TymeBank account types in South Africa in 2024

TymeBank in South Africa offers a variety of account types customised to meet diverse customer needs. These include everyday transactional accounts, savings accounts like GoalSave with competitive interest rates, and business accounts designed for both small and large enterprises. Each TymeBank account types aims to provide convenient, low-cost banking solutions to enhance financial management and growth. Let’s explore these account types and how you can use them to your financial advantage.

What are the different Types of TymeBank accounts in South Africa?

If you are a TymeBank client in South Africa, you are able to access the following account types where you can store, transact, or receive money instantly and affordably online:

1. Everyday personal accounts

These personal account types by Tymebank provide essential banking services, including secure transactions, interest earnings, and convenient access to funds through digital platforms service kiosks.

Advantages of the account:

Zero monthly fees
No ATM withdraw charges
Fast money transfer
Great customer support
Free visa debit card

2. Everyday Business Accounts

Another Tyme Bank account types is the business account, designed specifically to meet the daily needs of both small and large-scale businesses.

Advantages:

Easy Cash withdrawals
Electronic Cash transfers
Debit card payments

You’ll need the following documents to open a business account at Tyme Bank:

Certificate of business registration
Valid South African ID or driving licence
Proof of business address

3. TFG Money account

This is another part of the series of account types provided by Tymebank, and it is designed for TFG customers. It features no monthly fees and offers competitively low transaction fees. It provides a variety of financial services tailored for this group.

Some of the account benefits include:

No monthly fees charged
Free Visa Debit card
Open a savings accounts
Fast money transfer
Earn up to 10% interest on your savings
Ability to open an account at anyTFG Rewards points

4. GoalSave account

This is a savings account that allows you to save money while earning competitive interest rates. The rates vary based on your fixed savings period, starting at 4% and gradually increasing to 8% per year. It’s an excellent way to set aside money for emergencies while growing your savings over time.

Additionally, you can open multiple savings accounts within the bank, provided you maintain a maximum balance of at least R100,000. There are no charges for withdrawals.

To open a GoalSave account you’ll need:

To be atleast 16 years and above
Own a valid South African ID
Have a bank account within Tyme Bank
Hold South African phone number

You can open the account using the TymeBank mobile app. The process is quick and easy since it’s entirely online. However, a downside of the GoalSave account is that when you make a withdrawal, you must withdraw the entire amount, even though there are no charges for withdrawals.

Editor’s Remarks

Whether it’s savings accounts, TFG accounts, or innovative digital banking solutions, TymeBank account types aims to provide accessible, convenient, and reliable banking services to empower individuals in managing their finances effectively. In case you need more information about Tymebank services, you can reach out to them through their official website.

Frequently Asked Questions

What type of account is TymeBank?

How can TymeBank accounts be opened through which 3 channels?

You can open a TymeBank account by visiting the TymeBank website, using the TymeBank mobile app, or through self-service kiosks.

What are the different types of bank accounts in South Africa?

In South Africa, there are several types of bank accounts available to cater to different financial needs. I.e Savings accounts, current accounts, student accounts, fixed deposit accounts and business accounts .

What is the maximum amount for TymeBank fixed deposit?

There are no restrictions on minimum or maximum amounts. With a TymeBank savings account, you can open as many accounts as you like. The only requirement is that the savings carry a fixed annual interest rate of 10%.

Can I open a bank account with a foreign passport in South Africa?

Yes, you can open a bank account in South Africa with a foreign passport. Just make sure you carry with you all the necessary requirements for opening a bank account. I.e passport, proof of residence and proof of employment.