There’s a new mobile bank in the Philippines called OwnBank. They are currently offering an 8% per annum savings interest rate.
OwnBank, known as The Rural Bank of Cavite City, has been founded in 1956 and had a transformative shift to digital in 2021. The company’s goal is to reach the 50 million Filipinos who do not have any banks in their government records.
The mobile bank is supported by almost every major bank and digital wallets available in the Philippines and they are partnered with PESONet and InstaPay.
Their zero minimum deposit requirements welcome consumers and urge them to make the most of their savings, investments, and spending.
OwnBank claims that their top goal is keeping users safe, which is why they use multi-factor authentication, AI-driven security technologies, and strict compliance guidelines.
They currently have a 8% interest p.a. on a 7-day term and have daily-credited high-interest savings of up to 6% p.a.
Interested users can download the OwnBank application through the Google Play Store and Apple App Store.
Technically they’re not a Digital Bank because they don’t have a digital banking license from BSP.
Geex