Before You Start — What You Need
- A GoTyme Bank account (current or savings account). If you do not have one, you must register first.
- A South African ID book or smart ID card (for FICA verification if you are a new customer)
- Funds in your GoTyme account to transfer into the fixed deposit
- A smartphone with the GoTyme Bank app installed, or access to the GoTyme Bank website
Step-by-Step: How to Open a GoTyme Fixed Deposit
Step 1: Log in to the GoTyme Bank app Open the GoTyme Bank mobile app on your iOS or Android device. Enter your PIN or use biometric authentication (fingerprint or Face ID) to log in securely.
Step 2: Navigate to Save and Invest From your home dashboard, tap "Save & Invest" or the savings section. Select "Fixed Deposit" from the available product options.
Step 3: Choose your term Select your preferred deposit term: 3 months, 6 months, or 12 months. The app will display the applicable interest rate for each term in real time.
Step 4: Enter your deposit amount Type in the amount you wish to deposit. The app will show you a projected return based on the current rate — for example, R10,000 at 8.75% for 12 months = R10,875 at maturity.
Step 5: Review the terms and confirm Carefully read the deposit terms, including the no-early-withdrawal condition and the interest payment at maturity. Tick the acceptance checkbox to confirm you have read the terms and conditions.
Step 6: Confirm and fund the deposit The funds are transferred immediately from your GoTyme Bank account into the fixed deposit. You will receive an in-app confirmation and (where applicable) an email notification confirming your deposit, the amount, the term, the interest rate, and the maturity date.
Total time: The process typically takes under 5 minutes for existing GoTyme Bank customers.
What Documents Are Needed
For existing GoTyme Bank customers who have already completed FICA verification, no additional documents are required to open a fixed deposit — your existing identity verification applies.
For new GoTyme Bank customers (opening a bank account first):
- South African green ID book or smart ID card
- Proof of residence (not older than 3 months) — in some cases
- South African cellphone number
Eligibility Requirements
| Requirement | Detail |
|---|---|
| Age | 18 years or older |
| Residency | South African resident |
| GoTyme account | Required (must have an active GoTyme Bank account) |
| FICA status | Must be FICA-verified |
| Minimum deposit | No minimum stated |
Tips for a Smooth Application
- Ensure your GoTyme Bank account has sufficient funds before starting the fixed deposit process — you cannot fund it from an external bank in the same step.
- Compare the rates for each term within the app before deciding — the 12-month option typically offers the highest rate.
- Keep a record of your maturity date so you can plan what to do with the funds when they become available.
- If you want to divide your savings into multiple deposits (laddering), you can open additional fixed deposits sequentially from within the same GoTyme account.
Frequently Asked Questions — How to Apply
Q: Do I need an existing GoTyme Bank account to open a fixed deposit? Yes. The fixed deposit is an in-app product and requires an active GoTyme Bank account. Opening a GoTyme account is free and takes a few minutes via the app.
Q: Can I open a GoTyme fixed deposit on a desktop computer? Yes. The GoTyme Bank website (gotyme.co.za) allows account management including savings products from a desktop browser, in addition to the mobile app.
Q: Can someone else open a fixed deposit in my name? No. Each deposit is tied to the verified account holder. You must be the registered account holder.
Q: What happens if I do not have enough funds in my account? The transfer will not proceed. You must ensure sufficient funds are available in your GoTyme current or savings account before initiating the fixed deposit.