4 things to know about digital-only bank Tonik

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Singapore-based digital-only bank Tonik recently launched in the Philippines, bringing to the market a revolutionary and completely branchless way of banking on a secure mobile platform.

Here are four things you should know about Tonik:

It’s safe and secure

Tonik is supervised by the Bangko Sentral ng Pilipinas and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).  

Meanwhile, Tonik’s unique cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services. 

Here are some of the security features Tonik offers:

  • Lock card feature – block online payments and transactions to prevent unauthorized usage
  • Limits management – you can select your desired maximum spend per day
  • Face ID – lock your app from unwanted access
  • Fraud monitoring and control – this automated feature ensure security of your Tonik account
  • 256-bit encryption protection – puts all transactions through secure channels that cannot be intercepted

It has eye-popping interest rates

Tonik offers deposit interest rates of up to 6% per annum, free Tonik to Tonik transfers, as well as free transfers to other banks.

Tonik also currently allows users to open up to five Solo and Group Stashes and up to five Time Deposit accounts within the Tonik App.

Stashes are separate savings pockets for different things. You could, for example, “create stashes” or set aside an amount for dinner dates, gifts, and travel, tuition, and emergency funds. Solo Stashes are personal, while Group Stashes are social. With the latter, you can invite your family and friends to join your Group Stash so they can contribute to whatever it is you’re saving up for.

Solo Stash has 4% interest per annum, while Group Stash has as much as 4.5% interest per annum.

Meanwhile, Time Deposit offers up to 6% annual interest. According to Tonik, your Time Deposit “won’t be on #Lockdown. You can access your money anytime without incurring penalties or charges.

There are several top-up options

You can easily top-up your Tonik account in various ways. These include:

  • Debit card – via Visa, Mastercard, or JCB
  • Over-the-counter – CLIQQ, 7Eleven Connect, Cebuan, MLhulllier, SM Business Center
  • Online – GCash, BPI, Coins.ph, BPI, UnionBank

You can check the fees and charges here.

It’s easy to apply

Opening a Tonik account can be done in under five minutes. Here are the steps:

  • Download and install the Tonik app from the Play Store or App Store.
  • Enter your mobile number.
  • Read and agree to comply with Tonik’s Terms & Conditions and Data Privacy Statement.
  • Input OTP sent to your mobile number.
  • Do a selfie registration.
  • Select ID type or choose to do this later.
  • If you select your ID type, upload a picture of your ID, and confirm your ID details.
  • Enter required personal details.
  • Create your application password and you’re good to go.

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