Frequently asked questions for the GoalSave
GoalSave is a powerful savings tool that you can activate when you open an EveryDay account with TymeBank.
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%.
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.
You can have up to 10 GoalSaves at any one time.
You can give your GoalSave any name that best represents the dream you are saving towards. This will help you stay motivated.
Yes. You can edit the name of your GoalSaves on Internet Banking and Smart App
Notice is the point in time at which you tell us that you will be cashing out your GoalSave.
No, but this feature will be available in the future.
Yes. Your transaction history is available under each of your GoalSaves on Internet Banking and Smart App.
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.
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.
Once a GoalSave is paid out, it is closed. You can open a new GoalSave with the same name at any time.
Debit orders cannot be run against GoalSaves, which make them the ideal place for you to keep your money safe
You should call the Customer Service Centre on 0800 999 119.
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.
The maximum is R100 000, plus the interest you have earned on your savings.
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.
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.
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.
You must leave your money in your GoalSave for 90 days or more and give us 10 days’ notice before receiving your payout.
No. Using GoalSave is free. We want to encourage you to save towards the things that matter.
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.
You can, and you will not be penalised on your interest level.
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.
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.
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.