Tymebank Open Account Requirements: Everything You Need to Know

Opening a bank account should be quick, easy, and transparent. TymeBank, South Africa’s digital-first bank, is revolutionizing the banking experience by making it possible for anyone to open an account in just minutes. If you’re curious about how to get started, what you’ll need, and what sets TymeBank apart, this guide breaks down every detail—ensuring a smooth experience from day one.

Top Takeaways

Opening a TymeBank account requires only a South African ID and an active local cellphone number.
The process is 100% digital or can be done at over 600 kiosks in select stores across the country.
There are no monthly fees, and you receive a free debit card.
TymeBank offers additional features like high-interest GoalSave accounts, business banking, and seamless mobile management.
Non-residents without a South African ID or cellphone number are currently not eligible.
Find the full list of requirements and benefits at Requirements.co.za TymeBank Section.

What is TymeBank?
Requirements to Open a TymeBank Account
Step-by-Step Account Opening Process
Account Features and Benefits
TymeBank for Business: Account Needs
Fees and Limits Explained
Useful Tips and Best Practices
FAQ: TymeBank Account Requirements

What is TymeBank?

TymeBank is South Africa’s first fully digital bank, designed to provide affordable, accessible, and innovative banking services.

TymeBank stands out in the South African banking landscape by focusing on digital convenience. Launched in 2018, it’s backed by African Rainbow Capital and aims to service the unbanked and under-served communities with user-friendly online banking and in-store kiosks at retailers like Pick n Pay, Boxer, and TFG stores[4][5].
Key highlights include:

No monthly account fees
Fast, paperless account opening (often under 5 minutes)
Free debit card
Seamless digital tools via the TymeBank App and web portal

Read more about how TymeBank compares to other banks at Requirements.co.za’s Best Banks List.

Requirements to Open a TymeBank Account

To open an account, you need only two things: a valid South African ID and an active South African cellphone number.

South African ID: Green barcoded ID book, smart ID card, or a valid temporary ID document[1][2][5].
Active South African cellphone number: This is crucial for registration, verification, and account management[1][2][5].
No proof of address or income documentation is required for basic accounts.
Applicants must be at least 16 years old.

Note: TymeBank accounts are currently available only to South African citizens and residents. Non-residents and those without SA IDs or local cellphone numbers cannot open an account at this time[1].

Refer to the official list at TymeBank Open Account Requirements.

Step-by-Step Account Opening Process

Opening a TymeBank account is fast and can be done online or in person.

Online via TymeBank Website or App:
- Visit the official TymeBank registration portal.
- Enter your South African ID number and cellphone number.
- Follow identity verification prompts.
- Set your PIN and receive your account details instantly[2][6].
At a TymeBank Kiosk:
- Visit a Pick n Pay, Boxer, or TFG store hosting TymeBank kiosks.
- Bring your South African ID and smartphone.
- Complete the digital sign-up at the kiosk.
- Print and collect your free debit card on the spot[1][5].

No paperwork or proof of address is needed for opening a basic account.

Account Features and Benefits

TymeBank offers a range of features at zero monthly cost, making it ideal for everyday and savings needs.

Zero monthly fees: No hidden charges for simply having an account[5].
Free debit card: Receive it after opening your account, usable at ATMs and for online purchases.
GoalSave: Customizable high-interest savings pockets—up to 11% annual interest with no penalties for withdrawals[4][5].
Digital Banking: User-friendly app for real-time payments, transfers, and notifications.
Retail convenience: Cash withdrawals and deposits at Pick n Pay, Boxer, and other partner tills.

Explore all details at Requirements.co.za’s TymeBank Section.

TymeBank for Business: Account Needs

Small businesses and sole proprietors can access the Everyday Business Account with minimal requirements.

Business banking at TymeBank is designed to support entrepreneurs and small business owners:

Open with a South African ID and cellphone; business registration (CIPC) is optional for the Everyday Business Account[3][5].
Manage business and personal finances from the same digital platform.
No monthly fees; suitable for businesses just starting out.
Access to digital payment tools and business-saving options.

Find a full breakdown of business account options at Requirements.co.za or the TymeBank Business Account Guide on Wise.

Fees and Limits Explained

TymeBank’s fee structure is transparent, with no monthly charges and low transaction costs.

Fee Type	Cost
Monthly account fee	R0
Cash withdrawal at TymeBank ATM	R10
Cash withdrawal at international ATM	R70
Debit order decline fee	R3
International transaction conversion	2%
Card replacement	R70

No monthly fees: Enjoy free basic banking.
Low-cost withdrawals: Withdraw money at supermarkets for free; ATM charges apply elsewhere.
Savings: Interest on GoalSave increases the longer you save—up to 11% per annum[5].

See more about TymeBank’s transparent fees by visiting Requirements.co.za.

Useful Tips and Best Practices

Maximize your TymeBank experience with these simple tips:

Register your cellphone number accurately—all account alerts and verification codes go here.
Use the TymeBank App for easy management and real-time updates.
Open multiple GoalSave pockets for different savings goals.
Deposit and withdraw cash at Pick n Pay, Boxer, or TFG locations to avoid ATM charges.
Keep your ID and cellphone ready for any identity confirmation or support issues.

Learn more tips for digital banking at Requirements.co.za’s resource portal.

FAQ: TymeBank Account Requirements

1. What documents are needed to open a TymeBank account?
You only need a valid South African ID (book, card, or temporary) and an active local cellphone number[1][2][5].

2. Do I need proof of address to open an account?
No, TymeBank does not require proof of address for basic account opening[1].

3. Can foreigners or non-residents open a TymeBank account?
No, only individuals with a South African ID and cellphone number can open accounts at this time[1].

4. Is there a minimum deposit required?
No, there is no minimum deposit or balance condition for opening or maintaining the account[5].

5. How long does it take to open an account?
On average, it takes less than 5 minutes online or at a kiosk[1][6].

6. Where can I get my TymeBank card?
Collect your debit card instantly at TymeBank kiosks within Pick n Pay, Boxer, or TFG stores[1][5].

7. Are there any monthly fees?
No, TymeBank does not charge a monthly fee for maintaining your account[5].

For more information or to get started, visit Requirements.co.za’s TymeBank Guide.

Tymebank Open Account Requirements