ING Bank keeps 4% interest on deposits

MANILA, Philippines — Dutch financial giant ING Bank is maintaining its four percent interest on deposits to further encourage savings.

ING Philippine country manager Hans Sicat said the pandemic has altered the way Filipinos undertake their financial transactions.

“Right now, more Filipinos are motivated to save more and spend less in preparing for their future,” he said.

This is supported by reports of increased number of bank savings accounts being opened for the past few months during the pandemic.

ING has further extended its four percent interest promo until the end of the year to encourage a new savings mindset in the long run. New customers, who open an ING Save account by Dec. 31, are entitled to receive the four percent per annum interest rate on their savings for the first four months.

On the other hand, existing ING Save customers, with available daily balance of up to P20 million, will continue to enjoy four percent interest rate on the new funds deposited to the account from Sept. 1 to Dec. 31.

“We want to encourage more Filipinos to adopt a habitual savings mindset, especially as the effects of the COVID-19 pandemic change the way we save and spend,” Sicat said.

Being the first all-digital bank in the Philippines, ING has created a simple and easy way for Filipinos to save, he said.

“And we are committed to help more Filipinos to be financially included, one savings account at a time,” Sicat said.

According to ING, the rise of the “savings mentality” during the quarantine period can be sustained even after the pandemic.

In a report by ING’s research department, as job losses mount and economic prospects dim because of the coronavirus pandemic, more households are likely to cut back further on discretionary funds and build savings instead.