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New Tonik Digital Bank Has A “Paluwagan”-like System For Higher Interest Rates

Tonik digital bank

Signing up for a bank account during the pandemic is quite a challenge, to say the least, but digital bank Tonik makes it incredibly easy to set aside money for a rainy day thanks to digital banking. Signing up takes about 5 minutes and their app makes the process simple. This neo bank has a physical presence overseas and is regulated by the Bangko Sentral ng Pilipinas so you’re assured that your money is insured by PDIC. They are also part of the PESONet and BancNet networks.

Without the associated fees of maintaining physical branches, Tonik is able to offer high-interest rates with a 4% per annum interest rate for their dedicated savings product called “Stashes” and time deposits at a 6% interest rate per annum. This makes saving money in a digital bank far more rewarding than hoarding your money in a piggy bank.

Tonik digital bank

The Stashes feature is designed to motivate you to save as it lets you personalize each stash for whatever you’re planning to save up for. In addition, Stashes can be done in groups it’s a similar concept to the paluwagan system. You can start with as little as 2 users and keep adding Tonik users to a Group Stash, this lets you enjoy a 4.5% interest p.a. rate which is bigger than the solo stash interest rate.

How to open a Tonik Digital Bank account

  • Download the Tonik Account
  • Open and go through the sign-up process which includes taking a selfie, taking a photo of your valid ID, and taking your digital signature.
  • Once done, you’ll be asked to verify your account via email

So far they don’t charge transfer fees and eventually, their physical Tonik MasterCard Debit Card lets you withdraw from BancNet ATMS which withdrawal fees are refunded. Topping up your account is free that can be done digitally on a debit card, via e-wallets like Gcash and, Ebanks like BPI Direct, UnionBank Direct, or over-the-counter at 7-Eleven, M. Lhuillier, Cebuana, and SM Business Centers.

What you get when you sign up for a Tonik account

  • No minimum balances, ability to open up to 5 solo or group stashes
  • Up to 5 Time Deposit accounts
  • Free transfers to other banks and other Tonik accounts
  • Free virtual card (MasterCard)

Tonik Digital Bank Philippines Download

You can download the Tonik Digital Bank app from Google Play and the Apple App Store.


  1. Whats a pain when using gcash is the transaction fees they now impose unlike last year. So hoping Tonik does not charge transaction fees, time to make these greedy banks pay. BPI is the only bank I know of that charges even if you transfer from BPI to BPI, shame on you.

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