GoTyme Bank Philippines Peso Savings Account – MoneySmart Review 2022

gotyme bank review

Anyone who has tried to save money knows it takes discipline to reach your goals. Unexpected expenses always seem to pop up, and it can be tempting to dip into savings when times are tough.

However, building good financial habits makes it possible to grow your money over time. One way to do this is by opening a savings account with a bank that offers competitive interest rates. Fortunately, there is a digital bank like GoTyme Bank Philippines. You can easily open one for free straight from your mobile device.

This article will walk you through GoTyme bank’s essential features, benefits, rewards, and interest rates. Spoiler alert – did you know you can earn 3.00% per annum from your deposits?

GoTyme Peso savings account features

Type of Account Peso Savings Account
Interest rate 3.00% 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

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’ rates range from 0.625% to 0.75% per annum. In contrast, GoTyme Bank offers 3% p.a., and the earnings are credited daily to the depositor’s account.

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

GoTyme differentiates itself from other banks through its key features:

  • Send – money transfers between GoTyme bank accounts is free. You may also send money to other banks via InstaPay and PESONet for free for up to three transactions per week.
  • Shop – use your digital bank account to pay for purchases and earn up to 3x rewards points when shopping at Robinsons retail stores and establishments. You can 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 spend.
  • Save – 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.

GoTyme Peso savings account interest rate vs. other banks

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 (per annum) Minimum Initial Deposit (depending on the type of Savings Account)
GoTyme Bank
  • 3.00%
CIMB Bank Philippines
  • 0.50% – 0.75% Fast & Fast Plus Account
  • 2.50% UpSave Account
  • 2.60% GSave Account
Komo Bank
  • 2.50%
  • 5.00% 
Tonik Bank
  • 1.00% (Regular)
  • 4.00% (Stashes)
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 +
  • 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. You can visit GoTyme kiosks to print and use it to withdraw funds from any BancNet ATM, pay in-store purchases, and earn points.

To top up your account, visit any of its partner Robinsons retailers. You may also transfer money from other banks via InstaPay and PESONet to your GoTyme savings account. You will see your account number and also your 16-digit debit card number.

Take note that you should use the GoTyme details – full name and account number – when transferring money from other banks to your account, not the 16-digit debit card number.

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

You can 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 address
  • Valid ID
  • Active mobile number

You can finish the registration 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

Suppose you compare GoTyme’s interest rates with SeaBank’s. In that case, the latter is more attractive as it offers 5.00% p.a. Both have digital banking features and provides you with daily earnings, which are credited to your account. If you want to try how GoTyme works, exploring the Go Save account with its 3.00% offer is worth a try.

Of course, GoTyme’s rate is still better than commercial banks’ rates, as seen in the comparison table above. What’s more, the unique feature of having a GoTyme account is that you can use your debit card to pay for your in-store purchases at any Robinsons Malls and retail stores while you earn rewards points.

If you need another savings account, then feel free to explore this new digital bank. If you have tried the services, let us know your experience in the comments below.