Digital bank Tonik is cutting interest rates on three savings products from Oct. 19, with the rate on its basic account falling by 90%.
Interest on Tonik accounts will drop to 0.1% per annum from 1%, while Solo Stash rates will fall to 3.25% from 4%. Group Stash rates will decline to 3.75% from 4.5%.
“We want to give you a heads-up about an upcoming change to your savings interest rates,” Tonik said in an advisory.
The new rates will apply automatically, with customers able to continue using their accounts and Stashes as usual, Tonik said.
A Stash is a savings pocket that allows customers to set aside money for specific savings goals.
Tonik, the Philippines’ first neobank to secure a digital bank license from the Bangko Sentral ng Pilipinas, launched in February 2021.
The digital bank said its loan portfolio has grown to $110 million and its revenue run-rate to $60 million, with the company reaching cash flow profitability in the first quarter of 2026.
