HvdW
Henk van der Watt

1 reviews | Active since Dec 2018

01 Dec 2020, 10:31

TymeBank ignoring all my emails

I sent TymeBank an email on the 30th of Oct, trying to find out how they calculate their interest. I have not received a response as yet... Its been a month??? The email read:

Can you please help me understand how you calculate your interest? See screenshot below. You can see the last time I added funds was on the 30th of March - my balance then => R10.

Because the below Goal Save account was opened longer than 3 months ago, I am in the 6% interest category. Shift your attention to 1 Sep 2020 and 1 Oct 2020 - in those 2 months respectively, I earned R0.05 interest. Because its a constant interest amount, that means its calculated as simple interest? Otherwise it would have increased systematically if it was calculated as compound interest?

(R0.05/R10)*100 = 0.05% interest (obviously compounded monthly) - hence 0.05% x 12 = 6% per annum.

My question in other words - is interest calculated as simple interest?

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