One can expect to gain more while paying less with a TymeBank Account. TymeBank has decided to expand its product offering to include business banking. The TymeBank business account is free, making it simple to maintain, particularly for small businesses or newly registered businesses.
The EveryDay business account is primarily intended for businesses that are not CIPC-registered. Because the EveryDay business account is separate from one’s personal account, sole traders can benefit more from it.
For convenience, the EveryDay Business Account is linked to one’s TymeBank personal account. Those who are only registered for provisional tax will have no difficulty conducting business through this account.
TymeBank EveryDay Business Account is a tailored business account for small business owners. There is no monthly service fee for the account, and the first till deposit is free.
The account is intended to assist small business owners, particularly sole proprietors, in separating their business funds from their personal accounts. The account holder’s personal account profile is linked to the EveryDay business account.
As a result, the EveryDay business account is accessible from the account holder’s main profile. Limits can be adjusted through the personal profile, and transactions will also be processed through the personal profile.
The fees for the TymeBank EveryDay business account are relatively low. For example, the international transaction fee for all international transactions is 2%, while other banks charge 2.25 % – 2.75 %.
Both registered business owners and self-employed individuals can apply for the EveryDay business account. The account is simple to use, and it is activated after a successful application in which all required information is provided.
TymeBank EveryDay Business Account can be used to transact with any bank account in South Africa, as well as to make international payments. The account is linked to the account holder’s personal TymeBank account, and transactions from the business account to the personal account can be made with ease.
The account does not have a monthly service fee, but there are some transactions that do. International transactions are some of the transactions that incur a fee, but it is not fixed as local fees are. International transactions are subject to a 2% fee per transaction.
Users of the TymeBank EveryDay Business Account can open a goalsaves. Goalsaves is a savings account with no monthly fees that can be set up for a specific goal. EveryDay Business Account holders can create up to ten goalsaves to ensure that their business savings objectives are met at all times.
|2||Online banking subscription fee||Free|
|3||SMS notification fee||Free|
|4||Interbank transfer fee||Free|
|5||Withdrawal at PnP and Boxer||Free|
|6||Debit card purchases||Free|
|7||Local online purchases||Free|
|8||Debit order Transaction fee||Free|
|9||Cash withdrawal at till point at other retail stores||R3.00|
|10||ATM balance inquiry||R3.00|
|11||Debit order decline fee||R3.00|
|13||Cash withdrawal at PnP and Boxer with purchase||R3.00|
|15||Cash deposit with a TymeCode at PnP and Boxer||R7.00 per R1000.00|
|16||Cash deposit with TymeBank Visa card at PnP & Boxer||R7.00 per R1000.00|
|17||Immediate EFT||R7.00 per R1000.00|
|18||Cash voucher for Non-TymeBank customer||R7.00|
|19||Stop debit order fee||R10.00|
|20||Dispute debit card transaction||R10.00|
|21||Cash withdrawal from other bank’s ATMs||R10.00 per R1000.00 or part thereof|
|22||Add Money||R10.00 per R1000.00 or part thereof|
|23||Card replacement fee||R60.00|
|24||Debit order Dispute older than 40 days||R60.00|
|25||Late payment reversal to TymeBank||R160.00|
The TymeBank EveryDay Business Account is best suited for small business owners. This account allows small to large businesses to open the account, but its primary use case is for those who own unregistered businesses. This is due to the fact that the account is simple to open and does not require any paperwork to get started.
When it comes to business offerings, the EasyDay business account still has a long way to go. One of the services that should be added to accommodate business owners with special banking needs is the services of a dedicated business banker.