GoTyme Digital Bank Overview: Interest Rate, Fee, Promos
Digital banks provide financial products and services through digital platforms and channels, minimizing reliance on physical touchpoints. These banks were officially recognized by the Bangko Sentral ng Pilipinas (BSP) as a distinct category within the banking sector in 2020.
There are currently 6 active digital banks; this article will be focused on GOTyme, the country’s fifth digital bank.
(For more, check out (May 2024) List of Digital Banks With High Interest Rates in the Philippines and Maya Interest Rate 2024 | Promotions | Overview)
Table of Contents
GOTyme Overview
GOTyme secured its license in August 2021; it is a joint venture between the Gokongwei Group and Singapore-based Tyme. Its Certificate of Authority was granted on July 29, 2022, marking the final stage in establishing the digital bank.
Users can access the bank through an app, available in the Apple App Store and Google Play Store, or through its 462 kiosks and 1,400 bank ambassadors nationwide.
In August 2021, the digital bank announced that it had attained one million customers. it attributed its accomplishment to the rapid onboarding of customers, which was facilitated by leveraging the robust reputation and trust associated with the Gokongwei brand.
Last December, GOTyme reported that it reached the 2-million customer milestone.
On a March 31, 2024 disclosure, the Bank of the Philippine Islands (BPI) announced its decision to sell its recently acquired 15% stake in digital bank GoTyme, citing potential conflicts of interest arising from similar product offerings. The sale involves transferring the stake to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd. for ₱902.46 million.
Recent News: Forex and Crypto Product Soon?
Recently, GoTyme announced it plans to expand its offerings to include more credit and investment services by the end of the year, with a focus on cryptocurrency trading pending regulatory approval.
Moreover, it also aims to target young millennials and Gen Z with new products like a QR-based consumer credit card. As for its expansion into Vietnam, this is slated for the fourth quarter, initially with one product, with announcements expected in the third quarter.
Additionally, the bank plans to introduce a foreign exchange product enabling users to invest in US dollars for three- and six-month terms, with a minimum investment as low as $10 and an interest rate of up to 3.5%.
Services Offered
GOTyme implements a human-centric “phygital” model. The website highlights that a “real human” will assist customers with their inquiries, “no bots, guaranteed.”
Moreover, its users can also enjoy free deposit or withdrawal transactions through designated cashiers at Robinsons Supermarket, Robinsons Department Store, or selected Robinsons Retail brands. There are also free withdrawals using the debit card at any Robinsons Bank ATM.
Further, GOtyme has ensured that the Philippine Deposit Insurance Corporation (PDIC) offers deposit insurance coverage of up to ₱500,000 per depositor.
GoTyme Interest Rate
In the past, GoTyme provided a 5% interest rate, but the website now specifies that users can access a 4% per annum savings interest rate via the Go Save account, effective from March 1, 2024.
In addition, they can create up to five separate Go Save accounts, each customizable with target amounts and timeframes.
As per the website, if a customer closes their Go Save account before the interest crediting date, they automatically forfeit the accumulated interest for that month. To retain the interest, users can withdraw funds while keeping the account open until the interest is credited.
GoTyme Transaction Fees
| Service | Fee |
| Go Bank Transfers to other local banks | Free up to 3 times per week |
| Transfer to other GOTyme accounts | Free |
| Outgoing international transfer | Not available yet |
| Incoming international transfer | Fees may vary depending on the platform and source country |
| Bills payment transactions | GoTyme Bank doesn’t charge for bill payments, but additional fees may apply from certain billers |
| ATM Withdrawals | Subject to the bank’s ATM fees |
| Deposits via linked bank accounts | The first 2 deposits per month are free; subsequent deposits incur a 1% fee based on the deposited amount for BPI, and PHP 8.00 for other local banks. |
| Deposit and Withdraw at Robinsons Supermarket | Free |
| Fund transfers to Robinsons Bank accounts | Free |
| Fund transfers to other local banks and e-wallets via InstaPay and PESONet | Free for the first 3 transfers per week, then exceeding transfers are charged ₱8 per transaction. (Three free transfers weekly reset every Monday 12AM.) |
Recent News
GoTyme Bank reached P19 billion in deposits by August, driven by 300,000 new customers, and is set to expand with salary loans, a QR-based credit card, and potential cryptocurrency services.
In September, GoTyme Bank became the first bank to integrate with the Bangko Sentral ng Pilipinas’ (BSP) Coin Deposit Machines (CoDMs), allowing customers to convert loose coins into savings directly in their accounts.
At the second KMC Startup Awards held on November 15, 2024, GoTyme Bank was awarded the prestigious Startup of the Year Gold Award, alongside recognitions for Innovation in Marketing and as a Growth Champion.
Current Active Promos
50+50 Referral Rewards
The promo runs from July 16, 2024, to December 31, 2024, and rewards both referrers (GoTyme Partners) and referees (new users) with 50 Go Rewards points each for every
successful qualifying transaction made.
Referees must open an account, print a debit card, and complete a ₱50 transaction within 15 days of account opening. Referrers can share a unique code with their friends, who must use it during registration. Each person can earn a maximum of 100 points (two separate transactions), with the possibility of points being revoked if terms are violated.
3Xmas Rewards Raffle
The Xmas Rewards Raffle is running from November 16, 2024, to January 31, 2025, where users can earn raffle entries by paying with their GoTyme Visa debit card at select Robinsons Retail stores with a minimum of ₱1,000 per transaction. Each transaction qualifies for one raffle entry, and participants can earn unlimited entries but can only win once.
Prizes include three major prizes of round-trip Cebu Pacific flights to selected destinations and nine minor prizes such as iPads and Robinsons gift certificates. The raffle draw will take place in February 2025, with winners announced shortly thereafter.
Gotye x Jabroni Pizza
GoTyme Bank offers a 50% discount on all pizzas at Jabroni’s Pizza, Power Plant Mall, Makati, for active GoTyme Visa debit cardholders from September 12 to December 31, 2024.
Customers can enjoy the discount on dine-in and take-out orders, with a limit of one box (or 8 slices) per person per day. The promo is not valid for delivery or QR payments and cannot be combined with other promotions. Senior citizens can choose between this promo and their government discount.
Gotyme x Public Eatery
GoTyme Bank is offering a 25% discount at The Public Eatery in Robinsons Magnolia, Quezon City, from November 22, 2024, to May 31, 2025, for active GoTyme Visa debit cardholders.
The discount applies to single transactions of up to ₱2,000, with a ₱500 discount for bills over ₱2,000. The offer is valid for in-person dining and excludes QR payments, online deliveries, and other promotions. Terms and conditions apply, and customers can choose between this promo and government-regulated discounts like those for senior citizens.
Pay Bills via GoTyme
The promo runs from November 22, 2024, to January 17, 2025, where users can earn 8 bonus Go Rewards points for every two qualified bill payments made through the GoTyme Bank app.
Each payment must have a minimum spend of ₱100, and users can earn the bonus once every 30 days. The points will be credited immediately after reaching the two-transaction threshold. The promo is open to both new and existing users, with terms and conditions in place to prevent fraudulent activities and ensure eligibility.
GoTyme x The Grid
GoTyme Bank is offering a 25% discount at The Grid Food Market, Power Plant Mall, Makati, for active GoTyme Visa debit cardholders from October 4, 2024, to March 31, 2025.
Customers can enjoy a maximum discount of ₱500 (on a ₱2,000 bill) by paying with their GoTyme Visa debit card. The discount is not applicable to QRPh payments, online orders, or with other promotions. Senior citizens can choose between this promo or their government discount, whichever is higher.
Go Rewards Points Abroad
GoTyme Bank is running the “Earn Up to 200 Extra Go Rewards Points Abroad” promo from November 12, 2024, to March 31, 2025. Qualified GoTyme Bank users will earn bonus Go Rewards points based on their international in-store purchases made using their GoTyme Visa debit card.
Points will be awarded as follows:
- ₱ 5,000 to 14,999.99 = 25 Go Rewards points
- ₱ 15,000 to 29,999.99 = 100 Go Rewards points
- ₱ 30,000 and above = 200 Go Rewards points
The bonus points are in addition to those earned from individual transactions. Accumulation occurs over a 30-day period from the first international purchase, and the promotion only applies to in-store purchases abroad. Online and QR payments do not qualify. Points will be credited automatically to the user’s Go Rewards account after each tier of accumulated spend.
GoTyme x Agoda x Visa
The promotion offers an 8% discount on hotel bookings worldwide when made with an eligible VISA card. It’s valid until December 31, 2025, for stays until March 31, 2026.
Only VISA cardholders in the Philippines can avail, settling payments with their VISA card. The discount applies to selected hotels and specific room types. It’s non-transferable, non-cumulative, and cannot be combined with other discounts. The discount will be visible after entering a valid VISA card number.
How to open a GoTyme account
Clients have the option to initiate an account through the GoTyme Bank app or at any of its 367 kiosks. Upon successfully establishing the account, the user will be provided with a complimentary ATM debit card.
To open an account, applicants only need to provide a standard Philippine-issued ID and a valid mobile number.
GoTyme Contact Details
| Website | https://www.gotyme.com.ph/ |
| Facebook page | https://www.facebook.com/GoTymeBank |
| Telephone | #GO8888 (#468888) |
| Customer Service | https://www.gotyme.com.ph/contact-us/ |
| Bank Ambassador | GOTyme Physical Kiosks |
Read more: List of Digital Banks With High Interest Rates in the Philippines
This article is published on BitPinas: Digital Banks in the Philippines: GoTyme Overview
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