One of the newest players in Philippine banking is committed to bringing “next-level banking” to Filipinos with its savings offerings.
GoTyme Bank, which launched in October last year, is offering a higher saving interest rate to its clients on its savings account named Go Save.
The saving interest rate was repriced from only 3% interest offered during its launch last October.
That month, the brand started with the 3% interest rate, offered 3X GoRewards earn and 3 free Instapay sends a week on its GoSave account, as well as free deposits and withdrawals at any Robinsons retail store.
This month, it announced that it is making opening savings accounts easier with the repriced 5% interest rate. It also allows a single client to create five separate Go Save accounts with customizable target timeframes that assist clients in reaching their savings goals at their own pace.
One of the chief executive officers of the bank, Albert Tinio, explained that the move is to ensure that their customers will be able to save, grow their hard-earned money and enjoy them.
“So, how do we do it? We will peg our savings interest rate based on the current economic situation. The Bangko Sentral ng Pilipinas has recently announced the rate hike to combat inflation. We want to help our customers protect the value of their emergency fund from eroding,” Tinio told the press during the virtual launch last March 30.
He also said that the interest rate is “risk-free.”
“No minimum balance, no deposit caps. Just simple savings,” Tinio said.
“Our vision is clear: we will introduce next-level banking products that empower all Filipinos to unlock their financial potential. Go Save is another step towards delivering on our promise,” he added.
The bank said that the interest rate feature will stay until future economic conditions will require GoTyme to revisit its pricing as the pricing decision is based on the current economic condition.
To complement the saving rate, Nate Clark, GoTyme President and co-CEO also introduced tools and automation that allows clients to save more. These are the following:
- Auto-save – Allowing clients auto-transfer any amount into their savings account on a daily, weekly ,or monthly.
- Save the change – Allowing clients to set your GoTyme visa debit card to round up each swipe to the nearest P10 or P100, depositing those extra amounts into a GoSave account
“These small automations and nudges helps you build the right habits and behavior to achieve your savings goals faster than ever before,” Clarke said.
Aside from these, the bank is also offering GoRewards points boosters at Robinsons Retails stores, Cebu Pacific bookings, and on Caltex transactions. The three free transfers a week to any bank is also still being implemented.
Clarke said GoTyme is looking forward to taking bigger steps in the coming months to deliver their vision for banking to Filipinos.
“This will include adding hundreds of new kiosks and ambassadors, adding thousands of new deposit and withdrawal points, and as importantly, adding new products such as QR and bill payments to our beautiful, safe, and secure mobile app,” he said.
Interested clients may open their own Go Save savings account by visiting www.gotyme.com.ph or any GoTyme Bank kiosks nationwide.
GoTyme is brought by majority shareholder, the Gokongwei group.