Tyme Bank South Africa has emerged as one of the country’s most innovative digital banks, offering a modern alternative to traditional banking services. Established in 2019, Tyme Bank is the first fully digital bank in South Africa, providing affordable and accessible financial services through a unique combination of online banking, in-store kiosks, and a mobile app. Unlike conventional banks, Tyme Bank operates without physical branches, which helps reduce costs and makes banking more convenient for millions of South Africans.
With the growing demand for low-cost banking solutions, Tyme Bank South Africa has quickly gained popularity among individuals who want transparent fees, easy access to accounts, and flexible banking products. Whether you’re looking for information about Tyme Bank shares, Tyme Bank investment rates, or practical details such as the Tyme Bank universal branch code, this comprehensive guide covers everything you need to know.
The History of Tyme Bank South Africa
Tyme Bank was launched in February 2019 and is owned by African Rainbow Capital (ARC), founded by South African business magnate Patrice Motsepe. The bank was designed to meet the needs of South Africans who were underserved by traditional banks due to high fees, complex requirements, or limited access to banking services.
Its name, “Tyme,” stands for “Take Your Money Everywhere,” reflecting its digital-first approach. Customers can open an account online or at self-service kiosks located inside Pick n Pay and Boxer stores across South Africa.
Within its first year, Tyme Bank had already signed up more than 1 million customers, making it one of the fastest-growing banks in the country. Today, it continues to expand its customer base while introducing new Tyme Bank products and investment opportunities.
Key Features of Tyme Bank South Africa
Tyme Bank has differentiated itself by focusing on affordability, transparency, and accessibility. Here are some standout features:
1. Digital-First Banking
Tyme Bank operates without physical branches. Instead, customers use the Tyme Bank banking app or kiosks in retail outlets to open and manage accounts.
2. Low Fees
The bank is known for its transparent pricing with minimal monthly fees and free transactions for basic services.
3. Easy Account Opening
Opening a Tyme Bank account is simple, with minimal documentation required compared to traditional banks.
4. Everyday Rewards
Through its partnership with Pick n Pay Smart Shopper, Tyme Bank customers earn rewards when shopping.
5. Modern Banking Tools
From international payment options to Tyme Bank investment rates, customers can access a wide range of services.
Tyme Bank Account Types
One of the most common questions is about the Tyme Bank account type available to customers.
- Everyday Transaction Account – A digital account for daily banking activities such as deposits, withdrawals, payments, and transfers.
- GoalSave Account – A savings account feature that allows customers to save money with competitive Tyme Bank investment rates.
- Business Accounts – Tailored for small and medium enterprises, these accounts help businesses manage payments and transactions efficiently.
So, is Tyme Bank a savings account? The answer is yes and no. While Tyme Bank primarily offers a transactional account, its GoalSave product acts as a savings account with investment-like returns.
Tyme Bank Account Requirements
If you are wondering what is needed to open a Tyme Bank account, the requirements are straightforward:
- You must be 16 years or older.
- A valid South African ID book or smart card is required.
- You need a valid South African cellphone number.
- Proof of residence may be required for certain transactions.
Customers can open an account via the Tyme Bank banking app or at in-store kiosks in Pick n Pay and Boxer supermarkets.
Tyme Bank Universal Branch Code and Routing Information
Since Tyme Bank does not operate physical branches, it uses a universal branch code for all accounts.
- Tyme Bank universal branch code: 678910
- This code can be used for all debit orders, electronic fund transfers (EFTs), and payments.
For international transfers, Tyme Bank uses a SWIFT code, which is essential for cross-border payments:
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Tyme Bank SWIFT code: TYMEZAJJ
Many users also ask about a routing number for Tyme Bank. In South Africa, the equivalent of a routing number is the branch code. Therefore, the branch code for Tyme Bank is also its universal branch code (678910).
Tyme Bank Products and Services
Tyme Bank South Africa offers a wide range of products designed for individuals and businesses.
Everyday Banking
- Low-cost transactional accounts.
- Free deposits at kiosks.
- EFTs and debit orders supported by the Tyme Bank code.
Savings and Investments
- GoalSave Account with tiered interest rates.
- Tyme Bank investment rates are highly competitive compared to traditional banks.
International Payments
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Customers can make Tyme Bank international payments using the SWIFT code.
Banking App
The Tyme Bank banking app allows customers to:
- Check balances.
- Make payments.
- Manage savings goals.
- Access support services.
Tyme Bank Investment Opportunities
Apart from savings, many South Africans are interested in Tyme Bank investment and Tyme Bank shares.
Tyme Bank Shares
While Tyme Bank is privately owned, there has been growing interest in its share price due to its rapid growth.
- Tyme Bank shares are not directly listed on the Johannesburg Stock Exchange (JSE).
- They are owned by African Rainbow Capital (ARC).
- Investors can gain exposure by buying ARC shares listed on the JSE.
This leads to common queries such as how to buy Tyme Bank shares or even how to buy Tyme Bank shares on Capitec app. At present, customers cannot buy Tyme Bank shares directly through the Capitec app. However, they can invest in ARC (the parent company) via trading platforms available in South Africa.
Tyme Bank Share Price
The Tyme Bank share price is indirectly tied to ARC’s listed share performance on the JSE. As the bank grows, investors expect its valuation to rise, making it an attractive long-term opportunity.
Tyme Bank Review: Is Tyme Bank Legit and Safe?
One of the most important considerations for new customers is whether Tyme Bank is legit and is Tyme Bank safe.
- Legitimacy: Tyme Bank is fully licensed by the South African Reserve Bank (SARB).
- Safety: Accounts are protected by advanced digital security, including two-factor authentication.
- Trustworthiness: Millions of South Africans already use Tyme Bank, and it is regulated like any other major bank.
Based on customer feedback and independent studies, Tyme Bank is considered one of the most trusted digital banks in the country.
Frequently Asked Questions (FAQs) About Tyme Bank South Africa
What is the branch code for Tyme Bank?
The branch code for Tyme Bank is the universal branch code 678910, which applies to all transactions.
Does Tyme Bank have a savings account?
Yes. While its primary account is transactional, Tyme Bank offers a GoalSave account, which works like a savings account with attractive Tyme Bank investment rates.
What is needed to open a Tyme Bank account?
To open a Tyme Bank account, you need a valid South African ID, a cellphone number, and to be at least 16 years old.
Is Tyme Bank safe?
Yes. Tyme Bank is safe, regulated by the South African Reserve Bank, and uses advanced digital security measures.
Is Tyme Bank legit?
Yes. Tyme Bank is a legitimate digital bank backed by African Rainbow Capital and licensed in South Africa.
What is the Tyme Bank universal branch code?
The Tyme Bank universal branch code is 678910.
What is the Tyme Bank SWIFT code for international payments?
The Tyme Bank SWIFT code is TYMEZAJJ.
How to buy Tyme Bank shares?
You cannot buy Tyme Bank shares directly, but you can invest in African Rainbow Capital (ARC), which owns Tyme Bank.
How to buy Tyme Bank shares on Capitec app?
Currently, it is not possible to buy Tyme Bank shares directly via the Capitec app. Instead, use JSE trading platforms to purchase ARC shares.
What is the Tyme Bank share price?
Tyme Bank’s value is tied to ARC’s performance on the Johannesburg Stock Exchange.
Conclusion
Tyme Bank South Africa has revolutionised digital banking by offering affordable, accessible, and secure financial services to millions of South Africans. From its easy account opening process to its competitive savings products and investment opportunities, Tyme Bank continues to grow as a trusted financial institution.
Whether you’re looking for the Tyme Bank universal branch code, trying to understand how to buy Tyme Bank shares, or simply checking whether Tyme Bank is legit and safe, this guide has provided a complete overview.
As South Africa embraces digital transformation in the banking sector, Tyme Bank stands out as a pioneer. For anyone seeking low-cost, transparent, and reliable banking, Tyme Bank South Africa remains one of the best options in today’s financial market.
