Tonik
Established in 2018, Tonik stands out as Southeast Asia’s pioneer digital-only bank. It also became the Philippines’ first full-service neobank in the Philippines in 2020, extending a suite of financial offerings spanning deposits, loans, investments, and insurance products. In a groundbreaking move in 2021, Tonik ventured into the untapped consumer lending sector by introducing its Quick Loan product. Operating under the Bangko Sentral ng Pilipinas (BSP) regulations, Tonik offers a range of financial solutions through its digital banking platform, including deposit accounts, loans, payment services, and card products.
Key Features of Tonik Bank
Digital-Only Platform
Tonik Bank operates online, allowing customers to manage their accounts, conduct transactions, and access services through mobile apps and web platforms.
Multiple Savings and Time Deposit Options
Users can open up to five Solo and Group Stash savings accounts, each offering competitive interest rates of up to 4% and 4.5% per annum, respectively. Additionally, Tonik offers Time Deposit accounts with interest rates of up to 6% per annum, allowing users to maximise their savings.
Customisable Savings Goals
Tonik’s Stash feature allows users to set savings goals with defined purposes, target amounts, and dates. Users can also customise their Stash with photos for added personalisation.
Flexible Time Deposit Options
Time Deposits offer higher interest rates for savings over 6 to 24 months, starting from PHP 5,000 up to PHP 500,000.
Virtual Mastercard Debit Card
Upon onboarding, customers receive a virtual Mastercard debit card, allowing them to make online transactions, shop on e-commerce platforms, and pay bills conveniently. A physical debit card option is also forthcoming, enhancing accessibility for users.
Why Should You Choose Tonik for Your Banking Needs?
High-yield Savings Accounts
Tonik Bank offers high-yield savings accounts with competitive interest rates to help users looking to grow their savings.
Fast and Easy Account Opening
The bank streamlines the account opening process, allowing customers to sign up quickly using their mobile phones without the need to visit a physical branch.
No Minimum Balance Requirement or Fees
Tonik accounts are flexible and cost-effective, with no minimum balance, dormancy fees, minimum deposits, or account closure fees.
Free Transfers and Withdrawals
Tonik offers free transfers between Tonik accounts and other banks, as well as penalty-free withdrawals anytime. In the event of early withdrawal, users still receive 1% interest.
Customer Support
Tonik Bank offers customer support through in-app chat, email, and phone.
Security Measures
Tonik prioritises security and employs encryption technologies to protect users’ sensitive information and transactions.
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