Salmon Bank Unveils ‘Bank on Eight’ Promo: 8% p.a. Time Deposit Rate for Big Savers

MANILA – Salmon Bank (Rural Bank) Inc., the tech-driven lender backed by fintech group Salmon, has rolled out its “Bank on Eight” promotional offer, delivering an attractive 8% per annum interest rate on time deposits of at least P1 million for a minimum term of one year. The limited-time promo, running from December 1, 2025, to June 1, 2026, positions Salmon as one of the market’s top yield providers, rewarding substantial savers amid falling benchmark rates from major banks.

Co-founder and Chairman Raffy Montemayor framed the launch as a win for customers: “Bank on Eight gives every Filipino saver access to one of the highest interest rates in the market, allowing them to grow their money in a secure way.” He credited the bank’s technology-led efficiency and strong deposit inflows for enabling such competitive returns while upholding liquidity and risk standards.

Key Promo Details

• Interest Rate: 8% p.a. (gross; subject to 20% withholding tax for terms under 5 years).
• Minimum Placement: P1 million (up to P50 million max per depositor).
• Terms Available: 1 to 5 years (longer terms may compound higher effective yields).
• Eligibility: New or existing clients; flexible interest payout options (monthly to checking account or compounded).
• Insurance: Deposits protected by PDIC up to P1 million per depositor.

Clients can apply online via salmon.ph or visit branches in Sta. Rosa, Laguna, and Bacoor, Cavite. The promo requires no hidden fees, with pre-termination at a reduced 1% rate.

This offer outshines many universal banks’ 4-6% ranges, appealing to high-net-worth individuals, OFWs, and businesses seeking better yields on idle funds. As BSP rates hover at 4.5% post-cuts, Salmon’s move highlights rural banks’ agility in niche high-yield segments.

For savers eyeing holiday bonuses or year-end funds, “Bank on Eight” isn’t just a rate—it’s a robust return, blending digital ease with old-school security.

Rate Comparison Snapshot (1-Year Term, Approx. Effective After Tax):

Terms apply; visit salmon.ph for full details. Per DTI Permit No. FTEB-242399 Series of 2025.