GoTyme Bank

4.0 (140 reviews)

GoTyme Bank (formerly TymeBank): no-fee current account with a free Visa debit card, fixed deposits of 3–36 months at 7.75%–9.75% and GoalSave at up to 10%. Deposits insured to R100 000.

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GoTyme Bank at a glance

In short: GoTyme Bank — TymeBank until January 2026 — is a branchless South African bank owned by Tyme Group, with Patrice Motsepe's African Rainbow Capital as its anchor shareholder and more than 10 million customers. Its current account has no monthly fee and comes with a free Visa debit card. For savings it offers Fixed Deposits of 3 to 36 months at 7.75% to 9.75% and GoalSave at up to 10% a year with 10 days' notice. Deposits are insured by the Corporation for Deposit Insurance (CODI) up to R100 000 per depositor. Facts from gotyme.co.za, checked 26 October 2026.

Key facts

	GoTyme Bank
Legal name	GoTyme Bank Limited (registered company name TymeBank Limited)
Registration	2015/231510/06; authorised FSP 49140; NCRCP10774
Owner	Tyme Group; African Rainbow Capital is the main shareholder
Customers	Over 10 million (October 2025)
Current account	No monthly fee; first Visa debit card free
Fixed Deposit	3–36 months, 7.75%–9.75% nominal a year
GoalSave	Up to 10% a year with 10 days' notice, up to 10 goals
Deposit insurance	CODI, up to R100 000 per depositor
How to open	GoTyme Bank app (Android, iPhone); kiosks at Boxer, TFG and GoTyme customer hubs

Who is behind GoTyme Bank

The bank launched as TymeBank in November 2018 after the Reserve Bank's Prudential Authority licensed it as a digital-only bank. It renamed itself GoTyme Bank on 22 January 2026, in line with Tyme Group's GoTyme banks in other countries; the old TymeBank app has been switched off. African Rainbow Capital, controlled by Patrice Motsepe, bought the majority stake in 2018; Tencent is among the other shareholders.

The bank has no branches. In March 2026 it removed its kiosks from Pick n Pay stores — they remain at Boxer and TFG outlets and in new mall "customer hubs" — while Pick n Pay tills still handle cash deposits and withdrawals.

Is GoTyme Bank safe?

It is a licensed South African bank, and since April 2024 qualifying deposits at every bank are covered by the Corporation for Deposit Insurance up to R100 000 per depositor. Money above that amount is not insured, so large savings are safer spread across banks.

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GoTyme Bank review: high savings rates, no monthly fee

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Verdict: GoTyme Bank is one of the best places in South Africa to keep everyday savings: the account costs nothing per month and GoalSave pays up to 10% with only 10 days' notice. Its fixed deposits are competitive for 3 to 12 months. It suits people who are happy to bank on their phone and rarely need a branch; heavy ATM users pay more than at some rivals.

What we like

No monthly account fee and a free first debit card
Fixed deposit rates up to 9.75% for 36 months
GoalSave pays up to 10% without locking the money away for months
Free international card purchases with 0% FX markup
Deposits insured up to R100 000

What to watch out for

No branches — everything runs through the app
ATM withdrawals cost R10 per R1 000
Long fixed deposits: the effective rate on 36 months (8.93%) is lower than the headline 9.75%
Cash deposits cost R10 per R1 000 at Pick n Pay and Boxer

Fixed Deposit or GoalSave?

GoalSave pays up to 10% as long as you give 10 days' notice and make no earlier partial withdrawal from that goal. For most savers that beats a fixed deposit and keeps the money reachable.
A Fixed Deposit locks the rate for the whole term — useful if you expect rates to fall. On terms over 12 months interest is simple and paid at maturity, so the effective annual rate is below the headline (36 months: 9.75% nominal, 8.93% effective).

Who it suits

Savers who want a high rate with no monthly fee.
People who travel or shop online abroad: card payments carry no FX markup.
Anyone who wants a free account with a debit card opened in minutes on the app.

GoTyme Bank rates, fees and conditions

Fixed Deposit rates

Term	Nominal rate	Effective annual rate
3 months	7.75%	7.98%
6 months	8.25%	8.42%
12 months	8.75%	8.75%
24 months	9.25%	8.86%
36 months	9.75%	8.93%

Simple interest on the original deposit, rate fixed for the full term.
Example: R10 000 for 12 months at 8.75% returns R10 875.
At maturity you choose to reinvest or move the money to your current account.
No minimum or maximum deposit is stated: "as little or as much as you like".
Rates as published on gotyme.co.za in October 2026 (terms of 24 and 36 months were added in July 2026).

GoalSave

Rule	Detail
Rate	Up to 10% a year
Condition	10 days' notice before withdrawing; no earlier partial withdrawal from that goal
Goals	Up to 10 separate goals
Minimum balance	None

Current account and card fees

Item	Fee
Monthly account fee	Free
First Visa debit card	Free (replacement R100)
Local and international card purchases	Free, 0% FX markup
ATM withdrawal in South Africa	R10 per R1 000
International ATM withdrawal	R70
Till withdrawal with TymeCode at Pick n Pay or Boxer	Free
Till withdrawal with debit card at major retailers	R3
Cash deposit at Pick n Pay or Boxer	R10 per R1 000
Cash deposit at Shoprite, Usave, Checkers	R19.95 per R3 000
Instant payment above R5 000	R7
Standard EFT	Free
Declined debit order or card transaction (no funds)	R3
SMS notification	R0.50
From GoTyme Bank's fees and charges page, October 2026.

How to open a GoTyme Bank account and Fixed Deposit

Open the account

Download the GoTyme Bank app (Google Play or App Store).
Register with your South African ID and cellphone number; the bank says opening takes under five minutes with no paperwork.
Collect or print your Visa debit card at a GoTyme kiosk in Boxer, TFG or a GoTyme customer hub (Pick n Pay kiosks closed in March 2026). A virtual card is available in the app.

Open a Fixed Deposit

In the app, go to Savings → Fixed Deposit and tap +.
Enter the amount and choose the term (3, 6, 12, 24 or 36 months).
Choose what happens at maturity — reinvest, or close and move the money to your current account.
Name the deposit, read the notice and confirm.

Set up GoalSave

In the app, create a goal under Savings (up to 10 goals). To earn the full rate, give 10 days' notice when you want the money and avoid partial withdrawals before then.

Getting your money and interest from GoTyme Bank

Fixed Deposit: interest is paid with your capital at the end of the term, then reinvested or moved to your current account, depending on the option you chose when opening it.
GoalSave: give 10 days' notice in the app; the full amount in that goal is then paid to your current account.
Cash: withdraw free with a TymeCode at Pick n Pay and Boxer tills, for R3 with your card at major retailers, or for R10 per R1 000 at any ATM.

Managing deposits and withdrawals

Fixed deposits

The rate and term are fixed when you confirm. GoTyme's page does not publish early-withdrawal rules, so read the notice shown in the app before you confirm — assume the money is locked until maturity.

Everyday account costs to avoid

Declined debit orders or card payments for lack of funds cost R3 each.
EFT reversals cost R170.
Debit-order disputes are free within 60 days.

GoTyme Bank app

Everything at GoTyme Bank runs in the GoTyme Bank app (the old TymeBank app has been discontinued).

In the app	Detail
Savings	GoalSave (up to 10 goals) and Fixed Deposits
Payments	Instant payments, Send Money vouchers to any SA cellphone, Pay@ and EasyPay bills
Buy	Airtime, data, electricity, Lotto, vouchers (Netflix, Uber, UberEats)
Card	Virtual card; physical Visa debit card from kiosks
Statements	12 months via the app and email
Notifications	In-app free; SMS R0.50
Support is in the app. There are no branches; kiosks at Boxer and TFG and mall customer hubs handle cards and account opening.

GoTyme Bank — Comparison with Similar Options

GoTyme Bank's savings options side by side, rates as published in October 2026.

	GoalSave	Fixed Deposit 12 months	Fixed Deposit 36 months
Rate	Up to 10% a year	8.75% (effective 8.75%)	9.75% nominal (effective 8.93%)
Access	10 days' notice	At maturity	At maturity
Rate fixed?	No — follows the bank's pricing	Yes, for 12 months	Yes, for 36 months
Minimum	None	None stated	None stated
R10 000 after one year	About R11 000 at 10%	R10 875	Interest paid at maturity
Insurance	CODI up to R100 000 per depositor, across all accounts	Same	Same

Rates move with the repo rate (7.25% after 23 September 2026). Compare current rates before locking money away for 24–36 months.

Which to choose

GoalSave if you want the highest rate and might need the money within a year.
12-month Fixed Deposit if you want certainty that the rate will not drop during the year.
36-month Fixed Deposit only if you are sure you will not need the money and expect rates to fall: its effective annual rate is lower than GoalSave's today.

GoTyme Bank — Frequently Asked Questions

Is GoTyme Bank the same as TymeBank?

Yes. TymeBank renamed itself GoTyme Bank on 22 January 2026; the registered company name is still TymeBank Limited and the old TymeBank app has been replaced by the GoTyme Bank app.

What are GoTyme Bank's fixed deposit rates?

7.75% for 3 months, 8.25% for 6 months, 8.75% for 12 months, 9.25% for 24 months and 9.75% for 36 months (nominal, October 2026). Interest is simple and the rate is fixed for the term.

How do I earn 10% on GoalSave?

Give 10 days' notice before withdrawing and make no earlier partial withdrawal from that goal. There is no minimum balance and no transaction requirement.

Does GoTyme Bank charge a monthly fee?

No. The current account is free and the first Visa debit card is free; replacements cost R100.

Is my money safe at GoTyme Bank?

GoTyme is a licensed South African bank and deposits are insured by the Corporation for Deposit Insurance up to R100 000 per depositor.

Where can I get a GoTyme Bank card?

At GoTyme kiosks in Boxer and TFG stores and at GoTyme customer hubs in malls. Kiosks were removed from Pick n Pay in March 2026; a virtual card is available in the app.

What does it cost to draw cash with GoTyme?

Free with a TymeCode at Pick n Pay and Boxer tills, R3 with your card at major retailers, R10 per R1 000 at any South African ATM and R70 at international ATMs.

Who owns GoTyme Bank?

Tyme Group, with African Rainbow Capital (Patrice Motsepe) as the main shareholder; Tencent is among the other investors.

Author

Sultan Kanatov

Editor-in-Chief, CreditDeals

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Verified by: CreditDeals Editorial Team

Published: 21 May 2026

Updated: 26 October 2026

This article is for informational purposes only and does not constitute financial advice. Check the status of the specific company in the NCR register. Please read the contract carefully before signing. rating methodology.

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