GOTYME BANK has launched a multi-currency time deposit product, with US dollar support now available as an initial offering, it said on Thursday.

The digital lender’s Multi-Currency Time Deposit product requires a minimum deposit of just $1 and guarantees returns of 3% for three months and 3.5% for six months credited daily, GoTyme Bank said in a statement.

The product is available on the GoTyme Bank app.

Clients may deposit in Philippine peso, which will be converted into dollar via the app.

“This enables Filipinos to earn in dollars while keeping their hard-earned cash safe and secure,” the lender said.

“And unlike with other banks, GoTyme does not implement penalties for early withdrawals, so you can take your money back whenever you need it. Accrued interest, however, will be forfeited,” it added.

More currency options for the product will be available soon, GoTyme Bank said.

GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke previously said the lender is looking to launch more investment products and rewards and benefits for its GoTyme Bank Visa debit card holders this year.

The online lender is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%.

It is one of the six digital banks licensed to operate in the country by the Bangko Sentral ng Pilipinas.

The online lender began commercial operations in October 2022 and is targeting to grow its customer base to five million by the end of this year. It also expects to turn a profit within the next three years. — AMCS

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