Salmon Bank PH introduces "Bank on Eight" Time Deposit Promo with up to 8 percent interest

Digital-focused Salmon Bank Philippines launches an attractive "Bank on Eight" program with 8 percent interest per year on time deposits.

Salmon Bank Card

High-interest rates for locked-in savings

To recap, Salmon Bank is a PH-based company that acquired the Rural Bank of Sta. Rosa. Currently, the bank has been invested in by the International Finance Corporation (IFC), Singapore-based capital fund manager NorthStar Group, and Abu Dhabi's Sovereign wealth fund ADQ.

The move aligned with the Bangko Sentral ng Pilipinas' program to modernize rural banks. Fast-forward to early 2025, and regulators approved the name change to Salmon Bank. It currently operates branches in Sta. Rosa, Laguna, and Bacoor, Cavite, while allowing customers to open accounts online.

Now active, Salmon Bank's "Bank on Eight" promo rewards customers who save and commit their money for longer terms.

• 8 percent per year: For deposits of PHP 1 million to 50 million locked in for 12 to 60 months.
• 6.5 percent per year: For PHP 500,000 to PHP 999,999.99 over 12 to 60 months
• 6 percent per year: PHP 50,000 to PHP 499,999.99 over 6 to 60 months.

The minimum to start is PHP 50,000. The interest can grow on the deposit or be paid out monthly (after a 20 percent tax). Deposits are safe, insured up to PHP 1 Million per person by the Philippine Deposit Insurance Corporation.

This promotion lets the bank share efficiency gains from its low-cost digital model. 

What do you guys think?

Source: Salmon Bank