Tymebank Everyday Account Review 2020

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  • Post last modified:Aug 3, 2020
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Tyme bank’s everyday account is a revolutionary account that has both savings and a cheque account. This account is the first bank account in South Africa to be fully online.

Tyme bank has done a pretty good job with this account giving many benefits that include R0.00 monthly account fee. Yes, a zero Rand monthly account fee! TymeBank’s everyday account is awesome and clearly ahead of its time.

The everyday account is the easiest bank account that you can open in South Africa. You can apply for your everyday account online and the application process takes less than 5 minutes.

Besides the time it takes to open the account, you can use the account immediately after activation. And above all, you won’t have the stress of sending a pile of paperwork.

Your ID number and cellphone number will get you the TymeBank Everyday Account.

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 per month
  • Free cash withdrawals at Pick’n Pay and boxer

Charges on the Everyday Account

ActionFees in rands
Debit card till point @ other retailers2
Payment to other bank accounts2
External debit orders2
Tyme Code till point @ Pick’n Pay and boxer4 per 1000
Deposit by debit card till point @ Pick’n Pay and Boxer4 per 1000
Send money4
Balance enquiries on other bank ATM2
Cash wwithdrawal at other bank ATM8
Unsuccessful debit card dispute40
Late payment reversal to other banks40
Debit order dispute that is older than 40 days40
Decline due to insufficient funds2
Late payment reversal to TymeBank8

Saving benefits with GoalSave

GoalSave gives you access to your savings by giving you complete control of your cash reserves.

With GoalSave you can save money for a specific goal like saving up for a home loan deposit or vehicle finance deposit. It’s all up to you, you can save for any goal.

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 BALANCEMAXIMUM BALANCE
Everyday Account + Goal SaveR40,000.00
Maximum for goal saveR40,000.00
  
Monthly limitPer Month
Total monthly limit of payments, prepaid purchases, send money, cash withdrawals, debit orders and online purchasesR40,000.00
Transaction and daily limitPer transactionPer day
Total monthly limit of payments, prepaid purchases, send money, cash withdrawals, debit orders and online purchasesN/aR20,000.00
Payments via EFTR20,000.00R20,000.00
Prepaid purchaseR3,000.00R3,000.00
SendMoney via EFTR5,000.00R20,000.00
SendMoney VoucherR5,000.00R5,000.00
SendMoney USSD (EFT or VoucherR3,000.00R3,000.00
Cash withdrawals at ATMR5,000.00R5,000.00
Cash withdrawals at till pointR5,000.00R5,000.00
Debit card purchasesR25,000.00R25,000.00
Online purchasesR10,000.00R25,000.00
Cash deposit at tillR5,000.00R20,000.00
Debit ordersR100,000.00R100,000.00
Total daily limit cash withdrawal at ATM and till point and send money voucherN/AR21,995

Note that every profile has a limit of R500,000.00. Should you want to change your TymeBank everyday Account limit, all you need to do is to use the TymeBank mobile app.

Otherwise, if you have an everyday account but no TymeBank visa debit card, your spend limit will be restricted to R2,000.00.

For your limit to increase up to R10,000.00 what you need to do is to go to your nearest Pick n Pay or Boxer and scan your thumbprint at the TymeBank kiosk and collect 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 the most affordable bank accounts in South Africa.

You are not charged if you don’t use the account meaning you can hold the account for as long as you want without incurring any administration costs.

The best thing about getting the account is how easy it is to open it. The Everyday Account is by far the easiest account that you can open in South Africa. However, passport holders cannot open this account which is a great limitation from 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.

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