Could it be Tyme to switch banks?

The much-awaited digital bank, TymeBank, launched quietly last week, with a bank account that attracts no monthly fee.

All you need to open an account - www.tymebank.co.za - is your South African ID number and your South African cellphone number.

Once the application is done, you go and pick up your personalised debit card from a kiosk inside one of 100 participating Pick n Pay or Boxer stores scattered around the country.

All of the participating stores are listed on TymeBank's website.

On the Everyday account, fees are charged on a pay-as-you-use basis.

While there is no cost for cash withdrawals from Pick n Pay and Boxer tills, you will pay R8 per R1,000 to draw from any bank's autoteller machine (ATM).

Deposits attract a flat fee of R4 per deposit in PnP and Boxer stores.

Making payment via electronic funds transfer to other TymeBank customers is free and it costs R2 for payments to accounts at other banks.

Debit orders attract a fee of R2. If you use your TymeBank card to pay at Pick n Pay, you earn twice as many Smart Shopper points.