As we all know that retail banks increase their fees every year to align with interest rates. On the other hand TymeBank, the newly launched digital bank reported that they’re not going to increase their fees in 2023 which is a big WIN for their clients and the market share.
The banking group says is sticking to its mandate to make banking accessible and affordable.
The bank wrote an email to its customers, “It’s that time of year when the inbox starts filling up with annual price increase notices. It’s not a good feeling, particularly in these financially stressful times. “
“Right from the start, TymeBank has been committed to making banking accessible and affordable to more people – and we are staying true to that mission.” Here’s what you can expect from the bank in 2023.
Come 1 January 2023, there will be!
NO transactional fee increases and we will continue to charge NO monthly account fees.
The only change will be on the card replacement fee (was R60, changing to R70)
A transaction fee of R3 will be introduced for international card purchases.
An inactive account fee of R7/month will be introduced, but will only be applied to accounts that have had no transactional activity for more than 6 months. Perform at least one transaction every 6 months using your debit card, App, Internet Banking or USSD, and no fee will be charged
