Digital bank Tonik has upgraded its Time Deposit (TD) offering with higher, simplified interest rates aimed at making high-yield savings more accessible to Filipinos, introducing returns of up to 8% per annum with no maintaining balance and no special conditions.
Launched in time for Valentine’s Day, the new structure offers 6% for six months, 7% for nine months, and 8% for 12 months, with the same 6% rate extended to 18- and 24-month terms. Customers can open a time deposit for as low as ₱5,000, with no need for promo codes, missions, or average daily balance requirements.
In a press release, Tonik said the updated product is designed to remove the complexity often associated with time deposits and to encourage more Filipinos — particularly first-time savers — to build consistent savings.
Under the new terms, customers can now place up to ₱250,000 per time deposit, with a maximum of five active TDs per account. This allows users to invest as much as ₱1.25 million across different terms within the app.
The bank also introduced a more transparent user experience, with real-time peso-based interest calculations displayed in the Tonik app. Funds are automatically credited upon maturity, while customers retain full control over rollover settings.
Low-entry time deposits for everyday earners
Unlike promotional deposit products that require specific balances or tasks to unlock higher rates, Tonik’s time deposits come with fixed, flat rates and no hidden conditions.
The bank said this approach is meant to make savings products easier to understand and more predictable for customers.
By lowering the entry point to ₱5,000 and offering consistent returns across multiple tenors, Tonik is positioning time deposits as a practical option not just for seasoned investors but also for everyday earners looking for stable, higher-yield alternatives to traditional savings accounts.
Tonik is the Philippines’ first digital-only neobank licensed by the Bangko Sentral ng Pilipinas (BSP). Backed by global investors, the bank provides loan, savings, and payment products tailored to underserved and unbanked Filipinos through its locally regulated banking subsidiary.
