Tonik Bank savings accounts for may 2024

Open a savings account at Tonik Bank. On 29.05.2024 there are 4 options available to you.
Offers: 4
Updated:
20.10.2022
08:20
Tonik Bank
Time Deposit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Tonik Bank
Group Stash
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Tonik Bank
Stashes
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Tonik Bank
Tonik account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review

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.

FAQ

What can I do with my Tonik savings account?

Money can be received, sent, saved in stashes, or invested in time deposits. You can also use your virtual Mastercard to make online transactions.

Where can I get my Tonik savings account number?

Your Tonik account number can be found in the Account information tab or the Transaction history part of the Tonik app.

What are the charges for keeping a Tonik savings account?

Tonik does not charge any fees for account ownership or maintenance.

Is the money in Tonik savings accounts PDIC-guaranteed?

Yes. PDIC insures deposits up to ₱500,000 per account holder. This implies that your total sum in all of your accounts (Tonik, solo stash, group stash, and time deposits) is protected up to ₱500,000.

What is the maximum investment amount in a Tonik Bank time deposit?

The maximum limit per time deposit account is ₱100,000. In your Tonik app, you can create up to five time deposit accounts.

What will I receive if I wait for my Tonik time deposit to mature?

You will get your investment amount as well as the interest rate as specified in your account opening application and time deposit verification. This interest will be subject to withholding tax.

How do I ask people to join my Tonik Group Stash?

When you open a group stash, you can start inviting individuals to participate right away. You can also invite them later from the group stash Manage option.