Yes |
| Personal loans | No | Yes |
| Funeral cover | No | Yes |
| PayShap | Free | Free |
TymeBank wins on fees and savings rates. Capitec wins on product range and physical presence. Many South Africans use both.
Who Should Use TymeBank?
- Anyone who wants zero banking fees
- Savers who want the best interest rates
- People comfortable with digital-only banking
- A good second account alongside Capitec or FNB