Digital bank Tonik has upgraded its time deposit (TD) product, offering interest rates of 6% for six months, 7% for nine months, and 8% for 12 months, with a minimum placement of ₱5,000.
The bank said the new TD options do not require a maintaining balance, promo codes, or additional conditions. Customers can open accounts directly through the Tonik mobile app.
Tonik increased the maximum deposit limit to ₱250,000 per TD account. Customers can hold up to five active TD accounts, allowing total placements of up to ₱1.25 million across different terms.
Aside from the 6%, 7%, and 8% rates, Tonik also offers 6% interest for 18-month and 24-month TD terms. The bank said these rates are fixed and do not require customers to maintain an Average Daily Balance (ADB).
The app also provides real-time interest tracking, showing customers how much they are earning in pesos. Once the deposit term ends, funds are automatically credited to the customer’s account. Users can also manage rollover preferences through the app.
Tonik said the TD product is designed to make savings accessible to more Filipinos by removing common requirements tied to traditional TD products. Customers can open accounts without completing tasks or meeting additional conditions.