South Africa is faced with the most strenuous period it has ever faced and majority of people are wondering how they are going to make it financially. Whether you are an individual or business, the uncertainty can be nerve-racking. That's why you need to hear what TymeBank has to say.
Physical And Financial Health Are Becoming Equally Important
It's not just about physical well-being, but also financial well-being. South Africa has taken a huge knock and the nation is speaking to banks for assistance. What's TymeBank doing about this?
TymeBank 100% Free SendMoney - The bank has made this service 100% free so that sending money comes without any extra charges.
How this works?
You can send money via cell phone.
The collector can receive the money at any Pick 'n Pay store. (Please remember to use preventative measures on your journey.)
TymeBank Interest Is Not Increasing - The bank is keeping their interest rates at 10% so you don't have to get a nudge in your pocket.
“Despite the fact that the Reserve Bank has cut the benchmark interest rate by a considerable amount, TymeBank will honour their commitment to their customers and keep their interest rate unchanged at 10%,” said TymeBank Chief Strategy Officer, Greg Illgner.
This is a great opportunity for South Africa to take advantage of the services at their own benefit and exercise financial fitness in these tough times.
TymeBank’s GoalSave Savings Tool - The bank has created a service that allows customers to earn up to 10% interest per annum.
How this works?
Save some money and put it in your GoalSave pocket. It's that simple.
Here are a few tips from TymeBank's Chief Strategy Officer to help you make financially savvy decisions:
Do Not Panic
It is advised that you do not make hasty decisions with your money. Panic only causes poor decision making that can be harmful in the long run.
“Your money is still very safe in the bank, there’s no need to withdraw it. South Africa’s banking industry is respected around the world. If you are with a well-regulated, tier 1 bank, take comfort knowing that our business has been built for times like these.”
If You Think Cash Is King, Think Again
Using cash not only opens you up to the vulnerability of theft and loss, but to the pandemic itself. The more cashless you are, the better.
“Wherever possible, pay for things using a card, rather than by physically handling cash that’s been touched by countless other hands,” advises Greg.
Make Interest Work For You, Not The Other Way Around
Although saving is hard at a time like this, put your money in a savings account. This will allow you to earn interest.
“Most South Africans don’t trust banks or interest rates because they’ve been bitten by both of them – by rogue debit orders, unexpectedly high credit card debt and extortionist loan repayment rates. But if you can get interest to work for you, you will be amazed at how your money can grow.
That’s why we’ve done all we can to give the best rates to the people who need it the most. From the first Rand our customers save, they earn 6%. After 30 days, this increases to 7%, and after 90 days, it increases once again to 9%. The money is always available immediately, with no penalties, however, if customers are willing to wait ten days (or plan ahead), they’ll earn a bonus on top of their interest that takes the maximum interest they’ll earn up to 10%. No other savings account comes close.
To further reassure our customers and incentivise them to save more, we tally their accrued interest and add it to their savings account daily – not monthly. Many log on every day just to watch their money grow. Of course, they’re also able to take it out whenever they may need it,” Greg continues.
Beware Of Loans
Nobody knows for certain what the current crisis is going to do to our economy or to each of our own pockets, but Greg warns people to think twice before taking out any loans unless they really, really need to - especially given the flux in interest rates: “If you’re going to take out a loan, at least make sure it’s from a reputable institution.”
Remember What Your Trust Assets Are
“We’ve always believed in the potential of people in South Africa, and at times such as this, more so than ever. Our collective resilience, our sense of humour, our remarkable ability to support one another when it counts and bounce back from anything… these are our real national assets,” says Greg, “And they really count in times like these. So be kind, don’t panic, be the best you can be – you’ve got this. We’re behind you every step of the way.”
Here is a chance to take advantage of the best rates with TymeBank. You can simply open an account with the bank online at www.tymebank.co.za. It only takes about five minutes to start changing your financial wellness.