It’s always a nice feeling knowing that you have a little extra in the bank. While many of us would like to have that comforting financial cushion, saving up for a rainy day isn’t always easy or convenient. So, in addition to setting a clear financial goal, whether it’s to fund your education, a new car, gadget, or vacation, it helps to have some form of motivation – and this is where Robinsons Bank’s newest digital innovation, RKansya, comes in.
Rkansya is a digital product that acts as a virtual piggy bank. It is linked to a customer’s nominated Checking or Savings account, which is used to fund the RKansya and then withdraw from it once the financial goal is reached. A major difference between this and other digital banking products in the market is that instead of interest, RKansya is literally a rewarding experience as it enables customers to regularly earn Go Rewards points.
Go Rewards is a lifestyle rewards program that offers members rewards and benefits through its partners like Cebu Pacific, Robinsons Retail stores, Caltex, and a growing roster of lifestyle brands. Members can earn and redeem rewards points from over 2,000 partner stores and lifestyle partners nationwide. One earned Go Rewards point is equivalent to Php1.00, which can be used for succeeding purchases with participating partners. Providing extra convenience to Robinsons Bank clients, Go Rewards points can also be used to pay bills and other service fees through the RBank digital app – the same handy app that hosts RKansya.
Getting started on the journey to fund your financial goals is easy. If you have an existing Robinsons Bank savings or checking account, simply download the RBank digital app and click on the RKansya tile to create your digital piggy bank. Otherwise, those without RBank accounts can easily create one through the RBank Sign Up app, available both for iOS and Android devices.
From the RKansya menu on the app, clients are then asked to select what the savings will be used for, such as appliances, insurance, investments, and travel, among others. Regardless of selection, the maximum savings amount permitted is Php500,000. A customer, however, can create multiple Rkansya entries within the RBank account.
Customers then choose how often they want to fund the Rkansya, whether daily, weekly, twice a month, or monthly. When they select the length of the savings period (a minimum of 3 months), the amount they have to put into the Rkansya is automatically calculated. This set amount can be automatically transferred each month from the nominated RBank savings or current account, or it can be manually funded.
Once the desired Rkansya amount is attained, simply transfer the amount from the RKansya to the nominated RBank account, and you can withdraw it at the nearest ATM or RBank branch.
To earn monthly Go Rewards points, the RKansya must maintain a monthly average daily balance of at least Php2,000. Giving customers extra motivation to save diligently, additional Go Rewards points can be earned for every quarter where no withdrawal is made from the Rkansya. Another advantage of earning Go Rewards points is that these aren’t subject to the withholding tax of 20% that is imposed on the interest earned from traditional bank products, making the rewards scheme extremely practical and convenient.
Unlike some savings platforms such as time deposits, for example, customers aren’t penalized if they have to withdraw from the Rkansya before the goal is reached. RBank understands that clients may have unexpected financial constraints; responding to these customer needs, it offers them the added flexibility to help achieve their goals and ultimately, greater financial freedom.
For more information on Robinsons Bank’s RKansya, visit robinsonsbank.com.ph/rkansya
