No Deposit Required: This New Digital Banking App Allows Hassle-Free Sign Up

You can also control your expenses through the app.

komo
PHOTO BY website/komo

(SPOT.ph) There was a time when opening a bank account was bundled up with a long list of adulting requirements: a valid ID to get another valid ID, SSS and TIN registrations, more IDs, and other official documents that prove your existence. Fortunately, financial institutions have adapted to changing times—especially as most of the world swiftly shifted to digital amid the pandemic. EastWest, a Taguig-based bank founded in 1994 is one of them; they launched a digital banking service called Komo on June 1.

Also read: These Banks Let You Open a Savings Account With Just One ID

Komo is all about keeping your money online—"Keep Our Money Online," see what they did there? They also played around with the phrase "kontrol mo ang pera mo," thus the name. The mobile app basically lets you save money, earn some through high-interest rates, transfer money, and use either a virtual card for online shopping or a physical card for real-life swiping and tapping on a POS. Their debit card, which is available for free, is powered by VISA. There's no initial deposit or maintaining balance required, and the annual interest rate is at 2.5%.

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How to Sign Up for Komo's Digital Banking Platform

  • Download Komo through Play Store, App Store, or App Gallery for free.
  • Tap on "Create Your Bank Account."
  • Fill out the form, which only needs your basic information, such as your full name, birthdate, gender, present address, and permanent address.
  • You're also prompted to take a photo of a valid ID and provide a live selfie.
  • The next step lets you choose a name for your physical VISA debit card, which will be delivered to you for free in a week.
  • Processing takes a couple of business days, then you're good to go.

One of the cool perks of the Komo mobile app is its "Personal Finance" tab, which lets you add your own savings goal and track your income vis-a-vis your expenses. It also lets you set spending limits so you can quickly reach your savings goal. Plus, the app lets you lock your debit card with a touch of a button. You can disable it for ATM use, Online Payment, or POS—or all three if you really want to control your spending. Don't worry, it's easy to unlock, too.

Also read: Banks That Allow You to Open a Savings Account Online

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