To help you save time on banking and manage your personal finance easily, at Timo we always strive to bring a wide range of simple, smart and secure features to you. One of the our highlight features is, the moment you have successfully registered for a Timo account, you will have 3 main accounts in your hand to use without having to fill out any extra paperwork or paying any additional fee. Join us in exploring these 3 accounts in the article below.

1/ Spend Account

Timo Spend Account is your main account for daily use that is linked to your Timo Debit Card and can be used to carry out transactions such as move money, bill pay, top up, etc. By swiping left at Spend Account in the Timo app, you will see 3 main functions of Spend Account, including: Move Money, Bill Pay, Top Up.

  • Move Money: Similar to other banks, you can use your Spend Account to move money to other debit cards, other banks’ accounts or other Timo’s bank accounts. Moving money to 40+ banks in the NAPAS network is completely free. Additionally, when moving money to another Timo account, you would only need one piece of information from the payee if you have not saved their details yet. It can either be their registered email address, card number or account number. For money transfers to other banks, you would only need to enter their account number and bank’s name. Other information is either not required or will be automatically updated on the screen.
  • Bill Pay: This function allows you to pay bills for several necessities, including: electricity, water, TV cable, internet and mobile phone. To meet different needs, the Timo app offers a wide range of the most well-known service providers in Ho Chi Minh, Ha Noi, Da Nang & Can Tho.
  • Top Up: Top Up is a simple and easy mobile phone credit top-up. From your Spend Account, you can choose to either top up your phone or your friend’s in a few quick taps.

2/ Term Deposit

Term Deposit is an intelligent savings account with a fixed term and competitive interest rates in the Timo app. Instead of having to visit the bank to open a savings account, you can create as many online savings accounts as you want in the Timo app with a minimum amount of 1.000.000 VND per Term Deposit and earn attractive interest rates from 5.3% to 7.6% per year.
To use Term Deposit, simply swipe left at Term Deposit in the Timo app to open a new online savings account. After entering your savings amount and selected your fixed term, all the information you need to know will automatically be updated on the screen, including: annual interest rate, total interest, redeem date, balance at redeem date. Additionally, to help you maximize your interest, Timo Term Deposit allows you to break your savings amount into smaller Term Deposits. In unexpected situations where you need to use your savings, this feature will help you to withdraw one account ahead of time while maintaining interest for the remaining Term Deposits.

  • Important notes:
    From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.

3/ Goal Save (Non-term Deposit)

As its name suggests, Goal Save is a tool to help you plan and achieve your saving goals easily and effectively. Goal Save was built with the priority of bringing as much convenience and flexibility as possible to users. You can easily customize names for your saving goals, choose your own savings amount as well as target date. Additionally, you can choose to activate the automatic recurring contribution feature to have money from your Spend Account automatically moved to your Goal Save every day, week or month.
Another flexible feature of Goal Save is the fact that you can still change any information, such as: goal name, target date, target amount, etc., whenever you want, even after your Goal Save is already set. You can also choose to either activate or deactivate your recurring contribution feature to fit your financial situation.