GoalSave Help

Frequently asked questions for the GoalSave

More about GoalSave

What is GoalSave?

GoalSave is a powerful savings tool that you can activate when you open an EveryDay account with TymeBank.

How does GoalSave work?

Add money to your GoalSaves whenever you like and withdraw it whenever you need it. There are no restrictions, no fees and no penalties. If you're willing to wait for 10 days to get your money, we will give you a bonus that will take the maximum interest you can earn up to 10%.

How do I create a GoalSave?

You can create a GoalSave on the landing page of your SmartApp or Internet Banking. To create a GoalSave you just need to activate it. Add money from your EveryDay account into a new GoalSave and give your GoalSave a name.

How many GoalSaves can I have?

You can have up to 10 GoalSaves at any one time.

How should I name my GoalSaves?

You can give your GoalSave any name that best represents the dream you are saving towards. This will help you stay motivated.

Can I rename my GoalSaves?

Yes. You can edit the name of your GoalSaves on Internet Banking and Smart App

What does notice mean?

Notice is the point in time at which you tell us that you will be cashing out your GoalSave.

Can I add emojis to my GoalSave names?

No, but this feature will be available in the future.

Can I view my GoalSave transaction history?

Yes. Your transaction history is available under each of your GoalSaves on Internet Banking and Smart App.

What happens if someone sends money to my GoalSave?

They can't send money directly to your GoalSave. The money transferred to you will appear as a deposit in your EveryDay account. You will then need to add the money to your correct GoalSave.

What happens if someone sends money to my closed GoalSave?

They can't send money directly to your GoalSave. The money transferred to you will appear as a deposit in your EveryDay account. If you have closed the old GoalSave, you can allocate the funds to another GoalSave or open a new one.

Can I reopen a GoalSave?

Once a GoalSave is paid out, it is closed. You can open a new GoalSave with the same name at any time.

How is the money in my GoalSave kept safe from unauthorised debit orders?

Debit orders cannot be run against GoalSaves, which make them the ideal place for you to keep your money safe

What should I do if there is an unauthorised debit order on my account?

You should call the Customer Service Centre on 0800 999 119.

Limits

What is the maximum value I can add to GoalSave?

The maximum amount of money you can add to your GoalSaves depends on your profile, but it cannot be more than R100 000 in total across up to 10 GoalSaves. Read more about our profile limits in the EveryDay account FAQs.

What is the maximum value I can hold in all my GoalSave accounts?

The maximum is R100 000, plus the interest you have earned on your savings.

Why am I limited to 10 GoalSaves?

Having 10 active GoalSaves at any point in time allows you to prioritise the things that are most important to you. There is no limit to the number of GoalSaves you can open and close over time.

What happens if I exceed the maximum value for GoalSave?

The money you add across all your open GoalSaves cannot be more than R100 000. You will not be able to add more than that amount into your GoalSaves.

Pricing

How is interest applied?

Interest rates increase over time. The longer you save, the higher the rate. We start you off at 6% for the first 30 days, 7% for the next 60 days and then boost you to 9% after 90 days. If you're willing to wait for 10 days to get your money, we will give you a bonus that will take the maximum interest you can earn up to 10%.

You will continue to earn interest over this 10-day period and that interest will be added to the total amount transferred, along with your bonus, into your EveryDay account.

How do I get 10% interest on my GoalSave?

You must leave your money in your GoalSave for 90 days or more and give us 10 days’ notice before receiving your payout.

Are there any fees or charges for using GoalSave?

No. Using GoalSave is free. We want to encourage you to save towards the things that matter.

Cash outs and payouts

Do I get a notification that my money has been paid out after 10 days?

If your GoalSave payout (including interest) is more than R100, you will receive an SMS from us telling you that it is in your EveryDay account.

What happens if I want to cancel my payout within the 10-day notice period?

You can, and you will not be penalised on your interest level.

Can I cash the money out in batches?

All the money in your GoalSave is cashed out at once when you request a payout. This can be done immediately or with a 10-day notice period.

Why must I wait 10 days to cash out to receive the bonus?

We want to help you manage your money better and maybe even think twice before you buy something on impulse. We hope that a 10-day cooling off period will encourage you to think carefully about how and what you are spending your savings on.

Can I withdraw cash directly from my GoalSave?

You will need to request that the GoalSave is paid out (immediately or after 10 days) and the amount will be transferred to your Everyday account for you to spend.