Tyme Bank Goal Save

[christsim]

I've just opened a Tyme Bank account and trying to figure out how the goal save account works exactly.
I know that after 90 days the interest rate goes up to 9% (and 10% if i wait a bit), but what happens if I add funds after the 90 days, does the goal save reset back to 6%, or does it keep track of the separate funds at 6%?

 

[supersunbird]

I've just opened a Tyme Bank account and trying to figure out how the goal save account works exactly.
I know that after 90 days the interest rate goes up to 9% (and 10% if i wait a bit), but what happens if I add funds after the 90 days, does the goal save reset back to 6%, or does it keep track of the separate funds at 6%?

Newer savings into the goalsave also gets 9%

 

[christsim]

Ok, awesome. Thanks for clearing that up.

 

[Kosmik]

Ok, awesome. Thanks for clearing that up.

Just remember you can only draw it in its entirety. So it doesnt hurt to open two or three, put some money in there so it ticks over to 9%. When you need partial cash, cash out one and redeposit the balance into the other.

 

[ArmatageShanks]

Just remember you can only draw it in its entirety. So it doesnt hurt to open two or three, put some money in there so it ticks over to 9%. When you need partial cash, cash out one and redeposit the balance into the other.

Wonder how long before they get rid of that ability.

 

[LCBXX]

Just remember you can only draw it in its entirety. So it doesnt hurt to open two or three, put some money in there so it ticks over to 9%. When you need partial cash, cash out one and redeposit the balance into the other.

I got around this by creating several Goalsaves; I think the limit is 10. I put different amounts into each so when the time comes where I need some savings I don't have to cash out from one big Goalsave.

 

[Kosmik]

Wonder how long before they get rid of that ability.

Why? From the banks perspective, whether its in one goal save or another, they still have it as liquidity for trade.

 

[christsim]

Also, do you get 10% interest on your interest every month? Even if you are already at the max goalsave amount?

 

[backstreetboy]

Anybody signed up with Tymebank?

https://www.tymebank.co.za/banking/personal/everyday-account/ Looks cheap, no monthly fees, no swipe fees. Free withdrawals at pick and pay. 10 linked saving accounts, where capitec is limited to 4 extra. Double smart shopper points, its linked to your card so you don't have to even swipe...

mybroadband.co.za

 

[CrazyBob]

Also, do you get 10% interest on your interest every month? Even if you are already at the max goalsave amount?

Only 9% every month. You only get 10% on the last month if you choose a delayed cashout.

But yes, I believe you still get interest once you've reached the max amount of contributions.

 

[zerocool2009]

Just read the fine print on the interest rate ... it is actually lower than specified

 

[t_girl]

Just read the fine print on the interest rate ... it is actually lower than specified

Please explain

 

[mr_norris]

Just read the fine print on the interest rate ... it is actually lower than specified

No it's not. What hat did you pull that rabbit out of? I have been earning 9% on all my goalsave accounts for months now.

 

[mr_norris]

Main website link describing how the interest rates work.

T&C's link describing much the same (point 29).

Transaction history from one of my Goalsave accounts, where you see the interest rate changing:



And a snapshot of two of them showing 9%:

 

[zerocool2009]

No it's not. What hat did you pull that rabbit out of? I have been earning 9% on all my goalsave accounts for months now.

Can you confirm it is interest on interest ?

Nice read actually to understand why African Bank offeres 13%, but it is actually 10.75%

Understanding your interest rate

You may have seen an advert for a five-year fixed deposit offering an interest rate of 13.3% on maturity.

mayaonmoney.co.za

Trying to see if this is the same case with Tyme

 

[mr_norris]

Can you confirm it is interest on interest ?

Yeah, interest is compounded. From their T&C's:

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.

 

[mr_norris]

Nice read actually to understand why African Bank offeres 13%, but it is actually 10.75%

I actually forgot about African Banks offering. 10.75% is pretty good. I think what put me off with them was the 5 year lock on the dosh. As I use Tyme for my emergency fund, I prefer quick access.

 

[namzsteve]

I actually forgot about African Banks offering. 10.75% is pretty good. I think what put me off with them was the 5 year lock on the dosh. As I use Tyme for my emergency fund, I prefer quick access.

But doesn't hurt to just put something into African Bank... Have done that just to get the 10% they're offering

 

[t_girl]

Can you confirm it is interest on interest ?

Nice read actually to understand why African Bank offeres 13%, but it is actually 10.75%

Understanding your interest rate

You may have seen an advert for a five-year fixed deposit offering an interest rate of 13.3% on maturity.

mayaonmoney.co.za

Trying to see if this is the same case with Tyme

where did you read the fine print?

 

[blunt]

Can you confirm it is interest on interest ?

Nice read actually to understand why African Bank offeres 13%, but it is actually 10.75%

Understanding your interest rate

You may have seen an advert for a five-year fixed deposit offering an interest rate of 13.3% on maturity.

mayaonmoney.co.za

Trying to see if this is the same case with Tyme

Also interested in this, what is the "effective" interest rate with Tyme - are they pulling an Absa and using semantics or is it legit like If you put 100k in Investec it's +- 7.2% effective