TymeBank GoalSave Review for May 2024
Introduction
The TymeBank GoalSave is a savings account offered by TymeBank. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.
This page summarises interest rates offered by TymeBank GoalSave and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by TymeBank GoalSave compare to other banks.
GoalSave is a free savings tool linked to your TymeSave EveryDay account. GoalSave Interest rates increase over time. The longer you save, the higher the rate. We start you off at 4% for the first 30 days, 5% for the next 60 days and then boost you to 6% after 90 days.
TymeBank GoalSave highlights
last updated 1st May 2024 by Walter
TymeBank GoalSave
This table shows TymeBank GoalSave's interest rates for a R10,000 investment in TymeBank GoalSave versus the industry average.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 | 7.00% #8 out of 23 | 4.82% | + R 230 |
| R10,000 | 7.00% #8 out of 23 | 4.82% | + R 230 |
- 1 industry average refers to the average interest rate across all other savings accounts for the given investment amount
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than TymeBank GoalSave.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 for 18+ | 7.00% | 4.82% | + 230 |
| R10,000 for 18+ | 7.00% | 4.82% | + 230 |
- 1 industry average refers to the average interest rate across all other banks
- 2 the amount of interest you will be able earn over and above the average.
A negative amount means that the average savings account in South africa will give you more than TymeBank GoalSave.
You get a 7% interest rate at TymeBank GoalSave for a R10,000 investment. The industry average for a savings account with a balance of R10,000 is 4.82%. Over one year you will earn R230 more in interest at TymeBank GoalSave compared to the average savings account.
Here are other similar savings accounts in South Africa which require a minimum deposit between R0 - R10,000
| Account | Min Deposit | Rate |
|---|---|---|
| AfricanBank Power Pocket | R1 | 1.00% |
| AfricanBank MyWorld | R1 | 1.00% |
| AfricanBank Savings Pocket | R1 | 7.00% |
| Capitec Savings | R0 | 3.20% - 7.15% |
| FNB Linked Savings | R1 | 7.05% - 7.80% |
| Standard Bank PureSave | R0 | 5.30% - 6.10% |
| Discovery Demand Savings Account | R10,000 | 3.50% |
| Bidvest Bank Call Account | R1,000 | 4.20% - 6.20% |
| Nedbank Just Invest | R500 | 7.05% - 8.75% |
| TymeBank GoalSave | R1 | 7.00% |
