GoTyme Bank hikes savings deposit rate

MANILA, Philippines — GoTyme Bank, the joint venture between the Gokongwei Group and Singapore-based digital bank Tyme, has raised its annual savings interest rate to five percent as it targets a 10-fold increase in its deposit base.

GoTyme Bank Co-CEO and chief commercial officer Albert Tinio said users could enjoy an upgraded five percent annual savings interest through Go Save, a feature that allows every client to open up to five separate savings accounts.

The product carries an interest of three percent since it was launched last October.

“We want to help our customers protect the value of their emergency fund from eroding. We want to step up our game and ensure that our customers are afforded with a competitive, risk-free rate that only banks normally get,” Tinio said.

GoTyme Bank is committed to providing its clients with a wide array of banking products and services, such as debit card, shopping rewards, bank transfers, savings account, and personalized customer service.

“When we do things at GoTyme Bank, we make sure it is sustainable for both the economy and you – our customers. We want you to save, grow your hard-earned money, and enjoy it. We want your savings to ensure the security and well-being of your family and loved ones in the years to come,” Tinio added.

GoTyme Bank president and CEO Nate Clarke, in a virtual press conference, said that the digital bank understands that people expect more from what is on offer from the existing banks.

“Our five percent simple savings is another big step by GoTyme to deliver on its promise to offer next-level banking that unlocks the financial potential of all Filipinos,” Clarke said.

Clarke pointed out that the increase in interest rate to five percent would significantly accelerate new customer onboarding that has reached 340,000 since the launch five months ago.

“We are targeting five million customers in three years and 10 million in five years. We have been overwhelmed, in a good way, because demand has exceeded our expectations. Our 340,000 in the first five months is well above our expectations,” Clarke said.