Tonik Bank is a popular digital-only bank in the Philippines that offers higher interest rates than most traditional banks. You can open accounts and deposit products directly through the Tonik app on your phone, without visiting a branch.
Here’s how much interest you can earn with each product, and what those rates mean for your savings goals.
Before we dive into Tonik’s high-earning products, here’s a calculator to give you an overview of how much you can earn depending on how much you are willing to save.
Tonik Interest Calculator
- Savings account has a fixed 1% p.a. interest.
- Solo Stash earns 4% p.a.; Group Stash earns 4.5% p.a.
- 6-month Time Deposit earns 5% base, +1% bonus if ADB ≥ ₱10,000.
- Time Deposits pay interest at the end of the term.
- Interest amounts shown are estimates (gross, before tax).
How Daily Interest Is Calculated
Tonik calculates interest based on your daily balance and the annual rate. Interest from savings or Stashes is typically credited at the end of each month. Your interest earned is computed using the formula:
Daily Balance x (Annual Interest Rate/365)
For example, if your ending daily balance is ₱10,000 and your annual interest rate is 6%, your daily interest would be:
₱10,000 x (6%/365) = ₱1.64
Even though computed daily, your accrued interest is credited monthly. Also, keep in mind that most interest earned in the Philippines is subject to 20% withholding tax before you get paid. This is standard across banks.
Tonik Overview
| Product | Interest Rate (p.a.) | Access to Money |
|---|---|---|
| Tonik Account (Basic Savings) | 1.00% | Flexible |
| Solo Stash | 4.00% | Flexible |
| Group Stash | 4.50% | Flexible |
| Time Deposit (6 to 24 mo.) | 4.35%–6.00% | Locked until maturity |
Tonik Account (Interest Rate: 1%)
This is Tonik’s everyday savings account, the kind you might use for daily banking.
This is ideal if you need a simple place to keep cash while still earning some interest. It’s higher than many traditional banks’ savings rates, which often earn much less than 1% p.a.
Stashes (Interest Rate: 4% – 4.5%)
Tonik’s Stashes are like separate savings pockets inside your account, perfect for goals like emergency funds, travel, or gadgets.
Solo Stash is your personal savings pocket that can earn you 4% p.a. interest.
Group Stash is where you save with others, your friends or family, and earn up to 4.5% p.a. when two or more people contribute together.
Account holders can open multiple stashes for different goals, Stashes earn interest on your end-of-day balance daily, but interest is typically credited monthly.
- You can open multiple Stashes for different goals.
- Stashes earn interest on your end-of-day balance daily.
- Interest is typically credited monthly.
These rates are much higher than what many local banks offer, especially for flexible, “easy-access” savings (meaning you can put money in or take it out whenever you want).
Time Deposit (Interest Rate: 4.35% – 6%)
Time deposits are meant for money you don’t need right away. You lock your deposit for a fixed term, and in return, you earn a higher rate.
Tonik offers different rates depending on how long you commit to the term:
| Term | Interest Rate (per annum) |
|---|---|
| 6 months | 5.00% + 1.00% |
| 9 months | 4.35% |
| 12 months | 4.55% |
| 18 months | 4.75% |
| 24 months | 4.95% |
Tonik advertises a 6% p.a. rate if you maintain an average daily balance (ADB) of ₱10,000 for the 6-month product.
You must lock in your money for the full term to earn the full interest. If you withdraw early, you generally earn a much lower rate. Time deposits usually offer higher yields than regular savings or stashes, but with less flexibility.
Key Takeaway
Tonik’s interest rates are significantly higher than what many traditional banks offer, especially for Stashes and short-term time deposits. They make saving more rewarding while keeping everything digital and accessible on your phone.
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