Tonik Introduces ‘Luv Stash’, a Savings Product for Couples to Earn 4.5% Interest
by Fintech News Philippines February 19, 2024Following Valentine’s Day last week, Tonik Digital Bank has recently unveiled ‘Luv Stash,’ a novel savings product. This facility stands out in the market by allowing two individuals to jointly save whilst earning an interest rate of 4.5%.
The idea behind ‘Luv Stash’ is to enhance the bond between partners through the pursuit of mutual financial objectives, offering an alternative to the conventional joint bank account. It encourages pairs to save together, thereby strengthening their partnership, according to the standalone digital bank’s statement.
For Tonik customers keen on initiating a ‘Luv Stash’, the procedure entails setting up a savings goal via the Tonik app and extending an invitation to another individual to join this financial journey. To be eligible for the 4.5% interest rate, two participants must each contribute a minimum of PHP 14 to their ‘Luv Stash’ within the promotional period which is from 1st February to 29th February, 2024.
The system is designed to be cost-free for contributions and allows for personalisation, including the option to upload a picture representing the savings goal or setting a target amount, all under the collective name ‘Luv Stash.’
At the same time, Tonik Digital Bank introduced the ‘Group Stash’ feature, aimed at groups of three or more individuals wishing to pool resources for common aims. This could be for travel, bill payments, or familial support, showcasing the flexibility and community focus of the platform. The transparency in contribution tracking within the Group Stash ensures that each member’s input is visible, making the management of group savings straightforward.
The roll-out of ‘Luv Stash’ and ‘Group Stash’ by Tonik Digital Bank marks a significant development in its product range, targeting both individuals and groups with innovative solutions for achieving shared savings goals.
Featured image credit: Edited from Freepik
