GoTyme Bank has announced a reduction in the interest rate for its Go Save savings account, set to take effect next month.
Currently offering 4% per annum, the rate will soon drop to 3.5% per annum, as stated in the bank’s latest advisory.
In addition to the savings account adjustment, The digital bank is updating its USD Time Deposit rates. The bank will offer 2% interest for a 3-month term and 2.5% for a 6-month term.
This move follows the Bangko Sentral ng Pilipinas’ (BSP) recent policy, which lowers the reserve requirement for banks, allowing them to lend more to businesses and individuals, potentially stimulating economic growth.
GoTyme has also introduced a new transfer fee structure. Users will now be charged ₱8 for the first transfer, while the next transfer will be free. This cycle resets with each new transaction, making the average transfer cost ₱4 per transaction.
The new interest rate for GoTyme GoSave and USD Time Deposit will be effective March 1, 2025.
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