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30. GoalSave - Withdrawals

By TymeBank - 13 February, 2020

30.1. The GoalSave product offers two options for withdrawals:

  • Instant access – If you select this opinion, the full balance will be transferred instantly to your EveryDay transactional account (all the money you have deposited and all the interest you have earned).
  • 10-day notice period withdrawals - If you select this option, you will earn a BONUS, which will increase the maximum effective interest rate earnable on the GoalSave account.

    At bank launch, the maximum effective interest rate was 10%.

    From 1 July 2020, the maximum effective rate earned will be 7%. Interest earned on balances held up to July 2020 will not be impacted by the rate change.

    Once the 10 days have passed, the capital, interest, and BONUS will be paid into the EveryDay transactional account.

30.2. You cannot withdraw only part of your GoalSave account balance. If you withdraw money from this account, the full balance in your GoalSave account will be transferred to your EveryDay transactional account.

30.3. The BONUS multiplier and interest rates may change at the bank’s sole discretion. If there are any changes, you will be notified by SMS, and applicable rates will be viewable on the SmartApp or on the www.tymebank.co.za website.

30.4. Money in your GoalSave account can only be paid into your EveryDay transactional account.

30.5. GoalSave will not allow debit orders to be made from your GoalSave account. This means you are in full control of your money.