Savings

Komo was created and is backed by EastWest Bank, a universal bank in the Philippines. Your deposits are held with its wholly-owned subsidiary, East West Rural Bank, which is a member of PDIC and regulated by the BSP. This means your money is insured with the PDIC for up to P1,000,000.

We track your interest earnings daily, but the amount will reflect in your account balance on the first day of the next month. For example, the interest you earned in March will be credited to your account on April 1. To ensure that your deposited amounts will be counted for interest accrual on the same day, please make sure your balance is updated before the cut-off at 10:00pm. Note that this only applies to banking days and that there may be a slight discrepancy between the time shown on your device and the time logged on our system. To be safe, we encourage you to make your deposits earlier in the day. Deposits made after 10:00pm will be counted towards interest accrual for the next banking day. For example, if you deposited to your account at 10:01pm on Friday, then it will only start accruing interest on the following Monday. Similarly, it is normal for your interest accrued not to update over the weekend or on a holiday. Accrued interest will be reflected in your account on the next banking day

All Komo savings accounts can enjoy high interest rates up to 2.5% per annum. Below are the interest rates that will be applied to your deposits with us. https://static.wixstatic.com/media/undefined This is not a promo, but we may update these rates in the future just like how our other services may change or be enhanced. In the event that we implement a change to our interest rates or other fees and charges, we will notify you in advance through our official channels.

We apply up to 3 different interest rates depending on your total savings account balance: https://static.wixstatic.com/media/undefined To compute your daily interest earnings, first divide your account balance according to the interest tiers. Then, multiply the amounts by the applicable interest rate and divide the result by 360. Add the resulting numbers to get your total daily interest earned. Whatever amount you have accumulated by the end of the month will reflect in your account balance on the first day of the next month. For example, if your ending account balance today is P750,000 then you can compute for your daily interest by following the steps below. P750,000 means P500,000 of your total deposit is eligible to receive 2.5% p.a. and the remaining P250,000 is eligible to receive 1.5% interest p.a. - Multiply the amounts with their corresponding interest rate and divide by 360 (P500,000 × .025) ÷ 360 = P34.72 · (P250,000 × .015) ÷ 360 = P10.42 · Total interest earned = P34.72 + P10.42 = P45.14 The ‘interest accrued’ shown on your app is the sum of the daily interest from the first day of the month to the present day. If your ending account balance every day for the whole month stays the same at P750,000, then at the end of the month you will have: P45.14 × 30 = P1,354.20 To ensure that your deposited amounts will be counted for interest accrual on the same day, please make sure your balance is updated before the cut-off at 10:00pm. Note that this only applies to banking days and that there may be a slight discrepancy between the time shown on your device and the time logged on our system. To be safe, we encourage you to make your deposits earlier in the day. Deposits made after 10:00pm will be counted towards interest accrual for the next banking day. For example, if you deposited to your account at 10:01pm on Friday, then it will only start accruing interest on the following Monday. Similarly, it is normal for your interest accrued not to update over the weekend or on a holiday. Accrued interest will be reflected in your account on the next banking day.