Anybody signed up with Tymebank?

[TheJman]

Your total on month 1 would be R100 000 + R750 (where it was R100k capital and R750 interest)

So the next calculation would be interest on R100 750

TymeGuy -> Please confirm (I am sure it is compounded per month)

Thanks man! Yeah, my concern is whether it compounds once you hit the R100k

 

[zerocool2009]

Which compounded monthly at 9% p/a (and not daily as I'm almost sure it isn't) would make your total at the end of month 2 ...R101,505.63

I can see is accrued daily and paid out monthly

 

[zerocool2009]

Thanks man! Yeah, my concern is whether it compounds once you hit the R100k

I am testing this now with R100K myself.

So far as I could understand, the R100K is capital only

But it compounds from R1 also ( l o l )

 

[MirageF1]

I can see is accrued daily and paid out monthly

How do you know? Can you confirm it via compound interest calc?
The diff is slight...but some banks don't for obvious reasons.

 

[zerocool2009]

How do you know? Can you confirm it via compound interest calc?
The diff is slight...but some banks don't for obvious reasons.

I can see day per day in my account :

1) Accrued interest earned : R xxx
2) at month end (that interest pay out)

I will see it this month end (as I pumped alot of capital into a few goalsavers)

 

[zerocool2009]

How do you know? Can you confirm it via compound interest calc?
The diff is slight...but some banks don't for obvious reasons.

This was my test case with R50



I am happy what I see

 

[mr_norris]

1. The interest goes back to the GoalSave, could we not have an option to shift it elsewhere?
2. Although you can't deposit more into the goalsave, if the interest continues to accrue will the monthly calculations take into account the max deposited capital plus earned interest to work out the interest? Or do you only earn interest on the max ( 100k ) amount?

1. With every other savings account I have used, interest is paid to that account. What you are asking doesn't seem very feasible to me. They have probably worked their financials around the way they do it now. I don't see this changing. The interest rate is pretty much the best in terms of savings accounts, I think it's fair that the rules they have in place isn't much to ask.
2. You earn interest on the balance of the goalsave. That's whatever you've deposited + interest paid out. A quote from the T&C's if you are concerened, but otherwise I have seen the growth in my own account:

29.2. Interest rates quoted are annual rates, and compounding is monthly, calculated on the first day of the month, and based on average monthly balances. Average monthly balances are based on daily end of day balances.

 

[MirageF1]

29.2. Interest rates quoted are annual rates, and compounding is monthly, calculated on the first day of the month, and based on average monthly balances. Average monthly balances are based on daily end of day balances.

This ^^^
As I suspected.

 

[Kosmik]

Thanks chaps.

Regarding interest payout, its actually quite common with a few banks to nominate a beneficiary account outside of the capital one.

 

[TymeBank]

Close to 48 hours; same pending for approval. Are you guys really banking with this bank?

Drop me a PM with your account number and I'll make sure this is attended to for you

Nope, no response yet.

Yeah, the app worked on Android 9. Only have the issue after upgrading to Android 10.

My other banking apps work fine on Android 10, so it's obviously Tyme's app that hasn't been updated to support Android 10.

My error says "unsafe device detected" and then gives me the option to launch internet banking via Chrome. I think this is the same error other users on Android 10 have reported a few pages back.

@TymeBank / @TymeGuy following up on Android 10 app support. A response would be highly appreciated.

Hey Shalin, we are aware of an issue with android 10, the last update from the team is that they are looking into it to rectify it as soon as possible to stabilize. We will update as soon as more info comes through.

1. With every other savings account I have used, interest is paid to that account. What you are asking doesn't seem very feasible to me. They have probably worked their financials around the way they do it now. I don't see this changing. The interest rate is pretty much the best in terms of savings accounts, I think it's fair that the rules they have in place isn't much to ask.
2. You earn interest on the balance of the goalsave. That's whatever you've deposited + interest paid out. A quote from the T&C's if you are concerened, but otherwise I have seen the growth in my own account:

Bit late to this discussion, but yes to confirm, interest accrued daily and is compounded monthly

 

[zerocool2009]

Thanks chaps.

Regarding interest payout, its actually quite common with a few banks to nominate a beneficiary account outside of the capital one.

TymeBank was "bloody smart" to force someone to totally CASH a goalsave out (leaving it for 10 days more to earn that extra 1%). To start another one again, you start with 6%

I think it is a business model.

But yes, most bank say pay out (to specified account) or reinvest the interest

 

[surface]

Drop me a PM with your account number and I'll make sure this is attended to for you

No worries. I have time. It is nice to see how "regular" applications get processed. Escalations are always processed quickly because of fear of social media backlash. But thanks for your help, it is much appreciated.

 

[cavedog]

Is it just me or is the layout on the internet banking on the mobi site messed up under the prepaid menu.

This is on a Samsung S10 default samsung browser. The layout is a mess after they added the prepaid electricity to the prepaid menu.

 

[Swa]

So another question. The interest is 15 days for the month so far but not paid yet. You decide to cash out and effectively "close" the account. What happens to that 15 days interest at the end of the month? Does it open the account again to pay it if you didn't open it yourself again?

With Capitec it's paid at the end of the month again so you end up with an account that's non zero again.

 

[cr@zydude]

TymeBank was "bloody smart" to force someone to totally CASH a goalsave out (leaving it for 10 days more to earn that extra 1%). To start another one again, you start with 6%

I think it is a business model.

But yes, most bank say pay out (to specified account) or reinvest the interest

Start 10 goal saves.

20% of your savings in each of 5 accounts.

R1 into each of the other 5.

Withdraw when you want.

Use what you need and then deposit R1 into and empty goal save.

Deposit unused money into 1 of the original accounts which held R1.

?????

Keep earning the high interest rate, profit.

 

[zerocool2009]

Anyone having issues moving money to GoalSaves ?

Been trying for 10 minutes now ... Just getting this

 

[jman]

So another question. The interest is 15 days for the month so far but not paid yet. You decide to cash out and effectively "close" the account. What happens to that 15 days interest at the end of the month? Does it open the account again to pay it if you didn't open it yourself again?

With Capitec it's paid at the end of the month again so you end up with an account that's non zero again.

Everything will go to your Everyday account and the GoalSave will be closed as soon as the money is transferred

 

[Swa]

Everything will go to your Everyday account and the GoalSave will be closed as soon as the money is transferred

Ok thanks, including the interest that still has to be added at end of the month?

 

[SarelSeemonster]

Anyone having issues moving money to GoalSaves ?

Been trying for 10 minutes now ... Just getting this

View attachment 741311

Yeah, I've seen the error before:

Anybody signed up with Tymebank?

Another suggestion. When withdrawing money from a GoalSave, you have the option to withdraw it as a lump sum, not something which many people would want. Will it be possible to only withdraw what you need instead of the entire amount?

mybroadband.co.za

In my case it happened when I tried to pay someone (EFT). Was on my PC, not the app. Tried a few times, eventually gave up and paid them from my Capitec account.

 

[unobeat]

Anyone having issues moving money to GoalSaves ?

Been trying for 10 minutes now ... Just getting this

View attachment 741311

Moved some money today to a goal save and no errors.