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March 05, 2024

OwnBank unveils expanded mobile banking services

In the wake of its 2021 digital transformation, OwnBank, formerly known as The Rural Bank of Cavite City, Inc., reenters the Philippines market with a suite of financial services, notably offering one of the market’s highest savings interest rates at up to 8% annually within its app.

Originally established in 1956 as Own Bank, the rural bank’s digital arm, OwnBank, is introducing this competitive interest rate as part of its strategy to attract new users opening a seven-day Time Deposit account. Following the initial period, users can opt to transfer their funds to either OwnBank Time Deposit, boasting flexible terms and high-interest rates of up to 7.5% per annum, or Own It, a high-interest savings account with daily interest earnings of up to 6% per annum.

OwnBank emphasizes that these rates are aimed at enhancing Filipinos’ access to funds and expediting their savings goals, aligning with the objectives outlined in the Bangko Sentral ng Pilipinas’ (BSP) Digital Payments Transformation Roadmap to include 70% of Filipino adults with banking or e-money accounts.

Accessing OwnBank’s mobile features is hassle-free, requiring users to create their OwnBank Mobile Savings Account with no minimum deposit or maintaining balance. The platform offers various online banking services, including free money transfers to other OwnBank users, bank transfers to major banks and e-wallets through InstaPay and PESONet, mobile network top-ups, and game credit purchases for popular titles such as Mobile Legends and Roblox, in addition to bill payments.

OwnBank anticipates adding more features to its app in the near term, expanding capabilities to facilitate cash remittances to over 10,000 outlets nationwide and enabling online transactions, including QR code payments, card payments, and bank direct debit payments.