digital banking hacks to financial success

3 Must-have Neobank Hacks to Financial Success

Mon, 10/11/2021 - 21:04

There’s a new way of doing digital banking in the Philippines, and it’s fittingly called the neobank. It’s gotten us rethinking our relationship with banks for three big reasons. Intrigued? Well, read on and get to know your potential partner.


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First things first, what’s a neobank?

Neobanks are the evolved version of digital banks. You might be surprised, but existing digital banks in the Philippines actually maintain a few branches (though far less than traditional banks).


What makes a neobank different is that it’s only digital. That’s right: it’s purely online banking. UnaFinancial, an international financial group, predicts neobanks will serve 51.4 million Filipinos by 2025 as we move toward the future of digital and mobile banking.


Now why would we want to keep things digital-only? Well, that actually brings us to the first reason to love neobanks.

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1. High bank interest rates

time deposit interest rates in the philippines


Maintaining branches comes with overhead costs like employing a physical workforce, paying rent, and more, but since a neobank doesn’t have to deal with all that, well, everything goes to you.


Better bank interest rates are the reason why people are talking about Tonik, the Philippines’ first ever neobank. With no overhead costs to deal with, we can offer Time Deposit interest rates of up to 6 percent per annum--one of the highest bank interest rates in the country.


Plus, we have a little thing called Stashes. Think of it as a build-your-own money management app, where you can set aside cash for different goals. (And yes, even these savings pockets yield high savings.)


With a Solo Stash, you can save up for your next big splurge, school tuition, or emergency fund with the interest rate of 4 percent per annum. You can also set up a Group Stash so your family or barkada can all chip in toward a common goal, with your group savings earning as much as 4.5 percent interest per annum.


But this neobank doesn’t just power big dreams with big savings.

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2. Truly digital and mobile banking

convenient digital and mobile banking experience


Let’s be honest: making a bank account is usually a drag. Personally showing up at the branch often means dealing with endless paperwork, long waits, and tedious procedures.


With a neobank, you can forget all that. It’s a truly digital and mobile banking experience. You can register and open an account in as fast as 5 minutes. Financial services found in traditional banks like savings, cards, and more can all be done with the push of a button.


You can register and open an account in as fast as 5 minutes.


In short, all facets of money management happen in the app. This fast and easy experience is the goal Tonik constantly strives for, as explained by Greg Krasnov, our Founder & CEO, “We believe that banking should be easy, fun, and–like most services these days–right there, in the palm of your hand.”


Plus, we have more to offer than just convenient digital banking.

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3. Security first

digital banks with top notch security in ph


As a legitimate financial institution, Tonik holds the first private digital bank license from the Bangko Sentral ng Pilipinas (BSP). Our deposits are insured by the Philippine Deposit Insurance Commission (PDIC).


But that’s not all. For a truly secure money management app, we’ve gone the extra mile to make sure our services are up to global standards.


Tonik is the first bank in the Philippines to be certified as compliant with the Payment Card Industry Data Security Standard (PCI DSS), the go-to international standard for payment card security. Our system has also been approved by the Certified Information Systems Auditor (CISA), the world’s top expert in IT security audits.


What does all of this mean? You can access your hard-earned cash using biometrics and military-grade encryption for passwords and OTPs. You can use your card without fear of fraud. You can grow your money with peace of mind.


So what are you waiting for? With high bank interest rates, a truly digital banking experience, and top-notch security, jumpstart your neobanking romance now!


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