Reviews

Tymebank Everyday Account Review 2022

Published by
Lethabo Ntsoane

Tyme Bank Savings Account Summary

Tymebank Everyday account (also known as Tyme bank savings account) is a bank account that serves two purposes. It can be used as both a savings and a checking account. This dual-purpose account is South Africa’s first 100 percent online bank account. Tyme bank has done a wonderful job with this account, offering a number of incentives, including a R0.00 monthly account charge. Yes, there is no monthly account cost in Rands! The everyday account from TymeBank is fantastic and well ahead of its time.

The daily account is the most straightforward bank account to open in South Africa. You can apply for a regular account online, and the process will take you less than 5 minutes. Aside from the time it takes to open the account, you can use it right away after it is activated. Above all, you won’t have to worry about sending a mountain of papers. The TymeBank Everyday Account is opened with your ID number and telephone number.

Why TymeBank Everyday Account?

  • It takes up to 5 minutes to open an account. With the self-help account opening process, you take 5 minutes or less to open an everyday account. There is no paperwork required and no need to sign any paper.
  • 5 minutes after opening an account, you can use it to transact.
  • There is no monthly account fee. You only pay for the services that you use.
  • Online shopping is totally free of charge. You can use your TymeBank card to buy online on any store.
  • As an everyday account holder, you will earn double smart shopper points when you pay or swipe at Pick ‘n Pay.
  • When shopping with TymeBank card you earn smart shopper points.
  • The TymeBank Visa debit card comes free of charge.
  • You can earn up to 7% per year in interest on your savings.
  • The TymeBank Everyday Account GoalSave tool makes saving easier.

Everyday Account freebies

With the TymeBank Everyday Account, you get a number of freebies by just being an account holder.

Unlike other bank accounts, TymeBank Everyday Account offers free services such as monthly fees, notifications fees, banking documents, withdrawals and more. Here is a detailed list of all the services that come for free.

  • 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
  • Free cash deposits up to R5000.00 per month
  • Free cash withdrawals at Pick’n Pay and boxer

Tyme Bank Fees 2022

Fee DescriptionFee in South African Rand (ZAR)
Debit card till point @ other retailers2.00
Payment to other bank accounts2.00
External debit orders2.00
Tyme Code till point @ Pick’n Pay and boxer4.00 per 1000
Deposit by debit card till point @ Pick’n Pay and Boxer4.00 per 1000
Send money4.00
Balance enquiries on other bank ATM2.00
Cash withdrawal at other bank ATM8.00
Unsuccessful debit card dispute40.00
Late payment reversal to other banks40.00
Decline due to insufficient funds2.00
Late payment reversal to TymeBank8.00
Tymebank Everyday Account Fees 2022

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 7% 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.
  • If willing to wait up to 10 days for your payout, you will receive a bonus on top of the interest.

Everyday Account limits

MAXIMUM ACCOUNT BALANCE MAXIMUM BALANCE
Everyday Account + Goal Save R40,000.00
Maximum for goal save R40,000.00
Monthly limit Per Month
Total monthly limit of payments, prepaid purchases, send money, cash withdrawals, debit orders and online purchases R40,000.00
Transaction and daily limit Per transaction Per day
Total monthly limit of payments, prepaid purchases, send money, cash withdrawals, debit orders and online purchases N/a R20,000.00
Payments via EFT R20,000.00 R20,000.00
Prepaid purchase R3,000.00 R3,000.00
SendMoney via EFT R5,000.00 R20,000.00
SendMoney Voucher R5,000.00 R5,000.00
SendMoney USSD (EFT or Voucher R3,000.00 R3,000.00
Cash withdrawals at ATM R5,000.00 R5,000.00
Cash withdrawals at till point R5,000.00 R5,000.00
Debit card purchases R25,000.00 R25,000.00
Online purchases R10,000.00 R25,000.00
Cash deposit at till R5,000.00 R20,000.00
Debit orders R100,000.00 R100,000.00
Total daily limit cash withdrawal at ATM and till point and send money voucher N/A R21,995

It’s worth noting that each profile has an R500,000.00 restriction. All you have to do to adjust your TymeBank daily Account limit is utilize the TymeBank mobile app. Your spending limit will be restricted to R2,000.00 if you have an everyday account but no TymeBank visa debit card. To extend your limit to R10,000.00, head to your nearest Pick & Pay or Boxer and scan your fingerprint at the TymeBank kiosk before picking up your TymeBank visa debit card.

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?
    Tyme bank 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 7% per annum.
  5. Where is TymeBank located?
    Tymebank doesn’t have any physical adress 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.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: Tyme bank