From generation to generation, Filipinos have always been urged to save. The concept of ‘kapag may isunusuksok, may madudukot’ shows how money is valued in our culture. As financial literacy was slowly introduced to the Philippines, Filipinos looked for smarter ways to save, the most popular concept being ‘let your money earn for you.’
The need for banks that ‘made your money earn’ gave rise to digital banks. BSP wants at least 70% Filipinos to have their bank account, which they can’t easily have because of too many bank requirements including valid ID. Because of this motivation from BSP, Filipinos are also encouraged to save and help manage their finances better.
If saving is your number one priority this year, save this blog post discussing the best digital banks in the Philippines with high-interest rates.
RCBC Diskartech
Launched in July 1, 2020, RCBC Diskartech is RCBC’s multi-lingual financial inclusion that can be used in Tagalog or Cebuano languages and is the first of its kind in the Philippines.
| Interest Rate | Full Basic and Community Basic Deposit Accounts both offer 6.5% annual interest |
| Perks | Includes TeleKonsulta and Telemedicine plan for budget-friendly consultations and medicines. |
| New Account Requirements | One valid ID (options are provided in their app)Active mobile numberSelfie verificationPersonal info |
| Promos | They offer cashback options when shopping in Shopee, Lazada, or Zalora. Unlimited Telekonsulta credits for a 50-peso monthly subscription Other promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store Apple App Store |
CIMB
CIMB Group Holdings Berhad is a bank from Malaysia that operates in fast-growing economies in the ASEAN region.
CIMB Bank Philippines Inc. is a significant milestone for CIMB as it expands its presence across ASEAN. Established in December 2018 and based in Bonifacio Global City, CIMB Philippines offers a fully digital banking experience. Account opening takes only 10 minutes through the mobile app. They offer competitive interest rates for savings accounts, no transaction fees, no initial deposit, or minimum balance requirements.
| Interest Rate | UpSave accounts offer an annual interest rate of 2.5%. GSave accounts provide an annual interest rate of 2.6%. Time Deposit accounts holding ₱10,000 for six months earn a 6.5% annual interest rate. Time Deposit accounts holding ₱10,000 for 12 months earn a 7.0% annual interest rate. Time Deposit accounts holding ₱10,000 for 24 months earn a 7.5% annual interest rate. |
| Perks | Complimentary virtual debit card.No charges for transactions between CIMB and other banks. |
| New Account Requirements | GCash user needs to have a verified account. For UpSave, you’ll need to provide your mobile number, one valid ID, and personal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store, Huawei App Gallery, and Apple App Store |
GOTyme Bank
GoTyme Bank is a collaboration between Tyme, a digital banking group operating in multiple countries, and members of the Gokongwei Group, including Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. In January 2024, BPI acquired 20 percent of GoTyme as part of its merger with Robinsons Bank Corp. However, due to significant overlap in and similarity of product offerings between BPI and GoType, BPI divested its 15-percent stake in Gokongwei-backed GoTyme Bank Corp., which is still subject to BSP’s approval.
Accessing their services starts with an easy account opening process via GoTyme Bank that takes less than 5 minutes to open an account using a free app or by getting a free personalized Visa ATM Debit card from kiosks manned by Bank Ambassadors in Robinsons Retail locations across the country.
| Interest Rate | GoSave accounts earn 4% annually |
| Perks | Visa and BancNet supported free debit cardNo fees for withdrawing or depositing at Robinson-affiliated stores.No withdrawal fees at Robinson Bank ATMs. |
| New Account Requirements | Philippine-issued IDMobile numberPersonal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store and Apple App Store |
UnionDigital Bank
UnionDigital Bank is a licensed digital bank authorized by the BSP, operating as a subsidiary of UnionBank of the Philippines and affiliated with the Aboitiz Group. It is also called the UBEH Bank because of its violet color scheme that is associated with the famous Filipino root crop, ube.
| Interest Rate | Savings Accounts earn 4% annually.UD Time Deposit Accounts earn 6.75% annually. |
| Perks | No transfer fees for PESONet transactions to other banks and e-wallets. |
| New Account Requirements | One valid IDMobile numberPersonal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store, Huawei App Gallery and Apple App Store |
Maya Bank
Maya Bank is the online banking division of Voyager Innovations, a top technology company in the Philippines. Together with Voyager’s fintech arm, Maya Philippines, they’re building Maya, the country’s sole comprehensive digital financial services platform.
As a groundbreaking digital bank, Maya Bank is reshaping the financial landscape for Filipino consumers and small businesses by offering innovative and practical financial solutions, including savings, deposits, and credit services through the Maya platform.
| Interest Rate | Personal Goals Accounts: Earn 4% interest per year.Savings Accounts: Enjoy a 10% annual interest rate.Business Deposit Accounts: Get a 2.5% yearly interest rate.Time Deposit Accounts: Earn 6% interest per year. |
| Perks | No cash-in fee from Maya Wallet to Maya Bank. |
| New Account Requirements | One valid IDMobile numberSelfie verificationPersonal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store, Huawei App Gallery and Apple App Store |
UNOBank
UNO Digital Bank is the first full-spectrum digital bank in Southeast Asia licensed by the Bangko Sentral ng Pilipinas. It’s among the six digital banks authorized by the BSP. Deposits in UNO Digital Bank are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to P500,000 per depositor.
| Interest Rate | UNOReady Account offers an annual interest rate of 4.25%.UNOBoost Time Deposit Account and UNOEarn Time Deposit Account both provide an annual interest rate of 6.5%.Note: GCash’s GSave can be linked to the UNO App, offering the same interest rates. |
| Perks | Receive a complimentary Mastercard virtual card.No transaction fees at over 7,500 partner outlets. |
| New Account Requirements | One valid IDMobile numberPersonal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store and Apple App Store. |
SeaBank
SeaBank Philippines, Inc. (A Rural Bank) is affiliated with Sea Limited (NYSE: SE), a worldwide consumer internet firm established and based in Singapore, listed on the New York Stock Exchange. SeaBank Philippines Inc. (A Rural Bank) operates under the regulation of the Bangko Sentral ng Pilipinas. Deposits in SeaBank Philippines are insured by the PDIC for up to P500,000 per depositor.
| Interest Rate | 350,000 – below (4.5% per annum)350,000 – above (3.0% per annum) |
| Perks | Transfer funds for free to SeaBank accounts.Enjoy free transfers via InstaPay and PESONet.Interest is credited daily. |
| New Account Requirements | One valid IDMobile numberPersonal details |
| Promos | Promos change monthly so it’s best to always check their website. |
| How to Download | Available in Google Play Store, Huawei App Gallery and Apple App Store |
Key Takeaway
With the increasing popularity of digital banking in the Philippines, numerous options are available to cater to various financial needs. Among the leading digital banks offering competitive interest rates and convenient features are RCBC Diskartech, CIMB, GoTyme Bank, UnionDigital Bank, Maya Bank, UNO Digital Bank, and SeaBank Philippines, Inc.
Each of these digital banks provides unique perks, such as free virtual cards, no transaction fees, and high interest rates on savings and time deposit accounts.
With simple requirements for opening an account and easy access through mobile apps, these digital banks offer Filipinos efficient and accessible banking solutions. Exploring these options and choosing the one that best fits your financial goals and preferences is essential.
