ING Bank and CIMB Bank Give 4% Interest Rate, Others 0.25%

ING Bank and CIMB Bank, the first fully digital banks in the Philippines, are giving an annual interest rate of 4% for savings accounts.

graph shows interest increase

That’s a much higher rate than those offered by other banks, which is usually 0.25%.

ING Bank, though, is giving this 4% rate only up to March 31, 2020. The bank has not mentioned its regular rate after March 31. If it will be 1%, that’s still a higher rate than 0.25%.

CIMB Bank did not mention any time limit for the 4% annual interest rate it gives to its UpSave accounts. But in their Product Disclosure, they stated that they’ll publish any change in the interest rate on their website and in their branch.

For the month of February 2020, CIMB is offering an increased rate of 5% for those with a relationship balance of 250,000 pesos or higher. This applies to UpSave and GSave Plus accounts.

Take advantage of ING Bank’s Transfer Fee Rebate!!!

A number of smart depositors have already taken advantage of ING Bank’s generous offer! The bank has credited 100 pesos each for every transfer of money from another bank to ING Bank. So if the actual transfer fee paid by a client was 5 pesos, then he would have earned 95 pesos for said transfer.

What’s more, one can make another transfer, and earn another 95 pesos. Masaya sana kung all transfers, pero understandable naman na limited to 2 transfers lang ang bibigyan nila ng 100 pesos. And it will end  in March. Meron pang 3 months to take advantage of their transfer fee rebate promo!!!

Me, I’ve already got credits of 50 pesos and 95 pesos for the month of January. Hehe Okay na yan, hindi ko mapupulot yan sa kalsada.

Are ING Bank and CIMB Bank legitimate banks?

Yes. Both banks are licensed by the BSP.

ING Bank is owned by Dutch bank ING Bank NV, which is operating in more than 40 countries and is headquartered in Amsterdam, Netherlands.

ING Bank has been operating in the Philippines since 1990, serving global and local corporations.  It started as a commercial bank in June 1996 and launched its fully digital bank in November 2018.

ING’s 2 branches are located in Taguig and Makati:
19th Floor, World Plaza Building
5th Ave. Bonifacio Global City
1634 Taguig City, Metro Manila

20th Floor Ayala Tower One & Exchange Plaza
Ayala Triangle, Ayala Ave.
1226 Makati City, Metro Manila

ING Bank NV’s previous name was Internationale Nederlanden Bank NV.

 

CIMB Bank is a commercial bank branch of Malaysian bank CIMB Group, one of the largest banks in Southeast Asia and headquartered in Kuala Lumpur. It started operating in the Philippines on December 2, 2018 and launched its online bank in early 2019.

CIMB location:
ORE Central
Ground Floor, 31st St cor 9th Ave
Bonifacio Global City
Taguig

Every Monday to Friday 9am to 6pm

References:

BSP Circular Letter No. CL-2018-078 on CIMB Bank Philippines’ start of operations
BSP Circular Letter Series of 1996 on ING Bank’s start of operations

2 Comments

  1. John paulo yambao 03/23/2020
    • Nora 03/24/2020

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