Bank offers more favorable interest rates for walking 10,000 steps a day

A Ukrainian bank is offering better rates of interest to customers who prove they are taking 10,000 steps every day, as part of efforts to make its clientele not just richer, but healthier at the same time.

Monobank, a rapidly growing bank which has signed up more than half a million customers in just over a year, has offered the variable rate to about 1,500 savers on its mobile platform, The Guardian reports.

Customers use a smartphone health app to monitor their physical activity. Monobank accesses the data on a daily basis. People who manage the 10,000 steps are granted a rate of 21% on their savings.

Anyone who fails to walk the walk for three days in a row will see their rate slump to 11%. The concept was devised by Monobank’s three CEOs, Dima Dubilet, Misha Rogalskiy and Oleg Gorokhovsky, in an effort to aid both personal and national economic wellbeing and address obesity-related health problems.

Ukraine has the second highest death rate from coronary heart disease in the world at 395.73 per 100,000; almost 50% of men are predicted to be obese by 2030.

There were some early concerns about customers gaming the system – particularly when some users hit their 10,000 steps more quickly than humanly possible. Bank officials quickly discovered that products were being sold to help run up the 10,000 steps without human involvement. The offenders were punished with an immediate relegation to the lowest interest rate.

Monobank Ukraine

health app

favorable interest rates