TymeBank Customers can receive SASSA Grant Payments Early
TymeBank is planning to launch an advanced product, called “Grant Advance”, for SASSA grant recipients. This product will allow recipients to take a portion of their child grant and/or old age grants 10 days before the official grant payment date, to help them make ends meet.
Edited to add: on 28 March 2023, TymeBank announced on their Facebook page, that Grant Advance is now available.
Over 25 million, financially vulnerable South Africans rely on income support from grants. For many of them, their grant money does not last the entire month – especially when they face unexpected expenses. Owing to this, TymeBank will be launching “Grant Advance” – a product and facility that allows recipients to receive their funds at an earlier time. In doing this, TymeBank hopes to cushion grant recipients from the depressed economy.
Grant Advance is part of TymeBank’s series of services that it plans to offer in the future. In doing this, TymeBank continues to respond to its customers needs and hopes to become a front-runner within the highly-competitive financial services sector.
How does “Grant Advance” work?
Grant recipients who get paid directly into their TymeBank EveryDay Account are able to access R500 from their grant before the official payment day. Recipients can access their “Grant Advance” during the last 10 days of the month only.
TymeBank EveryDay account holders will also not be charged any additional fees or interest for their “Grant Advance” withdrawal, granted the advanced amount is paid back when their next grant payment is received from Sassa. Whatever money the account holder withdrew will then be deducted from their EveryDay account when they receive the grant payment.
Who is “Grant Advance” available to?
Grant Advance is available to recipients of the Child Support Grant and the Old Persons Grant, however it is not available to recipients of the Social Relief of Distress (SRD) grant.
It can also be used by General Grant recipients who have chosen to switch their grant payments to TymeBank and have received a minimum of one grant payment into their TymeBank account.
How can I use and access “Grant Advance”?
To access this product, switch your social grant payments to TymeBank:
To do this, start by opening a TymeBank Everyday account. Next, you will need to use the App or internet banking to download a TymeBank proof of account letter/ statement. Lastly, you will need to visit your nearest Sassa office and update your banking details.
If your banking details are captured and processed by Sassa before the 15th of the month, your next grant payment will be paid directly into your selected TymeBank account.
Some important things to note
“Grant Advance” is NOT a loan, and does not consist of any additional fees or interest.
“Grant Advance” hopes to help people and prevent them from entering exploitative loan agreements with exponential interest charges. Many grant recipients are already already facing debt issues, as such, “Grant Advance” hopes to be a mechanism to fight exploitation and provide financial relief.
READ ABOUT: Types of grants
SRD R350 Grant Care Dependency Grant Child Support Grant Foster Child Grant Disability Grant Older Persons Grant Grant-In-Aid War Veterans Grant
Types of Grants How to Apply Status Check Payment Dates Jobs & Vacancies Updates & Blog Contact SASSA
QUERIES AND CONTACT
For any further queries, please contact SASSA directly:
Contact the SASSA Toll Free Call centre on: 0800 60 10 11
Contact the SASSA Head Office on: 012 400 2322
Email SASSA Head Office at: Grantsenquiries@sassa.gov.za
Contact details of SASSA offices across the country: SASSA contact details