Note: this is no longer applicable. The latest update on the interest rate offered by GoTyme can be found here.
On March 31, 2023, GoTyme Bank decided to go toe to toe with the likes of Maya, CIMB, and Seabank when they increased their interest per annum for GoSave to 5% from their previous interest rate of 3%.
In addition, they seem to take a swipe at the competitors by stating that there are no missions to complete and no limits to watch out for to earn that 5% interest rate.
Quick Comparison
If you’re not aware, Maya’s base interest rate is 4% which you can increase up to 10% by completing missions and the additional interest rate is applied only to deposits up to 100K.
The same can be said with CIMB GSave where their base interest is 2.5% (UpSave) or 2.6% (GSave) with a monthly promotion (differs each month) that will increase the interest rate. The promotional interest (whatever that is for the month) is usually applied only to 200K deposits.
As for SeaBank, they provide a 5% interest per annum (no missions required) but apply only to the first 250K. Anything above it will get a 3% interest rate.
With GoTyme Bank, their GoSave account earns 5% per annum without any monthly promotions or missions to accomplish PLUS it’s applied to all your deposits.
Blogger’s note
I have accounts in all of the above-mentioned high-yield savings banks. However, I don’t have any amount saved in my GoTyme Bank account. With the increase in the interest rate, I will most likely start using GoTyme.
I just wish though that GoTyme will follow Seabank and Maya’s footsteps and offer daily crediting of the interest instead of monthly.
All in all, this is good news for everyone. With GoTyme Bank joining the fold, we now have more options for high-yield savings accounts.