Philippines-based GoTyme Bank, a joint venture between Philippine conglomerate Gokongwei Group and South Africa-based TymeBank, has launched the first of its multi-currency time deposit products.

With the launch, users can avail themselves of the lender’s US dollar-denominated time deposit product with a minimum deposit of only US$1. GoTyme also allows users to deposit Philippine pesos, which will then be converted to US currency.

GoTyme is targeting new investors with the new product. In a release posted to its website, the lender says the product is ideal even for those with “no special skills or financial know-how”.

“Just be patient and you'll end up with more money than you put in,” GoTyme says. “It's a way to save money and make a little extra on the side, as long as you're okay with not touching it for a while.”

The product has a three-month tenor option that comes with a 3% interest rate and a six-month tenor offering 3.5% interest.

To further entice depositors, GoTyme will not implement penalties for early withdrawals, save for forfeiting any accrued interest, allowing clients to withdraw their funds easily. The bank, one of six licensed fully digital lenders in the Philippines, adds that it is set to launch other currencies soon.