Atome, a leading "Buy Now, Pay Later" platform in Southeast Asia, is venturing deeper into the financial services sector in the Philippines with the phased launch of Atome Savings.

What is atome Savings?

This new digital savings account promises a competitive 3.25% per annum interest rate, paid daily, with the added benefits of no minimum balance, no lock-in periods, and robust security features.

Atome Savings is powered by Netbank Rural Bank, Inc., a fully licensed rural bank regulated by the Bangko Sentral ng Pilipinas (BSP), ensuring that all deposits are managed and approved under a secure and regulated framework. Furthermore, a crucial layer of protection for depositors is the Philippine Deposit Insurance Corporation (PDIC) insurance coverage up to ₱1,000,000 per depositor, providing peace of mind for users.

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What Atome Savings Offers

Atome Savings is designed to be a smart and secure way to manage personal finances directly from the Atome mobile app. It aims to be a centralized hub for users to:

Receive and transfer funds.
Earn daily interest on their savings.
Conveniently repay their Atome Card and Cash Loan bills.

Key features include:

3.25% p.a. interest: Earned daily on the end-of-day balance.
No minimum balance: Start saving with any amount.
No lock-in periods: Enjoy full flexibility to access your funds anytime.
Multi-factor authentication: Enhanced security for your account.
PDIC insured: Up to ₱1,000,000 per depositor.

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How Does Atome Savings Compare?

While Atome Savings offers a strong 3.25% p.a. interest, it's beneficial for consumers to compare this with other popular digital savings accounts in the Philippines:

Atome Savings interest rate compared to other digital banks in the Philippines

Note: Interest rates are subject to change based on bank policies and market conditions. All interest earnings are subject to a 20% withholding tax.

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How to Get Your Atome Savings Account

Currently, Atome Savings is available on an invite-only basis for selected users who have completed their Atome account registration. However, those interested can express their interest by applying directly through the Atome app. Simply head to the ‘Home’ tab, find the 'Savings' section, and follow the on-screen instructions if eligible, or join the waitlist for future slots.

The application process is fully paperless, aiming for a seamless user experience.

Frequently Asked Questions (FAQs) about Atome Savings

Q: What is Netbank?

A: Netbank Rural Bank, Inc. is a fully licensed rural bank regulated by the Bangko Sentral ng Pilipinas (BSP), authorized to provide general banking services, including managing the Atome Savings account under a white-label partnership.

Q: Is Atome Savings safe?

A: Yes, security is a priority. Atome Savings is protected by multi-factor authentication, and the balance of the deposit account is insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 1,000,000 per depositor.

Q: What can I use Atome Savings for?

A: You can manage all your money in one place. This includes receiving and transferring funds, saving to earn interest, and conveniently repaying your Atome Card and Cash Loan bills.

Q: Who can sign up for Atome Savings?

A: Atome Savings is currently available to selected users who have completed their account registration with Atome. More slots are expected to open soon.

Q: How much is the minimum initial deposit and lock-in period?

A: There’s no minimum initial deposit and no lock-in period, providing full flexibility over your money.

Q: What type of account will I get upon registration?

A: You will receive a Regular Savings Account upon registration.

Q: How is the interest calculated on my Atome Savings account?

A: Interest is calculated daily based on your end-of-day balance (between 12:00 AM and 1:00 AM) and is credited to your account every day. A 20% withholding tax is applied separately.

Daily interest = End-of-day balance × interest rate × (1/365)
For new accounts, interest starts accruing 24 hours after your first deposit is made. No interest is earned on the day of activation.
On the second day, interest credit is based on the average end-of-day balance of the first two days.
From the third day onwards, interest is calculated daily based on your end-of-day balance.

Q: When will I receive the interest earnings?

A: Your interest earnings will be credited to your account daily, after the end of the day.

Q: What are the deposit and fund transfer fees?

Deposit fees: Free from other Netbank accounts. Over-the-counter deposit is PHP 18 per transaction (currently unavailable). For transfers from other banks/e-wallets, applicable fees are set by your provider.
Fund transfer fees: Free to other Netbank accounts. PHP 10 per transaction for transfers to other bank accounts or e-wallets via InstaPay or PESONet.

Q: What are the fees to maintain my Atome Savings account?

A: There are no fees for maintaining your Atome Savings account.

Q: Can I withdraw funds from my account via ATM?

A: At the moment, ATM withdrawals are not supported. Only online fund transfers to other bank accounts or e-wallets via PESONet, InstaPay, or direct transfers to other Netbank accounts are available.

Q: What is the SWIFT Code and Bank Code for Atome Savings account?

A: International fund transfers via SWIFT are not enabled for Atome Savings at the moment.

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