OwnBank, a new player in the mobile banking sector, offers an 8% per annum savings interest rate, which is considered to be the highest in the industry, so far.
With the country’s Digital Payments Transformation Roadmap aiming for financial inclusion, OwnBank’s arrival seeks to reach the 50 million unbanked Filipinos in the government records. Offering enticing perks, the bank empowers users to optimize their savings, investments, and expenses, welcoming them with zero minimum deposit requirements.
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Users can access diverse features tailored to their financial objectives:
• New-user Time Deposit: Provides an industry-high 8% per annum interest rate on a 7-day term, offering flexibility to transition funds.
• Time Deposit (Flexible): Allows up to 7.5% per annum interest with terms extending to a year, ensuring hassle-free withdrawals.
• Own It: Offers daily-credited high-interest savings of up to 6% per annum, ideal for those aiming for consistent growth.
Elevated rates
These rates aim to accelerate savings goals, complementing OwnBank’s holistic platform, which serves as a comprehensive online banking solution. The app facilitates free transfers to other OwnBank users, interbank transactions, mobile load purchases, and swift bill payments.
Future updates promise expanded functionalities, including nationwide cash remittances and seamless online transactions, incorporating QR codes, card payments, and premium features. Amid cybersecurity concerns, OwnBank said it prioritizes user safety, integrating AI-driven security systems, multi-factor authentication, and stringent compliance measures.
Founded in 1956 as The Rural Bank of Cavite City, OwnBank underwent a transformative shift in 2021, aligning with Streetcorner Group, and initiating its digital evolution.