GoTyme Bank launches multi-currency time deposit with $1 minimum

The Philippine-based digital bank promises interest rates between 3% to 3.5%.

Philippine-based GoTyme Bank has launched the Multi-Currency Time Deposit, which requires only a minimum deposit of $1.

The time deposit service guarantees return with high interest rates– 3% for three months and 3.5% for six months, credited daily, the bank said in a press statement.

Clients may also deposit in their Philippine Peso, which will easily be converted into USD on the app. This enables Filipinos to earn in dollars while keeping their hard-earned cash safe and secure. 

GoTyme does not implement penalties for early withdrawals, so you can take your money back whenever you need it. Accrued interests, however, will be forfeited. 

GoTyme said that other currencies will be available soon. 

GoTyme Bank is one of six digital banks that recently launched in the Philippines. The bank leveraged digital kiosks and its partnership with Robinson Group to grow its customer base to over 2 million as of early 2024.