Gotyme Bank

[Gutenberg]

2 minutes ago, OnMyWay said:

It appears the bonus rates are only paid until February 29, and only paid up to 100k.  However, the 3.5% base rate is the best I have heard of in the Philippines.

https://www.maya.ph/deals/savings/boost-your-interest-up-to-14-pa-when-you-pay-with-maya-2023-november

 

I just saw their example picture. You might be right about their "interest duration". Or what I suspect is that it's meant to be that you have to qualify in that specific time frame to get the additional 8,5%. It's a bit obscure.

[OnMyWay]

3 minutes ago, Gutenberg said:

 

I just saw their example picture. You might be right about their "interest duration". Or what I suspect is that it's meant to be that you have to qualify in that specific time frame to get the additional 8,5%. It's a bit obscure.

I might open an account.  I use Maya for some bills every month but I am not upgraded yet.

[Gutenberg]

1 minute ago, OnMyWay said:

I might open an account.  I use Maya for some bills every month but I am not upgraded yet.

Once I am in the PH I will open or try to open an account as well. I am not really interested in this interests stuff but it's seem to be one of the easier banks for foreigners with a good app and they even have flawlessly integrated Crypto.

[OnMyWay]

52 minutes ago, Gutenberg said:

 seem to be one of the easier banks for foreigners

That might be an excellent point.  I wonder what they ask from a foreigner on a tourist visa.

[craftbeerlover]

16 hours ago, OnMyWay said:

I looked at their website.  Interesting concept.  Might be worth risking some money but not too much.  5% interest but I assume that 20% tax will be deducted and gone forever.

 

"

Any interest earned from a peso bank deposit is subject to a 20% final withholding tax as required by the Bureau of Internal Revenue (BIR)."  Appears to be unavoidable, probably ends up being like 4 percent interest, does that sound about right?

[hk blues]

16 hours ago, Jack Peterson said:

 Apparently, Time locked accounts do not incur tax on Interest providing the Total investment remains in Time lock 

I looked into fixed deposit accounts a few years back and yes,  interest was not taxed as long as it remained in the account. But, it had to be locked on for minimum 5 years. 

 

[Jack Peterson]

1 minute ago, hk blues said:

  interest was not taxed as long as it remained in the account. But, it had to be locked on for minimum 5 years. 

 Yes I neglected to say this, My bad

[OnMyWay]

6 hours ago, craftbeerlover said:

"

Any interest earned from a peso bank deposit is subject to a 20% final withholding tax as required by the Bureau of Internal Revenue (BIR)."  Appears to be unavoidable, probably ends up being like 4 percent interest, does that sound about right?

Yes, but another factor, not a big one, is that technically you need to pay U.S. taxes on that interest.  You get credit for the foreign tax so it ends up being a wash.  My 2023 converted interest at BPI was $24.27 and tax withheld was $5.24.  I report it because the banks here are all reporting it to the IRS.  I also have to do FBAR.

[RBM]

On 2/17/2024 at 7:50 PM, OnMyWay said:

That is good to know but the Gotyme is a regular savings account.  I have looked at PH CD rates a while back and there was nothing interesting.

Take a peep at Tonic stash

[fillipino_wannabe]

Most of the traditional banks will offer much higher rates than they publish for time deposits if you're a 'preferred' client. My wife got offered 5% for 90 day time deposits, then ended up nearly 6% because the bank manager wanted her to change her registered branch.