First Digital, Low-Fee Bank Launches in South Africa

Tired of high bank fees and unnecessary additional charges? South Africans now have an alternative in the newly launched TymeBank, the country’s very first digital bank with a bounty of customer benefits. Providing accessible, low-cost banking services designed with local consumers in mind, TymeBank is aiming to be the future of South African banking. Here’s everything you need to know about this newcomer to the banking scene.

With no monthly fee charges, tons of free daily transactions, and interest earnings as high as 10%, Tyme offers South African customers a whole new way of banking. In addition to low fees and favourable interest rates for savvy savers, customers are also able to open an account quickly and simply either online or at any TymeBank kiosk at over 500 Pick ‘n Pay and Boxer stores around the country. Once customers have opened an account, they are issued with a personalised Visa debit card, which can be activated by verifying your identity using a thumbprint scanner in store. This information is checked against the Home Affairs database, meaning you don’t need to bring in any documents like your ID book or a utility bill to open an account.

The bank has also created a smart partnership with the Pick ‘n Pay Group, allowing customers to withdraw cash free of charge and pay just R4 to make a deposit at till points in these stores in SA. Withdrawals from other large retailers are just R2 and to draw cash from an ATM will set you back a mere R8. Your TymeBank card also doubles as a Pick ‘n Pay Smart Shopper card, with TymeBank customers earning double Smart Shopper points when swiping in a Pick ‘n Pay store or one Smart Shopper point for every R3 spent using their TymeBank card anywhere else.