Digital-focused Salmon Bank Philippines has introduced an appealing “Bank on Eight” program, offering 8 percent interest per year on time deposits.
Salmon Bank is a Philippine company that acquired the Rural Bank of Sta. Rosa. It has received investments from the International Finance Corporation, Singapore-based NorthStar Group, and Abu Dhabi’s Sovereign Wealth Fund ADQ. This initiative aligns with the Bangko Sentral ng Pilipinas’ efforts to modernize rural banks. By early 2025, regulators approved the name change to Salmon Bank. The bank operates branches in Sta. Rosa, Laguna, and Bacoor, Cavite, and allows customers to open accounts online.
The current “Bank on Eight” promotion rewards customers who save and commit their money for longer terms, as follows:
– 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 deposits of PHP 500,000 to PHP 999,999.99 over 12 to 60 months.
– 6 percent per year for deposits of PHP 50,000 to PHP 499,999.99 over 6 to 60 months.
The minimum deposit required to start is PHP 50,000, and the accrued interest can either grow with the deposit or be paid out monthly after a 20 percent tax. All deposits are insured up to PHP 1 million per person by the Philippine Deposit Insurance Corporation.
This promotion aims to share the efficiency gains from Salmon Bank’s low-cost digital model.
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