In this day and age, people are smarter with their money. Aside from making sure to have savings, people also want to find ways to grow their money. The interest one gets with a savings account is around 1-2% on average, and people are looking into other options like trading stocks to further grow their money.

But what if you have a certain amount of money that you can deposit and let it grow for a long period? This is what time deposits are. By definition, a time deposit is an interest-bearing financial instrument that has a pre-set date of maturity. For customers to earn interest, they have to keep that money for a certain amount of time.

Foreign currency time deposits are usually intimidating as they require a large amount–usually at least $1000–before a customer can open an account, and GoTyme wants to make time deposits more accessible through its platform.

GoTyme customers can easily open a US time deposit through the app with a minimum $1 deposit–that’s one of the lowest minimum deposits for a time deposit account! To open one, users simply click on the USD Time Deposit option on their account home page, input the amount they want to deposit in USD, and choose either 3 months (3% PA) or 6 months (3.5% PA) terms. 

GoTyme’s interest rates for USD time deposits are one of the highest in the country. On average, competing banks would offer anywhere around 0.25% to 2% interest depending on the time deposit terms.

After following these procedures, users will get a notification from the app confirming that they opened a USD time deposit! You also get the receipt for your time deposit details for your reference.

Another nice feature of GoTyme’s Time Deposit instrument is that you can open multiple accounts and monitor them through the app. GoTyme’s account dashboard gives you important details on your time deposit including the amount deposited and the number of days left before you get your payout. Clicking on them will give you more details like the date started, interest rate, and time deposit terms. You can even see your money grow every day* since the interest will be credited daily for accounts greater than $100.

Getting your payout once your Time Deposit matures is also easy: just follow the instructions through the app, and your payout will simply be deposited back to your GoTyme account.

And while you’d usually close your Time Deposit account once it matures, you can opt to close it before maturity as well. No need to worry about penalties, as GoTyme will not charge any additional fees. 

With how easy it is to apply for a USD Time Deposit, GoTyme wants its customers to have more options on how they can grow their money. We can happily say it’s the best first investment option for beginners. Open a USD Time Deposit account now with GoTyme Bank!

*daily crediting of interest requires a minimum amount of $100 for 3.5% interest and $120 for 3% interest.