What are the benefits of using TymeBank and should you even try it? I have just recently opened a TymeBank account and these are some of the benefits that originally attracted me to the bank.
Let me start off by saying that the signup process is super-fast and effortless, being a digital bank, TymeBank doesn’t require you to submit any documents. It takes just a few minutes to signup for a TymeBank account.
High interest rates
TymeBank has very high interest rates, only bested by African Bank. This makes it a very lucrative bank to invest or save your money in. You can earn an interest of up to 8%, but generally it’s 7%. The 8% only applies if you receive your salary through TymeBank.
This is what originally attracted me to TymeBank, I love the interest rates and will be parking a lot of money on TymeBank. For comparison, the bank that I currently use (Capitec) only pays me an interest of 2.25%, I will be able to earn up to 7% on TymeBank. That’s three times more than what I am currently earning.
Only a few banks offer interest rates that are as competitive as TymeBank, so this is the main benefit and attraction for choosing TymeBank. All their interests beat the inflation, you won’t have to worry about your money losing value.
No monthly fees
You don’t pay any monthly fees when using TymeBank, which makes it even easier to decide on opening an account. There is nothing to lose if you open an account with TymeBank. You only get charged on transactions and the fees are still a lot lower compared to other banks.
You shouldn’t pay a lot in charges as long as you don’t use this account for transactions, if you just use it to save money while earning interest. TymeBank to TymeBank transactions are free.
Smart shopper points
You get a lot of smart shopper points for basically shopping transaction. Whether you are shopping online, or buying fuel or swiping at any till point. Smart shopper points are nothing to go crazy over but it’s still freebies, which can be converted into real cash or buy real items.
This is one clever way that TymeBank uses to incentivize people to actually make transactions and not just park their money at TymeBank. You get double smart shopper points when swiping at any Pick n Pay till point and 10 points for every 1 litre you swipe at BP garage.
These are the main benefits of opening a TymeBank account. Do you have any thoughts or questions? Comment below.