Tonik Bank Review

Written By Tim Doman
  • Tonik current account
  • Time deposit
  • Solo Stash
  • Group Stash
  • Virtual debit cards

Digital banks are gradually making their entry into the Philippines market. Banks like Tonik are among the first neobanks to operate in the country. But before we look at this Tonik review, here’s our short verdict.

Tonik is an ideal digital bank that allows customers to monitor from the comfort of your home with just a smartphone. It’s also a perfect bank if you want to save due to the high-interest rate on the savings account. If you need an online bank with a highly secure platform, Tonik is the best choice for you.

Pros and Cons


  • Free ATM withdrawals
  • 6% interest rate p.a on Time Deposit account
  • Virtual and Physical debit cards
  • Stash accounts at a 4% interest rate and above
  • PDIC insured deposits up to a maximum of PHP 500,000 per depositor
  • Quick onboarding process
  • Quality security features


  • No physical branches
  • Non-refundable charges on 3rd-party ATMs

What Financial Products Does Tonik Bank Offer?

Once you open an account with Tonik bank, here are some of the financial products and features the bank offers.

  • Tonik Account

This is the primary checking account. Once you complete your registration with an ID upload, you’ll get this main account, and you can also open up to 5 Stashes and 5 Time Deposit accounts within the Tonik App. However, if you didn’t upload an ID, you can still open up to two Solo Stashes, and the account will have 12 months validity.

  • No monthly fee
  • No account maintenance fee
  • Deposits insured by PDIC for up to P500,000 per depositor
  • 1.00% interest rate of end of day balance

  • Stash Accounts

Tonik Stash accounts are divided into Solo or Group accounts. If you select a Solo Stash account, the interest rate is 4% per annum. The Group stash alternative comes with an interest rate of 4.5% per annum, and you can add family members and friends and save together. To maximize this feature, you can open a maximum of 5 accounts.

Stashes act as separate savings pockets for different things. Therefore, you can have separated according to the specific need you are saving for, whether it’s vacation, emergency, or medical.

To withdraw cash from your stash, the bank won’t charge any fees to move it to the Tonik account. In addition, the interest crediting history will be displayed on your transaction history.

  • Maximum of 5 stashes
  • 4% interest rate on Solo stash account
  • 4.5% interest rate on group stash account
  • No minimum amount
  • PDIC insures deposits up to P500,000

  • Time Deposit

A Time Deposit account is a savings or investment which allows you to pledge a certain amount of cash for a fixed period to earn interest. The Tonik Time Deposit account comes at a high-interest rate of 6% p.a. To start saving into this account, you can begin with P5,000 for six months. The bank doesn’t require a minimum amount.

The Time Deposits accounts are not locked, and you can pull them out at any time. If you withdraw five days after opening the account, you’ll earn a 1% interest rate. Your account term can either be 6, 9, 12, 18, or 24 months.

  • Minimum deposit of P5,000
  • The maximum limit is P100,000 per account
  • 5 term options
  • Open the account via the mobile app

  • Debit Cards

With Tonik bank, you can have both a physical and a virtual card. The virtual card is ideal for online transactions. You get it for free after creating a Tonik account. With this debit card, you can pay bills, shop on e-commerce platforms, or carry out other online transactions.

The physical card is also available on request via the app. With this card, you can access your funds on thousands of ATMs nationwide. In addition, the card is also safe; therefore, you can switch it off via the app in case there’s a security breach.

ATM balance inquiry and withdrawal are free. However, some banks may charge an additional P10 – P250 to transact via their Mastercard ATMs. Keep in mind that these fees are non-refundable; hence, you should always check the policy of the ATM before making any withdrawals. In addition, Tonik charges PHP for card ordering, 200 to cater for the production fee, and 100 for the delivery.

  • International Transaction Fee of 2.5%
  • Lock Card Feature
  • Virtual and Physical cards

About Tonik

Tonik is officially Philippines’s first challenger bank to receive a digital bank license from the Bangko Sentral ng Pilipinas (BSP). All the deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).

Launched in 2018, the bank is addressing the US$100 billion unsecured retail lending and US$140 billion retail deposit opportunities in the Philippines.

To cater to 70% of Filipinos who remain unbanked, the bank provides retail financial products, including loans, deposits, savings accounts, a highly secure digital banking platform, payments, and cards.

The bank is a subsidiary of Tonik Financial Pte Ltd, an entity based in Singapore that manages its product development and technology integration.

Why Is Tonik So Special?

As the first neobank in the Philipines, the company is at the forefront of innovation. They focus on their customer needs by providing secure banking technologies.

Unlike other banks, they have a higher interest rate for their Time Deposit accounts, enabling customers to grow their cash. For people who are more into savings, they not only provide a solo stash account, you can join others to have a group stash account and earn higher interest while at it.

They also have both virtual and physical debit cards to cater to in-person and online transactions.

How Does Tonik Bank Work?

With a goal to improve people’s financial lives through technology, Tonik Bank allows its customers to access innovative products and accounts with high-interest rates.

This Fintech operates like a traditional bank. Customers can open a primary Tonik account, five stash accounts and 5 Time Deposit accounts via the app. The savings accounts known as Stashes are classified into Solo and Group Stashes.

Tonik Bank has both physical debit cards and virtual cards. ATM withdrawals are free, except for some banks, which choose to might charge third-party costs. The virtual cards come in handy when shopping online and paying bills.

Because the company is entirely digital with no physical branches, you can access all the services via the mobile app, available on both iOS and Android.

How To Open A Tonik Bank Account

To open a Tonik account, you first need to download the mobile app. It takes five minutes to get you onboarded.

You’ll first need to enter your registered mobile number. The app will then direct you to the terms and conditions, which you need to agree to. The bank will then send you an OTP to your phone to proceed.

You then need to take a picture and provide a valid ID for verification. However, Tonik bank gives its customers an alternative if they don’t have an ID. To open the account without the ID, the bank requires you to have a 50k account balance limit, 100k transactional limit, no time deposit, no group stash, two solo stashes, and 12-month validity.

If you have the ID, passport, or driver’s license and scan to take an image. Once you confirm all the details are correct, you can add your personal information. The bank will need:

  • Your full names
  • Your location and address
  • Where you work
  • Source of income and salary
  • Email address
  • Maiden name

After filling in these details, you need to answer a question related to the Foreign Account Tax Compliance Act to verify your citizenship. Next, you’ll need to add a signature and password to activate the account.

Tonik Mobile App

The Tonik app is available on the App Store and Google Play. Since all services and the onboarding processes are carried out via the app, customers need to have a phone with a front-facing camera to take a profile photo.

 For security purposes, the app has the option to activate face ID or fingerprints. Once you activate either of these options, you can use them to login into your account. These two features lock your account from external access.

You can top up cash via the app by using a debit card, online or over-the-counter. If you are using online banking, select GCash,, BPI, or UnionBank on the app. For over the counter, the app gives you these options, Cliqq, M Lhuillier, 7-11 Connect, Cebuana Lhuillier, or SM Payment.  

On Google Play, the Tonik app has a customer rating of 3.7, whereas, on the App Store, it has a rating of 3.0.

How Is Tonik Bank Regulated?

Tonik Bank became the first digital bank license from the Bangko Sentral ng Pilipinas (BSP) in the Philippines. This is an indication that the bank meets all the necessary standards. In addition, all the customer deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to P500,000 per depositor.

Is My Money Safe With Tonik Bank?

Tonik Bank pays attention to the security of their accounts. The app comes with a Face ID and fingerprint to help protect customer accounts. In addition, the app also has the lock card feature, which blocks online payments and transactions to prevent unauthorized usage.

The bank has global security partners who ensure that the customer’s money is safe and sound. The app has limit management which allows customers to select their desired maximum spend every single day. Their fraud monitoring and controls are also automated for easier security management.

Tonik Bank Competitors

Here are some of Tonik bank’s competitors in the Philippines.


ing bank

ING is a Dutch international bank operated in more than 40 countries across Europe, America, and Asia. This bank started operations in the Philippines in 1990. The bank has an ING pay account and saving accounts, which have no monthly maintenance balance. All the deposits are also PDIC insured up to P500,000.

Although their interest rate is not very high, customers earn an interest rate of 2.5% p.a. for a daily balance of PHP 20M or lower. If your daily balance is above PHP 20M, you can earn a 1% gross p.a.

ING Pay allows customers to transfer cash instantly and pay bills online at no fee. There’s also the option to send some money to e-wallets and other banks via InstaPay or PESONet. Customers can transfer PHP 1 million daily via InstaPay. ING mobile apps are available for download on the App Store and Google Play.


cimb bank

CIMB (Commerce International Merchant Bankers) is based in Malaysia with a branch in the Philippines, CIMB Bank PH. Established in 2018, the bank has since onboarded over 4 million customers.

This bank doesn’t require initial deposits, transaction fees, and maintaining balances. It offers customers UpSave, GSave, and Fast Plus accounts. If you need credit, they also have GCredit and personal loans.

CIMB Bank PH is ideal for customers who want to grow their savings. Customers can select between the Fast Plus, UpSave, or GSave accounts.

The UpSave account is excellent because it can earn you an interest rate of 2.5% p.a., while the GSave has a high yearly base interest rate of 2.6% p.a. In addition, they have free life insurance coverage of up to PHP 250,000 if the customer has an average daily balance of PHP 5,000.

The Bottom Line

Digital banks like Tonik are now becoming popular in the Philippines. Tonik has excellent features for individuals looking to save some cash.

The high interest rates are good for growing your savings at no extra fee. The bank also pays extra attention to the security of customers’ money by providing features to protect the accounts.

As the first neobank in the country, it provides innovative technologies and features for customers shifting to digital banking. There are tons of benefits that make it safe to bank with Tonik. In addition, the mobile app is essential in ensuring that all the banking services are accessible to all customers from anywhere.

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