Anybody signed up with Tymebank?

[TheJman]

Since like December I think. And yes, I've cashed one out before with no issue

I think it was fitting that one Jman replied to another

Thanks!

 

[namzsteve]

10 is even better, R10 000 each, then if you need R30 000, you can just close 3 to get R1000.

Or one can even gave 10 with varying amounts, say 1 x R20 000, 2 x R15 000, 3 x R10 000, 4 x R5000 for example.

Loving Tymebank, especially for the savings part. The missus couldn't believe how the savings are growing

 

[Ziwa83]

Hello, could someone please hep me understand.

I opened a few Tymebank Goal saves on my profile, 2 are sitting at 6% and the remainder are 9%. My question is, is this 6% monthly? I have noticed some coins come in daily, but does that mean I am earning 6% daily or what? These savings things really confuse, as long as I see my money growing I don't really care but I need to learn now. Thank you for your help.

 

[supersunbird]

Hello, could someone please hep me understand.

I opened a few Tymebank Goal saves on my profile, 2 are sitting at 6% and the remainder are 9%. My question is, is this 6% monthly? I have noticed some coins come in daily, but does that mean I am earning 6% daily or what? These savings things really confuse, as long as I see my money growing I don't really care but I need to learn now. Thank you for your help.

All interest rates are years, anything above 1% a month would almost certainly be some kind of scam.

 

[Kosmik]

Hello, could someone please hep me understand.

I opened a few Tymebank Goal saves on my profile, 2 are sitting at 6% and the remainder are 9%. My question is, is this 6% monthly? I have noticed some coins come in daily, but does that mean I am earning 6% daily or what? These savings things really confuse, as long as I see my money growing I don't really care but I need to learn now. Thank you for your help.

Interest is annual but calculated daily and compounded monthly to my understanding.

 

[jman]

Interest is annual but calculated daily and compounded monthly to my understanding.

They show you the accrued interest daily and add it to your balance - and 'pay' it out monthly. Which may be a little confusing

 

[Ziwa83]

They show you the accrued interest daily and add it to your balance - and 'pay' it out monthly. Which may be a little confusing

Okay, thank you jman, makes a lot of sense.

 

[zerocool2009]

Can I ask this ... after maxing Tyme (what is a best alternative to get something with good interest ?

I was thinking African Bank or a money market account

any comments ?

Excluding using a bond

 

[FlashSA]

Just putting this out there, but to those who have bonds with an access facility (should be most bonds) you can just dump money in there and effectively "earn" the rate they are currently charging you and it's tax free AND you can get your bucks back at anytime with a day or 2's notice.

 

[3WA]

Just putting this out there, but to those who have bonds with an access facility (should be most bonds) you can just dump money in there and effectively "earn" the rate they are currently charging you and it's tax free AND you can get your bucks back at anytime with a day or 2's notice.

True, but I absolutely hate taking money out of my bond. If I start, I know I won't stop.

 

[FlashSA]

True, but I absolutely hate taking money out of my bond. If I start, I know I won't stop.

Yes, it takes massive diligence. I fortunately have truckloads of control and save like a machine, much to my wife's frustration.

 

[Swa]

They show you the accrued interest daily and add it to your balance - and 'pay' it out monthly. Which may be a little confusing

This is the part where Tyme is different. They effectively have 2 balances. One your real balance and one which shows how much interest is earned. From my understanding the interest balance keeps accumulating while it's only added to the real balance at month end.

 

[mervman]

Can I ask this ... after maxing Tyme (what is a best alternative to get something with good interest ?

I was thinking African Bank or a money market account

any comments ?

Excluding using a bond

Try the Old Mutual My Money account. Linked to the Old Mutual money market. No minimums or maximums and interest of around 8 percent last I checked. One difference is account is 4.95 per month.

 

[The_Librarian]

I really do hope the taxman keeps his nasty hands out of this.

 

[Arthur AnymoreDonuts]

I really do hope the taxman keeps his nasty hands out of this.

No way he will. You will get your IT3 certificate.

 

[zerocool2009]

Try the Old Mutual My Money account. Linked to the Old Mutual money market. No minimums or maximums and interest of around 8 percent last I checked. One difference is account is 4.95 per month.

thanks for that. See OM MM account is at #24 for the month

South African - Interest Bearing - Money Market Funds

www.fundsdata.co.za

 

[3WA]

I really do hope the taxman keeps his nasty hands out of this.

Nah, if you max out your GoalSave with R100k today, it will take 11 or 12 years at 9% to break the R23,800 tax-free exemption.

Assuming you don't have other tax-inefficient investments.

 

[Swa]

No way he will. You will get your IT3 certificate.

Don't hand it in.

 

[zerocool2009]

Don't hand it in.

Sars always get a copy

 

[Swa]

Sars always get a copy

Why do they ask you to provide it then and don't know when you don't include it?