Here’s how to earn money on your UNO savings account.
UNO SAVINGS ACCOUNT – This article will teach you on how to earn your money on your #UNOready savings account.
#UNOready is UNO Digital Bank’s “high-rate” savings account with “tiered interest rates”. It also comes with a Mastercard debit card in order to offer an easy and convenient way to manage banking transactions and make purchases.
On the other hand, UNO Digital Bank is among the first neobanks to get an outright digital banking license in the Philippines.
Here’s how to earn money on your savings account:
You can earn money on your savings account through interest earnings. With this, you can compute for your interest earned for the day using this formula: “Gross Interest Earned = Principal X Interest Rate X (1/number of days in a year)”
When it comes to the interest rate, a base rate of 3.5% gross p.a. applies to accounts with available end-of-day balance below PHP 5,000.00, while a step-up interest rate of 4.25% gross p.a. applies to accounts with an available end-of-day balance from PHP 5,000.00 to PHP 4,999,999.99.
In addition, a 1.00% gross p.a. interest rate will be applied once the available end-of-day balance reaches above PHP 5,000,000.00. Keep in mind that interest earned is credited to the account daily.
| End-of-Day Balance | Gross Interest Rate | |
| From | To | |
| PHP 0.01 | PHP 4,999.99 | 3.50% |
| PHP 5,000.00 | PHP 4,999,999.99 | 4.25% |
| PHP 5,000,000.00 | Above PHP 5,000,000.00 | 1.00% |
Savings Account Eligibility
In order for you to be eligible for a savings account, you must complete the requirements needed so you can open a savings account.
You need to be at least 18 years old, be a Filipino citizen, have an active mobile number that is registered in the Philippines, have a valid Philippine mailing address, and have at least one valid ID – either Passport, Driver’s License, UMID, SSS ID, PRC ID, PhilSys ID, and PhilHealth ID.
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