OPERATOR of payment system GoTyme Bank Corp. announced that users can enjoy an upgraded 5-percent annual savings interest through its “Go Save,” an app that allows every client to open up to five separate savings accounts.
“In a country where less than 3 percent of the population has access to affordable credit and insurance, and financial security and stability remain an elusive dream for many, GoTyme Bank’s latest upgrade is definitely a game changer in the local banking industry,” the company said in a statement issued last Thursday. “Customers can more than just customize target timeframes based on their personal capacity and financial goals; they can also have greater confidence in the future.”
“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,” GoTyme Bank Co-CEO and Chief Commercial Officer Albert Raymund O. Tinio. “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.”
According to the 6-month-old firm, the “Go Save” app doesn’t have deposit caps, no missions, and no minimum balance requirements. “GoTyme Bank understands that people expect more from what is on offer from the existing banks. Our 5-percent simple savings is another big step to deliver on [our] promise to offer next-level banking that unlocks the financial potential of all Filipinos,” President and CEO Nate Clarke was quoted in the statement as saying.
GoTyme Bank is a Gokongwei Fintech and a joint venture among entities of the Gokongwei Group and Singapore-based digital-banking firm Tyme Pte. It is one of six licensed digital banks regulated by the Bangko Sentral ng Pilipinas, with deposits being insured by the Philippine Deposit Insurance Corp. up to P500,000 per account.
