MANILA - The Gokongwei Group and GoTyme's digital bank GoTyme Bank said its users may enjoy an upgraded 5 percent annual savings interest rate through Go Save from the previous 3 percent interest rate.
Go Save allows users to open up to 5 separate savings accounts, the digital bank said in a statement.
It said Go Save will also help Filipinos customize their savings based on target timeframe, personal capacity and financial goals.
"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. We want to step up our game and ensure that our customers are afforded with a competitive, risk-free rate that only banks normally get," GoTyme Bank Co-CEO and Chief Commercial Officer Albert Tinio
"That is why, I am happy to announce that our customers can now enjoy a 5 percent annual savings interest rate on their Go Save accounts. No minimum balance, no limits, no missions. Just simple savings," he said.
The BSP recently hiked the country's interest rate by 25 basis points to 6.25 percent to temper inflation. This also means borrowing rates as well as savings interest rate could be higher.
Launched in October 2022, GoTyme is one of only 6 digital banks in the country licensed by the Bangko Sentral ng Pilipinas. Other digital banks offer interest rates of 4.5 percent and above.
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