Since undergoing digital transformation in 2021, mobile banking platform OwnBank has been reintroduced in the Philippines market with several financial services within its app, including one of the highest savings interest rate in the market so far, of up to 8% annually.
Originally founded in 1956 as Own Bank, The Rural Bank of Cavite City, Inc., OwnBank is offering the attractive interest rates to new users for opening a seven-day Time Deposit account.
After the seven days, users will have the option to transfer their funds to two of its other savings products, either OwnBank Time Deposit or Own It. OwnBank Time Deposit also provides high-interest rates of up to 7.5% per annum with flexible terms of up to one year and hassle-free withdrawal. Own It, on the other hand, offers a high-interest savings account with daily interest earnings of up to 6% per annum.
The bank said in a statement that these competitive interest rates aim to boost Filipinos’ access to funds and accelerate their savings objectives, and claims to be aligned with the objectives of the Bangko Sentral ng Pilipinas’ (BSP) Digital Payments Transformation Roadmap to include 70% of Filipino adults with banking or e-money accounts.
Filipinos can access OwnBank’s mobile features by creating their OwnBank Mobile Savings Account, requiring no minimum deposit or maintaining balance. Its other online banking services include facilitating free money transfers to other OwnBank users, bank transfers to major banks and e-wallets through InstaPay and PESONet, mobile network top-ups, game credit purchases for popular titles like Mobile Legends and Roblox, and bill payments.
The statement highlighted that in the short term, additional features will be added to the OwnBank app, enabling users to send cash or remit to over 10,000 outlets nationwide and facilitating online transactions, including QR code payments, card payments, and bank direct debit payments.
