GoTyme launches USD time deposit accounts

GoTyme, a digital bank, has launched US dollar time deposit accounts for its customers starting Thursday.

Clients can now open a time deposit account with as little as $1 or in Philippine pesos, which will be converted to dollars within the app.

Interest rates are set at 3 percent for three months and 3.5 percent for six months, credited daily.

GoTyme plans to introduce additional foreign currency options for its Multi-Currency Time Deposit product in the future.

The digital bank does not impose penalties for early withdrawals but accrued interest will be forfeited if funds are withdrawn early.

GoTyme Bank President and CEO Nathaniel D. Clarke previously stated that the lender aims to launch more investment products and rewards this year.