With the strict measures currently implemented to control the coronavirus pandemic and most retail outlets closed for the time being, some are finding themselves with a little more savings to keep on the side. In fact, the Bangko Sentral ng Pilipinas (BSP) has surveyed a record-high of 73.9% Filipino respondents who confirmed that they are building a financial safety net by keeping their money in banks.
The question remains, how do you determine which bank can guarantee your personal financial stability even at the height of COVID-19?
The “new normal” dictates a shift to digital.
The world is now seeing a sudden shift from physical to digital in almost every aspect of people’s personal and professional lives. Businesses have ramped up their social media presence, while consumers are doing most of their transactions online, including their banking errands.
The emergence of digital banks like ING Philippines is now able to bridge consumers towards this ‘new normal,’ now more than ever before. Imagine being able to open a savings account at the comfort of your home by just downloading the mobile app and completing the registration digitally. Simple, easy and convenient, ING gives you full visibility to your funds anywhere, anytime and while observing social distancing.
Your bank’s interest rate on savings should be top priority.
Regular savers would tell you that keeping your money in a savings account isn’t the most ideal when you’re looking to grow your funds. This might be true if your bank’s interest rate on savings range from just 0.10% to 0.25% on a per annum (p.a.) basis, which is typical for most retail banks in the Philippines.
As an all-digital bank, ING is able to offer an above-industry interest rate of 4% p.a. for balances of up to P10million for all its Savings Account clients until July 31, 2020. The best thing about this offer is that it doesn’t require a minimum deposit and no maintaining balance as well for your money to earn interest.
Get rid of unnecessary fees so that every peso counts.
Since the pandemic is putting people’s personal finances at risk, society’s behavior towards saving and spending are ultimately evolving as well. To illustrate, even minor charges for interbank transactions will likely total to a big sum over time when you could have kept that amount in your savings instead. Hidden fees and other charges can hurt your bank account.
With ING, there are no unnecessary charges for any of your bank transactions. As an example, transferring money to other banks via PESONet is free of charge. Depositing money into your ING Savings Account can also via PESONet and InstaPay transfers from other bank but also via check deposit in the ING mobile app.
Since there’s no way yet to determine how long this global pandemic will last and with the modified community quarantine in place, growing your money with a trusted savings bank account is a strategic way to move forward and weather through this crisis.
Learn more about ING Philippines on https://ing.com.ph/home.
Download the ING Philippines – Digital Bank app for iOS or Android.
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