GoTyme Bank explained: South Africa's digital bank (formerly TymeBank), fees and savings

In short: GoTyme Bank is the new name of TymeBank, a licensed South African digital bank. Its Current Account has no monthly fee and a free Visa debit card, but you need a South African ID number and must be a citizen or permanent resident to open one.

What GoTyme Bank is

GoTyme Bank is a bank, not an e-money app. Its terms and conditions took effect on 22 January 2026 and replaced the TymeBank terms; the bank describes itself as "GoTyme Bank, formerly Tyme Bank Limited". It is an authorised financial services provider (FSP 49140) and a registered credit provider (NCRCP 10774). The South African Reserve Bank's list of deposit insurance members still shows the bank under its registered name, TymeBank Limited.

The bank has no traditional branches. You bank in the app, and in a press release of May 2026 GoTyme said it had nearly 30 Customer Hubs in shopping centres and planned to grow to about 100. Self-service kiosks are used, for example, for fingerprint checks and card PIN resets.

If you used the old TymeBank app: GoTyme says that app has been discontinued. You need the GoTyme Bank app instead. Your account details, balance and cards stay the same, and you log in with your existing details.

Who can open an account

According to the bank's terms, you must:

• be 16 or older;
• have a valid South African identity number, with your photo and fingerprints on the Department of Home Affairs' HANIS database;
• be a South African citizen or permanent resident.

Identity is checked with a selfie in the app or a fingerprint scan at a kiosk. The bank says the Current Account can be opened in under 5 minutes, fully digitally. If you are a foreigner moving to South Africa without permanent residence, the terms do not offer a route in, so check with the bank before relying on it.

The fee table

The Current Account has no monthly fee. Many everyday items are free, but some cash services cost money. These figures come from GoTyme's fees and charges page:

Two items are easy to miss. The inactive-account charge applies even when you only keep the account as a spare, and declined card, debit order or ATM transactions (for example because of insufficient funds) cost R3 each.

Payments

Payments to other banks are split into two types:

• Instant payments (via PayShap, with your cellphone number as your ShapID) are free up to R5,000 and cost a flat R7 above that, up to R50,000 per payment.
• Standard, non-instant payments to any bank are free up to R500,000.
• Instant payments between two GoTyme customers are free up to R500,000.

If a payment is not urgent, the standard option avoids the R7 fee on larger amounts.

Using the card abroad

GoTyme lists international card purchases as free with a 0% foreign exchange markup. Non-rand transactions are converted at Visa's exchange rate on the processing date, according to the terms. Cash is the expensive part: an ATM withdrawal abroad costs R70, and a balance enquiry at a foreign ATM costs R10.

Two practical points: the FAQs say you must be able to receive one-time PINs on your registered mobile number while abroad, and the terms remind you to follow exchange control rules when using the card outside the Common Monetary Area.

Savings: GoalSave

The Current Account itself earns no interest, according to the terms. Savings go into GoalSave pockets:

• The base rate is 6% a year, regardless of amount or duration.
• You can earn up to 10% a year if you give 10 days' notice and then withdraw the full amount, with no transfers out before that. A partial withdrawal means that GoalSave does not earn the bonus.
• You can keep up to R250,000 across your GoalSaves.

GoTyme announced this simpler rule in February 2026, effective 1 March 2026; before that, customers had to make 10 transactions a month for 3 months in a row. The new rule applies only in the new GoTyme Bank app. Rates can change, so check the GoalSave page before you move money.

Is your money protected?

South Africa's deposit insurer, the Corporation for Deposit Insurance (CODI), has operated since 1 April 2024. According to the Reserve Bank, qualifying depositors are covered up to R100,000 per depositor per bank, including interest. Protection is automatic and costs depositors nothing. Transactional, savings, notice and fixed deposits are covered; investment products are not. TymeBank Limited is on CODI's member list.

Anything above R100,000 at the same bank is not covered. For how deposit protection compares with European schemes, see our guide Is my money safe in a neo bank?.

Who it suits

GoTyme Bank may suit South African residents who want a no-monthly-fee account, pay mostly by card or app, and want a simple savings pocket. It suits people less well if they withdraw cash often at ATMs, or if they are not citizens or permanent residents.

See the GoTyme Bank listing, compare accounts available in South Africa, or read how to choose a neo bank. This guide is general information, not personal financial advice.

Sources

• GoTyme Bank: Current Account
• GoTyme Bank: Current Account fees and charges
• GoTyme Bank: Instant Payments
• GoTyme Bank: GoalSave
• GoTyme Bank: GoalSave changes from 1 March 2026
• GoTyme Bank: Banking South Africans will love (May 2026)
• GoTyme Bank: Terms and conditions
• GoTyme Bank: FAQs
• South African Reserve Bank: CODI frequently asked questions
• South African Reserve Bank: CODI member banks

Prices and features checked on 2026-10-30.

This guide is general information, not financial advice. Fees, features and availability change, so check the provider's own website before you apply. Read how we compare providers and our affiliate disclosure.