Understanding the Benefits of GoTyme Bank’s Current Business Plus Account

As we enter a brand-new year, small business owners will consider practical ways to grow their businesses in 2025. GoTyme Bank, one of the world’s fastest-growing digital banks, recognises this dynamic and is committed to equipping entrepreneurs with the necessary tools and insights to fulfil their 2025 business resolutions.

Here, we will explore the GoTyme Bank Current Business Plus account, which enables small business owners to make fixed deposits and supports them in growing their businesses.

How Fixed Deposits work and why they’re a smart choice

A fixed deposit is an investment in which you place a specific amount for a predetermined period at a guaranteed interest rate. This secure investment yields steady returns, which explains its appeal to small business owners looking to utilise surplus funds to enhance their business capital through a banking feature that ensures a reliable reward.

Why GoTyme Bank’s Fixed Deposit offers the best interest rates

With GoTyme Bank’s fixed deposit, you can choose the duration for which you want your money to grow. You can invest as little or as much as you like. Since interest rates are vital for determining return on investment, GoTyme Bank’s Current Business Plus Account offers competitive interest rates, helping small business owners save more.

Choose a savings period that suits your needs: 3, 6, or 12 months. Indicate the amount you wish to save, and rest assured that your investment will yield a secure return. You could earn up to 9% interest, guaranteed over 12 months. The best part? You earn savings interest daily rather than monthly, allowing your money to grow faster, and you can open as many Fixed Deposit accounts as you wish!

How Fixed Deposits can boost your savings plan

Small businesses often struggle to maximise surplus funds. Thanks to compound interest, GoTyme Bank Business Account fixed deposits enable owners to use these extra funds effectively to earn interest while safeguarding their capital with minimal risk.

This strategy assists businesses in establishing a robust savings plan, laying the groundwork for future growth and financial stability.

Tips to get the most out of your GoTyme Bank Fixed Deposit

To maximise the benefits of a fixed deposit, small business owners should consider the following:

• Duration of the deposit. It’s recommended that you choose a longer tenure.
• Interest rate offered. Compare compound interest rates across banks and choose the best-tailored solution.
• Specific financial goals. Choose a solution best suited to your unique situation.
• Ladder your deposits. This means to spread your savings across different accounts or investment options with varying interest rates and maturity dates.
• Auto-renew on maturity. When the period of a contract or agreement ends, it will automatically renew without requiring you to take any action.

Deposits vs other savings options: Which is best for you?

Business owners should consider fixed deposits alongside various investment options to enhance their savings. While traditional savings accounts offer easy access to funds, fixed deposits generally provide higher interest rates and more secure returns.

GoTyme Bank’s Current Business Plus account enables business owners to diversify their savings, allowing them to make informed decisions that align with their long-term financial goals.

Secure your savings with GoTyme Bank’s Fixed Deposit Account

GoTyme Bank emphasizes security and transparency in its fixed deposit options, providing small businesses with a dependable way to protect and grow their savings. By utilising GoTyme Bank’s reliable platform, business owners can invest their money in fixed deposits with confidence, knowing that their interests are secure with a trustworthy digital bank.

How to use Fixed Deposits for long-term financial growth

Fixed deposits offer a valuable option for small businesses looking to enhance their finances over time. They allow small businesses to save money for expansion, mitigate financial risks, and prepare for upcoming investments.

GoTyme Bank’s Current Business Plus account allows small businesses to incorporate fixed deposits as a fundamental growth strategy.

Myths about Fixed Deposits: What you need to know

It is vital to dispel common myths and misconceptions about fixed deposits. Contrary to the belief that fixed deposits offer limited growth potential, GoTyme Bank’s competitive interest rates and customised deposit options challenge this notion.

By providing small businesses with a thorough understanding of fixed deposits, GoTyme Bank enables them to make informed decisions that align with their financial goals.

If you haven’t done so already, you can open a business or personal account with Current bank account online, without any paperwork or monthly fees. Even better, you only pay for the banking services you use.

Current bank account holders can withdraw cash at all Pick ‘n Pay and Boxer till points free of charge and can use their Visa debit card to withdraw money from any ATM for a small fee.

How to open a GoTyme Bank Business Account:

As a digital-first bank, the GoTyme Bank account provides simple and swift banking solutions for operating within the country. The Current Business Bank Account is a popular option for sole proprietors who haven’t registered their business with the CIPC (Companies and Intellectual Property Commission).

Entrepreneurs can also manage their business and personal finances through a single platform by selecting the new Current Account with Business benefits. Your business doesn’t need to be registered with the CIPC to qualify for this account.

How to open a GoTyme Bank Current Business Account:

• Download the GoTyme Bank app from the App Store or Google Play
• Ensure your documents are prepared
• Provide the necessary information and upload the required documents as directed
• Capture a selfie on the GoTyme Bank app to verify your account biometrically

How to open a GoTyme Bank Current Account Plus with Business Benefits:

• Launch your GoTyme Bank app
• Select My Profile
• Choose My Details
• Go to Business Benefits and click Get Started
• Press the Enable button
• Complete all your company information and click Submit

Open a Fixed Deposit Account in 3 easy steps:

1. Start by deciding how much money you wish to save and how long you intend to save it. Remember that you can choose a fixed term of 3, 6, or 12 months.
2. Ensure you have the funds you wish to invest in a readily accessible Current Account.
3. To start, log in to your GoTyme Bank app, select “New Fixed Deposit,” and follow the prompts provided.

Open a GoTyme Bank Account today

You can access all these tools to help you manage your savings, work towards your financial goals, and achieve financial wellness by opening a GoTyme Bank account in under five minutes. The GoTyme Bank app provides seamless transactions, a bank account with no monthly fee, and double Smart Shopper points. Download the GoTyme Bank app or open an account online to activate these benefits.

All you’ll need is:

• A South African identity number
• A valid South African mobile number
• Be 16 years or older

An engagement ring, an education, a car? Achieve those big dreams with a Fixed Deposit savings account. Start saving today and take control of your financial goals and future by visiting GoTyme Bank.