PalawanPay and RCBC launch "PalaSave" w/ 4% interest, secure savings

Palawan Group and RCBC DiskarTech earlier launched "PalaSave," a new product allowing users to open a savings account in the PalawanPay app.

PalaSave launched

PalawanPay and RCBC launch "PalaSave"

Promises no maintaining balance, maximum 4% interest rate

Some of the benefits? No initial deposit, no maintaining balance, minimum PHP 200 deposit, and 4% annual interest for balances up to PHP 50,000.

PalaSave is designed to make saving simple and accessible, making it an attractive option for Filipinos who want to grow their money without the usual requirements of traditional banks.

How to open a PalaSave account?

• Open your PalawanPay app, select "PalaSave," and follow on screen instructions
• To open PalaSave account, you must be at least 18 years old, a Filipino citizen
• The user need to have verified PalawanPay account (Level 2), and not already own an RCBC DiskarTech account
• Verification requires a valid government-issued ID such as a passport, driver’s license, UMID, postal ID, PRC ID, NBI clearance, or PhilSys ID

Other details

Depositing into PalaSave is straightforward, with no minimum deposit required and no maintaining balance to worry about.

The interest is credited monthly at 4% per annum, but only applies to balances up to PHP 49,955.

Once your savings plus interest reach PHP 50,000, the user stop earning additional interest.

The maximum deposit allowed is PHP 48,000, and any attempt to deposit beyond this limit will fail.

It is powered by RCBC DiskarTech

For transfers, you cannot send money directly from one PalaSave account to another. Instead, you withdraw funds into your PalawanPay wallet and then use wallet-to-wallet transfer to send money to other users.

PalaSave accounts are classified as Basic Deposit Accounts under RCBC DiskarTech, meaning they are secure and regulated by banking standards.

Basically, its key advantages include accessibility with zero deposit and maintaining balance, a higher interest rate compared to most traditional banks, and seamless integration with PalawanPay services like bills payment, load purchase, and fund transfers.

What do you guys think?