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.
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.
|Fee Description||Fee in South African Rand (ZAR)|
|Debit card till point @ other retailers||2.00|
|Payment to other bank accounts||2.00|
|External debit orders||2.00|
|Tyme Code till point @ Pick’n Pay and boxer||4.00 per 1000|
|Deposit by debit card till point @ Pick’n Pay and Boxer||4.00 per 1000|
|Balance enquiries on other bank ATM||2.00|
|Cash withdrawal at other bank ATM||8.00|
|Unsuccessful debit card dispute||40.00|
|Late payment reversal to other banks||40.00|
|Decline due to insufficient funds||2.00|
|Late payment reversal to TymeBank||8.00|
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 :
|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|
|SendMoney via EFT||R5,000.00||R20,000.00|
|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|
|Cash deposit at till||R5,000.00||R20,000.00|
|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.
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.