GoTyme Bank South Africa

GoTyme Bank does not advertise a minimum deposit requirement. You can open a fixed deposit with any amount that you transfer from your GoTyme account — making it one of the most accessible fixed deposit products in the South African market.

No. GoTyme Bank does not permit early withdrawal on its fixed deposit product. Your funds are locked for the full 3, 6, or 12-month term selected. If you require liquidity, the GoalSave product (up to 10% p.a. with daily compounding, withdrawals permitted) is a better alternative.

Interest is accumulated over the full term and paid out as a lump sum at maturity together with your original principal. There are no monthly interest payments on this product. The total (principal + interest) is automatically credited to your GoTyme Bank account on the maturity date.

GoTyme Bank holds a full banking licence from the South African Reserve Bank (SARB). In addition, deposits are covered by the Deposit Insurance Scheme (CODI) up to R100,000 per depositor in the event of bank failure. For deposits above R100,000, the amount exceeding this threshold is not covered by CODI.

You can hold multiple fixed deposits simultaneously with GoTyme Bank. This allows you to implement a deposit laddering strategy across different terms to balance returns and liquidity.

Yes. Interest income is subject to income tax in South Africa. However, there are annual interest exemptions: R23,800 for individuals under 65 and R34,500 for individuals aged 65 and over. GoTyme Bank issues an IT3(b) tax certificate for the interest earned, which you include in your annual SARS return.

You must first have an active GoTyme Bank account. Opening a GoTyme account is free and takes a few minutes via the app. Once your account is active and FICA-verified, you can immediately open a fixed deposit.

At maturity, your principal and accumulated interest are automatically transferred to your GoTyme Bank current account. No action is required. You can then choose to reinvest by opening a new fixed deposit, use the funds, or move them to a GoalSave account.

GoTyme's 12-month rate (8.75% p.a.) is competitive, particularly given there is no minimum deposit. African Bank offers up to 8.38% p.a. for 12 months (rates escalate for longer terms and larger amounts), while Nedbank offers approximately 7.55% for 12 months with a R1,000 minimum. For savers who want longer terms (24–60 months), African Bank and Nedbank may offer higher total returns. See our full comparison in the Comparison section.