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
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
| 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 bank’s ATM fees |
| Deposits via linked bank accounts | 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. |
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.
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
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://bitpinas.com/fintech/gotyme-interest-rate-withdrawal-fee-promo/
