Seabank and Go Tyme Review
Napansin ko na maraming tumitingin ng tungkol sa savings bank na posts ko. Nilagay ko 'yon dito almost ten years ago and thanks, everyone, for continuously accessing them but we now have better options if we're talking about the interest that our money will gain while deposited. Unfortunately, I wasn't able to keep the two bank accounts that I wrote about before and stuck with BDO because there is a branch a few blocks away from home making it the most convenient Traditional bank for me at the moment.
Anyway, let me introduce to you two Digital Banks here in the Philippines that I am familiar with and currently using. I'd like to share what I think about them and my reasons for using them. These are additional banks that I use and I find each more suited to my needs and wants for a digital bank.
Seabank and Go Tyme Bank
*Madaling buksan pareho 'yung account, magdo-download ka lang nung application at maga-upload ng kopya ng ID mo.
*Parehong mataas 'yung interest rate. 4.50% P.A para sa Seabank at 5% P.A naman para sa GoTyme. Mataas na 'to kaya sabi ng iba, "SCAM! Kasi good to be true." pero fortunately, hindi 'to scam. These banks are both insured by the PDIC and regulated by BSP.
Compared to the earnings of the Money Market Fund that I held for six months last year (looked at this again and realized that the fund yield was higher 🤣) and the Time Deposit Interest rates that I know of, the rates of these digital banks are competitive and higher, actually. There are other digital banks in the Philippines but I'm only familiar with these two so far.
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Let's start with Seabank.
Sa totoo niyan, kaya ko nagbukas nito last year kasi may binili ako sa Shopee tapos may nakasulat na may discount kapag papadaanin sa Seabank 'yung pera. Ako naman, syempre discount, nilagay ko rin. Hanggang sa makita ko 'tong araw-araw na pasok ng interest.
Ito 'yung main reason kung bakit ko napag desisyunan gamitin 'yung Seabank - nakakatuwa kasing makita na araw-araw may nagc-credit na interest sa pera mo. Maliit na bagay (Maliit pa sa ngayon pero sana eventually lumaki rin haha) pero at least kumikita ng mas maayos kesa sa traditional banks habang naka-park.
Ang magiging downside lang nito ay kawalan niya ng ATM card at the same time, okay lang dahil libre naman 'yung transfer to e-wallets at banks ng 15 times per week. So ang function nito para sa'kin, instead of parking my money sa Gcash and BDO, dito ko muna nilalagay tapos kapag may kailangan ako bayaran, nililipat ko na lang. Alam mo 'yon, kumita muna habang naghihintay. Malaking factor 'yung free transfers kaya choice ko 'to gamitin na "parking space" haha sana lang lagi may ipa-park.🙏😂
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Ngayon, with better options, 'yung P 2,000.00 mo ay magkakaroon na ng interest na P 72.00 per year. Naka-keep up ba 'to sa inflation rate? Hmm... 😏😀😂 By the way, traditional banks have their advantages and I still recommend maintaining accounts with them but this is not a post to talk about that.
Go Tyme Bank
Pwede kang mag bukas ng 5 GoSave accounts at pwede ka mag set doon ng target savings mo at target date para sa goal mo. Nice, noh? Walang holding period, walang transaction fee, pwede mo ilipat-lipat among your different Go Save accounts and between your Go Save and My Account.
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