Tonik introduces 'Luv Stash,' a joint savings account

Tuesday 20 February 2024 08:30 CET | News

Singapore-based digital bank Tonik has launched the ‘Luv Stash,’ a savings account that enables couples to save and earn a 4.5% interest rate.


The Luv Stash from Tonik is designed to bring couples closer through shared financial goals and exclusive interest rates, without the need to open a joint bank account.

To start a Luv Stash savings account, all Tonik customers can invite one new customer to create the savings account with, directly from the Tonik App. The two account owners must contribute a minimum of USD 0.25 each to the Luv Stash during the promo period from February 1st to February 29th, 2024 in order to be eligible for the 4.5% interest rate. Sending money into the Luv Stash is free for both users and can be personalised by adding a picture or setting target amount.

Tonik has launched the ‘Luv Stash,’ a savings account that enables couples to save and earn a 4.5% interest rate.

More saving options from Tonik

The digital bank also offers the Group Stash saving account—allowing groups of 3 or more to pool resources and work towards achieving their collective—be it for travel, bills, or any other objective. One of the most common uses is for siblings to come together to support their parents financially.

Top-ups into the Group Stash are visible to all account members, making it easy to calculate each member's contribution.

Previous news from Tonik

In January 2024, Tonik has enhanced its Big Loan solution to address the financial needs of SMEs in the Philippines. This expansion offers more comprehensive financial support, including flexible repayment options and competitive interest rates of up to USD 89,000 for small and medium-sized enterprises (SMEs). The bank aims to streamline the lending experience through a simplified application process and personalised support from a dedicated team of experts.

In September 2023, Tonik has partnered with Finastra to augment its core banking capabilities using Finastra Essence. This collaboration involves deploying experts and consultants to improve Tonik's development processes and launch secure and efficient services. Finastra Essence, a cloud-enabled product, will provide comprehensive banking capabilities to enhance Tonik's solutions. It offers flexibility, security, and an open architecture for quick and safe development of new tools.

About Tonik

Tonik is one of the first digital-only neobanks in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the central bank of Philippines.

Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. Its backers include Sequoia India, Point72 Ventures, and Mizuho Bank. The company’s tech stack is integrated in partnership with banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon.

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Keywords: digital banking, neobanks, product launch, bank account, online banking
Categories: Banking & Fintech
Companies: Tonik
Countries: Philippines
This article is part of category

Banking & Fintech


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