Salmon has recently introduced its “early bird” savings scheme. The financial services company now operates a licensed bank, the Rural Bank of Sta. Rosa/Laguna, alongside a series of lending companies in the Philippines.

This initiative offers Filipino consumers a notable opportunity to accrue savings at an interest rate of 8.88%. This rate is accessible exclusively to individuals engaging in a 12-month time deposit, with savings amounting to more than PHP500,000, and is initially available at the Rural Bank of Sta. Rosa/Laguna branches.

According to Salmon, this initiative reflects its commitment to promoting financial inclusion, aiming to provide consumers with access to equitable rates on their personal savings. The company has expressed intentions to extend this offer to additional locations throughout the Philippines, subject to receiving the necessary regulatory consents.

Raffy Montemayor, the Co-founder and Philippines Business Head of Salmon, shared his perspective on the matter:

“With our latest ‘early bird’ savings offering, Salmon aims to distinguish itself by its dedication to these goals. We refer to the 8.88% savings rate as the ‘luckiest deal in the Philippines’, believing it will significantly benefit our customers by enabling them to better manage their finances and enhance their quality of life.”

This announcement highlights Salmon’s strategic approach to banking, focusing on empowering Filipino consumers to optimise their savings and secure a more financially inclusive future.

Featured image credit: Edited from Freepik