TymeBank (Take Your Money Everywhere) is the first fully digital bank in South Africa. The bank offers a personal account, money transfer service, savings account, personal loans and financial literacy app. As of November 2019, the bank had signed up one million customers.
How TymeBank Digital Bank Works
Being a virtual bank in South Africa, TymeBank does not have any physical bank branches. You can deal with the bank using TymeBank Android banking app, the website or TymeBank kiosks at South Africa’s retail store Pick n Pay and Boxer stores. There are over 500 kiosks around the country. Account holders can pay for goods and services online at over 80 merchants in South Africa.
TymeBank is a new kind of bank that’s digitally smart. The money we save by not having branches benefits you, it means you pay a lot less for banking. We have no monthly fees, many everyday banking transactions are FREE and there are very low charges for other transactions. And that’s just for starters.
How to Open an Account
It takes less than 5 minutes to open your account. There are no documents needed. All you need is your South African ID number, residential address, your thumbprint and an active South African cellphone number. The bank verifies your identity by asking you several questions and then you will be given a One-Time PIN (OTP).
There are two ways to open an account with the bank.
- You can open online.
- You can open at TymeBank kiosks located at Pick n Pay and Boxer stores. If you open your account at a TymeBank kiosk, your biometric data will be captured and a free Visa debit card will be issued instantly. Moreover, when you open your account at Pick n Pay, you can automatically join their Smart Shopper programme.
As a Smart Shopper you earn points every time you swipe your Smart Shopper card! Points can be spent on anything you like and are just one of the ways we save you money. Another way we reward Smart Shoppers is with eight personalised discounts every 2 weeks which you can load directly from your email.
Foreign residents in South Africa cannot open an account with the bank.
TymeBank gives its customers many benefits including:
- Fast and easy. Opening an account is fast and easy. The only information needed is an ID number, residential address and a South African mobile phone number. You can get TymeBank Visa debit card instantly at TymeBank kiosks.
- Affordable. The bank has no monthly fees and offers free or very low charges for banking transactions.
- Rewards. Account holders earn bonus Smart Shopper points wherever they shop and double Smart Shopper points when they swipe and pay inside Pick n Pay.
- Savings. Tymebank offers a maximum of 10% interest after 91 days of using its GoalSave feature.
- Additional transactions. The bank allows account holders to buy prepaid airtime and pay for bills.
- Financial Literacy. The bank uses its financial literacy app, Time Coach on Android and iOS, to teach account holders on how to manage their finances.
The TymeBank kiosk is a Samsung tablet with a camera and fingerprint reader attached plus a card-printer to personalise debit cards.
TymeBank has several disadvantages. Some of them are:
- GoalSave withdrawal. If you want to withdraw your money from your GoalSave account, you have to withdraw the whole amount.
- TymeBank kiosks. You can only withdraw money from Pick n Pay and Boxer stores unless you use your Visa debit card.
- Limited transactions. If you open your account online, your transactions will be limited until you go to TymeBank kiosk and upgrade your account to a full account after your biometric data is captured.
- Visa card limitation. With TymeBank Visa card, you can only pay for goods and services at companies in South Africa.
- Geographic limitation. Only South Africans can open bank accounts.
- Android only. The bank app is currently only available for Android users.
Apart from the normal personal account called EveryDay bank account, the bank offers the following features:
TymeBank personal loans attract a R60 monthly service fee and personalised interest rate ranging from 13% up to a maximum of 25%. The loans are ideal for home renovations, holiday funding and unexpected expenses.
To encourage a savings culture, the bank has a feature called GoalSave. The feature allows you to save more money to reach your goals while earning more interest the longer you save. In addition, the feature protects your money from unauthorised debit orders. If you give a 10-days’ notice to withdraw your money, the bank will give you a bonus on top of the money and interest you have already earned.
SendMoney feature works the same way as a normal money transfer service. You can send cash to anyone with a valid South African cellphone number. They do not need a bank account since they can withdraw the cash at Pick n Pay or Boxer stores. SendMoney is free to another TymeBank account holder. Sending to a non-TymeBank account holder, you will need to pay R4.
TymeBank fees and free services are as follows:
|Monthly administration fee||Free|
|Smart App (App) subscription fee||Free|
|Internet Banking (IB) subscription fee||Free|
|Initial Debit Card||Free|
|Account statement (IB & App)||Free|
|Beneficiary payment notification (IB & App)||Free|
|Proof of account (IB & App)||Free|
|First deposit every month up to R5000||Free|
|Tymecode till point @ PnP & Boxer||Free|
|Debit card till point @ PnP & Boxer||Free|
|Debit card purchases||Free|
|Prepaid electricity (IB & App)||Free|
|Prepaid airtime, data & sms bundles (Internet Banking & App)|
|Debit card till point @ other retailers||R2|
|Payment to other bank account||R2|
|Debit order (internal) Debit order (external – where your account is debited to pay a 3rd party)||Free R2|
|Tymecode till point @ PnP & Boxer (R4 per R1000 or part thereof)||R4|
|Debit card till point @ PnP & Boxer (R4 per R1000 or part thereof)||R4|
|Send money (account to Tymecode)||R4|
|Debit card other bank ATM||R2|
|Debit card other bank ATM (R8 per R1000) or part thereof||R8|
|Declines, disputes, and reversal fees||||
|Decline fee (due to insufficient funds or incorrect PIN)||R2|
|Late payment reversal to Tymebank||R8|
|Debit order dispute: Older than 40 days||R40|
|Late payment reversal to other banks||R40|
|Unsuccessful debit card dispute||R40|
|Debit card replacement fee||R40|
TymeBank has got one star from 286 reviews on Hellopeter.