Tonik Bank Review 2024: Your Guide to the Best Digital Bank in the Philippines

Are you in need of quick and easy access to funds? In this Tonik Bank review, we’ll explore their innovative approach to instant loans and how they’re transforming the financial landscape in the Philippines.

Tonik app is one of the best personal finance apps and loan apps in the Philippines that is revolutionizing the way Filipinos can get instant loans. Say goodbye to lengthy paperwork and hello to convenience at your fingertips. Discover the loan types, application process, interest rates, and customer feedback that make Tonik Bank a top choice for borrowers.

Table of Contents

What is Tonik Bank?

Tonik Bank Website

Tonik Bank Philippines is a highly secure digital banking platform in the Philippines that offers loans and deposits through its mobile app. It is the first digital-only bank (or neobank) in the country to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP).

Tonik Neobank in the Philippines offers four types of loans: Flex Loan, Quick Loan, Shop Installment Loan, and Big Loan. The loan application process is 100% digital, and you can apply for a loan through the Tonik mobile app.

What Can You Do With Tonik?

With Tonik, you can enjoy the following perks:

  • Open a savings account online without going to a physical bank
  • Avail loans online using the app, from small to big amounts, depending on your purpose
  • Send money online to other banks or Tonik users using Tonik app (like GCash, Maya, and other e-Wallets)
  • Pay utility bills like PLDT, Meralco, Globe, Smart, and many others, without waiting in line for 2 hours
  • Avail time deposits at a lower amount starting at P5,000 and a shorter maturity date like 6 months

These are just some of the best features so I suggest you start exploring the Tonik app now.

How to Open an Account with Tonik

Opening a Tonik account is a quick and easy process that can be done through the Tonik mobile app. Here are the 5 steps to open a Tonik account:

  1. Download the Tonik App: Download and install the Tonik App from the App Store or Google Play Store.
  2. Register: Register by going through the app’s onboarding process.
    • Enter your mobile number
    • Agree to the terms and conditions and
    • Select your nationality
  3. Initiate Face Identity Scan: Initiate a face identity scan to verify your identity
  4. Ready your government-issued ID: Get ready with your valid government-issued ID for verification. You can prepare either of the following Government IDs:
    • National ID
    • UMID
    • Passport
    • Driver’s License
    • Philhealth ID
    • TIN ID
    • Postal ID
    • NBI Clearance
    • PRC ID
    • OFW e-Card
    • PWD ID
    • Senior Citizen ID
  5. Verify your email: From the Tonik dashboard, click “Verify Your Email” and enter the One-Time Password sent to your registered email.

Once your Tonik account is verified, you can start enjoying full access to the Tonik App’s products and features, including loans and savings accounts.

Financial Products Offered by Tonik

Tonik Digital Bank offers a range of services that cater to the financial needs of Filipinos. With their Tonik App, you can easily:

  • open a savings accounts
  • create a Stash
  • avail a time deposit
  • apply for a debit card
  • apply for loans

with just a few taps on your mobile device.

Tonik Savings Account

Tonik Bank Savings Account

This is your regular savings account for your daily needs and expenses like sending money & payments, paying bills, paying for meals & groceries, etc. The deposit interest rate is 1% per annum. However, if you prefer a higher interest rate, you should consider Tonik Stash or their time deposit plan.

Tonik Stash Account

Tonik Bank Stash Account

Put your cash in Tonik’s Stash and grow your money for up to 4.5% interest per year. This is high! To give you context, traditional banks offer less than 1% interest per year.

As defined by Tonik, “A Stash is a saving pocket in your Tonik account where you can separate your certain amounts according to your specific savings purposes like a holiday getaway, new gadget, new car and many more.

The best part of this is that you can have a Solo Stash or a Group Stash.

  • Solo Stash Account – individual account. Only you are involved in this account
  • Group Stash Account – group account. You can invite others, such as your wife or siblings, to participate in saving for a common goal like a vacation, house, gadgets, and many more.

You can have a maximum of 5 Stashes.

Tonik Time Deposit Account

Tonik Bank Time Deposit Account

Want to grow your savings higher than what the normal banks offer? With Tonik’s time deposits, for a minimum amount of P5,000 and 6 months of maturity, you can grow your savings at 6% interest per year.

The best part of this is that there are no lockdowns. This means you can withdraw your money anytime with no hidden fees. However, if you decide to withdraw before maturity date, you will get 1% annual interest rate instead of the 6%.

  • Minimum amount: P5,000
  • Maximum amount: P100,000
  • Maturity and interest rate: 6 mos – 6%, 9 mos – 4.5%, 12 mos – 4.75%, 18 most – 5%, 24 mos – 5.25%

Tonik Debit Card

Tonik Debit Card

Tonik has a built-in virtual card that is automatically created when you open a Tonik account. You can use the Tonik Virtual Card for online payments and transactions. But if you prefer a physical debit card, they’ve got you covered!

For only P300, you can have a Tonik Debit Card delivered to your address. You can use this debit card for online or offline transactions such as in-store or POS transactions.

However, as of this writing, there’s a high fee of up to P250 for every ATM withdrawal. They said it’s set by the ATM owner, not Tonik. But coming later in 2023, they’ll issue a Bancnet ATM card with lower ATM fees so I suggest you wait for this card.

Tonik Loans

Tonik Bank Loans

Borrow up to P5 Million for your dream car, house, or vacation, with Tonik loans. Tonik offers four different types of loans that are all accessible through the Tonik mobile app. These loans are 100% digital and require no collateral.

  • Flex Loan
  • Quick Loan
  • Shop Installment Loan
  • Big Loan

Flex Loan

This loan offers flexible payment terms and allows you to borrow from P20,000 to up to P250,000. You can choose your preferred payment date and installment term of 6, 9, 12, or 18 months.

Flex Loan Features

  • Quick approvals in 1 day
  • High maximum loan amount
  • No hidden fees
  • Safe and secure. Compliant with Data Privacy and BSP regulations

Flex Loan Eligibility and Requirements

You must qualify with the following criteria and provide the following documents to avail Tonik’s Flex Loan:

  • 23 to 58 years old
  • Minimum monthly income: P15,000
  • Filipino nationality
  • Philippine resident
  • Valid ID (one of the following)
    • Philippine Passport
    • Philippine Driver’s License
    • Unified Multi-Purpose ID (UMID)
    • Social Security System (SSS) ID
    • Professional Regulation Commission Identification Card (PRC ID)
    • Postal ID (card type)
    • PhilID (National ID/PhilSys ID)
    • ePhil ID
  • Tonik Savings Account
  • Bank Statement of Account (SOA)
  • Bank ATM
  • Valid Taxpayer Identification Number (TIN)
  • Proof of income (one of the following)
    • Payslip
      • was issued last month
      • shows your salary
      • shows your full name and the company’s name
    • Certificate of Employment
      • was issued last month and signed by your HR or payroll department
      • shows your income
      • shows your full name and the company’s name
    • BIR Form 2316
      • covers 12 months of the previous year
      • has a BIR stamp or has a signature from your present employer or an authorized agent
      • shows your full name and the company’s name

How to apply for a Flex Loan

Simply follow these steps to get a Tonik Flex Loan:

  1. Download the Tonik app
  2. Upload the requirements
  3. Agree to Terms and Conditions
    • Confirm your loan details
    • Accept the offer
    • Sign the documents virtually
  4. Wait for loan disbursement
    • The full loan amount will be given to you in no time

Quick Loan

This loan is ideal for debt consolidation, business expansion, home renovation, travel, education, and emergencies. You can get approved for a loan from P5,000 to P50,000 in minutes with flexible payment terms of 6, 9, and 12 months. The interest rate is fixed at 7% per month.

Quick Loan Features

  • Fast approval and real-time disbursement
  • No credit history and no collateral needed
  • Minimal documents required (1 valid ID)
  • Flexible repayment date
  • No pre-termination or early payment fees

Shop Installment Loan

This loan is perfect for purchasing appliances such as air conditioners, TVs, refrigerators, laptops, ovens, and washing machines from Tonik Partner Stores.

You simply need to visit one of Tonik’s Partner Stores and a Tonik agent will assist you. You can get approved for a loan of up to P100,000 with a minimum installment term of 3 months and a maximum of 12 months.

Shop Installment Loan Features

  • Purchase up to 3 items with 1 loan
  • Minimum of 10% downpayment with zero processing fees
  • Only 1 Valid ID required

How to Apply for Shop Installment Loan

Simply follow the steps below to apply for Tonik’s Shop Installment Loan:

  1. Download the Tonik app
  2. On your Tonik app dashboard, tap “Loans” then select “Shop Installment Loan”
  3. Approach a Store Promoter
  4. Scan QR code
  5. Complete the Loan Application form
    • Provide the required information and documents
  6. Accept the Terms and Conditions
    • Review the loan details, accept the offer if you agree and virtually sign the documents
  7. Finalize your purchase
    • Complete the transaction and get the confirmation code from the cashier
    • Enter the code on the app
    • Wait for the cashier to confirm your purchase

Big Loan

This is Tonik’s fully digital secured loan that requires a title of a condominium in Metro Manila as collateral. Tonik will use your condo’s market value as collateral so that you can borrow up to P5,000,000 with a fixed interest rate of 6.5% per annum and a maximum installment term of 10 years.

Big Loan Features

  • Fast pre-approval in 30 mins
  • 7-day loan disbursement guarantee
  • No credit history required
  • No credit card required

Big Loan Requirements

You need to provide the following documents to avail Tonik’s Big loan:

  • Proof of income (ITR, COE, bank statements, payslips, etc)
  • AFS (optional) and DTI or SEC registration if business owner
  • Marriage Certificate and spouse’s ID (if applicable)
  • Original copy of Condominium Certificate of Title that you own in Metro Manila (as collateral)

Big Loan Required Documents

  1. To be uploaded in Tonik app
  2. To be submitted at Tonik Hub

How to apply for a Big Loan

Here are the steps to apply for Tonik’s Big Loan:

  1. Download the Tonik app
  2. On the Tonik app dashboard, tap “Loans” then select “Big Loan”
  3. Get pre-approved on the Tonik app
    • Fill out the form and wait for the approval
    • It takes 30 mins to get approved
  4. Upload the required documents on the Tonik app
  5. Expect a call from the credit team
    • Someone from Tonik will call you to verify the information you provided
    • Inform your building admin and employer, since the credit team will also contact them for verification
  6. Wait for your loan approval notification on the app
  7. Submit pending documents at the Tonik Hub site

Tonik Loan Application Process

The loan application process for Tonik is 100% digital and can be done through the Tonik mobile app. Here are the steps to apply for a Tonik loan:

  1. Pre-qualification questionnaire: Answer the pre-qualification questionnaire from the Tonik website to check your eligibility for a loan.
  2. Download the Tonik mobile app: Download the Tonik mobile app from the App Store or Google Play Store
  3. Create a Tonik account: Create a Tonik account by providing your personal information and a valid ID.
  4. Choose the loan type: Choose the loan type that suits your financial needs.
  5. Fill out the loan application form: Fill out the loan application form and provide the required documents.
  6. Wait for loan approval: Wait for the loan approval, which can take as fast as 30 minutes.
  7. Receive loan disbursement: Once approved, the loan amount will be disbursed to your Tonik account in real-time.

And that’s it! Now you can avail of loans easily through your mobile phone without the hassle of falling in line or going to a physical bank!

Tonik Loans Interest Rates and Fees

Tonik loans offer competitive interest rates and fees that make them an attractive option for borrowers.

Type of LoanLoan AmountInterest RatesLoan Terms
1. Flex Loan₱20,000 to ₱250,000
  • 6 mos - 1.79% per month
  • 9 mos - 1.73% per month
  • 12 mos - 1.71% per month
  • 18 mos - 1.71% per month
6, 9, 12, or 18 months
2. Quick Loan₱5,000 to ₱50,000
  • 6 mos - 4.31% per month
  • 9 mos - 4.24% per month
  • 12 mos - 4.26% per month
6, 9 or 12 months
3. Shop Installment Loan₱5,000 to ₱100,0004.5% per month3, 6, 9 or 12 months
4. Big Loan₱250,000 to ₱5,000,0006.99% per annum12, 24, 36, 48 or 60 months

For Flex Loan, you can loan as much as P250,000 and it has different monthly add-on interest rates from 1.71% to 1.79% depending on the loan terms.

Quick Loan’s loan amount is lower. You can loan up to P50,000 for up to 12 months and the monthly interest rates varies from 4.24% to 4.31%.

While the Shop Installment Loan has a fixed monthly interest rate of 4.5% with payment terms of up to 12 months.

Tonik’s Big Loan has a fixed interest rate of 6.99% per annum, and you can borrow from ₱250,000 up to ₱5 million, payable from 1 year to 5 years.

How to Pay Your Tonik Loan

Paying your Tonik Loan is flexible and easy. Simply follow these steps:

  1. Open your Tonik app
  2. Check your loan details like the loan amount, monthly installment and due date
  3. Check the balance of your linked debit card or Tonik account
    • Make sure you have sufficient balance on your linked debit card or else the payment will not go through
    • If you’re linking a Tonik account, make sure your balance is enough to pay your installments on the due date
  4. Top-up your linked debit card or Tonik account
    • If the source account balance has insufficient funds, you can top it up by using other bank accounts or e-wallets
  5. Tonik will automatically deduct your linked debit card or Tonik account based on your installment amount and due date

Tonik Bank Reviews and Feedback

Tonik Bank has generally received positive reviews from customers, with more than 69,000 reviews and an average rating of 4.5 stars on the Google Play Store and more than 10,000 reviews with a 4.5 stars average rating on the App Store.

However, some customers have expressed frustration with the high interest rates and fees charged by Tonik, as well as the loan application process not being as easy as advertised.

Despite this, Tonik loans remain an attractive option for borrowers who need quick and easy access to funds. What I like best about Tonik is that it makes having a loan so much easier and accessible to individuals who don’t have a credit history or existing credit card.

They’re also 100% digital which means you don’t have to go to a physical branch. You can save a lot of time and effort.


  • What is Tonik Bank?

    Tonik Bank is the first digital bank in the Philippines. It is a neobank that operates solely through its mobile application, offering various financial products and services.

  • Is Tonik Bank legit?

    Yes, Tonik Bank is a legitimate and licensed bank in the Philippines. It is regulated by the Bangko Sentral ng Pilipinas (BSP) and operates in accordance with the country’s banking laws and regulations.

  • Is Tonik Bank safe?

    Yes, Tonik Bank is highly secure. It is licensed by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Tonik Bank uses advanced security measures, including Face ID and encryption, to ensure the safety of your personal and financial information.

  • Is my money in Tonik Bank insured?

    Yes, your deposits in Tonik Bank are insured by the Philippine Deposit Insurance Corporation (PDIC). Each depositor is insured up to P500,000, per depositor, ensuring the safety of your money.

  • What are the benefits of opening a Tonik Bank account?

    Opening a Tonik Bank account comes with several benefits. You can enjoy high interest rates on your savings, highly secure digital banking, access financial products like time deposits, and manage your money conveniently through the Tonik mobile app.

  • What financial products does Tonik Bank offer?

    Tonik Bank offers various financial products, including savings accounts, time deposits, and group stashes. You can choose the product that best suits your financial goals and start saving and growing your money with Tonik Bank.

  • Can I transfer money from another bank to my Tonik Bank account?

    Yes, you can transfer money from another bank, such as BPI, Metrobank, Unionbank, etc., to your Tonik Bank account. Tonik Bank provides bank transfer options so you can easily fund your account or make transactions.

  • Can I open a time deposit account with Tonik Bank?

    Yes, Tonik Bank offers time deposit accounts. You can choose the desired duration and enjoy competitive interest rates on your time deposits.

  • Does Tonik Bank offer physical debit cards?

    Yes, Tonik Bank offer physical debit cards for only P300. However, as of this writing, there’s a fee for up to P250 every time you withdraw from ATMs. You can also use the virtual card provided in the Tonik mobile app for online transactions and payments.

  • How can I open a Tonik Bank account?

    To open a Tonik Bank account, you can simply download the Tonik mobile app from the App Store or Google Play Store. Follow the registration process, provide the necessary information, and complete the verification process.

Final Thoughts

As an avid user, I can attest that Tonik Bank is a legitimate and innovative option for borrowers in the Philippines, offering a convenient and accessible option for those who need quick and easy access to funds and loans. If you’re a GCash user, you’ll love Tonik Bank more. The convenience and accessibility of the service make it a great option for those who need quick access to funds.

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