Steps to Open a TymeBank Account

TymeBank is an exclusively digital bank based in South Africa, aimed at the lower-income market. Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App and Internet Banking.

To save for the future, customers across the country have the option of opening a TymeBank Account. The savings accounts offered by Tyme come with the comfort of online banking facilities and free phone and mobile banking facilities.

Eligibility Criteria to Open TymeBank Savings Account

To be eligible to open a savings account in TymeBank, customers need to meet certain criteria.

• Should be a citizen of South Africa.
• The applicant should be 16 years and above to be eligible. In the case of minors, the parents or legal guardians of the minor can open the account on their behalf.
• The applicant is required to have a valid identity and address proof that is government-approved.
• Have an active South African cellphone number
• Once the application is verified by the bank, the applicant will have to make an initial deposit – depending on the minimum balance requirement of that particular savings account he/she has chosen. Read our previously published article on checking TymeBank account balance with USSD.

Why Choose a TymeBank Account?

The Tymebank savings account has a variety of benefits and services. The most attractive features are that the savings account does not require a minimum balance, low fees, Simple Account Options, Innovative Features and an Automated Teller Machine (ATM)/Debit card, insurance, net banking, and mobile banking facilities.

Key Benefits of TymeBank Account

The following are the key benefits of the Tyme savings account: 

1. Internet Banking, Mobile Banking, Cellphone Banking
2. Zero Monthly charge
3. Online Bill Payments
4. Personal health Insurance and Funeral Cover are available at a nominal premium
5. Multiple variants of ATM/Debit Cards like Gold Cards, International ATM/Debit Cards, etc.

Additional Benefits

Here are some of the additional benefits of a Tyme savings account: 

• Mobile Banking provides a host of services like funds transfers, online mobile payment services, enquiry and bank statements, utility bill payments, Airtime, Data, SMS Bundles, and mobile recharges.
• Some of the facilities of Tyme Net Banking are opening and closing fixed deposits and transferring funds paying utility bills, online shopping, viewing statements, and setting standing instructions.
• The Debit card can be used for balance enquiry, withdrawing money, paying insurance premiums, shopping, donations, and card-to-card transfers.
• Debit Order Dispute Within 40 Days
• Initial Visa Debit Card

How To Open TymeBank Savings Account?

Follow the steps mentioned below to open a savings account in TymeBank: 

Step 1: Visit the official website of TymeBank (www.tymebank.co.za)

Step 2: Tap on Open an Account & scroll down and click on Sign Up for an account.

Step 3: Tap on the ‘Start Now’ option.

• Need South African ID Number
• Need Your South African cellphone number

Step 4: Enter the requested details such as your 13 digits SA ID Number, and mobile number.

1. After entering your cellphone number; one time password is received on your phone, so enter your OTP and tap on the confirm button.
2. Answer all 6 questions and follow the simple process.

Step 5: Click on the ‘Submit’ option.  

Step 6: Once this process is finished, go to the branch with the necessary documentation.

Read our previously published article on Can I Send Money with TymeBank eWallet.

Account fees and charges

Monthly Fees	FREE	FEES
FREE Transactions	Yes
Local Card Purchases	Yes
Prepaid Electricity	Yes
Airtime, Data & SMS Bundles	Yes
Bill Payments	Yes
Lotto / Powerball		R3
International Card Purchases		R3
Debit Card at Kazang shops		R3
Flash vouchers at Flash shops		R7
Any ATM in South Africa (R10 Per R1000)		R10
International ATM		R70
Balance Enquiry	Yes
Payment To TymeBank Account (EFT)	Yes
Bank Statements	Yes
Card Replacement		R70
Late Payment Reversal To TymeBank		R170

TymeBank Account Helpline

For any help, grievance, or request related to the Bank account, customers can contact the helpline at – 0860 999 119, +27 11 243 9188. Check our previously published article on FNB to Tymebank Transfer Time.

FAQs on Steps to Open TymeBank Account

Editorial Note: The information presented in this article is not provided by the Tyme Bank. The article has been created for educational purposes and is intended to be helpful for customers of the Bank. It should be emphasized that the content is not endorsed or validated by the Bank, and readers should refer to the official website for accurate and up-to-date information about the bank’s products and services.