BanKo launches easy-to-open, high-yield digital savings account
BanKo, the microfinance arm of the Bank of the Philippine Islands (BPI), is launching a digital savings account, called Todo Savings, as part of its commitment to make digital banking easy, hassle-free, and beneficial for Filipinos.
Todo Savings allows account holders to earn more as they save more. Through this high-interest digital savings account, deposits amounting to P5,000 up to P50,000, can earn 4% per annum or over 60X more than a regular savings account. “BanKo is continuously innovating products to provide Filipinos with a worry-free, easy-to-open digital savings account. Now with Todo Savings, clients also get more with higher interest, no frills,” said Rodolfo K. Mabiasen, Jr., BanKo Senior Vice President and Head of Financial Inclusion and Microfinance Solutions.
Opening a Todo Savings account may be done on the BanKo mobile app and will only take about five minutes. Applicants are required to submit one identification card and an initial deposit of any amount within seven days from account opening. There is also no maintaining balance requirement.
To fund the account, it may be done through other banks or e-wallets like GCash, Maya, via Instapay. Deposits and withdrawals may also be made through accredited BanKo cash agents nationwide.
“With this product, we hope to change the mindset of the unbanked Filipinos regarding opening a savings account, as most of them think that there is no need, while some find the process intimidating. Now we hope to address this by providing them easier access to an equally easy-to-maintain savings account,” added Mabiasen.
Being automatically enrolled in the BanKo app, Todo Savings account holders will be able to manage their finances anywhere they are. There is also an interbank and intrabank fund transfer feature that may be used for online transactions, such as paying bills, buying load, and sending money in just a few clicks.
The BanKo App is available for download on Google Play and App Store.
Officially launched in 2016, BanKo is the product of a merger between two specialized thrift bank units of the Bank of the Philippine Islands: BPI Direct Savings Bank (the Philippines’ first internet bank), and BPI Globe BanKo (the country’s first mobile savings bank).