Cash collection stressing you out? Make it easier with Tonik Group Stash.
We all have big dreams for our loved ones: a fabulous surprise for your parents’ anniversary, a dependable emergency fund for the whole family, or an exciting new sideline with your besties. But to make these dreams a reality, a lot of people need to pool money together. And well, cash collection is usually tedious. At worst, it’s awkward.
That was a problem before though. Now there’s Tonik Group Stash to make cash collection a breeze.
Wait, what’s Tonik?
Tonik is revolutionizing digital banking in the Philippines as the country’s first ever neobank. We’re a purely digital bank that doesn’t have to deal with the overhead costs of maintaining branches.
That’s how we became one of the banks with the highest interest rates in the country. With no overhead costs to deal with, we can offer Time Deposit interest rates of up to 6 percent per annum. ‘Cause we understand that big savings can help you reach big dreams.
We also make sure to protect your hard-earned cash. 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). Our system uses biometrics and military-grade encryption. Plus, it has been certified by global experts.
But to really make the most of those savings, we know it helps to set goals. That’s why our money management app has a unique feature called Stashes.
What are Stashes?
You know how mom sets aside cash in little envelopes? One for the water bill, another for groceries, and so on. It’s a great way to organize her money stash and see at a glance how much she needs to save up.
Basically, your savings account can have multiple pots labeled with specific goals like New Ride, Emergency Stash, Tuition Stash, and more. You’re free to customize these goals, of course. You can rename them, set the target date and amount, and personalize them with pictures of your loved ones for more motivation.
What makes Stashes extra special is that they come with high interest rates for bigger savings. When you create Solo Stashes for personal goals, your money stash can earn up to 4 percent interest per annum. There’s no minimum amount and you can withdraw your Stash anytime with no penalties.
This becomes even more interesting with Group Stashes.
What are Group Stashes?
Group Stashes need at least three people to pool money together for a particular goal. This means you can collect money online from your siblings for your parents’ anniversary gift, contributions to build your family’s emergency fund, or capital from your besties for the new sideline.
As long as your friend or family member is a Tonik Account holder, you can invite them to join your Group Stash. Discuss with them how often all of you need to contribute and how much. Once your members accept your invite, you’ll be able to track the amount they’ve chipped in so far, and see how much is still needed to achieve your group goal.
As the Group Stash creator, you are also the owner of the Group and the entire money stash inside it. This means you get to control when to withdraw and how much.
Plus, just like Solo Stashes, Group Stashes can be customized, require no minimum amount, and have no penalties. Best of all, they have even higher interest rates going up to 4.5 percent interest per annum. Your group’s money stash will start earning once you and at least two other members contribute a minimum of 1.00 PHP each.
Cash collection has never been this easy.
Sold. How do you set up a Group Stash?
You’ll need a Tonik account, of course. If you don’t have one yet, don’t worry. Onboarding can be done in as fast as 5 minutes. (What can we say? It’s the neoway.)
Then just like the rest of our money management app, we designed Stash creation to be quick and easy. Check out the steps below.
On your main dashboard, tap “Stashes”.
Tap “+Start a New Stash” in your Stash overview.
Pick a Stash from the menu of suggested goals or customize your own by tapping “+Open a new Stash”.
You can either make this a Solo or Group Stash. Remember, there’s no way to change a Solo Stash into a Group Stash and vice versa, so choose well!
Customize your Stash details, then enter the target amount and date.
Review the Stash details, tick Terms & Conditions, and tap “Create Stash”.
If you picked Group Stash, tap “Invite People to Your Stash” and choose people you want to add. We’ll send the link to your Group Stash to them via SMS.
You can create a total of 5 Stashes (combining both Solo and Group).
Whether it’s to reach your personal goals or to help with cash collection, Tonik Stashes are designed to help you grow your savings as much as 4.5% interest per annum, one of the Philippines’ highest interest rates. So go ahead, and start stashing your cash today.