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I asked the exact same question a while ago...
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Anybody signed up with Tymebank?
- Thread starter Gtx Gaming
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zerocool2009
Executive Member
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- Sep 4, 2009
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I asked the exact same question a while ago...
The only thing that beat that is property (you can make 100% back in month 1 what you have spend).
Yep. Dumbass that I am I saw it only after reading most of the posts. Also realized all this info is on their site as well...I asked the exact same question a while ago...
zerocool2009
Executive Member
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Its still in "working hours"
Pansyfaust
Well-Known Member
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- Nov 8, 2010
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For anyone who has under 100K to save, there is a way to create a synthetic 10% compounding interest for 12 months. First you would have to open 10 different goal saves, priming them with R1 to get to 9%, and then start with one goalsave filled up, but has to be under 100K.
For arguments sake, lets say you have 90K and you start in one of them earning 9%. Then, 10 days before month end when they do the monthly compounding and payout, you request a payout and wait the 10 days, get your 0.111 * interest paid. You get your payout on the 1st of the new month, then immediately reinvest this, but also re-prime the goalsave with R1 for later down the line.
You repeat this procedure, withdrawing and reinvesting and at the end of the year you'll end up with ~R44 more XD.(based on 90K)
For arguments sake, lets say you have 90K and you start in one of them earning 9%. Then, 10 days before month end when they do the monthly compounding and payout, you request a payout and wait the 10 days, get your 0.111 * interest paid. You get your payout on the 1st of the new month, then immediately reinvest this, but also re-prime the goalsave with R1 for later down the line.
You repeat this procedure, withdrawing and reinvesting and at the end of the year you'll end up with ~R44 more XD.(based on 90K)
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Nah, too much hassle to do the above. And I think they'll start to notice a trend with that sort of thing.
supersunbird
Honorary Master
- Joined
- Oct 1, 2005
- Messages
- 60,142
Guess you don't have a Capitec Bank account (which has been similar for years).
Hi everyone, wondering if anyone can help me out.
I was not signed up with Tymebank for the 2019 tax year of assessment so I did not receive an IT3b. However, I would like to see the format and info they all provide.
Could anybody possibly share a copy of theirs (with details blurred or scratched out obviously) or let me know what it shows. Does it just show closing balance and interest earned or if you had no goal saves did you even receive an IT3b?
Thank you
I was not signed up with Tymebank for the 2019 tax year of assessment so I did not receive an IT3b. However, I would like to see the format and info they all provide.
Could anybody possibly share a copy of theirs (with details blurred or scratched out obviously) or let me know what it shows. Does it just show closing balance and interest earned or if you had no goal saves did you even receive an IT3b?
Thank you
Tinuva
The Magician
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- Feb 10, 2005
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- 12,478
Lord Nikon6
Expert Member
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- May 10, 2010
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- 1,419
Has anyone tried using a Tymebank card to tap in/out of the Gautrain stations or parking since they enabled this. I have tried multiple times, either get a card blocked or reading error.
I am guessing the transactions are not online ones, and therefore the card will not work?
I am guessing the transactions are not online ones, and therefore the card will not work?
backstreetboy
Honorary Master
- Joined
- Jun 15, 2011
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- 37,562
I see free business accounts coming soon also with GoalSave.
blunt
Expert Member
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- May 1, 2006
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Yeah for sole proprietors, I went to the kiosk but the kiosk was not working and I couldnt log in ..sigh.
"To open your business account, please upgrade your profile at a TymeBank kiosk."
Well so much for this plan. I have an African Bank card which is a Visa and pays interest on the transactional account. The ability to tap in on Gautrain was keeping the Tyme card in my wallet.
Since the R20 off promotion at Pick n Pay keeps failing for me, I think that I'm going to use Tyme purely as an investment product going forward.
Swa
Honorary Master
- Joined
- May 4, 2012
- Messages
- 31,217
Same here. With all the issues I really don't see the need to use it as a transactional account with no interest earned. It was dead on arrival. They'll have to make some changes if they want this to succeed.