Can You Open a GoTyme Bank Account for a Minor Child Under 16?

One of our readers, Brian, recently wrote to us asking, “I want to open a GoTyme Bank account for a minor child who is 14 years old.Is that possible?”

Unfortunately, the answer is no, you cannot open a GoTymeBank (formerly TymeBank) account for a 14-year-old.

To open a GoTyme Bank South Africa account, the applicant must be at least 16 years old and possess a valid South African ID number.

Which banks in South Africa allow you to open an account for a minor?

The good news, if you wish to start banking your child’s future, is that there are some banks in the country that allow you to open accounts for minors. Several major traditional and digital South African banks offer specialized, fee-free youth accounts.

Capitec Global One Account

Available for minors under 18 years old. A parent or legal guardian must accompany the teen to a branch to register the account using the child’s birth certificate and the parent’s ID.

FNB FNBy Account

The good news is that you can open a bank account for a minor child at FNB. This account is designed specifically for children and teens under 18. It features zero monthly account fees, custom digital tools, and can be easily opened and monitored via the parent’s FNB banking app.

Standard Bank (Sum1 Account)

Standard Bank offers a transactional and savings pocket combo for youth under 16. It features zero monthly management fees and free electronic deposits.

Nedbank (4me Account)

A dedicated youth account designed to promote saving, offering pocket-friendly transactional benefits and zero monthly care fees.

Bank Zero

If you prefer a digital-only bank like TymeBank, Bank Zero allows parents who are existing customers to easily open a fully fledged youth account for their children via the app.

Standard Requirements for Opening a Minor’s Account in South Africa

Now you know that while GoTyme Bank does not offer a bank account for children below 16, there are other banks in South Africa that offer the service. We will conclude by outlining the general requirements for opening such an account.

To open a youth account at any of the alternative banks mentioned above, you will generally need to provide the following documentation:

• The teen’s South African birth certificate (or a valid passport/visa if foreign national).
• The parent or legal guardian’s South African ID document.
• Proof of residential address for the parent or legal guardian (usually under 3 months old).