What is a joint Salmon Time Deposit account?
A Joint Salmon Time Deposit is a Time Deposit product of Salmon Bank (Rural Bank) Inc., with more than one owner. It starts as a regular Time Deposit opened by one customer. That customer becomes the Primary Owner and can invite others to become co-owners.
After the invited person accepts the invitation and signs the Joint Account Agreement, the account becomes joint. Its terms, including the interest rate, stay the same. Only the ownership type changes.
Joint Salmon Time Deposit accounts are available only under the "OR" ownership type. Other joint ownership types are not available.
The Primary Owner manages the account in the Salmon app. Co-owners can view the account and related documents, but they cannot make changes to it.
Before opening or accepting a Joint Salmon Time Deposit, please note:
•The Primary Owner manages the account in the app
•Co-owners can view the account, owners, transactions, and documents
•Co-owners cannot fund the account, withdraw from it, close it, request pre-termination, or change its details in the Salmon app
•Each owner has an equal ownership share
•Salmon Bank (Rural Bank) credits the full payout to the Primary Owner’s Salmon Checking account
•Salmon Bank (Rural Bank) does not split the payout between owners
This means co-owners will not receive their share directly from Salmon Bank (Rural Bank). Because co-ownership affects deposit ownership and payout arrangements, only invite or accept invitations from people you know and trust.
For more details, see the related articles below.
A primary owner is the person who opened the Time Deposit. Adding co-owners does not change this. The primary owner continues to manage the account in the Salmon app.
The primary owner can:
•fund the Time Deposit from their Salmon Checking account
•invite co-owners
•cancel pending invitations
•view invitation statuses
•set or change maturity instructions, such as what happens when the Time Deposit matures
•choose where interest and the final payout will be credited
•request pre-termination, if the product terms allow it
Co-owners can view account information, but they cannot manage or change the account.
If you're invited to be a co-owner, you can decline an invitation before accepting it.
If you're a primary owner, you can cancel a pending invitation before the invited person accepts it and signs the Joint Account Agreement. After the agreement is signed, you cannot remove a co-owner or leave the account directly in the Salmon app.
If you accepted an invitation by mistake or need help with your account, contact Customer Service via in-app chat in the Salmon app. We can then help check your specific account.
A co-owner is one of the owners of a Joint Salmon Time Deposit, not just a beneficiary or emergency contact. They can view the account in the Salmon app after accepting the invitation and signing the Joint Account Agreement.
They can also view and download account information, such as:
•deposit balance
•interest earned
•transaction history
•list of owners
•interest rate
•account where the payout will be credited
•term
•start date and maturity date
•maturity instructions
•Certificate of Deposit
•Joint Account Agreement
•account statements and other documents, if available
To keep account instructions clear, only the primary owner can make changes.
A co-owner cannot:
•fund the Time Deposit from their own Salmon Bank (Rural Bank) account
•withdraw from the Time Deposit
•change maturity instructions
•change the account where the payout will be credited
•invite other co-owners
•cancel invitations
•remove other co-owners
•leave the account in the app after accepting
•close the Time Deposit or request pre-termination in the app
•ask Salmon Bank (Rural Bank) to make changes to the account
These limits help keep account management clear and secure for all owners.
Only the primary owner can invite someone to become a co-owner.
Before sending an invitation, make sure the person is someone you know and trust. Check that their mobile number and full legal name are correct.
To send an invitation:
1.Open the Time Deposit screen in the Salmon app
2.Enter the person’s mobile number and full legal name
3.Review the Joint Account Agreement
4.Confirm the action with the one-time code
5.Send the invitation
The invited person will receive a push notification or SMS. This will depend on whether they already have the Salmon app. Salmon Bank (Rural Bank) sends the invitation mainly based on the mobile number. The name helps the Bank check that the invitation goes to the right person, so it should match their valid ID.
A Joint Salmon Time Deposit can have 2 to 10 owners in total, including the primary owner. This means the primary owner can invite up to 9 co-owners.
You can accept an invitation in the Salmon app. Before accepting, review the account details carefully. Make sure you know and trust the person who invited you.
Check these details:
•who invited you
•deposit amount
•interest rate
•term
•maturity date
•list of owners
•account where the payout will be credited
•Joint Account Agreement
Only accept the invitation if you are familiar with the person who invited you, you understand the account details, and agree to become a co-owner. If you are not yet a Salmon Bank (Rural Bank) client, complete onboarding and identity verification first. After that, you can accept the invitation and sign the agreement.
The invitation is valid for 7 days. If you do not accept it within 7 days, it will expire. If you do not recognize the invitation or are not comfortable accepting it, you can decline it.
The Bank credits the full payout to the primary owner’s Salmon Bank (Rural Bank) Checking account. This applies when the Time Deposit matures or closes before maturity, depending on the terms.
A payout includes the deposit amount and any interest due. It does not split the payout between owners. Co-owners should agree directly with the primary owner on how they will handle their share.
Ownership share and payout are different, as ownership share is about who owns the deposit, while payout is where Salmon Bank (Rural Bank) credits the money when the account matures or closes.
For Joint Salmon Time Deposit accounts, each owner has an equal ownership share. Custom or unequal ownership shares are not available in the app.
Yes, a primary owner can invite a co-owner while the Time Deposit is active, if the option is available in the Salmon app. They can do this even if the Time Deposit has already been funded or is close to maturity.
The invited person must accept the invitation and complete all required steps before the account matures.
After the Time Deposit matures and closes, the primary owner cannot add a co-owner anymore. To save together again, you can open a new Time Deposit and invite co-owners again.
Deposits are insured by the Philippine Deposit Insurance Corporation up to ₱1,000,000 per depositor per bank, subject to PDIC rules.
For Joint Salmon Time Deposit accounts, each owner, as a general rule, has an equal ownership share.
For example:
•If there are 2 owners, each owner has a 50% share
•If there are 10 owners, each owner has a 10% share
PDIC insurance applies if a member bank is closed by the Bangko Sentral ng Pilipinas. It does not cover losses from fraud, scams, or unauthorized transactions.
For the complete details, review the Salmon Bank (Rural Bank) Deposit Products Terms and Conditions , the Joint Account Agreement , and PDIC rules.