OWN BANK, The Rural Bank of Cavite City, Inc., has launched an online banking platform called OwnBank, offering an 8% savings interest rate per annum to new depositors.
Users may avail of the 8% savings rate by applying for a seven-day time deposit account.
After seven days, users may transfer their funds to a regular OwnBank Time Deposit account that has a 7.5% savings rate and adjustable terms up to one year. They may also instead transfer the funds to Own It, an account with a daily-credited interest rate of up to 6%.
The OwnBank app also offers free fund transfers to other OwnBank users and to all major banks and e-wallets.
The rural bank was founded in 1956 and went through a digital transformation in 2021 with the help of Streetcorner Group, an association that includes Akulaku, a financial technology platform, and nonlife insurer Metropolitan Insurance Co, Inc., it said.
Users can also buy load and data plans for all mobile networks and game credits, as well as pay bills, via the platform. Remittances will soon be available on the app, OwnBank said, as well as online shopping, Quick Response or QR code payments, card payments, and bank direct debit payments.