For grant recipients, TymeBank now offers interest-free early grant access before the grant payment date. There are more than 25 million South Africans who depend on government income support and social grants are designed to cushion the most vulnerable.
Tymebank Offers Interest Free Early Sassa Grant Access
The bank introduced a solution that allows grant recipients to access a portion of their grant funds before the grant payment date without incurring any fees or interest.
Many people find it impossible to make their grant money last the entire month, especially when they have unforeseen expenses. We created Grant Advance to give our customers early access to their funds, says Cheslyn Jacobs, TymeBank’s chief commercial officer.
A grant beneficiary whose grant is paid into a TymeBank EveryDay Account can access R500 before the grant payment date. You can generally access Grant Advance during the last 10 days of the month, but not during the first 15 days.
When the next grant payment from Sassa is received, the advanced amount is repaid without additional fees or interest. Sassa will deduct the amount withdrawn from the EveryDay account when the grant payment is received.
Only for general grant recipients
Grant Advance is not available to beneficiaries of Social Relief of Distress (SRD) grants.General Grant recipients can only use it if they have switched their grant payments to TymeBank and received at least one grant payment into their TymeBank account.
It is important to understand that Grant Advance is not a loan and does not incur any additional fees or interest. This facility can help many grant recipients avoid exploitative loan agreements with high interest rates.”The problem of debt among recipients of social grants is a real one, and this is just one measure to combat exploitation by unscrupulous lenders.
In order to use Grant Advance, grant recipients must open a TymeBank Everyday account, download a TymeBank proof of account letter or statement or use internet banking to transfer their social grant payments to TymeBank, and change their banking information at their nearest Sassa office.
The next grant payment will be made into the selected TymeBank account if Sassa captures and processes their banking details before the 15th of the month.