Anybody signed up with Tymebank?

[supersunbird]

Quick cal shows it's R264,500 x 9% gives you interest of ~R23,800.

So anything over R264,500 in the Goal Saves at 9%, will attract tax at marginal rate

One can only have R100 000 of capital in the GoalSaves, so no risk unless there are savings earning interest elsewhere.

 

[Swa]

Oh crap!! So it's not R100k in each, it's R100k aggregate over all Goal Saves... damn!




This, although there is another thread going on here that people are telling what their monthly savings are like, and it is really encouraging to see - but A LOT MORE needs to be done to educate people about the importance of saving, even if it is just R100 a month.

The great Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it." I managed to show my domestic the power, and she now has a portion of her salary going into a 32 day call deposit account every month, and we sit every 6 months and I show her how much money she is making every month - think it is sinking in!

Yes thank god. That's how you buy a house and not by taking someone else's.

 

[alphabyte]

I am generally happy with Tyme bank, no problems so far. BUT I am still waiting for them to make the iOS app available. So I'll not be using it as my main account until that happens.

 

[Swa]

Luno finally has Tyme listed. Don't know whether to mark it Current or Savings account though. Does it matter?

 

[Pansyfaust]

So I spent money with my Tyme bank card to buy fuel at BP, and when I got my printout from the card machine, I only got 320points(10 points per litre) for buying and swiping with my Tyme card? I thought it was double or bonus smart shopper points when you pay with your Tyme card? Are the points given retroactively?

 

[Aharon]

So I spent money with my Tyme bank card to buy fuel at BP, and when I got my printout from the card machine, I only got 320points(10 points per litre) for buying and swiping with my Tyme card? I thought it was double or bonus smart shopper points when you pay with your Tyme card? Are the points given retroactively?

The other points are your normal tyme spend points that get credited in bulk once per month

 

[cavedog]

Luno finally has Tyme listed. Don't know whether to mark it Current or Savings account though. Does it matter?

It's a current account. When swiping selecting savings or current does not matter but when you load a debit order selecting saving will cause the debit order to return as unpaid so my advice. ALWAYS select current/cheque account for everything

 

[cavedog]

So I spent money with my Tyme bank card to buy fuel at BP, and when I got my printout from the card machine, I only got 320points(10 points per litre) for buying and swiping with my Tyme card? I thought it was double or bonus smart shopper points when you pay with your Tyme card? Are the points given retroactively?

The points you earned are points allocated instantly by PnP or BP. The other half of the points get paid to your smartshopper wallet once per month usually between the 1st to 5th of each month.

When you shop at picknpay you will only see the points earned at the till. The rest from Tyme Bank will be paid between the 1st to the 5th of the month. They usually send you a sms when they allocate it and how much you got.

 

[Swa]

It's a current account. When swiping selecting savings or current does not matter but when you load a debit order selecting saving will cause the debit order to return as unpaid so my advice. ALWAYS select current/cheque account for everything

OK, thanks.

 

[CamiKaze]

I opened a Tymebank account last week. How do I know that the card is linked to my current Smart Shopper Account?

 

[Aharon]

I opened a Tymebank account last week. How do I know that the card is linked to my current Smart Shopper Account?

Swipe it at the kiosk. If your points show, it's linked. If it says unregistered, it's not

 

[CamiKaze]

Swipe it at the kiosk. If your points show, it's linked. If it says unregistered, it's not

Cool.

Do I only get Smart Shopper double points if I pay with the Tymebank card or do I get double points if I only swipe?

 

[Aharon]

Cool.

Do I only get Smart Shopper double points if I pay with the Tymebank card or do I get double points if I only swipe?

Pnp will award you your normal points as long as you swipe one of your cards... Hopefully they linked and which card you swipe doesn't matter.

The double points come in when tyme calculate your card spend based on actually paying with your tyme card. These are credited once a month.

I think you get slightly more of the double points if the system sees the swipe as pnp, but you get extra points wherever you swipe.

 

[CamiKaze]

Pnp will award you your normal points as long as you swipe one of your cards... Hopefully they linked and which card you swipe doesn't matter.

The double points come in when tyme calculate your card spend based on actually paying with your tyme card. These are credited once a month.

I think you get slightly more of the double points if the system sees the swipe as pnp, but you get extra points wherever you swipe.

Thanks a lot. My cards are linked. I'll start moving money over to my tymebank card when I reach checkers and Engen caps with FNB.

 

[3WA]

Thanks a lot. My cards are linked. I'll start moving money over to my tymebank card when I reach checkers and Engen caps with FNB.

No need to do that. eBucks instore swipe (1.5% or more) plus Smartshopper (0.5%) is a better reward than double Smartshopper (1%). Only move to your Tymebank card if you max out your eBucks instore cap (R7500 on Gold, higher on other accounts).

 

[CamiKaze]

No need to do that. eBucks instore swipe (1.5% or more) plus Smartshopper (0.5%) is a better reward than double Smartshopper (1%). Only move to your Tymebank card if you max out your eBucks instore cap (R7500 on Gold, higher on other accounts).

The cap at Checkers and Engen on FNB is R1750 each.

 

[Aharon]

Is the 1750 a spend limit or reward limit?

 

[CamiKaze]

Is the 1750 a spend limit or reward limit?

Spend

 

[3WA]

The cap at Checkers and Engen on FNB is R1750 each.

Yes, at Checkers the cap is for 15% back on R1750. At any other store, swiping gives you back at least 1.5% on R7500.

 

[CamiKaze]

Ok, so to confirm, it's best to stick to Checkers until you reach the threshold of R7500.

So I can Swipe FNB, Checkers rewards and Tymebank card in one go?