TymeBank Everyday Account Review 2024

TymeBank Everyday account is a transactional account with a R0.00 monthly account fee. The account includes GoalSave, which allows you […]

Tymebank Everyday Account

TymeBank Everyday account is a transactional account with a R0.00 monthly account fee. The account includes GoalSave, which allows you to activate up to 10 GoalSave accounts.

The GoalSave account allows account holders to earn interest on savings ranging from 5% to 11%. The total amount of savings across all GoalSaves should not exceed R100,000.00.

When you use your TymeBank EveryDay account to shop at Pick n Pay or BP, you’ll earn rewards. Account holders earn 10 Pick n Pay Smart Shopper points for every litre purchased using their TymeBank account.

Account holders earn double Smart Shopper points when they shop online at Pick n Pay. Pick n Pay charges R4.00 per R1000.00 in cash deposits, but the first deposit is free.

The TymeBank everyday account includes transactional benefits. These benefits are listed below.

TymeBank Everyday Account Benefits

  • Opening an account can take up to 5 minutes. An everyday account can be opened in 5 minutes or less using the self-help account opening process. There is no paperwork to complete and no paperwork to sign.
  • One get access to the account 5 minutes of opening it.
  • There is no monthly fee for the account but there are transactional fees.
  • Online shopping is completely free. You can use your TymeBank card to make online purchases at any store.
  • When you pay or swipe at Pick ‘n Pay as an everyday account holder, you will earn double smart shopper points.
  • When you use your TymeBank card to shop, you earn smart shopper points.
  • The TymeBank Visa debit card is completely free.
  • Account holders can earn up to 10% per year in interest on your savings.
  • The TymeBank Everyday Account GoalSave tool makes saving easier.

TymeBank Everyday Account Free Transactions

The TymeBank Everyday Account provides free services such as monthly fees, notification fees, banking documents, withdrawals, and more. Here is a detailed list of all the free services.

  • Monthly administration fee
  • The smart app subscription fee
  • Internet banking subscription fee
  • SMS notification fee
  • Initial debit card
  • Account statement
  • Beneficiary payment notification
  • Proof of account
  • Free purchases when you use a debit card. Buy electricity, buy data free and free online purchases.
  • Balance enquiries on internet banking, smart app and kiosk
  • 1 Free cash withdrawals at Pick ‘n Pay and boxer

TymeBank Everyday Account Fees 2024

ServiceFee
Monthly FeesFREE
Local Card PurchasesFREE
Prepaid ElectricityFREE
Airtime, Data & SMS BundlesFREE
Bill PaymentsFREE
Daily LottoFREE
Lotto / PowerballFREE
International Card PurchasesR3
Vouchers (1ForYou, etc.)R3
Debit Card Balance Enquiry (SA ATMs)R3
Debit Card Balance Enquiry (Int’l ATMs)R7
Debit card, debit order & ATM decline feeR3
Dispute Debit Card TransactionR3
Dispute Or Stop Debit OrderR3
TymeCode At PnP & Boxer Till PointsR3
Debit Card at major retailersR3
Debit Card at Kazang shopsR3
Flash voucher at Flash shopsR7
Any ATM in South AfricaR10 per R1000
International ATMR70
Add MoneyR10 per R1000
Int’l Subscriptions & Online POS Decline FeeR10
Int’l ATM Withdrawal DeclineR10
Card ReplacementR70
Debit Order Dispute Older Than 40 DaysR70
Unsuccessful Debit Order DisputeR70
Unsuccessful Debit Card DisputeR70
Late Payment Reversal To TymeBankR170
International Transactions Conversion2%
Balance Enquiry (SA ATMs)R3
Balance Enquiry (Int’l ATMs)R7
Cash Deposit (First deposit at Till)R7 per R1000
Cash Deposit (TymeCode at Till)R7 per R1000
Payments (Immediate Payment – PayShap)R7
Payments (SendMoney from/to TymeBank)R7
Notifications (SMS)R0.50
Statements (12 Months)FREE
Inactive Account FeeR7
Initial Visa Debit CardR0

Saving benefits with GoalSave

GoalSave provides you complete control over your cash reserves, allowing you to access your savings. You can use GoalSave to save money for a specific goal, such as a down payment on a house or a down payment on a car. It’s entirely up to you; you can save for whatever purpose you like.

Here are the benefits of using the GoalSave function :

  • You can create up to 10 different savings goals and give each a name.
  • An Interest of 10% can be earned.
  • You can add as much as R100,000.00 into as many as 10 GoalSaves
  • There are no debit orders that apply to GoalSave. The money that you save is safe and keeps growing.

Everyday Account limits

Just Met (Non-biometrically Verified)

Limit DescriptionLimit Amount
Maximum account balance (EveryDay account + GoalSave)R40,000
Maximum GoalSave balanceR40,000
Total daily limitsR2,000
Total of payments, prepaid purchases, send money, cash withdrawals, card swipes, and online purchasesR2,000
Cash depositsR21,995
Transaction limits per transactionDaily
Immediate EFTR1,000
Cash depositsR5,000
Add MoneyR5,000

Good Friends (Biometrically Verified)

Limit DescriptionLimit Amount
Maximum account balance (EveryDay account + GoalSave)R10,000,000
Maximum GoalSave balanceR100,000
Total daily limitsR200,000
Total of payments, prepaid purchases, send money, cash withdrawals, card purchases, online purchases, cash withdrawals @ ATM and Till point (Debit Card & TymeCode), Send Money VoucherR200,000
Cash depositsR21,995
Transaction limits per transactionDaily
Payment (EFT)R100,000
Prepaid PurchaseR3,000
SendMoney – EFTR100,000
SendMoney – VoucherR5,000
SendMoney USSD (EFT or Voucher)R3,000
Cash Withdrawals @ ATMR5,000
Cash withdrawals at till pointR5,000
Debit Card PurchaseR50,000
Online PurchasesR25,000
Cash Deposits @ Till point (Debit Card and TymeCode)R5,000
Debit OrdersR200,000
Total daily limit of Cash Withdrawal @ ATM and Till point (Debit Card & TymeCode), and Send Money Voucher0
Add MoneyR5,000

How to open the TymeBank Everyday Account

  • Start by visiting the TymeBank website by clicking here.
  • On the TymeBank website, you can then click on ‘start now’ to start opening your TymeBank account.
  • The next step will require your ID number which you will have to provide.
  • Next, you will follow the step by step registration process. This will take less than 5 minutes.
  • The last thing to do is to download the TymeBank mobile app and log in and enjoy banking.

Conclusion

The TymeBank Everyday Account is one of South Africa’s most cheap bank accounts. If you don’t use the account, you won’t be charged, so you can keep it for as long as you wish without paying any administrative fees. The nicest part about obtaining the account is how simple it is to do so. By far the simplest account to start in South Africa is the Everyday Account. However, passport holders are unable to open this account, which is a significant restriction imposed by the bank.

Frequently Asked Questions

  1. When was the TymeBank Everyday Account launched?
    TymeBank Everyday Account was first launched in 2015 the same year that Tyme Bank was launched.
  2. What is TymeBank Everyday Account?
    TymeBank Everyday Account is a duel account with savings and cheque in one account.
  3. Does the TymeBank Everyday Account allow savings?
    Yes, TymeBank Everyday Account does allow savings, in fact, you can save up to R100,000 with the GoalSave function.
  4. How much is the interest rate on the TymeBank Everyday Account savings?
    The interest on savings on the TymeBank Everyday Account is 10% per annum.
  5. Where is TymeBank located?
    TymeBank doesn’t have any physical address as it is served fully online.
  6. Where can I get my TymeBank Visa debit card?
    You can get your visa card from any Pick ‘n Pay or Boxer stores countrywide.
  7. What is needed to open a TymeBank account?
    Opening a TymeBank account is easy, you only need to have your ID number and must be over 16 years of age.
  8. What paperwork is needed to open a TymeBank Everyday Account?
    To open a TymeBank Everyday Account, you only need your ID number, there is no paperwork needed.
  9. What is TymeBank GoalSave?
    The TymeBank GoalSave is a savings tool that you can use as an account holder to save money for specific goals.
  10. Can I open a TymeBank Account with a passport?
    Unfortunately, only South African ID holders can open a TymeBank Account.
  11. How many customers does TymeBank have?
    As of 2020, TymeBank has over 2 million registered customers.
  12. How can I activate TymeBank Visa debit Card?
    To activate TymeBank Visa debit card you need to deposit money into your TymeBank Everyday Account.

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