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Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees

March 21, 2021
Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees

Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees

Here’s an exciting news, saving and digital banking can this be fun and exciting. 

Tonik, Southeast Asia’s first digital-only bank, launches as the first neobank in the Philippines. Tonik brings to the market a revolutionary and completely branchless way of banking on a highly secure mobile platform that sets out to fundamentally disrupt the Filipino retail banking industry.  Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP).  Its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).  

Tonik is led by a veteran senior team who have previously built and scaled multiple digital and retail banks and fintechs across global emerging markets, with support and R&D functions based in Singapore and Chennai, India.

Tonik Digital Bank Features

During the official launch which was held last March 18th, we learned what makes Tonik different from other digital banks. 
Savings Account – This is the primary savings account given to all customers who 
register and pass through our Know-Your-Customer (KYC) process. Funds will 
automatically earn an interest rate of 1% per annum and paid out on a monthly basis. This makes savings a lot more easier and convenient for every Filipino. 
Time Deposit at 6% interest – Tonik customers  can set the starting amount to their time deposits for as low as P 5,000. They can open up to 5 time deposit accounts within their savings account. Tonik does not charge early withdrawal fees or penalties.
Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees
Love the calculator in the app!
Stashes – This is inspired by Filipino saving scheme – the “paluwagan” system. Using Tonik’s Group 
Stash, at least three people, including the stash owner, can put in money in  their shared stash and earn as much as 4.5% interest per annum as they save for a particular goal together. 
You can also go solo which allows consumers to save-up towards specific goals. Tonik offers 
focused saving through the Solo Stash product, a feature that allows money  allocated to a particular savings goal to be separated into a different  compartment. The Solo Stash can earn as much as 4% in interest per annum and funds can be withdrawn any time they are needed without a locked period.

Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees
Excited to save and create my stashes



How to Open an Account in Tonik Digital Bank

Here’s how to download and register at Tonik. 
1. Download the Tonik app via Google Playstore or App Store. 
2. Enter/register via your mobile number. 
3. Agree to the Terms & Condition and Data Privacy Statement. 
4. Enter the verification code sent to your mobile number. 
5. Confirm your identity through selfie registration. 
6. Scan and upload your ID. 
7. Enter your personal particulars. 
9. Enter your employment status.
10. Enter your email and mother’s full maiden name.
11. Provide your signature by signing on screen.
12. Create your application password. 
If you do not upload your ID during your  registration process, your account will have 12 
months validity with maximum balance of Php 50,000. You can increase your balance limit and 
remove the validity requirement when you upload your ID after registration.
Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees
Look at the witty script / email template! 
This bank has a witty personality. 


Here’s the list of accepted IDs:
1. Philippine passport 
2. Philippine Driver’s License 
3. Unified Multipurpose ID (UMID) 
4. Social Security System (SSS) 
5. Professional Identification Card (PRC ID) 
6. Firearms ID
How to Cash In And Cash Out Fund in Tonik + Fees

You can add fund / cash in or cash out through different channels and banks. 
Check out below for cash in and cash out fees: 
Cash in and cash out are free for the following channels:
Tonik Digital Bank: How to Open Account, Interest Rates + Cash In / Cash Out Fees
*Mastercard fee of P250 will be charged from your account upon ATM withdrawal, and subsequently refunded by Tonik. 

You may reach Tonik’s customer service  agents via any of the ff channels: 
 a. In-app chat 
 b. Tonik Digital Bank Viber chat 
 c. Customer Service email at 
 d. Customer Service Hotline at (02) 5322 264


I just opened an account and currently exploring the Tonik Digital Bank. Aside from the easy access to my money through the app, customers can also request for physical Debit Card which can be used to shop and withdraw cash. You can even turn off the card in-app to secure it and prevent hackers from using the card. 
I will be updating this blog to share my review of Tonik Digital Bank. 
For now,  I am loving Tonik’s features and brand personality. 💜

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