TymeBank customers can earn up to 10% interest on their savings

Johannesburg, 1 February 2023

The latest interest rate hike is good news for savers, particularly those who use TymeBank’s popular GoalSave product to grow their savings. From today (1 February), customers who choose to get their salary, wages or other regular income deposited into their TymeBank account can now earn as much as R10% interest per annum on the money they have in GoalSave, subject to certain conditions. This is up from 8%.

“This is a very good option for salaried workers, wage earners, retired individuals, entrepreneurs and grant recipients – even students who receive a regular allowance can benefit. This could be someone who owns property and gets rental income paid monthly into their account – or someone who receives a monthly pension payment. If the amount is deposited into a TymeBank account every month at a similar time, they will be eligible to receive 10% interest on their savings,” says Cheslyn Jacobs, TymeBank Chief Commercial Officer.

“There is no better savings product in the market. GoalSave allows customers to earn up to 10% interest, immediate access to funds without any fees and penalties – it is accessible to all and is liquid,” says Jacobs.

TymeBank has a full commercial banking licence and meets all the standards set by the South African Reserve Bank (SARB), so depositors can have peace of mind knowing their money is in safe hands.

TymeBank’s GoalSave explained

GoalSave is a targeted savings vehicle that is accessed via TymeBank’s EveryDay Account, so the main account holder needs to be 16 years or older. The interest rate is not linked to the repo rate and the overall deposit cannot exceed R250 000. You can access your funds immediately.

How GoalSave works

You start earning 4% interest on your savings from day 1; 5% after 30 days, and 6% from 90 days. onwards. If you withdraw your funds and give 10 days’ notice, the effective rate increases to 7%.

If your salary (or equivalent) is paid into your TymeBank account, and you give 10 days’ notice on a withdrawal, you’ll get an additional “income kicker” that takes your interest rate to 10%.

https://gotyme.co.za/personal/save-and-invest/goalsave

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with over 6 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum. Through a distribution partnership with Pick n Pay and Boxer, and more recently TFG, TymeBank has a total of 1,450 kiosks (including the 600 at TFG stores) and 15,000 retail points in retail stores across the country.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Other investors include Tencent, CDC Group, Apis Growth Fund II (‘Apis’), JG Summit Holdings (JG Summit), African Fig Tree (AFT), and the Ethos AI Fund.

For more information, please visit https://gotyme.co.za

Issued by Aprio on behalf of TymeBank