#goalsaver

[petnews2day]

CBA announces rate change

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/cba-announces-rate-change/

CBA announces rate change

In addition, the bank will lift the interest rates across a number of its savings products.

New savings rates

NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.35% p.a. The 5-month introductory variable rate will increase by 0.50% p.a. to 3.50% p.a., effective 11 November.

GoalSaver with bonus interest rate will increase by 0.30% p.a. to 2.70% p.a., effective 11 November.

Youthsaver with bonus interest rate will increase by 0.30% p.a. to 2.90% p.a., effective 11 November.

Group Executive, Retail Banking, Angus Sullivan said: “We are committed to helping our customers navigate the current environment, which is why we are once again increasing the interest rates across a variety of our savings products.”

To further support savers, CBA will increase a number of Term Deposit interest rates, including its 12-month Term Deposit by 0.40% to 3.75% p.a. The bank will also increase its 18-month Term Deposit special to 4.00% p.a. These Term Deposit rates1 will be effective 7 November. 

In addition, Mr Sullivan said the bank was looking at other ways it can help support customers mitigate cost of living pressures.

“We’ve recently launched a new Cost of Living Support Hub to provide our customers with easy access to a one-stop-shop of tools, tips and guidance to help them manage cost of living pressures,” he said.

“Some of the different tools highlighted via the hub include Spend Tracker and Money Plan, which can help customers keep track of their spending and saving. Bill Sense is another great tool which helps customers predict their future bills and manage their regular repayments. The Hub also highlights our variety of flexible home loan features, including redraw and offset facilities, as well as our Home Loan Repayment Change tool, which allows eligible customers to align their home loan repayments to when and how often they are paid.

“Further, and through our partnership with local telecom provider More, retail customers can now access some of the cheapest mobile SIM plans and NBN services in the market, with discounts of up to 30% off their 4G and 5G mobile SIM plans and NBN services – providing customers with mobile plans starting from as low as $15.40 per month2, and NBN plans from as low as $46.20 per month3. Also, from 1 November, customers who sign up for an eligible new More mobile plan can enjoy double data for the next six months4.  

“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them. We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist.”

CommBank offers an array of tools and features designed to help Australians navigate the current environment.

Nine customer tools and tips

Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate the current cost of living pressures.

Use our suite of budgeting tools to help manage your finances including Money Plan in the CommBank app which helps you to track your spending, stay on top of bills and set goals.

Use Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.

Use Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spend compares to the budget you set yourself, to help you stay on track.

Estimate how much your home loan repayments may increase via the home loan repayments calculator.

Make the most of an offset account. An offset account is a transaction account linked to a standard variable rate home loan or investment home loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, we offer multiple offset accounts.

Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. Research suggests small changes, like aligning your home loan repayment day with your pay day, can make it easier to manage your finances.

Consider how taking out a fixed rate home loan could give you greater certainty around your regular mortgage repayments. For more information, contact us in the CommBank app to be connected with a home lending specialist or visit commbank.com.au/home-loans/interest-rates

Save on your everyday spending by checking Rewards in the CommBank app.

Where you can access help

If you are concerned about your financial situation, message us at any time in the CommBank app and we will connect you with our Financial Assistance Solutions Team.

We also encourage you to speak with us about how we can support you via our extensive network of lending specialists.

Things you should know: Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.

1 The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. It is available on balances from $5,000 to $1,999,999, with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.

2 Offer of 30% off a More Mobile SIM only plan for 12 months is for customers who complete the sign up by 30 June 2023 and use a CommBank Debit or Credit card as their online bill payment method. This offer is a once-off annual discount to be applied on a monthly basis over a period of 12 months. The 12 months is a promotional period and commences from the day that your mobile services is activated. After this the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time, subject to an ongoing monthly discount of 10% off the RRP of your plan as long as you use a CommBank Debit or Credit card as your online bill payment method. The RRP of More mobile plans are subject to change in accordance with More’s terms of service. This offer is on a no fixed term contract and you are free to cancel at any time without charges. However, cancelling your service within the 12 month promotional period will forfeit any remaining months discounted at 30% off. All discounts available with this offer apply to monthly plan fees and do not apply in relation to any handset charges or any fees in respect of additional services or usage outside of plan inclusions. If you sign up, More will be your service provider for your mobile SIM and will handle all technical enquiries, complaints and servicing. The provision of your mobile service will be subject to More’s standard terms or service and policies, which are available on the More website. CommBank reserves the right to remove this offer at any time.

3 Offer of 30% off a More nbn™ plan for 12 months is for customers who complete the sign up and switch providers by 30 June 2023 and use a CommBank Debit or Credit card as their online bill payment method. This offer is a once off annual discount to be applied on a monthly basis over a period of 12 months. The 12 months is a promotional period and commences from the day that your nbn™ service is activated on the nbn™ network. After this the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time, subject to an ongoing monthly discount of 10% off the RRP of your plan as long as you use a CommBank Debit or Credit card as your online bill payment method. The RRP of More nbn™ plans are subject to change in accordance with More’s terms of service. This offer is on a no fixed term contract and you are free to cancel at any time without charges. However, cancelling your service within the 12 month promotional period will forfeit any remaining months discounted at 30% off. All discounts available with this offer apply to monthly plan fees and do not apply in relation to any modem charges, nbn™ New Development Fee or New Copper Pair charges or any fees in respect of additional services or usage. If you sign up, More will be your service provider for your nbn™ and will handle all technical enquiries, complaints and servicing. The provision of your nbn™ service will be subject to More’s standard terms of service and policies, which are available on the More website. CommBank reserves the right to remove this offer at any time.

4 The offer of double data for 6 months is for customers who sign up for an eligible new More mobile plan between 1 November 2022 and 31 January 2023 (Offer Period) and maintain an eligible mobile plan for at least 6 months from the date of activation.

[sportsnub]

massive goal saver | #short

[jcheechoo]

undefined

ain’t that right, sweet st petr.......

[super-numes-brand-blog]

#numes #goalcatcher #goalsaver

[bankingmike]

TymeBank launches credit card in response to customer needs

TymeBank, one of the world’s fastest growing digital banks, has officially launched its first credit card in response to ongoing customer demand. This comes as the bank continues to expand its offering with products that cater to different financial needs and life stages.

“The launch of the TymeBank CreditCard is a significant step in our growth phase and is in line with our intent to diversify our customer profile by attracting more customers from the middle and upper middle-income groups,” says TymeBank CEO Tauriq Keraan.

 “The card has been in the pipeline for some time, but we thought long and hard about timing, particularly given the challenging consumer environment. That said, a credit card is a secure, convenient method of payment that can add value to your budget and lifestyle, provided it is used responsibly,” he adds.

TymeBank will ensure cardholders are armed with all the information they need to get the best out of their credit card while managing their debt.

The internationally recognised TymeBank Visa credit card is offered in partnership with RCS, a leading consumer finance company and registered credit provider. “We are excited to partner with TymeBank to launch the new TymeBank CreditCard, which provides access to credit via enhanced digital offerings and offers benefits to consumers. We remain committed to improving consumer lifestyles through new product offerings, with the broader strategy aimed at targeting new customer segments,” says RCS Chief Executive Officer, Regan Adams.

This is not TymeBank’s first foray into lending.  MoreTyme™, the bank’s Buy Now Pay Later offering, enables qualifying customers to buy a retail product by advancing only 50% of the purchase price upfront and the balance being settled over a 30-day and 60-day period – without paying interest or fees.

About TymeBank’s Visa credit card

To qualify for a TymeBank CreditCard, applicants must be 18 years or older, employed and earn R3000 or more per month. They also need to have a valid South African ID or driver’s licence as well as a South African bank account.

The TymeBank sleek tap-and-go credit card can be used to make online and point of sale purchases both locally and internationally at over 29 million merchants worldwide.  

Cardholders earn Pick n Pay Smart Shopper points everywhere they use their TymeBank CreditCard (instore or online) and points are automatically loaded onto their Smart Shopper profile. Using the card at Pick n Pay stores will allow cardholders to double their Smart Shopper earn. Customers who sign up successfully before 30 April 2022 will enjoy an exclusive launch offer, which will see them earn up to four times Smart Shopper points during that period when they swipe and pay at Pick n Pay.  

Features and Benefits

Free SMS notifications for extra security

Free delivery of the first card via courier

Cardholders can get up to three additional cards for family members

Up to 55 days interest-free credit if the full amount owed is paid on time every month.

Customers can apply online on the TymeBank website link, https://apply.tymecard.co.za or via the free TymeBank app which can be downloaded on the Google Play, Huawei or IOS App stores.

To coincide with the launch of the TymeBank CreditCard the bank commissioned an online survey in December 21 and January 22 to get a perspective on usage and repayment trends among South African consumers.  Click here to find out more

Key features of TymeBank’s offering

TymeBank offers a zero monthly fee transactional bank account to consumers from the age of 16 and a business bank account for sole proprietors. Features available from this account include a money transfer service, a GoalSave savings account tool, as well as MoreTyme™, the bank’s interest-free buy now pay later product. The GoalSave tool allows customers to open up to 10 savings pockets, earning a maximum interest rate of 8% per annum, with the option to access the money immediately.

About TymeBank

Founded in February 2019, TymeBank is currently one of the world’s fastest-growing digital banks and is forecast to reach the 4,5 million customer milestone by the end of February 2022.  The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised recently raised R1.6 billion, which is being deployed to enable growth both locally in South Africa and in the Philippines.

For more information visit www.TymeBank.co.za or visit a TymeBank kiosk in over 500 Pick n Pay and Boxer stores.

About RCS

Founded in 1999, RCS is a leading consumer finance company that serves more than 2.5 million customers across South Africa, Namibia and Botswana. Having become a wholly owned subsidiary of global bank BNP Paribas in 2015, the RCS group employs over 2000 people and offers a range of credit and personal finance products including Cards, Loans, Insurance and Car Finance. Today, RCS is the largest provider of white label consumer finance products in South Africa, powering credit solutions for over 30 of South Africa’s largest retailers. Committed to uplifting the communities in which it operates, RCS – as part of its CSR initiatives and in partnership with TSIBA Ignition Academy – supports local start-ups through Level Up, an enterprise and supplier initiative. The initiative empowers local starts-ups to grow their businesses through various innovation and mentorship programmes. 

[youtubelia]

Good news: now your savings can earn up to 2.5%

Good news: now your savings can earn up to 2.5%

Now the excellent news – whilst loan holders had been in agony over the enormous charge hikes of the previous 8 weeks, banks have began to permit financial savings charges to climb. The Commonwealth Financial institution mentioned that hobby on its GoalSaver will build up to at least one.25 in line with cent, YouthSaver to at least one.45 in line with cent together with bonus hobby on most of…

[interestrateuk]

Banks fail to pass on interest rate rises to savers

New Post has been published on https://interestrate.co.uk/banks-fail-to-pass-on-interest-rate-rises-to-savers/

Banks fail to pass on interest rate rises to savers

Earlier this week, the Reserve Bank of Australia (RBA) shocked many economists and home loan borrowers around the country by hiking the interest rate by 50 basis points. This was significantly higher than experts had expected, with many predicting increases of between 25 and 40 basis points. However, the RBA deemed the higher increase necessary to try and control soaring inflation.

While borrowers may have been concerned over the hefty rate hike, it should have come as good news to savers who have failed to make much by way of returns on their savings over recent years. However, it has now emerged that major banks have acted sneakily by failing to pass on the rate hike to savers despite quickly passing it on to borrowers.

Full hike passed to borrowers in a matter of days

Some of Australia’s major banks passed the rate hike on to borrowers within hours of the RBA announcement. But, perhaps unsurprisingly, they have failed to do the same thing when it comes to upping the rates that savers are getting.

One banking giant, Commonwealth Bank (CBA), has stated it will pass on the full interest rate increase to those with GoalSaver and Youthsaver accounts from June 17th, even though it passed the rate increase on to borrowers the day after the RBA announcement.

The other major banks have not indicated when – or if – they plan to increase interest rates for savers. This includes Westpac, which passed on the rate hike to borrowers within hours of the RBA announcement. The other two banks that have yet to announce when savers will receive interest rate increases are ANZ and National Australia Bank (NAB).

Smaller banks lead the way with rate hike announcements

Some smaller banks have now announced increases on their savings accounts, including Macquarie and ING. Interest rates on Macquarie’s transaction account will rise from 0.20% to a comparatively impressive 1.50% from June 17th. The new rate will apply to accounts with balances of up to $250,000.

The Savings Maximiser account from ING will see savings interest rates increase by 0.75%, rising to 2.10%. This interest rate will take effect on June 15th on accounts with balances of up to $100.000. While the rate hike exceeds the rise from the central bank, it is worth noting that ING did not pass on the previous hike to savers in May.

One industry official, Sally Tindall from RateCity.com.au, commended the smaller banks for boosting competition in the savings sector. She said, “Finally, we have some proof that competition in the savings sector isn’t dead and buried.”

She added, “ING and Macquarie have reset the battlefield for savings rates in what is ultimately a win for savers. CBA, Macquarie and ING have now all made significant increases on some of their most popular accounts. This will put pressure on other banks, in particular, Westpac, NAB and ANZ, to pass on this RBA hike to their savings customers.”

[lostinafairytaleofchaos]

Pressure, family, friends, events, commitments, planning, it’s all too much! Can you relate? Why is it that everyone must plan everything? I used to be a HUGE PLANNER. Then life happened. Now I struggle with planning. Yes, I have GoalSaver spontaneity would be wonderful every now and then. Every time someone tells me they have an event I make sure to place it in my calendar. I really don’t know…

[govtjobs4u]

Top 10 unusual saves by goal keeper || soccer

[footballersaspokemon-blog]

#footballersaspokemon #pokemon#pikachu #pokemondrawing #football#goalscored #art #drawing #colouring#goalkeeper #pokeball #goalsave#drawingfootballers #pokemonfootball#tashamash

[petnews2day]

CBA follow NAB in raising mortgage rates after the RBA’s November 0.25 per cent move

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/cba-follow-nab-in-raising-mortgage-rates-after-the-rbas-november-0-25-per-cent-move/

CBA follow NAB in raising mortgage rates after the RBA’s November 0.25 per cent move

As the rising cash rate spurs customers to shop around on deposits, CBA also increased two other savings products by more than the cash rate, at 0.3 percentage points, taking its Goalsaver and Youthsaver rates to 2.7 per cent and 2.9 per cent respectively.

While the banks are stepping up the battle to win deposits, the latest ABS data showed the value of new home loans approved in September fell by $2.26 billion to $25.14 billion, down 8.2 per cent from August.

It was the lowest value since November 2020 and comes after the Reserve Bank of Australia’s move to increase the cash rate from a record low of 0.1 per cent in April to 2.85 per cent on Tuesday.

The market for investor lending fell by 6 per cent while owner-occupier loans fell by a much larger 9.3 per cent compared to August.

And in a sign that intense competition in mortgage markets might be starting to moderate, refinancing activity also eased from a record high in August.

The value of refinancing dropped by $1.55 billion or 8.2 per cent to $17.33 billion in September, but it was still up by 7.4 per cent compared with September 2021, according to RateCity.

RateCity research director Sally Tindall said the blip might be temporary as higher rates could prompt more customers to shop around for a better deal.

“We expect the volume of borrowers looking to refinance to remain elevated in the months ahead as people move to combat rising rates,” she said.

Homeowners in mortgage prison

But as property values plunge, some homeowners could find themselves with little choice but to stick with their lender, as falling home values crimp or negate any equity built within their loans.

“Some of these would-be refinancers may find they’re in mortgage prison because they don’t have enough equity in their property or can’t meet a new lender’s serviceability test at higher rates,” Ms Tindall said.

ANZ Banking Group chief executive Shayne Elliott said the bank is keeping a real-time view on falling property prices but sees the risks as low given the strength of employment numbers. He said if house prices fall by another 10 per cent, around 1 per cent of ANZ’s total home loan portfolio would sit in negative equity.

Westpac will report its full-year results on Monday, with analysts looking to see how well the bank has contained costs in the face of soaring inflation that has put pressure on banks’ bottom lines, given their main costs are wages.

On Wednesday, Westpac said 66 per cent of the 78 per cent of eligible staff who voted had waved through a pay deal that will see staff on salaries of up to $94,000 receive a 4 per cent increase from January 1 and 3.5 per cent from the following year.

Staff earning between $94,000 and $118,000 will receive an additional 3.5 per cent from January 1 and 3 per cent in 2024. All employees below general manager level will receive a one-off $1000 payment, as well as an extra day of leave and increased parental leave.

A spokesman declined to comment on how multi-employer bargaining might impact the banks, after the bank put the pay deal directly to staff and bypassed the Finance Sector Union.

[bankingmike]

Four million South Africans – one in ten eligible* consumers - now have a TymeBank account

Reading time: 5 minutes.

Four million customers since launch in February 2019

Last million achieved in record time

Acceleration in customer growth as offering expands to meet the broader needs of South Africans

Continuous expansion of products and features has seen increased appeal - especially amongst middle-income customers

Johannesburg , 4 November 2021

TymeBank, one of the world’s fastest growing digital banks, announced today that it has onboarded four million customers as at the end of October, which means that one in every ten South Africans who are eligible* to open a bank account, now have a TymeBank account.

In addition, TymeBank is experiencing an acceleration in its customer acquisition rate, with some 140 000 customers being onboarded monthly as opposed to about 110 000 previously. The acceleration in customers signing up for TymeBank bank accounts comes at a time when consumers are demanding more value as well as increased transparency in banking fees.

Commenting on the latest milestone, TymeBank CEO Tauriq Keraan says: “We are pleased to have achieved a four-million customer base within about 32 months. We’ve expanded our offering and enhanced product functionality to ensure we can give customers everything they need in a single banking account, while empowering them to pay nothing – or next to nothing - on banking fees, depending on their banking behaviour. The acceleration in customer growth tells us we’re on the right track.”

Most new TymeBank accounts are opened at kiosks, and just under 20% of new bank accounts are now opened online, up from 15% since April this year.

“TymeBank’s hybrid model of digital banking and physical service points is what sets us apart, which is why more than 80% of accounts are opened at our instore kiosks.  That said, we’re seeing more customers making use of our digital channels, which is in line with the rapid growth in digital adoption among ordinary South Africans, largely driven by the Covid-19 pandemic as well as increasing trust and confidence in digital banking,” says Keraan.

TymeBank’s partnership model with two retailers, Pick n Pay and Boxer, has been an integral part of its strategy to acquire customers and drive usage and has significantly contributed to the bank’s success since its February 2019 launch.

In line with the bank’s intent to diversify its current customer profile to include more customers from the middle and upper middle-income groups, on 5 October TymeBank announced a strategic partnership with TFG (The Foschini Group), a leading fashion retailer with more than 26 million loyalty customers, to meet the evolving financial services needs of consumers in the TFG ecosystem.

“As TymeBank management, we are proud of what the bank has achieved in the last 32 months. We have four million customers, strategic partnerships with three South African retail giants as well as the Zion Christian Church and have attracted significant investments from major international investors.  We’re poised for further growth and there’s an exciting future ahead,” says Keraan.

* To open a TymeBank account, customers need to be 16 years or older.

Key features of TymeBank’s offering

TymeBank offers a zero monthly fee transactional bank account to consumers from the age of 16 and a business bank account for sole proprietors. Features available from this account include a money transfer service, a GoalSave savings account tool, as well as MoreTyme™, the bank’s interest-free buy now pay later product. The GoalSave tool allows customers to open up to 10 savings pockets, earning a maximum interest rate of 8% per annum, with the option to access the money immediately.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4.3 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised recently raised R1.6 billion, which is being deployed to enable growth both locally in South Africa and in the Philippines.

For more information visit www.TymeBank.co.za or visit a TymeBank kiosk in over 500 Pick n Pay and Boxer stores.

[bankingmike]

TymeBank announces strategic partnership with TFG

Johannesburg 5 October 2021

TymeBank, one of the world’s fastest-growing digital banks, is pleased to announce it has entered into a strategic partnership with leading retail giant TFG (The Foschini Group) that will see the introduction of TymeBank financial products and services both instore and on digital platforms for the benefit of TFG’s more than 26 million customers in South Africa.

TymeBank CEO Tauriq Keraan commented: “TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with our strategic partnership as we look to expand our reach. Furthermore, we are likely to diversify the current TymeBank customer profile as we further extend the benefits of affordable banking as well as a superior banking experience to the middle and upper-middle market segments.”

TFG CEO Anthony Thunström commented: “We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest growing digital banks globally. The bank has deep expertise in managing a digital ecosystem platform plus related products and services and I believe TFG’s customers will benefit from an enhanced shopping experience.”

The partnership is expected to deliver the following customer benefits:

TFG customers will benefit from TymeBank’s ‘Buy Now Pay Later’ product MoreTyme™, providing an alternative payment option which is interest free over a three-month period.

Over 600 TFG / TymeBank branded kiosks will be located in TFG stores enabling customers to have direct and convenient access to highly affordable transactional banking and highly competitive savings rates. This will include the launch of a TFG/ TymeBank branded debit card.

The kiosk, as well as the TymeBank app and other digital interfaces will give TFG customers access to services such as electricity payments, money transfer and savings products, thereby allowing customers to shop and transact at the same time.

This partnership will allow a full range of financial products and services to be developed, including an extended range of insurance products and term loan products which will be made available for TFG customers.

MoreTyme™ will be rolled out first in Jet Stores in November, followed by a rollout across all TFG stores during the course of 2022.

Specifically developed to make purchases more affordable for consumers, MoreTyme™ makes it possible to purchase items from participating merchants but only pay half of the amount at the time of purchase and still take the item home on the same day. The balance of the purchase is payable over the following two months, interest-free.

TymeBank’s partnership model with retailers, which has been an integral part of its strategy to acquire customers and drive usage, has significantly contributed to the bank’s success since its February 2019 launch. TymeBank currently has just over 3.8 million customers, with an average 110 000 customers onboarded each month.

Now with the new TFG partnership, which would see TymeBank kiosks being located inside stores operated under the various TFG brands, customer acquisition is expected to be boosted. TFG customers will benefit from a cost-effective banking solution, as TymeBank’s bank account fees are the lowest in the market.

The partnership is subject to regulatory approvals where applicable.

Key features of TymeBank’s offering

TymeBank offers a zero monthly fee transactional bank account to consumers from the age of 16 and a business bank account for sole proprietors. Features available from this account include a money transfer service, a GoalSave savings account tool, as well as MoreTyme™, the bank’s interest-free buy now pay later product. The GoalSave tool allows customers to open up to 10 savings pockets, earning a maximum interest rate of 8% per annum, with the option to access the money immediately.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4.3 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised recently raised R1.6 billion, which is being deployed to enable growth both locally in South Africa and in the Philippines.

For more information visit www.TymeBank.co.za or visit a TymeBank kiosk in over 500 Pick n Pay and Boxer stores.

About TFG

With 29 retail brands that trade in fashion, value, jewellery, accessories, sporting apparel, cellular, homeware and furniture, TFG is one of the leading retail groups in South Africa. Besides South Africa, TFG Africa also has a presence in Botswana, Zambia, Namibia, Lesotho and Eswatini through various retail brands.

TFG first entered the UK market through the acquisition of the premium womenswear brand Phase Eight in 2015, followed by the acquisition of Whistles in 2016 and Hobbs in 2017. TFG’s presence in the Australian market was strengthened through its acquisition in July 2017 of Retail Apparel Group Pty Ltd (RAG), a leading Australian menswear apparel retailer. TFG’s vision is to create the most remarkable omnichannel experiences for their customers. TFG has over 4 300 outlets in 26 countries and employs more than 34 800 people with over 26.4 million customers (RSA).

Visit us at www.tfglimited.co.zaor follow us on: Facebook/ Twitter/ LinkedIn

[bankingmike]

TymeBank’s transaction charges continue to be the lowest in the market

26 JANUARY, 2022

Transaction charges at TymeBank, South Africa’s leading digital challenger bank, are significantly lower than what customers of the big five traditional banks are paying. This is evidenced in the annual Solidarity Research Institute (SRI) 2022 Bank Charges Report*, which was released last week.

TymeBank’s key value proposition to consumers is its cost-effective banking solution. The Solidarity Report, in its comparison of all the major SA banks, verifies this claim. Although the report highlights TymeBank’s position mainly in the digital or online banking category, the bank’s proposition sees it competing – on products and services – with all major banks in the country.

Tauriq Keraan, CEO of TymeBank, said the bank was pleased with the report but pointed out that the breadth of the bank’s transactional offering meant it could hold its own when compared with traditional retail banks, not just other online banks.

“Our transactional offering has broadened to the extent that we can now compete head on with traditional banks. Unlike traditional banks, we do not have the costs normally associated with legacy systems, so we are able to pass this benefit onto our customers. We are a bank for all South Africans and the work done on expanding our product and features portfolio has improved our competitiveness,” says Keraan.

A recent customer study by data analytics and brand consulting company Kantar in 2021 revealed that customers joined TymeBank for the following reasons:

No bank charges

User-friendly banking app

Convenience of withdrawing at Pick n Pay and Boxer stores

Inclusive/a bank for the people

The benefit of earning Smart Shopper points when swiping the card

Higher interest rates on savings

While TymeBank initially attracted customers in the lower income segments, there has been noticeable growth in customers earning between R25K-R40K a month, according to the Kantar research. The bank also has one of the highest net promoter scores (NPS) of all retail banks in South Africa and an above average NPS across low- and middle-income brackets.

As a digital bank in South Africa with an international arm and global investors, TymeBank benchmarks itself against other neobanks around the world, using them as a yardstick to provide value for its clients and to offer best-of-breed functionality in its operations.

Key features of TymeBank’s offering

TymeBank offers a zero-monthly fee transactional account to consumers from the age of 16 and sole proprietors. Features available on this account include a money transfer service, SendMoney, a free GoalSave tool, as well as MoreTyme™, the bank’s interest-free buy now pay later product. The GoalSave tool allows customers to open up to 10 savings pockets, earning a maximum interest rate of 8% per annum, with the option to access the money immediately.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4.3 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines.

[bankingmike]

TymeBank acquires 3 million SA customers in record time

Between 3000 and 5000 new customers every day

Accounts opened in under 5 minutes online, in-App, or at our Pick n Pay and Boxer kiosks

Over 100 million free transactions since launch

Over 80% of TymeBank customers pay ZERO bank fees

TymeBank customers can earn 8% interest with no minimums and no lock in

Cash deposits at Pick n Pay and Boxer stores average over R5 million per trading hour.

31 March 2021

It’s official - TymeBank, one of the world’s fastest growing digital banks, has hit the three-million customer mark, and it’s done so in a mere 25 months. The bank, which has no branches, no monthly banking fees and transaction costs that are significantly lower than competitors’, has been signing up between 3000 and 5000 new customers every day.

There are several reasons for TymeBank’s rapid growth – not least of which is the prospect of affordable banking.  Besides not having to pay monthly banking fees, TymeBank customers have conducted over 100 million free transactions since the bank’s launch in February 2019 – another milestone worth celebrating.

Speed, simplicity and convenience are just some of the reasons why TymeBank is so popular. It takes less than five minutes to open a fully regulated bank account and be issued with a personalised debit card that is immediately live at a TymeBank kiosk, and you only need your ID number and cellphone to open an Tymebank account.  There are no forms to sign, no paperwork required, and the process is significantly faster than other retail bank’s.

“Most South African consumers can’t afford high banking fees, particularly in this tough economic climate. They also want to know exactly what they’re paying for and TymeBank’s simple, transparent and affordable banking offering is giving our three million customers what they need and want. We want to thank every single one of them for their support,” says TymeBank CEO Tauriq Keraan.

“In line with satisfying customer needs and living up to the promise of a great banking experience for our customers, over the last year we have added an average of four new features monthly to our customer interfaces, including extending our app availability, upgrading our website and enabling e-commerce locally and internationally to cater for customer behaviour during COVID-19,” says Keraan.

Other things you may not know about South Africa’s first digital bank:

TymeBank’s transaction costs are between 30 to 50% lower than what other banks charge.

You can find TymeBank kiosks at 700 Pick ’n Pay and Boxer stores across South Africa.

While it may not look and act like a traditional bank, TymeBank is fully regulated like the “big 5” retail banks.

Customers have deposited more than R10 billion into their TymeBank accounts in the past six months.

Goalsave* pays up to 8% interest - you can double the amount you save in just six months.

It takes nine seconds to send money to any cellphone in South Africa using TymeBank’s SendMoney function.

The majority of TymeBank accounts to date (85%) have been opened at kiosks, while 15% are opened online.

The bank’s kiosks, electronic customer channels and call centre are open seven days a week.

Over 50% of customers are above 35 years old, with women showing some 30% higher usage on certain transaction types

TymeBank was named the 2ndbest bank in SA by Forbes, only 18 months after launch.

*Goalsave is a free savings account linked to the TymeBank Everyday account.

** Forbes is a global media company

Ends

Key features of TymeBank’s offering

TymeBank offers consumers and sole proprietors a transactional account, money transfer service, savings account and a funeral plan. There are plans to introduce credit cards and a buy-now pay-later product.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4.3 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines.

For more information visit www.TymeBank.co.za or visit a TymeBank kiosk in over 500 Pick n Pay and Boxer stores nationwide. 

[bankingmike]

TymeBank: South Africa’s first digital bank goes live

Johannesburg, 22nd February 2019

Meaningful financial inclusion is at the heart of TymeBank’s plans to make banking more accessible to all South Africans

TymeBank, South Africa’s first fully digital bank, has officially launched with ambitions to extend beyond the current suite of products over the coming months.

TymeBank has launched with its EveryDay transactional account bundled with a unique savings tool called GoalSave, its MoneyTransfer solution and its TymeCoach App, which gives consumers free

access to their credit report, supported by useful tips on how to make better decisions about money.

“We are planning to introduce credit products later this year, as well as an SME (small medium sized enterprise) proposition, but for now our focus is on getting simple and cost-effective banking solutions into people’s hands. Our mission is to drive meaningful financial inclusion, by making banking more accessible to all South Africans.

“We see it as our responsibility to take the complexity out of banking for consumers and to give them insights into how the financial system works. We believe that uncomplicated banking coupled with

relevant knowledge will empower people to make more informed and responsible decisions about their own financial futures. Why shouldn’t banks be more transparent with customers about what they are paying for?” says Sandile Shabalala, Chief Executive Officer of TymeBank.

TymeBank is South Africa’s first majority black owned bank focused on retail and business banking. Its majority shareholder, African Rainbow Capital (ARC) Financial Services Holdings, bought the

business from the Commonwealth Bank of Australia in November 2018.

“TymeBank brought synergies that are complementary to ARC’s existing insurance and asset management businesses. Given ARC’s focus to, mostly, invest in businesses with established client

pools, we’ll be looking for synergistic opportunities to the benefit of both the client and TymeBank,” says Tauriq Keraan, deputy CEO of TymeBank.

ARC will also be exploring the opportunity to offer affordable banking services to the client pools in the more than 40 investee companies in their portfolio as well as other business partners. “TymeBank offers customers a unique value proposition. As TymeBank’s majority shareholder we support management to achieve their key objective of broadening access to banking for all people,” says Johan van Zyl, co-CEO of ARC.

Traditional banking in South Africa typically comes with operations that are expensive to maintain and historically, innovation has progressed at a slow pace in this sector. TymeBank provides a modern, digital alternative to the traditional banking brands.

“We are leveraging our cloud-based technology which doesn’t come with a legacy burden and it’s one of the many reasons we’re able to pass cost savings onto the consumer. We have built an open

banking platform, which allows us to move with speed with the partners we engage with,” says Shabalala.

TymeBank has created a network of partners including Pick n Pay and Boxer. “The Smart Shopper programme is now fully embedded in our technology stack. We’ve partnered with companies whose

business ethos aligns with what we want to do in the market, which is to do good.

“The customer will always be at the centre of our banking practices and going forward we will be doing some really exciting things with our partners, it will go way beyond just occupying floor space,”

says Shabalala.

By joining forces with Pick n Pay and Boxer stores TymeBank has access to a relatively significant distribution footprint. “By the time we complete our bank kiosk roll-out we will have 730 points of

presence where customers can open accounts inside a Pick n Pay or Boxer store, (we have over 500 bank-enabled kiosks in the market today). Even in stores without a bank-enabled kiosk, customers

can still do their everyday banking transactions. There are over 14 000 till points across the Pick n Pay and Boxer network, where our customers can withdraw money free of charge and deposit money

for just R4,” says Shabalala.

TymeBank has also partnered with not-for-profit social enterprise, Harambee Youth Employment Accelerator, to create jobs and stimulate economic participation. “Harambee is a leading youth

employment accelerator in South Africa and our partnership with them has provided us with the best way to recruit our amazing team of TymeBank Ambassadors. For all of these young people, this is

their very first job. They are recruited from the local communities in and around our partners’ retail stores and we have trained them and given them the tools they need both to help our customers and succeed in their own lives. It’s all part of our inclusivity pledge,” says Keraan.

In the run up to its official launch, TymeBank acquired over 80,000 customers. “We have a strong proposition, which competitors will find hard to match right now and the tens of thousands of

customers that have opened and are using their accounts are testament to that,” says Shabalala.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 4.3 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines. TymeBank is currently one of the world’s fastest-growing digital banks, with more than 5 million customers acquired since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is a digital bank, that enables people to open a bank account onlineand provides low fee personal and business banking, internet banking, savings account, money transfer, medical aid, credit cardand Cell phone bankingproducts.  In addition to offering market-leading interest rates, the bankalso provides customers with digital payment facilities for airtime, dataand prepaid electricity.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, internet and technology company based in China, and CDC Group, the UK’s development finance institution and impact investor. Other investors are UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised US$180 million, which is being deployed to enable growth both locally in South Africa and in the Philippines.

For more information visit www.TymeBank.co.za or visit a TymeBank kiosk in over 500 Pick n Pay and Boxer stores nationwide.

About Tyme

Tyme is a multi-country digital banking group, focused on bridging the digital divide in emerging markets, by integrating into physical retail ecosystems. Headquartered in Singapore with offices in Hong Kong and Ho Chi Min City, Tyme designs, builds, and operates digital banks for the mass market, with a particular expertise in serving the under-served and under-banked populations in these countries. Tyme recognises the unique challenges of emerging markets digital banks and builds financial education, a high tech – high touch approach, and efficient cash management solutions to meet the unique needs of the emerging mass market in these countries. Tyme is now launching operations in Asia, based on its successful experience in South Africa. Tyme powers its deployments through its loosely coupled microservice platform, with its design and engineering team based in Ho Chi Minh City, Vietnam.

For more information, please visit www.tyme.com

About ARC

African Rainbow Capital (ARC) is a black-owned and controlled investment holding company which focusses on the South African and African financial services industry and businesses that deliver exceptional returns on equity. The company is 100% owned by Ubuntu-Botho Investments, which was founded by Dr Patrice Motsepe in 2004, with the objective of building a world class financial services company. Ubuntu-Botho Investments became Sanlam’s anchor empowerment partner. In addition, another important objective of Ubuntu-Botho Investments, since its formation, was to contribute to the improvement of the living conditions and standards of living of poor, unemployed and marginalised South Africans.

ARC’s objective is to be a leading provider of financial services, covering the full spectrum of financial service needs, such as life insurance, healthcare, asset management, general financial services, short-term insurance, property and banking. This is achieved through building strategic partnerships, both in South Africa and further afield, by obtaining equity stakes in product providers.

For more information, please visit www.africanrainbowcapital.co.za