Tymebank: A BRUTALLY Honest Review!

[@imdee9024]

In my opinion, this is the most detailed information regarding Tymebank I've seen on KZbin. Thanks

[@MoneyMarx]

Thank you Delia. I really appreciate your feedback :)

[@simphiwemokori8135]

It would be awesome if you made a video on the business account and compared it to what the major banks offer. You videos are informative, easy to understand an well presented. Love the background :)

[@MoneyMarx]

Thanks Simphiwe! I'm glad to see there is some interest in the topic. :) And thanks for commenting on the background. We are travelling a bit so we don't have a home base to record anymore, so I am trying to work with what I have haha

[@frugalrhino]

Changed to Tymebank as my main banking account at the end of 2020 and haven't looked back since. In 18 months I've spent less in fees than in a single month before then at Capitec - who already has the lowest fees of the other, more traditional, banks. If they can somehow find a way to add homeloan and/or car financing products to their range they will surely completely take over the local market.

[@MoneyMarx]

Wow that is really impressive! Jah I agree, if they can offer some long term secured credit products they will be really competitive! They are moving in the right direction with their short term credit offerings (credit card and MoreTyme), so I think it will just be a matter of time.

[@mminomusicbykue]

Buddy, out of all vids here on youtube, i give you 100%, you are the reason i ended up opening this acc, i just never liked their reg procsss, but you made it very easy and simple for me. Keep it up mate good work and info

[@j.c.6989]

Great vid thanks. With the changes to get to the top tier of the goal save interest you can achieve it with purchasing airtime. 10 x R5 will do it and no charges to purchase airtime.

[@dewanmuller7549]

I found your videos yesterday, and I have watched a lot already 👌🏼keep up the good work!!

[@MoneyMarx]

Thank you Dewan! I really appreciate the support :)

[@YuutoReo]

Great review of their banking services! This will definitely be the better option for my emergency funds and short to midterm savings. Better than any other bank from what I can see.

[@MoneyMarx]

Only a pleasure Yuuto. I am glad you found it helpful! Tymebank currently trumps the returns from other banks and I am really glad I've kept part of emergency fund with them the past year

[@tshepojosephmodise8001]

It has been a place for my emergency fund for quite sometime now 👌🏾

[@Atlas-tp8dw]

.

[@1on1artschool]

Great review! I recently had my account blocked and I decided to call their customer service line to enquire. They told me the fraud department had blocked my app login and to call them. Then I called them and they told me that my R5000 contribution was flagged and tied the flag randomly to my FNB card being suspect (WEIRD) So after during the call I verified everything and they green-listed my FNB card for future payments. All in all it had me worried but thankfully they sorted it out in less than 10 minutes. The reason for this was likely because their lines kept dropping and connecting calls died a few times. They can definitely improve this pipeline, but overall they are 10000% faster than any major bank dispute lines. Line congestion is handled well!

[@MoneyMarx]

Thanks for sharing your experience Gabrielle! Jah there is still space for improvement with their customer service, but it is already a lot better than what it was a year ago, so I am sure it will just improve from here onwards.

[@boitumelomthembu1706]

Hello Mr P . I would like to find out more about tyme banks business account . I currently use Capitec as my personal account and use tyme bank for my emergency fund and Mummy to be savings ( will for when that happens in the future). Then my other savings are in my easyequities in the form of investments and their retirement portal . I use FNB currently for my small tiny home bakery but I am thinking of changing .

[@MoneyMarx]

Thanks for commenting Boitumelo! I will most certainly create a video about the Tymebank business account and how it compares with other bank accounts

[@zylbrh]

Now that I have seen a proper video and honest review I'm going to switch from Standard bank to tymebank

[@ntombifuthimalinga9933]

Big mistake. The app is not safe. You will wake up one day and your money is just gone. Trust me. Too many fraud cases on tymebank

[@mdumagana9091]

Awesome review... Im glad to see I did not make a mistake when I opened the account and now I can use it better... thanks a mil....

[@MoneyMarx]

Thanks Mdu! I'm glad you enjoyed it :)

[@gideontladi]

Your videos are very good and helpful. Thank you.

[@tevinmorake8924]

Great content! Great to see at least one of my peers taking personal finance seriously. You mentioned that you keep part of your emergency savings with them. Is there a reason for only banking part of your emergency fund with them?

[@lebogangnkhuna9956]

I use Tyme bank too. The bank has a bright future. Please could you make a business account and compare to other major banks business account is the best.

[@MoneyMarx]

Thanks for commenting Lebogang! Jah Patrice and his team are doing a really good job! I will definitely make a video like that :)

[@zabamthembu5053]

So I want to start a Stokvel with my colleagues. Would Tymebank be suitable for it?

[@ThatNormanGuy]

OK lekker! 6:33 for anyone who is not South African and wants to hear the right way to say this.

[@MoneyMarx]

It such a "Lekker" word ;)

[@silasbodiba1877]

😅as for : SHAPA THE LIKE BUTTON ,Great video. You're a man of your word.

[@MoneyMarx]

Haha thanks Silas! :)

[@SidneyKoen]

Lekka one, went beyond my expectations good work. So your goalsave interest rate wont reset each time you make a deposit into that specific goalsave account?

[@MoneyMarx]

Thank you Sidney I really appreciate your kind comment! No your goalsave interest will just continue if you make additional deposits. So if you put R1 in on 1 January and then R 99 999 on 1 April the 6% interest will be applied to the whole R 100 000, not just the R1 :)

[@ziyandanangu8356]

I have just opened an account at Tymebank and the consultant that was helping me in store mentioned that evedytime,I deposit money on top of what may I already had on my goals Ave account, the interest rate with restart again. He further advices that I should try to save up first then create a goalsave account with a lump sum. Kindly clarify guys since you have used tyme bank before

[@louismohlapi2783]

As for "ke ya leboha" 😅great content and great video thanks

[@MoneyMarx]

Haha thanks Louis! :)

[@aw5453]

Great breakdown! Do you know the best credit card to get for a first credit card and still low monthly expenses? (Mainly looking at low monthly fee)

[@MoneyMarx]

Thanks AW! I only recently started studying all the credit cards from various banks, but I will probably make a video about it as soon as I've had a proper look at every one and did some proper research :)

[@cseba4832]

Tymebank now gives up to 11% and you don't need to move your salary there! Best interest rates and lowest fees However, not happy with the customer support Please make a video to indicate how much you would confidently invest with them? If I ever reach the max limit, I probably won't care for higher fees, but seems like no-one can beat their interest rate?

[@CikoMfenyana]

My guy, I want to invest in Access Bank but I'm not sure how sure my investment would be in there, so please get to work to allay my fears...or not, thank you kindly...

[@LehlogonoloMaponya-mm8eb]

Thank you very much for this video. Very simple and informative just like Tymebank.

[@lamudlamini2010]

Great Video, Brilliant summary of their offering, you should do a video of foreign currency accounts like shyft or fnb global

[@MoneyMarx]

Thank you Lamu. I really appreciate the comment :) Yes I am working on a series where I will compare different offshore investment platforms, and Shyft and the FNB Global account is on my list to review

[@lubabalomoyikwa8063]

R they listed on the jse yet??

[@MISSROSE7744]

Please make a video on the business banking that this bank offers please

[@shomangrabotapi3519]

Thank you so much for the GoalSave hack... I'm officially a subscriber

[@MoneyMarx]

Welcome to the family Shomang! :) I'm glad you enjoyed the video. Just check, I think you need to deposit at least R 10 into each GoalSave to start the timer, as we tried the R 1 hack but then Tymebank decided it was not enough haha

[@Blessed224]

Thank you for this video. How is their customer service in terms of sorting issues? I once heard someone on the radio complaining about not being assisted after his Thyme account was scammed. I'm thinking of saving some of my cash with them

[@MoneyMarx]

Hey Lebogang. I think it really depends on each persons individual experience. I never had any issues, but given the digital nature of the bank I'm sure issues might arise. Problem with people getting scammed is that more likely than not they gave out personal information to scammers who then hacked their account, so the fault is more on the customer than on the bank and the bank can therefore not really be blamed nor held accountable. I'd say try it out with a little bit of money (its completely free to use the Goalsave accounts) and if you are happy with their customer service after a while then increase your contributions :)

[@Blessed224]

@@MoneyMarx Thank you for responding. I'll try it out.

[@cairan8433]

I like tyme too, however I was disappointed to find out you cannot make Immediate EFT transfers of more than 20K in one day.

[@JustinDAMusic]

Tymebank is aimed at lower income individuals. If you can afford to make immediate transfers of over 20k in a day then you probably don't need a Tymebank account.

[@nqobilembonani9790]

Please do make a video about business accounts. I really love your content ✨

[@MoneyMarx]

Thanks Nqobile. I will most definitely do! :)

[@vusiTshabalala-m9h]

I use Tyme Bank the very same way. Emergency Fund account, to get fuel from any service station, and to buy out off budget.

[@MoneyMarx]

💪

[@scadomkhondo1448]

What if I invest a lot of money? Is my money safe? Will I get my money?

[@JayceRidds]

Hello, I would like to know if you would recommend Tyme Bank for a business account. Thank you.

[@noluvuyodingela8348]

If you save on the 10gold account at the same time , does each account has its own interest depending on the money you save in each ? ….

[@MoneyMarx]

Hey Noluvuyo. Yes each account operates separately, but the interest rate is based on the amount of time your money has been in the account, not the amount. So if you put in R1 in one account and R1000 in the other on the same day, they will both earn 4% for the first 30 days, 5% for day 31 to 90 and 6% for day 90+

[@ricardonascimento913]

will i be able to only have a total of R700 000 in the everyday personal account?

[@victormogashwa4540]

I've learned a lot in this video with regards to tyme bank. Thank you brother

[@moroesimohlomi914]

Is it only for SA citizens?

[@mashwill85]

Brilliant review. Love your work...

[@MoneyMarx]

Thanks William. I really appreciate your comment! :)

[@leratomorapela3075]

Enjoyed this video, very helpful - thank you!

[@MoneyMarx]

Thanks Lerato. Glad you enjoyed it! :)

[@boitumelomthembu1706]

Hello . I just wanted to ask something . I saw that tym bank has a medical aid scheme of some sort .I wanted to find out what you think about it .

[@MoneyMarx]

Hey Boitumelo. I think it is a great cost effective option for those who cannot afford more comprehensive plans. It is, however, limited to only selected hospitals, so you will need to read the fine print to see if it something that will fit your needs, But I would definitely recommend to take it out instead of having no cover at all :)

[@MrNongo]

Can you make a comparison btn TymeBank and Bank Zero since they're both digital banks?

[@charlesphiri5639]

Thank you very mych for all your infirmative videos bro, i know they offer allot of interest on their Goal save accounts and Fixed deposits, i ahve had the account for 2 years now, Is this enteres taxable? Can you also do a review on the Tyme bank Business account and its benefits.

[@phumizphumiz]

Nope! It's not taxable. Remember, it's a Savings Account. Not Investment Trading

[@noluvuyodingela8348]

When you add money on the account that’s already existing ( gold Acc) , how does the interest count …. Lets say you were already beyond 90 days in that Acc and you happen to add will the interest go back to start counting day 1 to be the day you added money ? … After 90 days what happen with interest? Does it increase by 7% monthly or what . I would appreciate if you were to explain more of gold Acc bcz am interested on it

[@MoneyMarx]

Hey Noluvuyo. Great question! No so regardless of when you add more money, your interest period will start counting as soon as you made your first deposit. So if you put R1 in on 1 January and then R 99 000 on 1 April, you will immediately earn 6% interest on your R 99 000 as the interest days since you made your furst deposit is more than 90 days :)

[@EthanSingh7]

When is the Discovery Bank video coming?😅

[@ianwallace9740]

Great content Marx. Thank you

[@thabo1253]

still lacking behind, they must introduce wallet ASAP. Currently is more like a SASSA card.

[@matthewlee4193]

Dankie boet !

[@garykennedymegargy]

You could mention Apple Pay in your review. They don’t support Apple Pay which was a disappointment.

[@KevinKunta]

Hello sir I want to know if it’s possible to do a careless withdraw on Tymebank

[@raphael.recluse]

Please review Bank Zero

[@that1000wordsphotog]

Where can we buy tymebank shares?

[@MoneyMarx]

Tymebank is majority owned by African Rainbow Capital, so in order to buy Tymebank shares you will need to buy shares in ARC which is listed on the JSE

[@DeeCarli]

How do we opt for the 10 day notice (7%) option on the goal save? I can’t figure out how to do it on the app…

[@anthawilken6495]

Thank you so much for this information

[@Simply_Sasa]

Thank you sm for this 🔥

[@EltonGordon]

What do you say about your clients being hacked 2 days ago

[@darwinrev]

08:46 blud knows exactly who's watching this video💀

[@Fudgebros_YT]

Dr Patrice???

[@popsbeats_100]

lovely

[@kafkamatt]

Can you do a new video on this topic please?

[@sophiabux9336]

Customer support and accounts department is zero! Bad services! To date still waiting for response. Now in 3rd week. Irreparable damage to my business!

[@MoneyMarx]

Hey Sophia. I'm sorry to hear that! I don't have a business account so I don't have experiece with their customer services on that end

[@ntombifuthimalinga9933]

Plus the app is not safe. I was scammers easy with a sim swap. Don't leave a lot of money on this acc. Use it for airtime or coffee

[@KeenanTheArab]

New sub. 👊

[@MoneyMarx]

Welcome Keenan! It's great to have you here! :)

[@KeenanTheArab]

@@MoneyMarx dankie boet.

[@iget13]

I have tyme .. I withdraw my OAP FROM JULY2022

[@mosarantsane4839]

💯

[@melvindaniels3892]

This is a very good bank. Id just like to have option to make myself virtual cards. I tried already and email them they seems not to have the virtual cards

[@charlesphiri5639]

Tyme Bank is offering 11% on a fixed deposit for 12 months.

[@khwezimvuyana4092]

Sharpa that like button 😂

[@phenomfx]

This bank scams me always when people make normal payments

[@JustinDAMusic]

How so?

[@Straightdeal]

Just don't try their credit card...bad news.

[@preciouszinhle1868]

Please be aware . I got scammed r5000 on my Tyme Account .a fraudulent transaction went out of my account, unfortunately someone did a sim swap on my Voda nr and was able to send themselves r5000 from Tymebank ,they didn't investigate and said it was my fault and I never got my money or assistance

[@MoneyMarx]

Hey Zinhle. I'm sorry to hear that! Thanks for letting me know

[@ntombifuthimalinga9933]

Exactly what happened to my husband. Tyme bank is not safe.

[@sandanista2002]

Protect your sim by locking it. Lock your sim by adding a passcode.

[@differencematjie]

Simswap scams are more common to other banks compared to Tymebank.

[@user-vu4ju4vi6f]

Hi there P Thanks so much for your videos, they really have helped me see with my finances and oppurtunities in SA. I'm just wanting to see if I understand it correctly, each time I want to put money into my Tyme bank account by EFT (as they term "top up"?) it will cost me about R50 or (more?) for R5000 or more.. in addition to the fees from my bank account that it is coming from? Are there more cost effective ways to get money into your Tyme bank account? verskriklik baie dankie

[@user-vu4ju4vi6f]

I also wish to ask if in your research you came accross the minimum guaranteed protection to your finances in Tyme Bank. I'm not sure how it's official term is, but it's the money a business or Financial institution has to by law pay back to each customer of their savings with them, if they go bankrupt? Thanks

[@mthethothingsmusicandgreet5936]

PLEASE ENSURE WHOEVER IS SUPPOSE TO GIVE ME MY MONEY BACK GETS THIS, THERES NO OTHER WAY OF CONTACRING THE NOWHERE TO BE FOUND TYME BANK!!