In the dynamic realm of banking, where convenience, accessibility, and innovation reign supreme, TymeBank emerges as a beacon of change, revolutionizing the traditional banking paradigm in South Africa. Founded in 2015 with a mission to provide inclusive banking solutions, TymeBank has swiftly evolved into a trailblazer in the digital banking sphere. This comprehensive review delves into the essence of TymeBank, its array of products, the advantages it offers, potential drawbacks, and a step-by-step guide on how to embark on your banking journey with TymeBank.
Overview of TymeBank
TymeBank stands as a transformative force in the South African banking sector, revolutionizing traditional banking norms with its innovative approach and unwavering commitment to financial inclusion. Founded in 2015 with a vision to democratize banking services, TymeBank has rapidly evolved into a digital banking powerhouse, leveraging cutting-edge technology to reach millions of customers across the nation.
Headquartered in Rosebank, Johannesburg, TymeBank operates exclusively in the digital realm, eschewing traditional brick-and-mortar branches in favour of a streamlined, user-centric approach to banking. This forward-thinking strategy enables TymeBank to transcend geographical boundaries, ensuring that banking services are accessible to all South Africans, regardless of their location or socioeconomic status.
As of 2024, TymeBank boasts a customer base exceeding 8.5 million, a testament to its unparalleled success and unwavering popularity among consumers. This remarkable milestone underscores TymeBank’s pivotal role in fostering financial empowerment and inclusion, empowering individuals to take control of their financial futures with confidence and ease.
At the heart of TymeBank’s success lies its strategic partnerships with leading retail chains such as Pick n Pay and Boxer, which host a network of self-service kiosks facilitating seamless account opening and banking transactions. This innovative approach eliminates the need for physical branches, reducing operational costs and barriers to entry while maximizing convenience for customers.
In 2017, TymeBank made history by becoming the first bank in South Africa to operate exclusively online, earning the approval of the Prudential Authority of the South African Reserve Bank (SARB). This groundbreaking milestone underscored TymeBank’s commitment to innovation and excellence, paving the way for a new era of digital banking in the nation.
TymeBank Products
TymeBank offers a comprehensive suite of products designed to cater to the diverse needs and aspirations of its customer base. Rooted in the principles of accessibility, affordability, and innovation, these products empower individuals to achieve financial freedom and security while enjoying unparalleled convenience and flexibility.
- EveryDay Account: At the core of TymeBank’s offerings lies the EveryDay Account, a versatile transactional account designed to meet the everyday banking needs of customers. With no monthly service fees and a transparent fee structure, the EveryDay Account puts control back in the hands of customers, ensuring that they only pay for the banking services they use. Customers can access their funds conveniently through TymeBank’s digital platform or at selected Pick n Pay and Boxer stores, enjoying free transactions and cash withdrawals at participating retailers.
- GoalSave: TymeBank’s GoalSave feature revolutionizes the concept of savings, offering customers a flexible and rewarding way to achieve their financial goals. With GoalSave, customers can set savings targets and earn competitive interest rates on their deposits, helping them grow their wealth over time. Whether saving for a dream vacation, a new home, or a rainy day fund, GoalSave empowers customers to take control of their financial futures with confidence and ease.
- MoreTyme™: MoreTyme™ represents a groundbreaking innovation in the retail space, offering customers the flexibility to make purchases in installments without accruing interest or fees. With MoreTyme™, customers can enjoy the convenience of buy-now-pay-later shopping at over 5,500 physical stores and 1,200 e-commerce sites nationwide, enhancing affordability and financial flexibility while minimizing financial strain.
- TymeHealth: TymeBank recognizes the importance of holistic well-being and offers TymeHealth, an affordable healthcare insurance cover designed to provide peace of mind and security for customers and their families. With access to a vast network of healthcare providers and essential medical services, TymeHealth ensures that customers can access quality healthcare when they need it most, without worrying about exorbitant costs or financial constraints.
- Family Protect Funeral Cover: In times of uncertainty, TymeBank’s Family Protect Funeral Cover offers a safety net for customers and their loved ones, providing financial security and support during challenging times. With customizable coverage options and affordable premiums, Family Protect Funeral Cover ensures that customers can honor their loved ones’ legacies with dignity and respect, alleviating the burden of financial stress during difficult times.
Internet Banking
While opening accounts with traditional banks may be a tedious process, according to the bank’s website, it only takes 5 minutes to open a Tyme Bank account. Well, I put this to test and opened a new account to check if I would able to open an account in 5 minutes or less.
Indeed, I opened my account in just 4:08 minutes to be exact. The process was fast and easy, it has a very user-friendly system with no complex terms. However, this doesn’t include reading the terms and conditions of Tyme bank.
It’s so surprising that you can open an account in South Africa so fast and easily without any need of a paperwork.
My team and I concluded that this is one of the best online business platforms in South Africa after the Companies Intellectual Property Commission platform.
TymeBank Everyday Account
Benefits
- No monthly service fees
- Charged only for selected transactions
- Get double smart shopper points when you use your Tyme Bank card at any pick n pay
- Up to 10% interest per year on your savings
- You get a free visa debit card
- Free online shopping
Rates
- Pay R7 for every deposit made at pick n pay and Boxer stores
- Pay R3 on cash withdrawal at other retailers
- R3 on external debit orders
- Pay R3 for bank inquiries on other ATMs
- Pay R2 for a declined transaction
- Debit card replacement at R70
- You get free monthly administration fee, internal debit order, smart app subscription, and internet banking subscription
Card Application:
- Your South African ID number
- Your South African cellphone number
- You must be 16 years or older to open a TymeBank account
TymeBank Credit Card
Benefits
- Earn 4 times smart shopper points when you swipe with the credit card at Pick n Pay.
- Up to 55 days interest free credit.
- Free secondary cards at no extra cost.
- Free door delivery for the first personalised credit card.
- Credit purchases don’t charge a fee.
- Free SMS notifications.
Rates
- Once off initiation fee of R160.00.
- Monthly service fee of R40.00.
- Late payment fee of R100.00.
- Overseas purchase fee of 2% of the transaction value.
- ATM balance enquiry of R6.00.
- ATM cash withdrawal fee of R8.00 per R1000.00.
- Pick n Pay in store cash withdrawal fee of R3.00 per R1,000.00.
Speed
It takes 15 minutes to apply for a bank account online with FNB as a first-time account applicant. The process can be significantly slowed down by the awfully lengthy FICA verification.
FNB seemed to be quicker when applying for a bank account compared to the other five big banks. For instance, Capitec bank requires you to visit your nearest branch to complete the account opening process.
To register for internet banking with Standard Bank, FNB and Nedbank you need to have a debit card. If you have done the application online you will have to wait for days to get started.
Capitec bank makes it even worse to register for internet banking. You will need to go to a Capitec branch to activate your internet banking. I find this laborious considering that in this age, banking has been made easy.
The bank charges are my most favourite part of TymeBank debit card. Considering that this is a first-time card, the benefits are just so much. Unlike many banks, you don’t have to pay a monthly fee to enjoy them.
Tyme Bank debit card is probably the best debit card in South Africa in terms of affordability. It is, of course, trailed closely by the Capitec bank debit card.
This card beats every debit card in its category when it comes to saving on bank charges. Almost everything is free except for withdrawals and debit orders.
You cannot find any debit card that charges R0 monthly service fees, obviously, except for student debit cards.
Tyme bank Competitive disadvantages
It might not be easy to pass TymeBank security check but surely the system can be bypassed. In as much as the system is still new, the vulnerability is there and has to be addressed.
While other banks in South Africa use a combination of TymeBank type of security check system along with physical verification, TymeBank is only using a digital security check for activating accounts. This exposes the bank to criminal exploitation because of this vulnerability.
Those that are not tech-savvy, using TymeBank might prove to be a bit difficult with the older generation, fond of old ways of banking finding TymeBank to be a bank for the youth and tech-savvy
There are still people who like going to the bank to get their bank statements or open a bank account. TymeBank doesn’t cater for such individuals.
How to Get Started with TymeBank: A Simple Guide
Embarking on your banking journey with TymeBank is a straightforward process:
- Download the App: Visit the app store on your smartphone and download the TymeBank app to access a world of banking convenience and innovation.
- Register: Follow the prompts to register for an account, providing the required information and verifying your identity to unlock the full suite of TymeBank products and services.
- Choose Your Product: Select the TymeBank product that best aligns with your financial goals and lifestyle preferences, whether it’s an Everyday Account, GoalSave, MoreTyme™, TymeHealth, or Family Protect Funeral Cover.
- Start Banking: Once your account is set up, you can start banking digitally, accessing a range of features and services at your fingertips, including fund transfers, bill payments, savings goals, and much more.
Is Tyme Bank Safe
The short is answer is YES, Tyme Bank is owned by Africa Rainbow Capital a JSE Listed firm which was founded by South Africa’s first black billionaire Patrice Motsepe. It is therefore reasonable to say it has complied with all the regulatory frameworks around operating a bank of this nature. Furthermore TymeBank is an Authorised Financial Services (FSP 49140) and Registered Credit Provider (NCRCP 10774). Tyme Bank Limited Reg no: 2015/231510/06
Since we first published this review, we have received a number of complaints from clients. Most of which we have further reviewed but we haven’t experience much challenges with Tyme Bank as a bank. If you have a problem with any of their services you can email them on service@tymebank.co.za or call 0860 999 119
