TymeBank [Tymebank.co.za] has become an important player in South Africa, offering a smooth mix of technology and financial services aimed at making banking simpler for its users. With its promise of no monthly fees, competitive interest rates, and a completely digital onboarding process, TymeBank is gaining popularity among tech-savvy customers looking for easy and cost-effective banking solutions. But does it truly deliver on its promises, and is it the right fit for your banking needs?
Key Takeaways
- Digital-Only Convenience: TymeBank provides a fully online banking experience with no physical branches, making it very accessible and convenient for tech-savvy users and those in remote areas.
- Cost-Effective Banking: With no monthly fees, competitive transaction costs, and high interest rates on savings accounts, TymeBank offers a financially attractive alternative to traditional banks.
- Mixed Customer Service Experience: While TymeBank’s digital platform is user-friendly and feature-rich, some customers report issues with customer service response times and how efficiently their problems are resolved.
TymeBank provides affordable, digital-first banking solutions tailored to the everyday needs of South Africans, including individuals and small business owners. Whether you need to manage your salary, grow your savings, or handle business transactions, TymeBank offers a no-monthly-fee platform with competitive interest rates. If you’re looking for a simple and reliable way to bank, keep reading to see if TymeBank is the right fit for your personal or business needs.
TymeBank South Africa: Quick Overview
Service Type: Digital banking for individuals and sole proprietors, including everyday accounts, savings, and business banking
Access: Open accounts online or at TymeBank kiosks in Pick n Pay, Boxer, and TFG stores; manage via app or internet banking
Eligibility: South African citizens aged 16+ for personal accounts; sole proprietors with valid ID and mobile number for business accounts
Fees: No monthly account fees; low charges for selected transactions like ATM withdrawals and real-time payments
Additional Services: GoalSave (up to 11% interest), MoreTyme instalment payments, SendMoney transfers, prepaid purchases, and insurance options like funeral cover
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TymeBank Full Review
What is TymeBank?
TymeBank is a South African digital bank that provides a completely online banking experience. Unlike traditional banks, TymeBank operates without physical branches, allowing customers to manage their finances solely through digital platforms like mobile apps and the internet. This approach helps reduce operational costs, which lets TymeBank offer competitive fees and rates. The bank prioritises convenience and accessibility, making banking services available to a broader audience, including those in underserved areas.
What Makes TymeBank Unique?
TymeBank distinguishes itself in South Africa’s banking sector through its innovative approach that combines online banking with physical accessibility. By operating without traditional branches, TymeBank reduces overhead costs, allowing it to offer services with no monthly fees and competitive interest rates. Customers can open accounts swiftly via the mobile app or at over 750 kiosks located in Pick n Pay, Boxer, and TFG stores nationwide. These kiosks facilitate immediate account setup and provide customers with a personalised Visa debit card on the spot.
The bank’s commitment to financial inclusion is evident in its user-friendly platform designed to cater to individuals with varying levels of financial literacy. TymeBank’s services are tailored to meet the needs of everyday South Africans, offering straightforward banking solutions without the complexities often associated with traditional banks. This approach has resonated with a broad customer base, contributing to TymeBank’s rapid growth and positioning it as a significant player in the country’s financial landscape.
Types of Services Offered by TymeBank
EveryDay Account
A no-monthly-fee transactional account that provides customers with essential banking services. Ideal for daily financial activities such as receiving salaries, making payments, and managing expenses.
GoalSave
A savings feature linked to the EveryDay Account, allowing users to create multiple savings goals with competitive interest rates. Suitable for individuals aiming to save for specific purposes like education, emergencies, or travel.
MoreTyme
An interest-free payment option enabling customers to purchase items and pay over three instalments. This service is beneficial for managing larger expenses without incurring additional costs.
SendMoney
A convenient feature that allows users to transfer funds to anyone with a South African cellphone number, regardless of whether the recipient has a bank account. Useful for quick and easy money transfers to friends or family.
Value-Added Services
Through the TymeBank app or online banking, customers can purchase prepaid electricity, airtime, data bundles, and even play the lottery. These services offer added convenience for managing everyday needs.
Business Banking
TymeBank offers business accounts tailored for sole proprietors and small enterprises, providing essential banking tools to manage business finances effectively. This service supports entrepreneurs in streamlining their financial operations.
Insurance Products
The bank provides accessible insurance options, including funeral cover, to help customers plan for unforeseen events. These products are designed to offer financial security and peace of mind.
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Key Features
TymeBank.co.za stands out in the banking sector by offering a variety of features designed to make banking more accessible, affordable, and user-friendly. These features are aimed at providing customers with a smooth and efficient banking experience. Below are some of the main features offered by them:
No Monthly Fees
One of the standout features of TymeBank is that it has no monthly fees. Unlike many traditional banks that charge a monthly maintenance fee, they allow customers to keep their accounts without extra costs. This makes it a great choice for those who want to maximise their savings and avoid unnecessary expenses.
Low Transaction Fees
TymeBank keeps banking affordable with low transaction fees. Whether you’re making payments, withdrawing cash, or transferring funds, their competitive fee structure helps you manage your financial activities without high costs. This is especially beneficial for customers who carry out frequent transactions.
Easy Account Setup
Setting up an account with this bank is simple and quick. Customers can open their accounts online or through the app in just a few minutes. The process is straightforward and requires minimal documentation, allowing you to complete it from the comfort of your home. This convenience eliminates the need for lengthy paperwork and visits to a bank branch.
TymeBank App Features
Their app comes with various features designed to improve the banking experience. Users can manage their accounts, track transactions, and make payments directly from the app. It also includes budgeting tools, real-time notifications, and secure login options to ensure an efficient and safe banking experience. Additionally, the app provides easy access to customer support and a wide range of banking services right at your fingertips.
Looking for the best bank in South Africa? Compare TymeBank with other top financial institutions to find out which one offers the best services and benefits for your needs.
Requirements for a TymeBank service
EveryDay Account
- Valid South African ID number.
- Active South African mobile number.
- Minimum age of 16 years.
- No initial deposit required.
Business Account
- Valid South African ID.
- Active South African mobile number.
- Sole proprietorship status (business not registered with the Companies and Intellectual Property Commission).
- Minimum age of 16 years.
Credit Card
- Valid South African ID or driver’s licence.
- Proof of income (latest payslip or three months’ bank statements).
- Proof of residence (not older than three months).
- South African bank account details for repayments.
- Minimum monthly income of R3 000.
- Minimum age of 18 years.
Simulation of a Service at TymeBank
Opening an EveryDay Account
- Download the TymeBank app or visit a TymeBank kiosk at Pick n Pay, Boxer, or TFG stores.
- Provide your South African ID number and mobile number.
- Complete the registration process, which includes biometric verification.
- Receive your personalised Visa debit card immediately at the kiosk.
Applying for a Credit Card
- Visit TymeBank’s website or an RCS partner store.
- Access the credit card application section.
- Enter personal details, including ID number, employment status, and income.
- Upload required documents: proof of ID, income, and residence.
- Submit the application for review.
- Await approval; TymeBank and RCS will assess your creditworthiness.
- Upon approval, receive and activate your credit card.
Eligibility Check
TymeBank does not currently offer an online eligibility checker for its credit card. However, applicants can use free credit check tools from RCS or external credit bureaus to assess their credit score before applying. Maintaining a good credit score and stable income increases the chances of approval.
Who Is TymeBank Best For?
TymeBank is ideal for South Africans seeking simple, affordable, and branch-free banking. It’s best suited for those who:
- Prefer managing money via app or internet banking
- Want a no-monthly-fee account for daily transactions and savings
- Are looking for high interest rates through GoalSave without fixed terms
- Run small businesses needing basic, low-cost banking tools
- Value quick, paperless account setup at in-store kiosks
- Need flexible features like interest-free instalments (MoreTyme) and mobile money transfers
Is TymeBank a Safe and Reliable Option?
Yes. TymeBank is a registered South African bank and an authorised Financial Services Provider (FSP 49140), fully regulated by the Prudential Authority and the Financial Sector Conduct Authority. It operates under the country’s financial laws and offers a secure, accessible banking solution that includes everyday banking, savings tools, credit options, and business accounts. As a fully digital bank, TymeBank is designed to serve individuals and small businesses looking for convenient, low-cost financial services without the need for traditional bank branches.
TymeBank uses strong digital security protocols to protect customer data and accounts. The mobile and online platforms feature secure login systems, real-time activity alerts, and encrypted communication to prevent unauthorised access. For in-person access, TymeBank kiosks located at Pick n Pay, Boxer, and TFG stores allow users to open accounts and collect cards safely. All personal information shared during account setup or transactions is processed securely and handled in line with South African data protection laws.
How Many Services Can I Request From TymeBank?
TymeBank offers a range of services, and customers can access multiple offerings simultaneously. For instance, one can hold an EveryDay Account, utilise GoalSave for savings, apply for MoreTyme for interest-free purchases, and explore personal loan options, all under a single profile. This integrated approach allows users to manage various financial needs within one platform.
Personalised Services at TymeBank
TymeBank tailors its services to individual customer needs through its digital platforms. Features like GoalSave allow users to set specific savings goals with competitive interest rates, while MoreTyme offers flexible payment options for purchases. The bank’s app and online portal provide tools and insights to help customers manage their finances effectively.
Service Completion Timeframes
- Account Opening: Opening an EveryDay Account can be completed in under 5 minutes via the TymeBank app or at a kiosk.
- Money Transfers: Transfers between TymeBank accounts are instant, while EFTs to other banks may take 24 to 48 business hours to clear.
- Loan Applications: Personal loan applications are processed online, with decisions typically communicated promptly.
Processing times can vary based on factors such as verification requirements and the accuracy of information provided.
Payment Methods and Associated Fees
- Payment Options: Customers can make payments using their EveryDay Account, the TymeBank app, or through partnered retailers.
- Fees: TymeBank offers no monthly banking fees. However, certain transactions may incur charges; for example, immediate payments via Real-Time Clearing (RTC) are charged at R7 per R1 000 or part thereof.
- Penalties: Late payments on services like MoreTyme may result in additional fees. Early withdrawal from fixed deposit accounts may also attract penalties.
TymeBank – Overview in Detail
| Name | TymeBank |
| Financial Institution | TymeBank Limited (backed by African Rainbow Capital) |
| Product | Digital banking services including transactional accounts, savings, and credit facilities |
| Minimum Age | 16 years for EveryDay Account; 18 years for credit products |
| Account Types | – EveryDay Account: No monthly fees, used for everyday transactions – GoalSave: Savings feature with up to 11% interest – Business Account: Tailored for sole proprietors – Credit Card: Offered in partnership with RCS, subject to approval |
| Minimum Credit Limit | Subject to affordability assessment (for credit products) |
| Maximum Credit Limit | Determined based on income and creditworthiness (for credit products) |
| Minimum Term | Revolving for credit card products; no fixed term for transactional and savings accounts |
| Maximum Term | Ongoing (credit card includes budget facility for extended repayment terms) |
| APR / Interest Rates | – GoalSave: Up to 11% depending on savings duration and activity – Credit: Varies per applicant; regulated under the National Credit Act |
| Monthly Interest Rate | Variable; depends on applicant profile (credit products) |
| Early Settlement | Allowed for credit products without penalties |
| Repayment Flexibility | – Full balance repayment – Minimum monthly payment – Budget instalments (credit card) |
| NCR Accredited | Yes |
| Our Opinion | ✅ No monthly fees for basic banking ✅ High savings interest rates ⚠️ Not ideal for customers needing physical branches |
| User Opinion | ✅ Quick account setup and digital convenience ⚠️ Mixed reviews on customer support and issue resolution |
Pros and Cons of TymeBank
TymeBank offers a range of advantages and some limitations that potential customers should keep in mind when choosing a banking solution. Below is a brief overview of its benefits and drawbacks.
Pros of TymeBank
- Financial Inclusion: Offers accessible banking services to all South Africans, particularly in underserved areas, through its digital platform.
- High-Interest Rates on Savings: The GoalSave account provides higher interest rates the longer you save, promoting long-term saving habits.
- User-Friendly Banking Experience: Features an intuitive digital platform with an easy-to-use app and online portal, including budgeting tools and real-time notifications.
Cons of TymeBank
- Limited Physical Presence: The absence of traditional branches might be a drawback for those who prefer face-to-face interactions, although partnerships with retail stores provide some in-person services.
- Customer Service Challenges: There have been reports of slow response times and issues with resolving problems through online and telephonic support.
- Limited Product Offerings: Offers fewer financial products and services compared to traditional banks, which might not cover more complex financial needs.
Customer Service
If you have further questions or need assistance with TymeBank’s services, their customer support team is readily available to help. Whether it’s inquiries about account features, transaction issues, or general banking support, you can reach out through various channels to get the assistance you need.
Contact Channels
Phone number:
Customer Service Centre: 0860 999 119
Lost or Stolen Card: 0860 999 118
WhatsApp Support: Chat with TymeBank via WhatsApp at +27 71 670 1241
Hours of operation:
Monday to Friday: 8:00 AM – 5:00 PM
Saturday: 8:00 AM – 1:00 PM
Sunday: Closed
Postal address:
TymeBank, Floor 2, 30 Jellicoe Avenue, Rosebank, Johannesburg, 2196, South Africa
Online Reviews of TymeBank
TymeBank has garnered mixed feedback from South African customers. Many appreciate its user-friendly mobile app and the convenience of opening an account quickly. The GoalSave feature is particularly praised for offering competitive interest rates, starting at 5% and increasing up to 11% based on savings duration and transaction activity.
I’ve experienced that TymeBank consultants are good and quick to attend even it’s weekend. Thnx a lot.
Quick response time, friendly and very engaging, very good service, enjoyed the experience.
However, some customers have reported challenges, especially concerning customer service responsiveness and transaction disputes. Instances of delayed refunds and difficulties in resolving issues have been noted, leading to frustration among certain users.
Been using them for years and just learned the hard way.. They steal your money…. They do maintenance without informing customers… Closing my account 1st thing in the morning.
TymeBank service is useless! My account says Debit hold but they say that they don’t know what happened and I should give them more than 3 days to check the problem. How come they don’t know while they are the one who put the hold.
Alternatives to TymeBank
For those exploring other banking options in South Africa, several institutions offer comparable services:
Comparison Table
| Feature | TymeBank | Capitec Bank | African Bank |
|---|---|---|---|
| Monthly Fees | None | Low | None |
| Account Opening | Online/App/Kiosk | In-branch/App | In-branch/App |
| Interest Rates | Up to 11% with GoalSave | Competitive rates on savings | Attractive rates on savings accounts |
| Physical Branches | No | Yes | Yes |
| Mobile App | Yes | Yes | Yes |
| Customer Support | Mixed reviews | Generally positive | Generally positive |
TymeBank vs. Traditional Banks
Comparing TymeBank to traditional banks can help highlight the differences and advantages of each type of banking institution. Below are key areas of comparison with traditional banks:
Fee Comparison
| Feature | TymeBank | Traditional Banks |
|---|---|---|
| Monthly Account Fee | Free | R60 – R100 |
| Debit Card Purchases | Free | R2 – R4 per transaction |
| Cash Withdrawal (Local ATM) | R10 per R1 000 | R5 – R7 per withdrawal |
| Cash Deposit (at Pick n Pay, Boxer) | R7 per R1 000 | R5 – R10 per deposit |
| International Transactions Fee | 2% of transaction amount | 2.25% – 3% of transaction amount |
| Immediate Payment (EFT) | R7 per R1 000 | R10 – R15 per transaction |
| Card Replacement Fee | R60 – R70 | R50 – R100 |
Account Features Comparison
| Feature | TymeBank | Traditional Banks |
|---|---|---|
| Online Account Setup | Yes, fully online | Partial online setup, branch visit required |
| GoalSave (High-Interest Savings) | Yes, up to 10% interest | Limited high-interest options |
| App Features | Real-time notifications, budgeting tools | Varies, but generally includes basic account management |
| Physical Branches | No | Yes |
| Customer Support | Online and telephonic support | In-person, online, and telephonic support |
Customer Experience Comparison
| Aspect | TymeBank | Traditional Banks |
|---|---|---|
| Convenience | High, digital-first approach | Moderate, requires branch visits |
| Accessibility | High, available anywhere with internet | Moderate to high, depends on branch locations |
| Customer Service | Online and telephonic, some delays reported | In-person, online, telephonic |
| Account Management | User-friendly app, real-time features | Varies, often requires branch visits for some services |
Loans Offered by TymeBank
Currently, they do not offer personal or business loans. However, the bank has announced plans to introduce loan products soon. This move aims to provide customers with a more comprehensive range of financial services, building on its existing offerings like transactional accounts and high-interest savings accounts. The new loan products are anticipated to include personal loans, business loans, and other credit facilities tailored to the varied needs of their expanding customer base. Customers can expect competitive interest rates and flexible repayment options once these loan services are launched. Stay tuned to their announcements for further details on the introduction and features of these new loan products.
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Brief History of TymeBank
TymeBank was launched in February 2019, making it one of the newest players in South Africa’s banking sector. The bank is a subsidiary of African Rainbow Capital, a company founded by South African businessman Patrice Motsepe. TymeBank was established to meet the needs of the growing digital economy and to offer inclusive financial services to South Africans. Since starting, it quickly expanded, attracting millions of customers with its user-friendly platform and customer-focused services.
TymeBank’s Mission and Vision
TymeBank’s mission is to transform the banking experience by making it more accessible, affordable, and simple for everyone. The bank aims to eliminate obstacles to financial inclusion by using technology to reach communities and individuals who are underserved. TymeBank envisions a future where banking is not just for a select few but a basic service available to everyone. Their focus on innovation and customer service drives their ongoing efforts to enhance and broaden their offerings, making sure that all South Africans can access modern banking solutions.
Conclusion
TymeBank is ideal for those looking for an affordable, convenient, and accessible banking solution with strong digital features. However, if you need extensive in-person banking services, a wider selection of financial products, or more personalized customer service, traditional banks might better meet your needs.
Frequently Asked Questions
How do I open a TymeBank account?
Opening an account is straightforward and can be done online or through their app. You’ll need to provide your South African ID number and follow the easy registration steps, which typically take less than five minutes. After registering, download the TymeBank app to start managing your account.
What fees does TymeBank charge for transactions?
They offer several free transactions, including no monthly account fees, free debit card purchases, and free online banking. However, some fees apply: R10 per R1 000 for ATM withdrawals, R3 for debit card withdrawals at retailers, and R7 per R1 000 for cash deposits at Pick n Pay and Boxer stores.
What is the GoalSave account and how does it work?
The GoalSave account is TymeBank’s high-interest savings option that lets customers set up multiple savings goals. You can earn up to 10% interest on your savings, with rates increasing the longer the funds are saved. There are no monthly fees, and you can create up to ten different savings goals.
Does TymeBank offer business banking services?
Yes, they provide the EveryDay Business Account, which includes several free transactions such as no monthly fees, free debit card purchases, and free local online purchases. The account also supports up to ten GoalSave accounts for business savings, offering up to 7% interest per year on savings.
How secure is TymeBank?
TymeBank uses robust security measures to safeguard customers’ accounts and personal information. This includes secure login options, real-time transaction notifications, and advanced digital security protocols. The bank is dedicated to protecting customer data and preventing fraud.
