{"id":217,"date":"2019-10-11T06:55:23","date_gmt":"2019-10-11T06:55:23","guid":{"rendered":"https:\/\/lifestyleincomexp.com\/blog\/?p=217"},"modified":"2019-10-11T06:56:48","modified_gmt":"2019-10-11T06:56:48","slug":"ing-philippines-digital-bank","status":"publish","type":"post","link":"https:\/\/lifestyleincomexp.com\/blog\/ing-philippines-digital-bank\/","title":{"rendered":"ING Philippines Digital Bank: How-To Guide"},"content":{"rendered":"

Looking for a high-interest rate bank here in the Philippines? Well, look no further. In this article let’s explore ING Philippines (a digital bank)<\/em> on how to open an account, fund it and answer frequently asked questions.<\/p>\n

Who is ING?<\/h2>\n

First off, let us know who ING is. ING is a global bank owned by the ING Group – a Dutch multinational banking and financial services corporation. ING is also known globally as the pioneer in branchless banking focusing on digital banking. As technology evolves, so does the banking and financial services.<\/p>\n

However, here in the Philippines most Filipinos aren’t comfortable yet with digital banking. Thus, to “hopefully” attract the Filipino market, ING Philippines is (as of this writing)<\/em> offering one of the highest interest rates in the market today.<\/p>\n

What are the interest rates of ING Philippines?<\/h2>\n

ING’s interest rates are shown in the table below: (All interest are subjected to withholding tax)<\/em><\/p>\n

Before June 1, 2019<\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n
<\/td>\nInterest rate<\/strong><\/td>\n<\/tr>\n
For available daily balance of less than or equal to PHP 5,000,000<\/td>\n2.00% gross per annum<\/td>\n<\/tr>\n
For any additional balance above PHP 5,000,000<\/td>\n1.00% gross per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Starting June 1, 2019<\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n
<\/td>\nInterest rate<\/strong><\/td>\n<\/tr>\n
For available daily balance of less than or equal to PHP 10,000,000<\/td>\n2.50% gross per annum<\/td>\n<\/tr>\n
For any additional balance above PHP 10,000,000<\/td>\n1.00% gross per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Starting August 1, 2019 until October 31, 2019<\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n
<\/td>\nInterest rate<\/strong><\/td>\n<\/tr>\n
For available daily balance of less than or equal to PHP 10,000,000<\/td>\n4.00% gross per annum<\/td>\n<\/tr>\n
For any additional balance above PHP 10,000,000<\/td>\n1.00% gross per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Starting November 1, 2019<\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n
<\/td>\nInterest rate<\/strong><\/td>\n<\/tr>\n
For available daily balance of less than or equal to PHP 10,000,000<\/td>\n2.50% gross per annum<\/td>\n<\/tr>\n
For any additional balance above PHP 10,000,000<\/td>\n1.00% gross per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Depending on market conditions, interest rates may change. But think about it, the current banks today will only give you on average 0.25% interest per year in savings account. This is a huge deal.<\/p>\n

So if you are thinking of saving money in the banks for emergency funds purposes, this may be a good alternative. So how do you get started? Read on.<\/p>\n

\"ING<\/p>\n

How to Open an Account in ING Philippines<\/h2>\n

Below are the steps you need in opening and account in ING Philippines.<\/p>\n

Step 1: Download ING Philippines App. <\/strong><\/span><\/h3>\n

Search for \u201cING Philippines\u201d in the Google Playstore (for Android Users)<\/em> or Apple AppStore (for iOS Users)<\/em><\/p>\n

Step 2: Prepare the following documents:<\/span><\/strong><\/h3>\n
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  1. One (1) Government Issued ID:<\/span>\n