EastWest has officially launched its fully digital banking app called Komo, where one can earn high-interest rates in savings, as well as use it for all-around purchases offline and online.
The bank offers the following features as you register and have an account officially verified:
- High-interest rates compared to banks: By default, Komo users can enjoy a 2.5% interest rate per annum when they save their money in the app. Do note that the rate will decrease in accounts over PHP 500,000.
- Cash-in convenience: Aside from cashing in at EastWest and EastWest Rural Banks nationwide, users can also deposit to their account using online banking in-app and InstaPay from other financial institutions and digital wallets/banks.
- Personal goals: Komo will help you achieve your set savings goals by notifying you of pre-set savings target achievements.
- A physical card you can use: Komo also offers a prepaid VISA debit card that can be linked to their app for more offline features such as ATM withdrawals and purchase in offline and online merchants. Another perk: FREE ATM withdrawals with EastWest ATMs nationwide.
- Pay bills and services: Users can also pay their bills in the app including loans, government b, electricity, cable/Internet, credit card, telecoms, and transportation. They can also purchase other services such as insurance plans, pay school tuition, and donate to charities and foundations.
- Security heavy: The app offers notifications tied to your mobile number whenever a transaction is made. There’s also a PIN for opening the app, and you can link to your phone’s biometrics for added security. In addition, you can also control your linked Komo card such as doing a PIN reset and temporarily locking it.
Komo also targets to launch a loan service, which will come soon in the app.