Tonik Bank savings accounts for may 2023

Tonik savings accounts are some of the most common forms of neobank accounts allowing you to deposit and withdraw money.

Types of Tonik Bank savings accounts

The bank has four savings accounts, we will talk about them below:

• Tonik Account. Your primary account is the Tonik Account. It will enable you to have 5 Stashes and 5 time deposit accounts inside that Tonik app. You'll enjoy how you can transfer, manage, and customize your cash, according to the bank.
• Solo Stashes. Stashes are distinct savings pockets used for various purposes. You could save some money for dinner dates. Another possibility is for gifting. One may be for romantic weekend trips. Solo stashing earns 4% annual interest. They are personal. You get to choose which savings objectives the stashes will be used for. You have clarity in your thoughts when you distribute your money to various Stashes. In order to make the most of stashing, you can open up to 5 stashes (combined solo and group), allowing you to save towards various objectives at once.
• Group Stashes. You can form a group stash with your family and friends, achieve your financial objectives, and earn 4.5% per year while doing so. Group stashes are collaborative because you can ask your friends and family members to join your group stash so that they can participate in whatever you're saving for as a group. Why do it alone when you can do it with those around? Tonik account users who accept the offer to join a group stash can really only add money to it. Only the owners of the group stash will be allowed to withdraw the money.
• Tonik Time Deposit. Tonik time deposits are a type of savings/investment in which you commit a set quantity of money for a set period of time in exchange for a high rate of return. This has a hefty 6% interest rate. If you're concerned about not being able to retrieve your money in an emergency, don't be since your time deposit will not be locked down. You can withdraw at any moment. If you cash out within five days after opening, there is no document stamp tax (DST) needed. If you cash out after five days, you will still receive 1% interest per year. You can also begin with 5,000 for six months since there is no lowest threshold necessary to allow you to earn for your long-term and short-term goals. You can check the Tonik time deposit calculator on their website to see for yourself.

How to apply for a Tonik Bank savings account?

To apply for a Tonik savings account, simply follow the instructions below:

1. Log in to the Tonik app and choose the account you wish to open from the Home dashboard.

2. Choose Solo Stash for those who are saving alone, Group Stash if you wish to encourage your friends to join you in saving, or time deposit savings.

3. Upload a photo for your financial goal, specify a precise amount you want to save, and set a saving time frame if you wish.

4. If you choose, you can make an initial deposit into your newly formed account, or you can do the same later.

5. You have successfully opened a savings account with Tonik Digital Bank.

Tonik savings accounts requirements

To open a Tonik Bank account, applicants must have or pass the following requirements:

• Applicants must be Filipino citizens.
• They must at least be 18 years old.
• They must have at least one government-issued valid ID card.

Pros and cons

Here are some of the benefits and drawbacks of using Tonik Bank's savings account services.

Pros

• The application and services are online based.
• The bank offers one of the highest, if not the highest, savings account interest rate around.
• The accounts can be opened without having any funds in it.
• There are not many requirements before opening a savings account.

Cons

• The accounts have amount caps, i.e. there is a maximum amount you are permitted to have in each account.
• The bank requires applicants to upload valid government-issued IDs before you can use most savings accounts services.