(May 2024) List of Digital Banks With High Interest Rates in the Philippines
Take a look at the interest rates of digital banks in the Philippines for May 2024.
This post list down digital banks as those institutions that function as digital banks even if they are not officially categorized as Digital Banks by the central bank.
In 2020, then Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla approved recognizing “digital bank” as a new bank category in the Philippines.
[This article is updated May, 2, 2024.]
Table of Contents
What is a Digital Bank in the Philippines
As defined by the BSP, a digital bank largely offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with minimal to no reliance on physical touchpoints. It could:
- grant loans
- accept savings and time deposits
- accept foreign currency deposits
- invest in readily marketable bonds and other debt securities, commercial papers and accounts receivable
- act as a correspondent for other financial institutions
- act as collection agent;
- issue electronic money products
- issue credit cards
- buy and sell foreign exchange
- present, market, sell and service microinsurance products
According to him, as the central bank looks to reach 50% of retail transactions shifting to digital, digital banks will play a role in promoting market efficiencies and offering more opportunities to Filipinos in terms of financial services.
And after months of application and tons of preparation, the monetary agency has approved six digital banks, namely GOtyme, UnionDigital, Overseas Filipino Bank, Tonik Bank, UNObank, and Maya Bank.
Fast forward to October 2022, and the BSP gave the green light for these six digital banks to start their full operations.
However, digital banks have begun to be associated with financial institutions with high interest rates. As such, we include them in this article.
Advantages of Digital Banks Than Traditional Banks?
One of the advantages of having a digital bank account is the fact that digital banks offer higher interest rates compared to traditional banks.
In an interview with popular Youtuber, food vlogger, and cook Ninong Ry, UnionDigial Bank Chief Executive Ubeh Henry Aguda shared that digital banks normally offer higher rates because they have lower operating costs than traditional banks.
Thus, instead of maintaining physical branches, paying rent, and hiring more staff, they will just lend the savings to their customers.
Moreover, he shared that their target market includes those who cannot go and transact with traditional banks during office hours, like market vendors and those who need to transact 24/7.
This led some individuals to store their funds in a digital bank rather than the traditional one. In fact, Statistica reported that a 2022 survey on consumer payment behavior showed that about 80% of Filipinos expressed their interest in trying digital banking, specially for paying bills and fund transfers.
The BSP also revealed that digital banks already reached 1.4 million transactions, amounting to ₱8.45 billion, for the first six months of 2022.
More than a year after the central bank’s green light, let us take a look at the interest rates of the six digital banks and other financial institutions that offer online banking services.
GOtyme
GOtyme is an affiliate of the Gokongwei Group and Singapore-based fintech firm Tyme Group.
| Interest Rate | 4% per annum for Go Save Account |
| Features | – Free debit card powered by Visa and BancNet. – No withdrawal and deposit fees in Robinson-affiliated stores. – No withdrawal fee charge in Robinson Bank ATMs. – Free 3x per week withdrawal fee to other banks. |
| Requirements for Opening an Account | – Standard Philippine-issued ID – Mobile number – Personal details |
| May 2024 Promos | – GoTyme Spots: Dine and drink using GoTyme Visa debit card and get 5% off at any store at The Grid Food Hall, Power Plant Mall. Until August 25, 2024. – 100 Referral Rewards: Earn 100 Go Rewards points for every successful referral using a unique code. Until June 30, 2024. – Agoda x GoTyme: Enjoy up to 8% off hotel bookings made using GoTyme Visa debit card. Until December 31, 2025. – Rewarding Debit Card: Earn up to 4% points back by booking Cebu Pacific flights using GoTyme. |
| Website | https://www.gotyme.com.ph/ |
| Facebook page | https://www.facebook.com/GoTymeBank |
| Available on | Apple App Store and Google Play Store |
| Contact Details | #GO8888 (#468888) https://www.gotyme.com.ph/contact-us/ |
UnionDigital
UnionDigital is the digital banking arm of the Union Bank of the Philippines.
| Interest Rate | – 4% per annum for Savings Accounts – 6.75% per annum for UD Time Deposit Account |
| Features | No transfer fees for PESONet transactions to other banks and e-wallets. |
| Requirements for Opening an Account | – One valid ID – Mobile number – Personal details |
| May 2024 Promos | – Free InstaPay transfer fees. (Until June 30, 2024) |
| Website | https://uniondigitalbank.io/en |
| Facebook Page | https://www.facebook.com/UnionDigitalBank |
| Available on | Apple App Store, Huawei App Gallery, and Google Play Store |
| Contact Details | help@uniondigitalbank.io (+632)8555-5207 |
Overseas Filipino Bank
Overseas Filipino Bank is a digital-only subsidiary of Land Bank of the Philippines.
| Interest Rate | – 1% per annum for accounts with ₱0.01 to ₱20,000.00 savings – 2% per annum for accounts with ₱20,000.01 to ₱100,000.00 savings – 3% per annum for accounts with ₱100,000.01 to ₱500,000.00 savings – 4% per annum for accounts with ₱500,000.01 and above savings |
| Features | – No transfer fees to Land Bank of the Philippines accounts. – Free ATM Card – No transaction fees for bills payment – Free ATM withdrawal fee to Land Bank ATMs |
| Requirements for opening an account | – One valid ID – Selfie verification – Email address – Personal details |
| May 2024 Promos | None |
| Website | https://ofbank.com.ph/ |
| Facebook page | https://www.facebook.com/OFBank |
| Available on | Apple App Store and Google Play Store |
| Contact Details | (+632) 8-405-7000 customer.care@mail.ofbank.com.ph |
Tonik
Tonik is a Singapore-based neo bank.
| Interest Rate | – 4% per annum for solo stash – 4.5% per annum for group stash – 6% per annum for Time Deposit Accounts |
| Features | – No cash-out fees in InstaPay, PESONet, MasterCard ATMs, and local bank accounts – Free virtual debit card |
| Requirements for Opening an Account | – One valid ID – Selfie verification – Personal details |
| May 2024 Promos | – None |
| Website | https://tonikbank.com/ |
| Facebook page | https://www.facebook.com/TonikBankPH |
| Available on | Apple App Store and Google Play Store |
| Contact Details | customercare@tonikbank.com +63 2 5322 2645 |
UNObank
UNObank, a Singapore-based digital bank
| Interest Rate | – 4.25% per annum in the UNOReady Account – 6.5% per annum in the UNOBoost Time Deposit Account – 6.5% per annum in the UNOEarn Time Deposit Account – Note: GCash’s GSave can also be linked to UNO App and enjoy the same interest rates. |
| Features | – Free Mastercard virtual card – No transaction fees for over 7,500 partner outlets. – No transfer fee via InstaPay – Free deposit fee from BPI and UnionBank |
| Requirements for opening an account | – One valid ID – Selfie verification – Personal details |
| May 2024 Promo | – UNO x Shopee 5.5: Up to ₱200 off with a minimum spend of ₱3,000 using the promo code, “55UNO200.” Also earn up to 12.75% interest p.a. for that day by using the UNO virtual Debit Mastercard. Until May 6, 2024. – UNOReady Boost: Earn up to 12.75% interest on UNOReady account by spending at least ₱300 on select UNO app features. |
| Website | https://uno.bank/ |
| Available on | Apple App Store and Google Play Store |
| Contact Details | CustomerHappiness@uno.bank (02) 8811 8866 +63 919 0599866 |
Maya Bank
Maya Bank is a digital bank powered by e-wallet giant Maya. Check out our main page for Maya: Maya Interest Rate 2024 | Promotions | Overview
| Interest Rate | – 3.5% when opening a Maya savings account. – 4% per annum in the Personal Goals Accounts – Up to14% per annum in the Savings Accounts – 2.5% per annum in the Business Deposit Accounts – 6% per annum in Time Deposit Accounts |
| Features | Free cash-in fee from Maya Wallet to Maya Bank. |
| Requirements for opening an account | – One valid ID – Mobile number – Selfie verification – Personal details |
| May 2024 Promos | – Free Cash in at SM: Cash in up to ₱10,000 for FREE at any SM store and get up to ₱200 cashback. Until May 14, 2024. – Maya x Agoda: Get 7% off the booking fee on Agoda by using Maya for payment. Until June 10, 2024. – Free Cash In: Cash in for free with any VISA credit or debit card. Until May 31, 2024. – Maya x FlowerStore.PH: Up to 20% off and free shipping fee when users buy at FlowerStore.PH using the code “MAYA20.” Until December 31, 2024. – Maya x Popeye’s: Get ₱30 off when availing any of Popeye’s new chicken sandwiches and pay through Maya. Until May 19, 2024. – Maya Happy Hour: Up to ₱30 off when using a Maya code on select businesses in different areas nationwide. Until June 24, 2024. – Maya x IHG Hotels and Resorts: Get 20% off stays at participating IHG properties across Asia and AU/NZ by using Maya Visa card for payment. Until June 30, 2024. – Maya x IFree Mogo: Get 15% off eSim products by using Maya Visa card for payment. Until December 31, 2024. – Maya x Hertz: Get 10% off plus privileges by using Maya Visa card for payment. Until December 31, 2024. – Maya at Olympic Games Paris 2024: Be qualified for a raffle draw that will give away a roundtrip flight plus hotel accommodations to the Paris Olympics for those who will transact using their Maya Visa virtual or physical card online or in-store. Until May 31, 2024. – Maya x Apple: Get one raffle entry for every ₱1,000 minimum cash-in / top-up in their Apple To Apple wallet via Maya. Until June 30, 2024 – Maya x Apple: Get ₱20 cashback when you the code APPLETOAPPLEMAYA is used to create an Apple To Apple account and top up a minimum of ₱100 on the Apple To Apple wallet. Until May 31, 2024. |
| Website | https://www.mayabank.ph/ |
| Facebook page | https://www.facebook.com/mayaiseverything |
| Available on | Apple App Store, Huawei App Gallery, and Google Play Store |
| Contact Details | business-support@mayabank.ph |
CIMB’s GSave on GCash and Upsave
GSave is the in-app savings account on fintech app GCash, powered by CIMB Bank Philippines. CIMB also has its own promotions.
| Interest Rate | – 2.5% per annum on UpSave account. – 2.6% per annum on GSave account. – 6.5% per annum for Time Deposit accounts with holdings of ₱10,000 for six months. – 7.0% per annum for Time Deposit accounts with holdings of ₱10,000 for 12 months. – 7.5% per annum for Time Deposit accounts with holdings of ₱10,000 for 24 months. |
| Features | – Free virtual debit card – No transaction fee from CIMB to other banks – Get insurance protection up to ₱250,000 by just maintaining a minimum Average Daily Balance of ₱5,000 on GSave. |
| Requirements for Opening an Account | – On GSave, the GCash user must have a verified account. – For UpSave: Mobile number, one valid ID, and personal details. |
| May 2024 Promos | – CIMB x Lazada Sale: Enjoy ₱100 off on purchases made on Lazada Mobile App with CIMB Virtual REVI or Virtual Debit Card every Wednesday from May to June 2024. Until June 26, 2024. – Link and Win: Link GSave, GCredit, SPay, or LazPay accounts to the CIMB Bank PH app and cash-in to get a chance to win exciting prizes. Until June 30, 2024. – Red Hot Promo: Earn up to 4% interest on GSave and UpSave Accounts by executing qualified transactions. Until June 30, 2024. |
| Website | CIMB 5th Year Anniversary Deposit Promo | Promotions | CIMB Bank PH |
| Facebook page | https://www.facebook.com/CIMBBankPH |
| Available on | Apple App Store, Huawei App Gallery, and Google Play Store |
| Contact Details | https://www.cimbbank.com.ph/en/help-and-support/get-help.html +632-8-924-2462 |
RCBC’s Diskartech
Diskartech is the multilingual financial inclusion mobile app of Rizal Commercial Banking Corporation (RCBC).
| Interest Rate | – 6.5% per annum for Full Basic Deposit Accounts – 6.5% per annum for Community Basic Deposit Accounts |
| Features | Has Telekonsulta and Telemedicine—in-app medical consultation and drug store with cheaper rates. |
| Requirements for Opening an Account | – One valid ID – Mobile number – Selfie verification – Personal details |
| May 2024 Promos | Login-g Meron Peso Cash Back Missions: Until June 30, 2024: – Earn ₱25 if a user has a complete daily attendance for the month of April. – Earn ₱10 cashback for bills payments of at least ₱100, ₱25 cashback if done three times. – Earn ₱5 cashback for e-load transactions of at least ₱50, ₱25 cashback if done 10 times. – Earn ₱5 cashback for e-pin transactions of at least ₱50, ₱25 cashback if done 10 times. |
| Website | https://diskartech.ph/ |
| Facebook page | https://www.facebook.com/DiskarTech |
| Available on | Apple App Store, and Google Play Store |
| Contact Details | help@diskartech.ph |
Netbank
Netbank is the mobile banking app of Netbank Inc., a Romblon-based rural bank.
| Interest Rate | 4% per annum for Basic Deposit Accounts |
| Features | – Free InstaPay and PESOnet transaction fees – Daily interest credit |
| Requirements for Opening an Account | – One valid ID – Mobile number – Personal details |
| May 2024 Promos | – None |
| Website | https://www.netbank.ph/ |
| Facebook page | https://www.facebook.com/netbankPh |
| Available on | Apple App Store and Google Play Store |
| Contact Details | support@netbank.ph cs_mobile@netbank.ph |
Komo by Eastwest
Komo is the digital banking service by EastWest Bank.
| Interest Rate | 2.5% per annum |
| Features | – No withdrawal fees at any EastWest Bank ATMs. – Four free monthly withdrawal fees for BancNet ATMs. |
| Requirements for Opening an Account | – One valid ID – Selfie verification – Mobile number – Personal details |
| May 2024 Promos | – None |
| Website | https://www.komo.ph/ |
| Facebook page | https://www.facebook.com/KomoPH |
| Available on | Apple App Store, Huawei App Gallery, and Google Play Store |
| Contact Details | support@komo.ph (02) 8888-1777 |
SeaBank
SeaBank is the mobile banking application of rural bank SeaBank Philippines. It is accepted as a payment option in Shopee Pay feature.
| Interest Rate | – 4.5% per annum for accounts with ₱350,000 below balance. – 3.0% per annum for accounts with ₱350,00 and above balance. |
| Features | – Free transfer fee to SeaBank accounts. – 15 Free transfers via InstaPay and PESONet. – Daily crediting of interest |
| Requiremets for opening an account | – One valid ID – Selfie verification – Personal details |
| May 2024 promos | – None |
| Website | https://www.seabank.ph/ |
| Facebook page | https://www.facebook.com/SeaBankPhilippines/?brand_redir=142455011279904 |
| Available on | Apple App Store, Huawei App Gallery, and Google Play Store |
| Contact Details | (+632) 8891 7927 1800-1-110-2957 |
BPI’s BanKo
BPI Direct BanKo is a product of a merger between two thrift bank units of the Bank of the Philippines Islands—BPI Direct Savings Bank, BPI’s internet bank, and BPI BanKo, BPI’s mobile savings bank. It is now considered as the financial inclusion arm of BPI.
| Interest Rate | – 0.0625% per annum on PondoKo Savings Accounts – 5% per annum for TODO Savings Accounts |
| Features | – Free transfer fee to BPI accounts. – No transfer fee to GCash and other bank via Instapay. – 2% cash back for load payments. |
| Requirements for Opening an Account | – One valid ID – Mobile number – Personal details |
| May 2024 Promos | None |
| Website | https://www.banko.com.ph/ |
| Facebook Page | https://www.facebook.com/magbankona |
| Available on | Apple App Store and Google Play Store |
| Contact Details | (02) 8819-6728 |
OwnBank
OwnBank is the mobile banking service of OwnBank, a rural bank in Cavite City, Philippines.
| Interest Rate | – 6.55% per annum on Savings Accounts – 7.5% per annum for Time Deposit Accounts. – 8% per annum for Time Deposit Accounts (first seven days for new users). |
| Features | Free transfer fee to other banks |
| Requirements for Opening an Account | – One valid ID – Mobile number – Personal details |
| May 2024 Promos | – Invite A Friend: Get up to ₱300,000 trial bonus for every successful referral with a minimum deposit of ₱50. |
| Website | https://www.ownbank.com/ |
| Facebook Page | https://www.facebook.com/magbankona |
| Available on | Apple App Store and Google Play Store |
| Contact Details | +63 (02) 7793 0999 |
This article is published on BitPinas: List of Digital Banks With High Interest Rates in the Philippines
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How about the IMG in philippines? Is it legal investment?
Wrong FB page for OwnBank. Thanks!