TymeBank offers a GoalSave account; which is a high-interest savings account. The interest rate from this account beats a lot of other traditional investments. How does GoalSave work? Let’s look at the details.
First, it’s only available to TymeBank; you would have to create a TymeBank account in order to access GoalSave.
How does it work?
It is a high interest savings account; that allows you to withdraw money anytime that you want. However, it incentivizes you to wait for 10 days before withdrawing your money in exchange for an extra one percent.
The interest rates are as follows; 4%; 1 – 30 days, 5%; 31 – 90 days, 6% – 90 days +. These are the interest rates that you can expect to earn from TymeBank; however, you can add an extra 1% just buy giving a 10-day notice before withdrawing and you can earn up to 8% if you receive your salary through TymeBank.
There is a limit of R100k; meaning you can’t have more than R100k saved up on GoalSave. You can create as much as 10 GoalSave accounts.
Should you join?
GoalSave is the reason why I joined TymeBank; the returns are very high for a savings account. Some banks only offer those returns on fixed deposits; they barely offer inflation beating interest rates. I would recommend you to try GoalSave.
Conclusion
This was a brief overview of how Goal Save works on TymeBank. Do you have any thoughts or questions? Comment below.
Nomthandazo
Still no not sure m not getting how does it work let me just say m saving R400 everymonth will i get that percentage 10%
admin
Interest on GoalSave is now 7% per year. 400 X 12 months is R4800, you will get an interest of R336 at the very least, which amounts to around R28 per month. Bear in mind that this is a rough estimation.