Detailed information
About bank
Tonik bank is a digital-only bank whose mission is to «revolutionize the way money works in Southeast Asia.» They want to simplify banking for every Filipino — existing banking clients and those who stay unbanked.
Tonik bank provides savings accounts, deposits, loans, cards, mobile apps, and online banking.
Tonik Digital Bank Inc. is officially the Philippines’ first neobank to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP).
Tonik Digital Bank Inc is a subsidiary of the holding company Tonik Financial Pte Ltd, based in Singapore.
Features
A digital bank allows clients to apply, manage and obtain banking accounts and services 100% online. 24/7 customer care is available by phone. But you could get Tonik products and services only through the Tonik App. Fees for cash-in or cash-out are charged by Tonik bank (except for other Tonik accounts transactions, InstaPay, and Mastercard ATM withdrawals with Tonik cards), and additional fees may be applied by other banks and Mastercard ATMs.
Competitive interest rates of up to 6% for savings accounts. For a loan, you may get a fixed monthly interest rate of 7% and a lower rate of 5.42% if you link your salary payroll ATM card.
A Group savings account for group purposes lets you save up together. Participants add money, and Group Stash creators may withdraw when it is needed.
You may borrow without a credit history, but you should qualify for other requirements like employment and living in the Philippines, providing a one-month pay slip, having a condo in Manila, etc.
Products
Solo Stash and Group Stash savings accounts for various purposes with an interest rate of 4% (4,5% for a Group Stash with an owner and at least 2 participants). In addition, group Stash allows you to invite others to join you and gain money together for a vacation, house bills, or big purchases.
Time Deposits with terms from 6 to 24 months and annual rates from 6% to 4,5% (the highest is for a 6-month deposit).
A Tonik virtual debit card is free when you create a Tonik account. To get a physical card, make an online request.
Quick loans with amounts from Pfp 5,000 to Php 50,000 are available online, with fast approval and money deposited to your Tonik account. No collateral or credit history is required: only one valid ID and one Proof of income. Loan terms vary 6 — 24 months with flexible payment dates and options — no early payoff or pre-termination fees applied.
Tonik App is a mobile app with Face ID, Touch ID, access to online transactions, card limits, and the ability to manage and lock your card. In addition, you open savings accounts and apply for a Quick Loan through the app.
Services
Online banking through Tonik Account allows you to open and manage 5 Stashes and 5 Time Deposit accounts within the Tonik App. With a Tonik account, you may personalize, organize, receive and send your money.
Savings accounts are Solo and Group Stash and Time deposit with interest rates up to 6%, and all are managed through a Tonik account.
Lending services are Quick Loans for sums up to Php 50,000, Shop Installment Loans to borrow up to Php 100,000 with a maximum term of 24 months, and Big Loans for cashing them in on the value of your house up to Php 2,5 million with a loan term up to 6 months. You may get quick approval without a credit history. A Shop Installment Loan is available in partner stores through the Tonik app; a Quick Loan is a fast online loan. For a Big Loan, leave a request on the Tonik Bank website.
Pros and cons
Pros
100% digital bank
24/7 phone customer service
Competitive interest rates
Group savings accounts
Online account to manage money
Mobile App for any banking needs
High digital security
Free virtual debit card
No early payment or pre-termination fees
Only ID and proof of income are needed to borrow
Cons
Can't apply in person in branches
Transaction and other fees may be high
Products are opened only through the app
Can't use collateral for a quick loan, only current employment income
No online application for Big Loan
