Anybody signed up with Tymebank?

MikeCTZA

Expert Member
Joined
Jan 18, 2008
Messages
2,506
Saw this in the latest iOS app and thought I'd share incase others hadn't seen it:

New fee for transaction SMSs
From 1 Dec 2021, transaction SMSs will cost 30c each. But thanks to FREE push notifications for your transactions, you don't need the SMSs, and you can turn them off in your settings right now.
 
  • Like
Reactions: 3WA

electrix

Senior Member
Joined
Nov 19, 2010
Messages
664
I dont see the IMMEDIATE EFT toggle in the new app

41dbd9280f718ed516af7111e8be6392.jpg



Also note the fees.

1591c15c016436389887797caabd76ac.jpg
 

TheChamp

Honorary Master
Joined
Feb 26, 2011
Messages
43,056
Someone I know is trying to open a Tymebank account, but got some SMSes, which I didn't get when I opened an account. Also received the below email, which I never got when I opened my account. Any ideas if it is legit @TymeBank ZA ?

View attachment 1169664
I had the same issue but it was sorted out as soon as I forwarded the SAFPS letter, but it wasn't a surprise for me, I would be very worried if I were that person.
 

fire2029

Well-Known Member
Joined
Oct 16, 2019
Messages
149
Can anyone please explain the Goal Save bonus.

Let's assume I do not have my salary paid into my account.

If I give 10 days notice prior to a payout, is the 7% applied to the last 10 days only?
 

SarelSeemonster

Expert Member
Joined
Oct 15, 2008
Messages
1,019
Can anyone please explain the Goal Save bonus.

Let's assume I do not have my salary paid into my account.

If I give 10 days notice prior to a payout, is the 7% applied to the last 10 days only?
"Customers are eligible for the “GoalSave Bonus” when 10 days’ notice is given on a GoalSave withdrawal. The Bonus amount is calculated as [all interest earned over life of GoalSave] x [7% / 6% -1]. This incremental payment results in the maximum interest paid during the life of the GoalSave increasing from 6% to 7%."

 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
57,670
Can anyone please explain the Goal Save bonus.

Let's assume I do not have my salary paid into my account.

If I give 10 days notice prior to a payout, is the 7% applied to the last 10 days only?

If it worked like that we would never say "wait the 10 days", and we always say, "wait the 10 days if you can"
 

joker08

Expert Member
Joined
Sep 4, 2018
Messages
1,664
I got an sms notification that I can apply for a tyme bank credit card. Has anyone signed up yet?
What are the fees ?
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
57,670
I got an sms notification that I can apply for a tyme bank credit card. Has anyone signed up yet?
What are the fees ?

1638173744794.png



I see they are hiding their fees, is there a current "ra ra Tymebank is the best" fanboy who can explain this? Given is RCS, I think it is going to be a high per month fee.
 

Conack

Expert Member
Joined
Oct 3, 2005
Messages
2,167
The Tyme rep has always been very clear about that and that's a big revenue stream for them.

For what the Tymebank proponents use their service for (letting 100k accumulate very good interest rates), it's pretty good.
They're definitely not a normal bank replacement.
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
29,779
I got an sms notification that I can apply for a tyme bank credit card. Has anyone signed up yet?
What are the fees ?
View attachment 1203292



I see they are hiding their fees, is there a current "ra ra Tymebank is the best" fanboy who can explain this? Given is RCS, I think it is going to be a high per month fee.
Last I called them it was R60 p/m.
The Tyme rep has always been very clear about that and that's a big revenue stream for them.

For what the Tymebank proponents use their service for (letting 100k accumulate very good interest rates), it's pretty good.
They're definitely not a normal bank replacement.
Sure they are. If you don't need a credit card they're perfect.
 

TheChamp

Honorary Master
Joined
Feb 26, 2011
Messages
43,056
Standard bank has been full of their usual nonsense so I decided to change my banking details to get my salary into the Tyme account, do I reap the interest benefits immediately or what happens?
 

TymeBank ZA

Member
Joined
Oct 7, 2021
Messages
11
Standard bank has been full of their usual nonsense so I decided to change my banking details to get my salary into the Tyme account, do I reap the interest benefits immediately or what happens?
You sure do. Besides the low fees, in terms of GoalSave, you will immediately get 4% interest rate on your savings. And since you've moved (great move) you qualify for the maximum 8% interest rate. Check out our website for more info. https://www.tymebank.co.za/
 

TymeBank ZA

Member
Joined
Oct 7, 2021
Messages
11
Standard bank has been full of their usual nonsense so I decided to change my banking details to get my salary into the Tyme account, do I reap the interest benefits immediately or what happens?
Also welcome to TymeBank. You will have a great time with us. Shout if you need anything.
 
Top