How Much Interest Does Tyme Bank Give?
How much interest does Tyme Bank give on savings accounts and fixed term deposits? It’s something that a number of TymeBank customers have been asking. Like all the other banks in South Africa, Tyme Bank offers interest to people who keep various amounts of money in their money in accounts for different terms. There are a number of factors that determine the amount of interest that you are going to end up getting. We will look at those later in this article. So, what is the Tyme Bank interest rate?
Tyme Bank Interest Rate
The following are the Tyme Bank Interest rates on different accounts;
| Account | Term (Days) | Interest (per annum) |
|---|---|---|
| GoalSave | 1-30 | 4% |
| 31-90 | 5% | |
| Over 90 | 6% |
You can earn up to 10% per annum
That’s the answer to the question, how much interest does Tyme bank give? We noted above that you can get up to 6%. But is that all? The answer is no!
In fact, the TymeBank interest rate can go up to 10% on the condition that you switch your regular income, such as your salary, to the bank.
You also need to give the bank 10 days notice before withdrawing your money for your to earn the 10% interest rate. If you simply switch your regular income to Tyme Bank but do not give the notice, you will earn an interest of 7% when you withdraw your money.
What determines the interest rate that you get?
Those are the TymeBank Interest rates on GoalSave accounts. But what is it that determines the bank’s interest rates. As is the case with every other bank, interest at Tyme Bank is determined by a number of factors.
First, there is the type of account that you have. With TymeBank, GoalSave accounts offer the best in terms of interest and convenience. Other banks offer fixed term deposits but TymeBank is not heavy on these. Their focus is on giving people the best earnings on regular deposits.
The term to which you are going to keep your money in a bank also determines interest rates. Note that in this case we are talking about annual interest rates. They are not calculated per month but per annum.
So, if you keep your money in your account for 30 days, you will earn less than someone who keeps it in there for 12 months. People often get confused here. Interest rates are not per month but per annum.
So, for TymeBank, if you deposit R100,000 at 6% per annum, it means you will earn R6,000 at the end of the year. To find your earnings per month, you will have to divide that by 12. You will be getting about R500 as interest per month.
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Summary
In this article, we showed you the answer to the question “how much interest does Tyme Bank give?” It was noted that South Africa’s only virtual bank offers competitive interest rates on it’s GoalSave account. It means you will be earning respectable amounts when you keep your money in there.
How much you earn depends on the amount that you will be keeping in the account, the term of the deposit and whether or not you will be willing to give TymeBank 10 days notice before withdrawing your money.
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