GoalSave interest is earned in steps over the life of the account, with the 4% per annum rate applied for the first 30 days, 5% applied for the next 60 days, and a rate of 6% is applied from then on.
Interest is calculated daily, based on end-of-day balances. It is accrued during the month and all accrued interest is capitalised on the 1st day of the new month. This means that the interest is added to the account balance, and from then on, the daily interest is calculated based on this new, higher balance.
When a GoalSave payout occurs, accrued but not yet capitalised interest is added to the payout amount (the value paid out includes all customer funds invested and all interest earned over the life of the GoalSave account).
Customers are eligible for the “GoalSave Bonus” when 10 days’ notice is given on a GoalSave withdrawal. The Bonus amount is calculated as [all interest earned over life of GoalSave] x [7% / 6% -1]. This incremental payment results in the maximum interest paid during the life of the GoalSave increasing from 6% to 7%.
Customers who elect to have their salary paid into their TymeBank account are eligible for an additional “Salary Kicker”. This is applied if the conditions for the “GoalSave Bonus” are also met. The Salary Kicker is calculated as [all interest earned over life of GoalSave] x [8% / 7% -1]. When added to the “Goalsave Bonus”, this incremental payment results in the maximum interest paid during the life of the GoalSave increasing from 6% to 8%.
For debit order switching call us on 0860 999 119.Please have the following details ready when you call:
A list of the debit orders you want to switch.
All the necessary information for each debit order.
The policy/account number for each debit order.
The details of the account holder for each debit order (if it’s not you, it may be a parent, spouse or partner).
Send a Proof of Bank Account letter or email to the payments department of each company doing the debiting. Ask them to update their systems with your TymeBank account details.
This promotion is available from 1 October 2020 until 30 June 2021 but we may extend it beyond this time period.
Any payout of a GoalSave with 10 day’s notice in the month after your salary has been deposited into your EveryDay account, will qualify for the additional interest. For example, if you have your salary paid into your account in September 2020, you will receive the extra interest when you give 10-days’ notice when doing a GoalSave payout in October 2020.
Both your personal GoalSaves and your Business GoalSaves will benefit from the additional interest, no matter which account your salary is paid into.
Yes. Your salary can be paid into your EveryDay account or your Business EveryDay account to qualify.
There is no limit to how long your GoalSave is open, to qualify for the additional interest. But remember, you will earn the most interest if your GoalSave is earning the maximum interest after 90 days.
Yes - to remain eligible for the GoalSave Salary Kicker your salary should be paid into your EveryDay account every month.
Your salary must be deposited into your TymeBank account the month before you want to give the 10-day notice payout of your GoalSave, to get the additional interest. For example, if you have your salary paid into your account in September 2020, you will only get the additional interest when you give 10-days’ notice when doing a GoalSave payout in October 2020.