GoTyme Bank Philippines Peso Savings Account – MoneySmart Review 2023

gotyme bank review

Saving money requires discipline to achieve your goals. You may be surprised by an unexpected expense or emergency, and it’s tempting to tap into savings during tough times.

By developing solid financial habits, you can grow your savings over time. Opening a bank account is more accessible than ever with digital banks. You don’t need to queue in the branch. Just download the mobile digital bank app to register and get verified right off the bat — this can be done when you open an account in GoTyme Bank Philippines.

Let me walk you through GoTyme Bank’s essential features, benefits, rewards, and interest rates. Spoiler alert — did you know you can earn 5.00% per annum from your deposits?

GoTyme Peso savings account features

Type of Account Peso Savings Account
Interest rate 5.00% p.a. (per annum)
Initial deposit Zero
Minimum balance required None
Maintaining balance required to earn interest None
Dormancy fees Free
Check deposit Not supported
ATM withdrawals Yes
ATM card  VISA

What is GoTyme Bank Philippines?

GoTyme Bank is a digital bank by Gokongwei Group, one of the biggest conglomerates in the Philippines. The company has partnered with Tyme, a global digital bank headquartered in South Africa with offices in Singapore and Vietnam.

The digital bank aims to bring financial inclusion to most Filipinos through its services by offering high interest rates on its savings account. Traditional banks usually offer interest rates ranging from 0.625% to 0.75% per annum. In contrast, GoTyme Bank offers 5.00% p.a., and the earnings are credited every first day of the month to the depositor’s account.

Your savings account is insured by the PDIC up to ₱500,000. Like most digital banks, you can open an account in minutes. Download the GoTyme mobile app on the App Store and Google Play Store.

What are the key features of GoTyme Bank Philippines?

GoTyme bank differentiates itself from other banks through its key features and services:

  • No transfer fees when sending money – Money transfers between GoTyme bank accounts are free. Transfer via InstaPay and PESONet to other banks for free for up to three transactions per week.
  • Shop and earn rewards points – Use your digital bank account to pay for purchases and earn up to 3X rewards points when shopping at Robinsons retail stores and establishments. Redeem your accumulated points for cash. (5 points = ₱4.00). If you purchase items from non-Robinsons partners, you still earn one reward point for every ₱600 spent.
  • Save and earn high-interest rates – The debit card is free of charge, and you can get it at any GoTyme bank kiosk. The Go Save account lets you divide your savings into five categories, and you can customize each with a target amount, time frame, or deadline. Activate the Go Save account and set a date to start saving.
  • Purchase load and pay bills — Select your telco or online game (SMART, Globe, TNT, etc.) that you wish to top up. GoTyme also supports popular billers like Meralco, Maynilad, and Converge and toll fees for AutoSweep and Easytrip RFID.
  • Free VISA debit card — Once you have set up your account via your mobile app, go to any GoTyme kiosks to print your debit card — free of charge. Bring a valid ID, preferably the ID you used during the verification process, on the mobile app.
  • Direct deposit online with linked bank accounts — Top up your GoTyme account for free when you link your BPI, Chinabank, RCBC, or UnionBank account. Enter the amount you want to deposit and log in with the selected bank account to finish the deposit.

GoTyme Peso savings account interest rate vs. other banks

Aside from the 5.00% interest rate you earn from your savings account, one of the noteworthy features of GoTyme Bank is the auto savings function.

You can activate this feature on the mobile app, which helps you save more money. Schedule a transfer from your main account to your chosen GoSave category.

Here’s a comparison of GoTyme’s interest rate vs. other banks.

Bank Interest Rate p.a. 

(per annum)

Minimum Initial Deposit (depending  on the type of Savings Account)
GoTyme Bank 5.00% None

Digital banks in the Philippines

CIMB Bank Philippines 0.50% – 0.75% Fast & Fast Plus Account

2.50% UpSave Account

2.60% GSave Account

Komo Bank 2.50% None
Maya Bank 3.5% (base rate) None
SeaBank  4.5.00%  None
Tonik Bank 1.00% (Regular)

4.00% (Stashes)


Traditional commercial banks in the Philippines

Banco De Oro (BDO) 0.0625% ₱100 – ₱30,000 +
Bank of Philippine Islands (BPI) 0.0625% to 0.125% ₱100 – ₱2 million
China Bank Corporation 0.125% ₱2,000 -₱20,000 +
Citibank  0.75% to 2.04% ₱50,000 – ₱2 million
Security Bank 0.0625% ₱5,000 -₱100,000 +

With your savings account, there’s no initial deposit and maintaining balance. Your VISA debit card is automatically activated on the mobile app after you log in. Withdraw funds from any BancNet ATM, pay in-store purchases, and earn points.

Here are the limits for top-ups and transfers:

Transactions Limit
GoTyme partner

  • Cash-in over-the-counter
  • Cash-out over-the-counter



ATM (local and international) May vary
Transfers (to GoTyme)

  • Per transaction
  • Per day



To other banks via Instapay

  • Per transaction
  • Per day



To other banks via PESONet

  • Per transaction
  • Per day



Payments and other purchases No limit

Create up to five Go Savings accounts to help you set goals for your finances.

What are the requirements to open a GoTyme account?

GoTyme bank is open to Filpino citizens with the following requirements:

  • 18 years old and above
  • Philippine addressValid ID
  • Active mobile number

You can finish the registration process in less than 5 minutes. Always take a photo of your selfie with a clear background. Avoid glare or too much light on your ID when you scan it using your camera phone.

Final thoughts

GoTyme offers a more attractive interest rate of 5.00% p.a compared to SeaBank’s 4.5% p.a. It provides monthly interest crediting, while SeaBank does daily crediting. Explore the Go Save account to experience GoTyme’s 5.00% offer.

Both have digital banking features, but the former credits the interest every month, while SeaBank does daily crediting. If you want to try how GoTyme works, exploring the Go Save account with its 5.00% offer is worth a try.

Of course, GoTyme’s rate is still better than commercial banks’ interest rates, as seen in the comparison table above.

Additionally, with a GoTyme account, use your debit card for in-store purchases at Robinsons Mall, The Marketplace, Daiso, and more while earning rewards points.

If you need another savings account, then feel free to explore this new digital bank.

Have you tried GoTyme Bank? Let us know your experience in the comments below.