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Published October 11, 2019

Looking for a high-interest rate bank here in the Philippines? Well, look no further. In this article let’s explore ING Philippines (a digital bank) on how to open an account, fund it and answer frequently asked questions.

Who is ING?

First off, let us know who ING is. ING is a global bank owned by the ING Group – a Dutch multinational banking and financial services corporation. ING is also known globally as the pioneer in branchless banking focusing on digital banking. As technology evolves, so does the banking and financial services.

However, here in the Philippines most Filipinos aren’t comfortable yet with digital banking. Thus, to “hopefully” attract the Filipino market, ING Philippines is (as of this writing) offering one of the highest interest rates in the market today.

What are the interest rates of ING Philippines?

ING’s interest rates are shown in the table below: (All interest are subjected to withholding tax)

Before June 1, 2019

Interest rate
For available daily balance of less than or equal to PHP 5,000,000 2.00% gross per annum
For any additional balance above PHP 5,000,000 1.00% gross per annum

Starting June 1, 2019

Interest rate
For available daily balance of less than or equal to PHP 10,000,000 2.50% gross per annum
For any additional balance above PHP 10,000,000 1.00% gross per annum

Starting August 1, 2019 until October 31, 2019

Interest rate
For available daily balance of less than or equal to PHP 10,000,000 4.00% gross per annum
For any additional balance above PHP 10,000,000 1.00% gross per annum

Starting November 1, 2019

Interest rate
For available daily balance of less than or equal to PHP 10,000,000 2.50% gross per annum
For any additional balance above PHP 10,000,000 1.00% gross per annum

Depending on market conditions, interest rates may change. But think about it, the current banks today will only give you on average 0.25% interest per year in savings account. This is a huge deal.

So if you are thinking of saving money in the banks for emergency funds purposes, this may be a good alternative. So how do you get started? Read on.

ING Philippines Website

How to Open an Account in ING Philippines

Below are the steps you need in opening and account in ING Philippines.

Step 1: Download ING Philippines App.

Search for “ING Philippines” in the Google Playstore (for Android Users) or Apple AppStore (for iOS Users)

Step 2: Prepare the following documents:

  1. One (1) Government Issued ID:
    • Philippine Driver’s License;
    • Old Philippine Passport (issued before 15 Aug 2016);
    • New Philippine Passport; or
    • Unified Multi-purpose ID (UMID)
  2. One (1) Proof of Address:
    It must show your name and the same address as your current or permanent address provided during account opening
    • Recent utility bill;
    • Credit card statement;
    • Recent BIR 2316;
    • Certificate of voter’s registration;
    • Philippine Driver’s license;
    • Unified Multipurpose ID (UMID);
    • NBI Clearance;
    • Delivery receipt (i.e. Lazada, Zalora, Shopee);
    • Insurance Premium Billing / SOA; or
    • Condominium Dues Billing

Step 3: Open the app and tap “Open an Account”

You will be asked for the following information:

  • Your legal name (First Name, Middle Name, and Last Name)
  • email address
  • mobile number
  • Verification code sent to your mobile number
  • Set a 5 digit passcode

Step 4: Verify your identity

For the app to verify your identity, you have to allow ING app to access your camera. Then you will have to use the front camera to take a picture of yourself while following a set of simple instructions such as blinking or opening your mouth. Also, make sure there are no other faces in the background and remove eyeglasses or anything that covers your face.

Next, take a photo of your ID. At first, I tried using my New Philippine Passport, unfortunately the app seems to have a hard time verifying it. So I used my Driver’s License. By using it, proof of address was no longer asked and the application went smoothly.

Important things to remember: Make sure to place your ID on a dark surface, camera flash is OFF and ID surface has no glare. 

Complete additional information such as your birth date, residential and mailing addresses.

Step 5: Enter Additional Information

Enter your Work Information (Employment Type, Company Name, Industry, and Source of Income), Tax Information (Countries where you pay your tax) and FATCA Information (Applicable only if you have any records in the U.S.A.).

Step 6: Take a photo of your signature

Write your signature using dark ink on a white paper and place it on a dark surface. Then make sure the camera flash is OFF.

Step 7: You’re all set. Welcome to ING Philippines!

Confirm your information and start banking. For me, it took around 24 hours for my application to be approved. How convenient is that?

Once my account was approved, I tested if it really is legit. So I fund it via my BDO online banking with a P5,000 initial deposit. After I transfer money from my BDO to my ING account, it was then reflected in my ING app in real time. Awesome!

ING Funds Transfer

Other Bank-Related Articles:

Source: https://ing.com.ph

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