GoTyme Bank, the digital banking unit of the Gokongwei group, has launched a dollar-based time deposit product that it said is most accessible in the market.
The company said one is required only a $1 as minimum deposit to enjoy the product.
“This means anyone can start their investment journey with a few clicks on the GoTyme Bank app,” it said.
The first of its kind in the market, GoTyme Bank’s multi-currency time deposit guarantees returns with high interest rates, at 3 percent for three months and 3.5 percent for six months credited daily, the bank said.
Depositors may also deposit money in Philippine peso which are converted into US dollars on the app.
This enables Filipinos to earn in dollars while keeping their hard-earned cash safe and secure. But unlike other banks, GoTyme does not penalize early withdrawals so one may take one’s money back as needed.
Accrued interests, however, will be forfeited.
The bank said it will add more currencies in the future.
GoTyme Bank is a joint venue of Tyme Investments Pte. Ltd. with members of the JG Summit Group and Robinsons Retail Holdings Inc. The lender is one of six banks with a digital banking license issued by the Bangko Sentral ng Pilipinas.
It has expressed confidence of acquiring five million depositors by the end of the year and targets to offer more services to more customers down the line.
The bank’s co-CEO, Albert Tinio, is bullish on the economy and reported attracting 2.3 million depositors in only 14 months from first operating as a digital lender.
“Around December last year, our sister bank, Tyme, became profitable. We said we can also do that; we’re very much on track to do that,” Tinio said.
