Do you find going to banks and queuing for services inconvenient? The country’s first all-digital bank is now here. With CIMB Bank online banking, you no longer need to personally visit the bank to make deposits or withdrawals, or more essentially — opening an account! You can do all these time-consuming transactions using your smartphone.
Malaysia’s CIMB Bank launched its digital banking business, to provide a seamless and hassle-free bank service in the country. CIMB which stands for Commerce International Merchant Bankers, is the 5th largest banks in Southeast Asia and present in 16 global markets. This “all-mobile bank” established its presence in the Philippines, with headquarter located in Bonifacio Global City, Metro Manila.
CIMB is the second Malaysian banking group to be granted approval by the BSP to operate under Republic Act No. 10641. The act allows the full entry of foreign banks into the country. According to Tengku Dato’ Sri Zafrul Aziz, CIMB Group Chief Executive:
“The Philippines offers a tremendous opportunity with its progressive regulation, attractive demographics, relatively lower banking penetration, and good talent.”
Way back 2017, CIMB Bank observed that internet and mobile penetration in our country are among the highest in the world. Quick to grab this opportunity, the digital bank extended their operations to the Philippines, hoping to fill the “unmet needs of the fast-evolving and digital savvy Filipinos.” The bank uses “alternate models” instead of physical branches with the help of its partners such as 7-Eleven, DragonPay, and Visa. You can use their Visa debit cards in 8,000+ partner locations and 20,000+ ATMs nationwide for free.
As of the moment, you can choose from two types of savings account: the Fast & Fast Plus Account and the UpSave Account. The Fast account features an attractive yearly interest rate of 0.5% per annum and a Visa PayWave ATM debit card, which will be delivered to your address. However, this account has a validity of only 12 months with a maximum aggregate deposit of only PHP100,000. Inward and outward foreign remittances are not available. You do have the option to upgrade to a Fast Plus account to enjoy a higher yearly interest rate of 0.75% per annum, longer account validity and no maximum limit on balances.
Another option is to open an UpSave Account and grow your savings with a yearly interest rate of 2%. You can also make withdrawals from your account without incurring penalty charges. As a member of the Philippine Deposit Insurance Corporation, CIMB Bank Philippines protects your deposit up to P500,000. It is also a member of BancNet and under the supervision of the Bangko Sentral ng Pilipinas.
How to Open Account with CIMB Bank
You can open a CIMB Bank account free of charge, using a smartphone in as fast as 10 minutes. CIMB Bank Philippines advertises a 24/7 safe and secure banking, the best market rates, no initial deposit or maintaining balance requirements, convenient deposit and withdrawal locations, and zero transaction fees!
Download CIMB PH OCTO Mobile App
To download the OCTO mobile app by CIMB PH on your phone to open a savings account, simply hit the Messenger button below and I’ll send you the correct Android and iOS download links.