Tonik Bank is a Singapore-based digital bank that offers retail financial products. Its consumer products include deposits, payments, debit cards and loans.
Tonik was launched in 2021 and is the first all-digital bank, or ‘neobank’, in Southeast Asia.
Tonik has racked up $20m in retail deposits within one month of opening its doors, Greg Krasnov, the founder and CEO of Tonik, tells Asian Banking & Finance.
Tonik Bank is an all-digital bank that offers a range of financial products. It also uses Genesys Cloud CX to help customers interact with its representatives quickly and easily.
The company offers a high-interest Time Deposit account, allowing users to save money for a specified period of time. This option is especially useful for individuals who want to invest in a long-term project. Moreover, Tonik lets users withdraw their money anytime with no penalties and hidden charges.
You can open a Tonik Account by downloading the app and undergoing a five-minute registration process. After registering, you will receive an OTP by email. Then, you will be required to snap a photo of yourself and present a valid ID.
Upon completion of the registration, you can start investing in Tonik. The bank offers a high interest rate of 6% for its Time Deposit accounts. This account is also insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.
Tonik has a total of six different savings accounts. These include a primary Tonik account, five stashes (solo and group), and two Time Deposit accounts.
The solo stash account is available for up to P5,000 and earns 4% interest. It is an excellent option for people who are looking to save money without the hassle of having to keep track of their investments.
A group stash is similar to a solo stash, except that it allows groups of people to save together for specific goals. Tonik also offers a solo time deposit account, which earns 6% interest.
With a Tonik account, you can make ATM withdrawals at any ATM in the country and online, and you can even buy goods with its virtual debit card. Tonik also offers a range of other financial services such as credit cards, loans, and mortgages.
Tonik’s loan products include its flagship unsecured loan, Flex Loan, which offers fixed low interest rates and no collateral. It is available to anyone with an employment history.
Tonik is backed by Sequoia India and Point72 Ventures. It has a technology stack that is integrated with banking technology vendors including Mastercard, Finastra, Amazon Web Services, Google, and Genesys. It has a mobile app that is available on iOS and Android devices. Its mission is to “meet the needs of customers in a digital-only world”.
Tonik Bank is a mobile-only digital bank that exclusively operates online without physical branches. Its mission is to drive financial inclusion through digital-first products and services that are seamless, highly personalized and scalable. It also strives to address the specific needs of the 70 percent of Filipinos who are still unbanked.
Its virtual debit card is a convenient way to make payments online and is issued instantly as soon as you open your account. This card can be used anywhere Mastercard is accepted and has multiple security features such as a lockable card, single-use authorization codes, and set amounts and transactions limits.
Aside from being a handy tool for online purchases, Tonik Bank’s virtual debit card is also a great way to save money. Users can set up group stashes and save money for specific goals, such as a vacation. They can even set up solo stashes and time deposit accounts to earn interest on their savings.
In addition to its savings accounts, Tonik Bank offers a number of other financial products to its customers. These include loans, savings and deposit accounts, payments, and a highly secure digital banking app. Its products and services are supervised by the Bangko Sentral ng Pilipinas and insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000 per depositor.
Another great feature of Tonik Bank’s digital banking product is that it allows for easy fund transfers to any bank in the Philippines, using PESONet and InstaPay. This is a feature that not many digital banks in the Philippines offer.
Moreover, Tonik also offers a high-interest Time Deposit account with a fixed monthly interest rate of 5% p.a. That’s a very competitive rate for an online neobank!
The interest rate isn’t as high as some of the other neobanks out there, though. This is because Tonik aims to provide high-quality and affordable banking solutions to its consumers, who are generally lower-income.
Tonik Bank also makes the sign-up process as easy as possible. They say it only takes five minutes and you can even get started by simply downloading their mobile app!
If you want to save money for a specific goal, Tonik Bank has an option for you. They offer a solo stash account, which allows you to separate your savings into different pockets depending on the goals you want to achieve. This can be for an exciting holiday getaway, a new gadget, your child’s education, and more. The account also lets you invite others to help you reach your goals.
To open a solo stash account, all you have to do is download the Tonik app and follow their five-minute registration process. You can then choose to activate face ID or fingerprints for additional security. Once you’ve done this, you can log in to your account using your phone’s fingerprint scanner or face recognition.
The app has a dashboard where you can see your accounts and savings. You can access these accounts via a mobile phone or computer and use the Tonik app to deposit, withdraw, and transfer funds. Tonik also offers a virtual debit card that you can use to withdraw cash from ATMs and make purchases online.
You can also invest your money in a time deposit through the Tonik app, which can give you a higher interest rate than an ordinary savings account. The app has a slider where you can choose the amount and the time period you want to invest in. Once you’ve decided on the right term, you can tap I’m Interested to start investing in your time deposit.
In addition, Tonik Bank also offers a group stash account where you can save money with your loved ones. This feature is similar to the paluwagan system and allows you to save for a specific goal together with your friends or family members. The interest rate on a group stash is 4.5%, which is slightly better than the solo stash rate of 4%.
The Tonik app has global security partners, which means your money is secure and you can withdraw it anytime you like. It also has limit management, which lets you set your desired maximum spend every day. In addition, the bank is regulated by the Bangko Sentral ng Pilipinas, which ensures that your money is insured by PDIC up to P500,000 per depositor.
Tonik Bank is one of the Philippines’ first neobanks, which aim to disrupt the local banking sector with convenient digital services and competitive rates. Its founder Greg Krasnov, a veteran of retail finance, wants to make the bank a brand that Filipinos can relate to and trust.
In addition to offering savings accounts, Tonik Bank also offers loans and payments on a highly secure digital platform. Its tech stack is integrated with banktech vendors including Mastercard, Amazon Web Services, Google, and Finastra. Its products include ‘Stash’, which is a savings account; ‘Time Deposit’, a high-interest savings account; ‘Quick Loan’, its flagship personal loan; and physical and virtual debit cards.
If you’re looking to save money with a group of friends, Tonik Bank offers a Group Stash account that can help you achieve your savings goals in a way that’s social. With a Group Stash, you can pool money together with your friends and family members to build up your savings for a particular goal, such as a birthday gift, a new gadget, or an upcoming vacation.
You can open a Group Stash with your friends and family by selecting “Invite People to Your Stash” in the Tonik app. You can then choose the members you want to invite and send them an invitation via SMS. Once your friends accept the invitation, you can start putting the money to good use.
With a Group Stash, you can earn 4.5% interest p.a., a competitive rate among other savings accounts in the country. However, you have to maintain the balance in your account.
Tonik Bank’s group stash is insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor, which is a plus for consumers who are wary of new banks. In addition to this, it also does not charge any fees for its products and services.
The Tonik Bank group stash account is available to all Tonik Bank account holders and can be opened with a minimum initial deposit of P500. You can withdraw your funds at any time without incurring a document stamp tax (DST). The account also offers a 1% interest rate for a regular Peso Savings Account.
Applying does NOT affect your credit score!
No credit check to apply.