#money-tips | 5 min read

Not banking online yet? You should be!

By TymeBank - 19 January, 2021

From family photographs to ride-hailing and emailing, your whole life is online. Shouldn’t your banking be too? With instant, easy and all-day access, online banking is far more convenient than the old-fashioned way. It’s cheaper and safer, too.

“Doing the banking” used to take up half a morning. In the pre-digital, pre-mobile days you’d have to wait ’til your local branch opened, then wait in line for a teller (one would inevitably pull down the blind and put up the CLOSED sign just as you reached the front of the queue) before finally doing your deposits and withdrawals over the counter. Online banking has changed all that, dramatically reducing the time it takes to perform basic banking tasks.

But time is just one reason why you should move your banking online. Cost is another.

Saving you money

Brick-and-mortar banks have huge operational expenses that digital banks (and, importantly, their clients) simply don’t have to worry about. Branches have to pay for running costs such as rent and electricity, along with security costs like vaults and strong rooms to keep your money safe. Somebody has to pay for all that … and it’s usually you, the customer, who does. And when the branch’s expenses go up, so do your banking fees.

Consider this: a cash deposit at a branch counter typically carries a fee of about R65 per deposit – so if you’re depositing R200 of your own money into your account, you’ll only keep R135 of that. The rest goes to the bank. At a digital bank like TymeBank, a R1 000 cash deposit (via card and TymeCode) carries a fee of just R6.Across the board, fees for online banking are significantly cheaper than they are for in-branch transactions. An over-the-counter cash withdrawal at a major South African bank will cost you R75, plus about R2 per R100. So, if you want to withdraw R500 at a branch, you’d better have R585 in your account. With TymeBank you can withdraw cash at any ATM in South Africa and it will cost you just R9 per R1 000.*

Saving you time

Time is another important factor in favour of digital banking – and here we’re not just talking about the time you save by not standing in a long queue at the branch. Physical banks have office hours that don’t always fit in with your plans. After all, if you work a 9-to-5 job, your only hope of getting to the bank is during lunch hour or on a Saturday morning … which is exactly when everybody else is going.

Online banking, meanwhile, is available all day, every day. It’s at your fingertips via your computer or mobile device, whether you’re at work, at home or away on holiday. All you need is an internet connection, and you’re good to go. Basic transactions, such as paying your accounts or transferring funds between accounts, can easily be done whenever you want to – even if it’s the middle of the night.

That means you can spend your lunch break actually having lunch; and instead of standing in line at a bank, you can spend your Saturday mornings doing things you actually want to do! And if you suddenly wake at 3am because that’s the time your brain reminds you of a payment you forgot to make – grab your phone, make that payment and doze right back off.

Saving you stress

Another advantage of always-on, around-the-clock online banking is that you can keep a close eye on your accounts. Instead of waiting weeks for your account statement, you can regularly check on what’s coming in and what’s going out – so if there’s fraudulent activity, you’ll know about it pretty much immediately.

Online banking is safe. Digital banks have highly sophisticated tools to ensure your accounts are protected from unauthorised access, and while there are always fraudsters attempting to steal your money through phishing and vishing, if you’re sensible and cautious your money will be safe.

How to open a bank account online

TymeBank knows you’ve got better things to do, so we won’t waste your time: It takes less than five minutes to open an account online. Compare that to how long it takes to open an account at a traditional bank, where you’d be lucky to wait less than five minutes just to see a consultant. To get started started, visit our website and discover the convenience of online banking.

Get the app.
Get the account.

Download the TymeBank app to open your free bank account in less than 5 min. No paperwork. No stress.

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