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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

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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

  1. 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.

  2. 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.

  3. 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.

  4. 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

  1. 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.

  2. 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).

  3. A Tonik virtual debit card is free when you create a Tonik account. To get a physical card, make an online request.

  4. 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.

  5. 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

  1. 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.

  2. Savings accounts are Solo and Group Stash and Time deposit with interest rates up to 6%, and all are managed through a Tonik account.

  3. 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

Tonik Bank

Reviews

FAQ

Is Tonik Bank legit?

Yes, it is. Tonik Digital Bank Inc is a subsidiary of  Tonik Financial Pte Ltd with headquarters in Singapore. Local investors own 40% of Tonik Bank. Tonik bank is the Philippines’ first digital bank that has a license from the Bangko Sentral ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.

What do I need to apply for a Quick Loan?

To be eligible for a Tonik bank Quick Loan you must: 

  • Be a Filipino citizen

  • Be over 23 years old

  • Live in the Philippines 

  • Be employed 

  • Provide one valid ID (Philippine Passport, Driver’s License, Philsys ID, UMID, SSS ID, PRC ID, and Postal ID)

  • Have a salary ATM payroll card (if you want to get a lower interest rate)

  • Provide Proof of income (the latest One Full Month's Salary Bank Statement of Account, One Full Month Pay slip, BIR Form 2316 (ITR), or Certificate of Employment)

  • Have a Tonik Account. 

How can I deposit money into my Tonik Account?

You could deposit money to your Tonik Account: through PESONet, InstaPay, from your local bank’s debit card, from your digital/online accounts (BPI, UnionBank), or over the counter (CLIQQ, 7-Connect, Cebuana, M Lhuillier, SM Bills Payments). Transaction fees may apply.

Company documents

Terms & Conditions
Data Privacy Statement

Tonik is a transformative digital bank on a mission to revolutionize the way money works in Southeast Asia.

© Tonik Digital Bank, Inc.

Financial products

Tonik Bank
Shop Installment Loan
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.

Recommended FinScore™
0
300
650
1000
₱5,000-₱100,000
Rate
i

Effective interest rate on the product

7% per month
Term
i

Loan term for the financial product

up to 24 months
Tonik Bank
Big Loan
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.

Recommended FinScore™
0
300
650
1000
up to ₱2,500,000
Term
i

Loan term for the financial product

up to 60 months
Tonik Bank
Quick Loan
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.

Recommended FinScore™
0
300
650
1000
₱5,000-₱50,000
Rate
i

Effective interest rate on the product

7% per month
Term
i

Loan term for the financial product

up to 24 months
Tonik Bank
Time Deposit
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.

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®
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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
Physical debit card
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
Virtual debit card
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.

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All Tonik Bank’s reviews by december 2022
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