Cavite-based OwnBank seeks to boost its depositors’ money management by extending more rewarding and secure financial solutions.
This develops as the Banko Sentral ng Pilipinas (BSP)’s Digital Payments Transformation Roadmap advances to financially include 70 percent of the population with banking/e-money accounts, local leaders urge banking and financial industry players to help capture the 50 million Filipinos who are still financially excluded and who lack basic tools for digital transactions.
OwnBank launches in the Philippines to cater to demand for financial solutions that align with their fast-paced lifestyle and financial aspirations in the digital-first society.
OwnBank is offering services that optimize the potential of depositor savings, whether the goal is to save via high-interest accounts, make wise investments, or simply manage expenses more efficiently.
Depositors enjoy OwnBank’s mobile savings account by downloading the app and signing up with no minimum deposit and zero maintaining balance. OwnBank offers the following features and services that are a perfect fit for one’s financial goals:
OwnBank new-user time deposit – Starters can benefit from OwnBank’s highest savings interest rate in the market, reaching up to 8 percent per annum, by opening a seven-day time deposit account. After seven days, users have the flexibility to transfer their funds to either OwnBank Time Deposit or Own It.
OwnBank Time Deposit (flexible) – Users also have the choice to open an OwnBank Time Deposit account with high-interest rates of up to 7.5 percent per annum, with flexible terms of up to one year and hassle-free withdrawal.
Own It – If a depositor prefers savings interest earned and credited daily, Own It makes it possible through a high-interest savings account with up to 6 percent per annum.
These elevated interest rates are designed to provide a significant boost to Filipinos’ funds to help them accelerate their savings goals.
OwnBank’s holistic solution platform is a one-stop destination for Filipinos in search of an all-encompassing online banking service.
Its app offers free money transfers to other OwnBank users, and bank transfers to all major banks and e-wallets via InstaPay and PESONet, and more. It also simplifies financial transactions such as top-ups for buying load and data plans from all mobile networks, instant access to game credits on Mobile Legends, Roblox, and others, and convenient bill payment options.
New features will soon be available in the OwnBank App, where users will be able to send cash or remit to more than 10,000 outlets nationwide. OwnBank shall soon make online transactions easier, from shopping online to sending payments including QR code payments, card payments, and bank direct debit payments. Premium features for OwnBank users can also be expected in the coming months.
Amid the rampant cybersecurity breaches and attacks happening in the Philippines, OwnBank assures users with state-of-the-art banking security systems powered with Artificial Intelligence (AI), multi-factor authentication for enhanced transaction security, and advanced banking system security for financial transactions and data protection.
The lender is also Philippine Deposit Insurance Corporation (PDIC)-insured and committed to the strict compliance standards mandated by BSP.
Founded in 1956 as Own Bank, The Rural Bank of Cavite City, Inc., the company has been an essential financial institution within its local community.
In 2021, OwnBank, under the guidance of Streetcorner Group, an association that includes Akulaku, a leading financial technology platform in Southeast Asia, and Metropolitan Insurance Company Inc. (MICI), a non-life insurance company, started the shift to digital banking. This marked the initiation of OwnBank’s journey into the digital era, embracing innovation and incorporating cutting-edge financial services into its foundation.
