GoTyme Digital Bank Overview: Interest Rate, Fee, Promos
Here’s everything to know about the digital bank GoTyme. Learn about the bank’s interest rate, withdrawal fee, and promotions.
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 (April 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.
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.) |
GoTyme Promotions
GoTyme Go Rewards
Referral program
During the promo period from December 15, 2023, to June 30, 2024, GoTyme Bank offers a referral program for selected media partners, online influencers, content creators, and community leaders, along with new users. Existing GoTyme account holders selected as partners based on collaboration with the bank can share a unique referral code with new users.
These new users must use the referral code when opening a GoTyme Bank account and complete a physical debit card transaction of at least Php 100 within 7 days. Both the partner and friend receive 100 Go Rewards points upon successful transaction.
The Grid Food Hall
From February 15 to April 15, 2024, active GoTyme Bank account holders with a GoTyme Visa debit card can avail of a 5% discount at THE GRID FOOD HALL, situated in POWER PLANT MALL.
To avail, customers must use their GoTyme Visa debit card for single-receipt payments at The Grid during the promo period. Each bill must amount to a minimum of ₱100, with a maximum discount of ₱ 250 (or a maximum spend of ₱5,000). However, QRPh payments are not eligible for the discount.
La Union Promo
From February 23 to April 30, 2024, active GoTyme Bank account holders with a GoTyme Visa debit card can enjoy exclusive perks at select Partner Establishments in San Juan, La Union. Perks include a 5% discount on single-receipt bills and additional offers such as free beer or upsizes on coffee drinks, depending on the establishment.
To avail of the promo, customers must use their GoTyme Visa debit card to settle their bills during the promo period. The discount applies to the total bill, excluding VAT and service charges, and cannot be combined with other offers or VIP cards. Customers have the option to choose between the promo discount and government-regulated discounts, with seniors eligible for the higher discount.
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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