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TymeBank has positioned itself as one of the most cost-effective banks in South Africa, offering low fees and transparent charges. With a commitment to financial accessibility, the bank provides a range of services catering to both individual and business needs.
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The EveryDay Account Advantage
No Monthly Fees and Free Transactions
TymeBank’s EveryDay Account holders enjoy a fee-free banking experience, setting it apart from many traditional banks. The account comes with several complimentary transactions, including:
- Free cash withdrawals at Pick n Pay and Boxer till points.
- Zero fees for prepaid airtime purchases.
- No monthly account fee.
- Free everyday banking activities such as balance enquiries, debit card purchases, and local online purchases.
- Business banking activities like proof of account and beneficiary payment notifications via online banking and the mobile app are also free of charge.
Options for Reduced Charges
Account holders have the flexibility to minimize transaction charges. For instance, ATM withdrawal charges can be avoided by utilizing TymeCode for cash withdrawals at Pick n Pay or Boxer till points. Additionally, using TymeCode makes the withdrawal charge at Pick n Pay using your debit card free of charge.
TymeBank’s Remarkable Growth
Pioneering Digital Banking Profitability
In December 2023, TymeBank achieved a significant milestone by becoming the first digital bank in South Africa to generate a monthly profit. This groundbreaking achievement marked its profitability within five years of its launch in February 2019, making it the first digital bank in Africa to break even.
Impressive Customer Onboarding
TymeBank’s success is further underscored by its substantial customer base, having onboarded more than 8.5 million customers. In a statement, the bank expressed pride in this accomplishment, highlighting that less than half of the top 100 digital banks globally are profitable.
Transparent Charges and Fees
Fee-Free Transactions
Many transactions for TymeBank’s EveryDay Account holders come with no charges. These include:
- Debit card purchases
- Local online purchases
- Prepaid electricity purchases
- Airtime, data, and SMS bundle purchases
- Bill payments
- Withdrawal at Pick n Pay and Boxer till points using TymeCode
- Balance enquiry on the banking app, online banking, and TymeBank kiosk
- First cash deposit at a till point
- Electronic Funds Transfer (EFT) to TymeBank account
- EFT to non-TymeBank account
- PayShap payment
- SendMoney from TymeBank to TymeBank
- Debit orders
- In-app message notification
- Beneficiary payment notification (app and online banking)
- 12-months bank statement (via app, online banking, and email)
- Proof of account (app and online banking)
- Initial visa debit card
- First Add Money
- Debit order dispute within 40 days (when helped by the customer service centre)
Charges for Other Transactions
While many transactions are free, TymeBank does have charges for certain transactions. Here are some notable charges:
| Transaction | Charges/Fees |
|---|---|
| Lotto/Powerball | R3 |
| International online and card machine purchases | R3 |
| Vouchers (e.g., 1ForYou) | R3 |
| Debit card cash withdrawal at all retailers (including PnP) | R3 |
| Local ATM withdrawal (all ATMs) | R10 per R1,000 or part thereof |
| International ATM withdrawal | R70 |
| Debit card balance enquiry at local ATMs | R3 |
| Debit card balance enquiry at international ATMs | R7 |
| Debit card cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| TymeCode cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| Immediate payment | R7 per R1,000 or part thereof, capped at R35 |
| Cash voucher withdrawal | R7 |
| SMS transaction notification | R0.50 |
TymeBank Business Account Charges
Business Account Benefits
TymeBank extends its transparent and affordable approach to business banking. EveryDay business account holders enjoy numerous free transactions, similar to the EveryDay Account. However, specific charges apply to certain business transactions.
Fee-Free Business Transactions
Business account holders enjoy fee-free transactions, including:
- Debit card purchases
- Local online purchases
- Prepaid electricity purchases
- Airtime, data, and SMS bundle purchases
- Bill payments
- Withdrawal at Pick n Pay and Boxer till points using TymeCode
- Balance enquiry on the banking app, online banking, and TymeBank kiosk
- First cash deposit at a till point
- EFT to TymeBank account
- EFT to non-TymeBank account
- PayShap payment
- SendMoney from TymeBank to TymeBank
- Debit orders
- In-app message notification
- Beneficiary payment notification (app and online banking)
- 12-months bank statement (via app, online banking, and email)
- Proof of account (app and online banking)
- Initial visa debit card
- First Add Money
- Debit order dispute within 40 days (when helped by the customer service centre)
Charges for Business Transactions
Specific charges apply to certain business transactions, including:
| Transaction | Charges/Fees |
|---|---|
| International online and card machine purchases | R3 |
| Vouchers (e.g., 1ForYou) | R3 |
| Debit card cash withdrawal at all retailers (including PnP) | R3 |
| Local ATM withdrawal (all ATMs) | R10 per R1,000 or part thereof |
| International ATM withdrawal | R70 |
| Debit card balance enquiry at local ATMs | R3 |
| Debit card balance enquiry at international ATMs | R7 |
| Debit card cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| TymeCode cash deposit at Pick n Pay and Boxer till points | R7 per R1,000 or part thereof |
| Immediate payment | R7 per R1,000 or part thereof, capped at R35 |
| Cash voucher withdrawal | R7 |
| SMS transaction notification | R0.50 |
TymeBank’s Commitment to Affordability and Accessibility
In conclusion, TymeBank stands out as a banking institution committed to affordability and accessibility. With its transparent fee structure, free transactions