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.

Photo for the Article - 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 (February 2024) List of Digital Banks With High Interest Rates in the Philippines and Maya Interest Rate 2024 | Promotions | Overview)

GOTyme Overview

Photo for the Article - GoTyme Digital Bank Overview: Interest Rate, Fee, Promos

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.

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

Users can access a 5% per annum savings interest rate with the Go Save account. 

In addition, they can create up to five separate Go Save accounts, each customizable with target amounts and timeframes. 

GoTyme Transaction Fees

ServiceFee
Go Bank Transfers to other local banksFree up to 3 times per week
Transfer to other GOTyme accountsFree
Outgoing international transferNot available yet
Incoming international transferfees may vary depending on the platform and source country
Bills payment transactionsGoTyme Bank doesn’t charge for bill payments, but additional fees may apply from certain billers
ATM WithdrawalsSubject to bank’s ATM fees
Deposits via linked bank accountsFirst 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.

GoTyme Promotions

GoTyme Go Rewards

The website highlighted that users can enjoy triple points when purchasing at Go Rewards partner stores using their GoTyme Bank ATM debit card.

Additionally, customers have the option to convert their rewards points into cash using the GoTyme Bank app, and the amount is promptly credited to their GoTyme Bank account. 

According to the website, users have the opportunity to earn 1 point for every ₱600 spent on purchases worldwide or online, provided that their Visa debit card is accepted. The conversion rate is such that 5 points are equivalent to ₱4.

Referral Rewards

Promo Period: December 15, 2023, to June 30, 2024

This referral promo is for selected GoTyme Bank Partners, including media partners, influencers, content creators, and community leaders, as well as new GoTyme Bank users. 

Existing GoTyme Bank Partners receive a unique referral code to share with Friends. Friends, and new users, use the code when opening an account and must complete a debit card transaction of at least ₱100 within 7 days. Successful transactions earn both the GoTyme Bank Partner and Friend 100 Go Rewards points each, instantly reflected in their GoTyme accounts.

Essential Rewards 

Promo period: September 27, 2023, to December 27, 2023, extended until March 31, 2024

Open to GoTyme Bank and Go Rewards users, the promo involves using the GoTyme debit card at specific merchants with a minimum spend o f₱110 per transaction. Merchants include app stores, top food delivery platforms, motorcycle-taxi booking app, bills payment industry, and on-demand 3PL service providers.

Eligible users receive Go Rewards points (0.08% to 88% of the transaction amount) for up to 3 transactions per user per month, with a maximum of 500 points per qualifying transaction. This reward is in addition to standard points earned from regular debit card transactions.

Users are notified of their reward tier on the day it’s credited through in-app communication. Go Rewards points will be reflected in the customer’s account within 7 banking days of a successful transaction.

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

Websitehttps://www.gotyme.com.ph/
Facebook pagehttps://www.facebook.com/GoTymeBank
Telephone#GO8888 (#468888)
Customer Servicehttps://www.gotyme.com.ph/contact-us/
Bank AmbassadorGOTyme 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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