Interest Rate and Term Table
| Term | Nominal Annual Interest Rate | Example Return on R10,000 |
|---|---|---|
| 3 months | Rate confirmed at application | ~R219 (at ~8.75% p.a. pro-rata) |
| 6 months | Rate confirmed at application | ~R438 (at ~8.75% p.a. pro-rata) |
| 12 months | Up to 8.75% per annum | R875 |
Note: The applicable rate is confirmed and locked in at the time you open the deposit. The 8.75% rate referenced is the headline 12-month nominal annual rate. Rates for 3- and 6-month terms may differ and are confirmed within the GoTyme Bank app at the time of application. All rates are subject to change for new deposits; once locked, your rate does not change.
Full Conditions Summary
| Parameter | Detail |
|---|---|
| Product name | GoTyme Bank Fixed Deposit |
| Minimum deposit | No stated minimum — any amount accepted |
| Maximum deposit | Refer to in-app limits |
| Available terms | 3 months, 6 months, 12 months |
| Interest rate type | Fixed (locked in for full term) |
| Maximum interest rate | Up to 8.75% per annum (12-month term) |
| Interest calculation | Nominal annual rate applied to term |
| Interest payment | Paid at maturity (end of term) |
| Monthly account fee | None |
| Early withdrawal | Not permitted |
| Reinvestment option | Yes — funds can be reinvested at maturity |
| Multiple deposits | Yes — you can hold more than one |
| Currency | South African Rand (ZAR) |
| Application channel | GoTyme Bank app / website |
| Eligibility | Must be a GoTyme Bank account holder (South African residents) |
| Deposit insurance | CODI — up to R100,000 per depositor |
How Interest Is Calculated — Example
Scenario: You deposit R20,000 for 12 months at 8.75% per annum.
- Nominal interest rate: 8.75% per year
- Interest earned over 12 months: R20,000 × 8.75% = R1,750
- Total at maturity: R21,750
If the same R20,000 were reinvested for a further 12 months at the same rate, the effective annual return (compounded) would be slightly higher due to compound interest.
Who Qualifies
To open a GoTyme Bank fixed deposit, you must:
- Be a South African resident (with a valid South African ID or passport)
- Hold a GoTyme Bank account (the fixed deposit is opened from within your GoTyme banking profile)
- Be 18 years or older
- Complete GoTyme Bank's FICA (Financial Intelligence Centre Act) verification requirements
Risk Disclaimer
Important: Fixed deposits are savings instruments, not investments. Your capital is not exposed to market risk. However, your funds are locked for the full term with no early withdrawal permitted. Deposit insurance through CODI covers up to R100,000 per depositor in the event of bank failure. Amounts above this threshold are not guaranteed by the scheme. This does not constitute financial advice — consult a registered financial adviser before making investment decisions. GoTyme Bank is regulated by the SARB and the FSCA.
Frequently Asked Questions — Terms
Q: What happens to my money at maturity? At the end of your term, you can choose to withdraw your funds to your GoTyme current account or reinvest them in a new fixed deposit.
Q: Can I add more money to my fixed deposit mid-term? No. A GoTyme fixed deposit is a fixed commitment for the chosen term. To add more money, you would open a new, separate fixed deposit.
Q: Is the interest rate guaranteed? Yes. Once you lock in your deposit, the rate is fixed for the full term and will not change regardless of fluctuations in the repo rate or prime lending rate.