Quick Summary
Opening a TymeBank account is a quick and easy process that can be done online. By following a few simple steps, you can have access to a range of banking services, including a Visa debit card, instant money transfers, and the ability to earn interest on your savings. With low fees and convenient access to your account, TymeBank offers a hassle-free banking experience for South Africans.
Introduction
Opening a bank account is an essential step in managing your finances and accessing various banking services. If you’re looking for a convenient, accessible, and affordable option in South Africa, TymeBank might be the perfect choice for you. As a fully digital bank, TymeBank allows customers to open an account online within minutes without the need to visit physical branches or complete paperwork.
In this blog post, we will guide you through the process of opening a TymeBank account and provide information on its benefits and fees. Whether you want to shop online with ease or earn interest on your savings, TymeBank offers numerous features that cater to different financial needs.
So let’s dive into how you can open a TymeBank account hassle-free!
How to Open a TymeBank Account
Step 1: Visit the TymeBank website
To open a TymeBank account, start by visiting their official website at https://www.tymebank.co.za/personal-banking/accounts/everyday-account/. This is where you will find all the necessary information and steps to proceed with opening an account.
Step 2: Click on “Open an Account”
Once you are on the TymeBank website, look for the “Open an Account” button. It is usually prominently displayed on their homepage or in a dedicated section related to account openings. Clicking this button will take you to the application process.
Step 3: Fill in the required information
The next step involves filling out your personal details and providing relevant information as requested by TymeBank. This may include your full name, contact details such as phone number and email address, residential address, identification documents (such as ID or passport), employment status, income details if applicable, etc.
Step 4: Choose the type of account
TymeBank offers different types of accounts tailored to meet various banking needs. During this step of opening your account online with them, you’ll need to select which type suits you best. For example:
- EveryDay Account – A basic transactional bank account that allows everyday banking activities like deposits, withdrawals, and payments.
- GoalSave Savings Tool – An interest-bearing savings tool designed to help customers save towards specific goals while earning up to 11% interest per year.
Step 5: Review and agree to the terms and conditions
Before proceeding further, you should carefully review the terms and conditions set by TymeBank. These are important documents outlining the rules, policies, and agreements associated with your bank account. Make sure to read them carefully before agreeing to comply with all the requirements. Once you have understood and accepted the terms, proceed to the next step.
Step 6: Submit your application
After filling in all the required information and agreeing to the terms and conditions, you can submit your completed application. TymeBank will review your submission for approval.
Step 7: Receive your Visa debit card
Once your application is approved, you will receive a TymeBank Visa debit card. This debit card can be used for online shopping as well as withdrawals at ATMs. It’s a very convenient way to manage and your bank account transactions.
Step 8: Access your account online or at selected stores
With a TymeBank account, you have multiple options to access it conveniently. You can log in online using their website or download their mobile app on iOS, Android, and Huawei devices. The app allows you to check balances, make transfers, pay bills, and perform other banking activities. Additionally, TymeBank has partnered with selected stores such as Pick n Pay, Boxer, TFG (The Foschini Group), and other local retailers where you can easily access and service your account.
By following these steps carefully, you will be able to open an EveryDay Account with TymeBank and access all the benefits it offers.
Benefits of Opening an EveryDay Account with TymeBank
TymeBank offers a range of benefits when you open an EveryDay account. Here are some advantages that come with being a TymeBank customer:
1. Shop online anywhere with your Visa debit card:
With your TymeBank Visa debit card, you can make secure and convenient online purchases from any website or e-commerce platform that accepts Visa cards.
2. Send money instantly between different banks using PayShap:
Say goodbye to the hassle of waiting for funds to transfer between accounts at different banks. With TymeBank’s PayShap feature, you can send money instantly to other bank accounts in South Africa without any delays.
3. Earn up to 11% interest per year with GoalSave:
Take advantage of the GoalSave savings tool offered by TymeBank and earn competitive interest rates on your savings balance – up to 11% per annum! Set financial goals and watch as your savings grow over time.
4. Get Your Salary Paid A Day Early With EarlyPay:
Enjoy the convenience of receiving your salary one day earlier than usual through the EarlyPay feature provided by TymeBank.
5. Withdraw cash at over 15,000 store till points:
Need cash? No problem! You can withdraw cash conveniently from over 15,000 store till points across South Africa, including local spaza shops.
6. Use Your Visa Debit Card To Withdraw Cash From Any ATM:
In addition, you have the accessibility option where customers can use their Visa debit cards not only for withdrawing cash but also for shopping online.
These benefits make banking easier and more rewarding for every individual who chooses to open an EveryDay account with TymeBank.
TymeBank Fees and Charges
TymeBank offers free banking, meaning you won’t have to pay any monthly account fees. However, there are some charges for certain transactions that you may incur while using your TymeBank account.
Cash Withdrawals:
- You can withdraw cash at over 15,000 store till points across South Africa without incurring any additional charges.
- If you choose to withdraw cash from an ATM using your TymeBank Visa debit card, a small fee will apply.
Bill Payments:
Paying bills through the EveryDay Account is easy and convenient with low transaction fees.
Balance Inquiries:
Checking your balance or getting a mini statement at selected stores incurs no extra charge.
International Debit Card Transactions:
When making international purchases or withdrawals with your TymeBank Visa debit card outside of South Africa, specific fees will be applicable based on the currency conversion rates and other factors determined by VISA International Ltd., which operates independently of TYME Bank Limited (the issuer).
It’s important to note that these charges are subject to change as per bank policies; therefore it is advisable always to check their official website for updated information regarding current pricing structures before conducting such transactions.
Frequently Asked Questions
Question 1: How long does it take to open a TymeBank account?
Opening a TymeBank account is quick and easy. The online application process takes just a few minutes to complete, and once your application is submitted, it will be reviewed for approval. Once approved, you can expect to receive your Visa debit card within 2-3 business days.
Question 2: What documents do I need to open a TymeBank account?
To open a TymeBank account, you will need the following documents:
- South African ID or Smart Card
- Proof of residence (such as utility bill or bank statement)
- Your smartphone with internet access
These documents are required in order to verify your identity and address during the registration process.
Question 3: Can I open a TymeBank account if I am not a South African citizen?
Yes! Non-South African citizens who have valid residency permits are eligible to apply for an EveryDay Account with TymeBank. You will still need all the necessary identification documentation mentioned earlier along with proof of residency status in South Africa.
Question 4: Can I open joint accounts with TymeBank?
Currently, TymeBank only offers individual accounts; they don’t provide joint accounts at this time.
Question 5: How do I deposit money into my TymeBank account?
Depositing money into your TymeBank account is simple. You can make deposits through various methods such as:
- Cash Deposits at selected Pick n Pay and Boxer till points
- EFT transfers from other banks using your unique reference number provided by TymeBank
Question 6: Can I use my TymeBank Visa debit card internationally?
Yes, you can use your TymeBank Visa debit card internationally. However, it’s important to note that there may be fees associated with international transactions. Please refer to the TymeBank website for more information on these fees.
Question 7: How do I access my TymeBank account online?
You can easily access your TymeBank account online by visiting their website and logging in with your username and password. Alternatively, you can also download the TymeBank mobile app on iOS, Android, or Huawei devices for convenient access to your account anytime, anywhere.
Question 8: What are the fees for using TymeBank services?
TymeBank offers free banking with low charges only for specific transactions such as cash withdrawals at ATMs (a small fee applies), bill payments, and balance inquiries. The exact details of all applicable fees can be found on the TymeBank website under their Fees section.
Question 9: Can I open a TymeBank account if I have a bad credit history?
Yes! Unlike traditional banks that may require a good credit score to open an account, TymeBank does not perform credit checks when opening accounts. This means that even if you have had financial difficulties in the past, you are still eligible to open an EveryDay Account with them.
Question 10: How do I contact TymeBank for assistance?
If you need any assistance or have further questions about opening an EveryDay Account with TymeBank, you can easily reach out to their customer support team. You can visit their help center on their website where they provide answers to numerous frequently asked questions. Additionally, their mobile app also has built-in chat functionality where customers can speak directly to a representative from Monday-Friday between 08h00-17h00.
