Digital banks are redefining banking. You can open an account without visiting a branch. You also don’t need to wait in line to pay your bills because you can directly pay merchants and companies using the mobile app.
Unsurprisingly, even traditional banks are introducing their own digital banks. For instance, Maybank has iSave, while BPI launched BanKo. These digital banks even offer high interest rates on savings accounts, up to 6.00% as of the time of writing.
Here’s another one — say hello to Komo by EastWest bank. Find out more about it in this article as you read about its key features, benefits, additional services, and interest rates and fees.
Komo savings account features
|Type of Account||Peso Savings Account|
|Interest rate||Up to 2.50% p.a. (per annum)|
|Minimum balance required||None|
|Maintaining balance required to earn interest||None|
|Dormancy fees||₱30 per month|
|Check deposit||Not supported|
Komo is a fully digital bank by EastWest bank. It allows you to manage, save, and grow your funds online. It doesn’t have a physical branch. Depositors can open an account via mobile and complete the verification process in less than five minutes.
Komo aims to provide Filipinos flexibility and control over their money through its mobile services. Its name is derived from the saying “Kontrol mo ang pera mo.” It sounds cheesy, but it’s another way to say that you can always access your funds and do whatever you want.
Other things you can do with Komo mobile banking:
- Money transfers (to and from your account)
- Lock and unlock your card to secure all transactions
- Buy load or prepaid credit for Globe, SMART, SUN, DITO, Talk N’ Txt
If you lose your debit card, you pay the replacement fee of ₱200. The bank will deliver it in three attempts. If you miss them and request another delivery, you pay ₱200. For InstaPay transactions like sending money to other banks, there’s an ₱8.00 charge per transaction.
Komo Peso savings account interest rate vs. other banks
Your Komo Peso savings account earns 2.5% interest rate per annum. But from time to time, the bank offers promotions where you earn additional on top of the standard rate. Keep in mind that these rates may change from time to time.
There’s no minimum balance requirement or initial deposit when opening an account. The earnings are credited monthly and are subject to 20% withholding tax. Your account comes with a VISA debit card for your withdrawals.
Other digital banks offer higher interest rates than Komo through their promotional offers of up to 6.00%, like Maya Bank. Meanwhile, if you compare Komo with traditional banks, the 2.5% interest rate p.a. is still better than 0.0625% or 0.125%, which are the standard rates in BDO, BPI, and China Bank.
|Bank||Interest Rate (per annum)||Minimum Initial Deposit (depending on the type of Savings Account)|
|CIMB Bank Philippines||
|Banco De Oro (BDO)||
||₱100 – ₱30,000 +|
|Bank of Philippine Islands (BPI)||
||₱100 – ₱2 million|
|China Bank Corporation||
||₱2,000 -₱20,000 +|
||₱50,000 – ₱2 million|
||₱5,000 -₱100,000 +|
What are the requirements to open a Komo account?
The Komo mobile app is available on Google Play Store and App Store. You can open a savings account under these requirements:
- 18 years old and above
- Resident and citizen of the Philippines
- An active mobile number
- 1 valid government-issued ID
Other features of the Komo mobile app you need to know
Komo has additional features that will help you manage the funds in your account.
Here’s what you can do:
- Komo’s Analytics — this built-in tracker shows insights about your deposits and expenses at a glance. This will give you an idea of your spending habits and overall cash inflow and outflow.
- Savings Calculator — set the target amount you plan to save and the timeframe.
- Goals — set a goal and indicate the purpose of why you are saving funds. This could be for your wedding, a gadget, travel, or home renovation.
- Budget — create a budget for your monthly expenses, so you know how much you will spend using your account. Set a monthly limit to ensure you don’t overspend. The app will also show you the amount spent to keep track of your finances.
Digital banks are not created equally. Each one has its own unique feature geared towards specific customers. There’s also nothing wrong with having multiple savings accounts in different banks. You can intentionally use each one according to its purposes.
Suppose Komo’s additional features, such as Analytics, Savings Calculator, and Budget tools, help you stay on track with your finances. In that case, its debit card is a moneysmart option for online and offline/in-store purchases instead of your credit card.
Komo’s savings account interest rate is lower than other digital banks — this can be a deal breaker for some. Of course, high interest rates equate to high earnings from deposits. You’d better use other digital banks that offer more than Komo’s standard rate.
It’s about saving up and building emergency funds to keep you afloat these days. Let us know what you think of the features in the comments below.