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TymeBank everyday business account review 2022

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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.

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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

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 %.

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How the TymeBank Everyday Business Account Works

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.

TymeBank EveryDay Business Account Fees 2022

#DetailsAmount
1Month feeFree
2Online banking subscription feeFree
3SMS notification feeFree
4Interbank transfer feeFree
5Withdrawal at PnP and BoxerFree
6Debit card purchases Free
7Local online purchases Free
8Debit order Transaction feeFree
9Cash withdrawal at till point at other retail storesR3.00
10ATM balance inquiry R3.00
11Debit order decline feeR3.00
12ATM decline R3.00
13Cash withdrawal at PnP and Boxer with purchase R3.00
14Voucher feeR3.00
15Cash deposit with a TymeCode at PnP and BoxerR7.00 per R1000.00
16Cash deposit with TymeBank Visa card at PnP & BoxerR7.00 per R1000.00
17Immediate EFT R7.00 per R1000.00
18Cash voucher for Non-TymeBank customerR7.00
19Stop debit order feeR10.00
20Dispute debit card transaction R10.00
21Cash withdrawal from other bank’s ATMsR10.00 per R1000.00 or part thereof
22Add MoneyR10.00 per R1000.00 or part thereof
23Card replacement feeR60.00
24Debit order Dispute older than 40 daysR60.00
25Late payment reversal to TymeBank R160.00

Advantages of the TymeBank EveryDay Business Account

  • It is easy to apply for the TymeBank EveryDay Business Account.
  • The account doesn’t come with a monthly service fee.
  • Withdrawals and interbank transactions are for free.
  • The application process for the TymeBank EveryDay account doesn’t require any paperwork.
  • Account-holders can earn smart shopper points when using the account at any store. Pick n Pay purchases earn account holders double points.
  • Can open up to 10 goalsaves for the Everyday business account.
  • Account Holders get up to 7% interest per year on their savings.
  • The account comes with a debit card for easy transacting both online and at stores that allows Visa cards.
  • Bank statements are sent to the account holder for free and can be requested at any time online.
  • The account comes with the immediate EFT to make payments immediately to other banks.

Disadvantages of the TymeBank EveryDay Business Account

  • The account doesn’t come with some of the features that are meant for business banking such as a private business banker.
  • There is no rewards program directly from TymeBank, rewards are only earned to be used at Pick n Pay.
  • There is no business credit card to complement the business account, therefore, credit can only be taken at a personal level.

TymeBank EveryDay Business Account Requirements

  • Have a valid South African ID number.
  • Download the TymeBank app and register.
  • Must be able to supply your personal details to open the account.
  • Must be over the age of 18 years at the time of application.

Conclusion

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.

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Staff Writer

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Staff Writer
Tags: Tymebank