News and updates
Notice of Changes to Salmon Bank Deposit Terms and Conditions – 20 August 2026
Salmon Bank (Rural Bank) Inc. is updating its deposit products and the Terms and Conditions governing its deposit accounts. This notice covers new product names, an increased interest rate on Salmon Save, and the discontinuation of savings passbooks.
New product names
Effective 20 August 2026, our deposit products carry new names:
Salmon Savings is now Salmon Save
Salmon Checking is now Salmon Daily
Only the names change. Salmon Save remains a savings deposit account, and Salmon Daily remains a checking (current) account — the same account types, with the same mechanics, under the same BSP regulations as before. Your account number, balance, features, fees, and the way you bank with us remain the same. You may continue to see the previous names in the Salmon App and in some materials while we update them over the coming weeks — both names refer to the same account.
Higher interest rate on Salmon Save
Effective 20 August 2026, the interest rate on Salmon Save increases from 3% to 4% per annum (gross). The new rate applies to all Salmon Save accounts — existing and newly opened. All other interest rates, including Salmon Daily and Regular Savings, are unchanged.
Discontinuation of savings passbooks
The Bank is discontinuing savings passbooks:
From 20 August 2026, savings accounts opened on or after this date are no longer issued a passbook. Each new savings account comes with a free linked Salmon Daily Account used for deposits and withdrawals.
If you already hold a passbook, it keeps working as before: it continues to be honored for over-the-counter servicing until it is full, lost, or damaged — including after 19 October 2026.
From 19 October 2026, passbooks are no longer replaced. If your passbook is lost, damaged, or full, you may choose either: (i) a free Salmon Daily Account (no opening amount, no maintaining balance, no fees, no checkbook required), through which you continue to be served at the counter; or (ii) closure of your savings account and release of your full balance, free of charge.
Your access to your money does not change. You can deposit and withdraw over the counter at any branch, exactly as before.
Your account records remain fully available: a free printed statement of account at any branch upon request; an automated monthly electronic statement to your registered email; real-time account history and statements in the Salmon App; and a statement by mail upon request.
Your deposits remain insured by PDIC up to ₱1,000,000 per depositor. Deposit insurance is not affected by these changes.
Updated documents
The full updated documents, published on 20 August 2026, are available here:
These changes take effect as follows: the product names, the Salmon Save interest rate, and the new-account provisions on 20 August 2026; the passbook provisions for existing accounts on 19 October 2026, following the 60-day public notice under BSP Circular No. 1160.
By continuing to maintain and use your deposit account with us on or after the relevant effective dates, you are deemed to have read, understood, and agreed to the updated Terms and Conditions.
For questions, please visit any Salmon Bank branch or contact us at:
Customer Service Hotline: +639190597388
Email Address: [email protected]
In-App Chat via the Salmon App
Facebook: https://www.facebook.com/salmonbank/
20.08.2026