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(July 2024) List of Digital Banks With High Interest Rates in the Philippines

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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 July 1, 2024.]

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.

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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
– Up to 3.5% per annum for USD Time Deposit
Features– Free debit card powered by Visa and BancNet.
– No withdrawal fees in Robinson-affiliated stores and at select Robinsons Retail Brands. 
– Free bank transfers to select banks. (Up to 3x per week)
– Free deposit from select banks. (Up to 2x per month)
Requirements for Opening an Account– Standard Philippine-issued ID
– Mobile number
– Personal details
July 2024 Promos_ YoCoco x GoTyme: Buy using GoTyme Visa debit card and get a free upsize of any drink of choice in YoCoco at the Power Plant Mall. Until July 31, 2024.
YoCoco x GoTyme (New Users):  Get one free drink of choice from YoCoco upon successful registration at the Power Plant Mall kiosk. Until July 31, 2024.
– Food Panda x GoTyme: Get ₱100 discount when paying via GoTyme on Food Panda purchases every Monday with a minimum spend of ₱600 using the code “VISADAY.” Until July 29, 2024. 
Robinsons Mall x GoTyme: GoTyme users can enjoy free parking when they shop at Robinsons Malls. Until July 31, 2024.
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.
Websitehttps://www.gotyme.com.ph/
Facebook pagehttps://www.facebook.com/GoTymeBank
Available onApple 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– Up to 4% per annum for Savings Accounts
– Up to 6.75% per annum for UD Time Deposit Account
FeaturesNo transfer fees for PESONet transactions to other banks and e-wallets.
Requirements for Opening an Account– One valid ID
– Mobile number
– Personal details
July 2024 Promos– None
Websitehttps://uniondigitalbank.io/en
Facebook Pagehttps://www.facebook.com/UnionDigitalBank
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailshelp@uniondigitalbank.io
(+632)8555-5207

Overseas Filipino Bank

Overseas Filipino Bank is a digital-only subsidiary of Land Bank of the Philippines.

Interest Rate– 0.05% per annum for Regular and Visa Debit Card accounts with at least ₱500 balance.
Features– No transfer fees to Land Bank of the Philippines accounts. 
– 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
July 2024 PromosNone
Websitehttps://ofbank.com.ph/
Facebook pagehttps://www.facebook.com/OFBank
Available onApple 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– 1% per annum for regular account
– 4% per annum for solo stash
– Up to 4.5% per annum for group stash
– Up to 6% per annum for Time Deposit Accounts
Features– No cash-out fees in InstaPay, PESONet, MasterCard ATMs, and local bank accounts
– No cash-out fees in InstaPay, PESONet, MasterCard ATMs, and local bank accounts
– Free InstaPay and PESONet cash-in fees on select bank accounts
– Free virtual debit card
Requirements for Opening an Account– One valid ID
– Selfie verification
– Personal details
July 2024 Promos Free Luv – No Strings Attached: Users can get a free Tonik Physical Debit Card when they transact using their Tonik Account. Until July 31, 2024. 
– #Luvback: Earn double the cashback with transfers via InstaPay. Until July 16, 2024
Websitehttps://tonikbank.com/
Facebook pagehttps://www.facebook.com/TonikBankPH
Available onApple App Store and Google Play Store
Contact Detailscustomercare@tonikbank.com
+63 2 5322 2645

UNObank

UNObank, a Singapore-based digital bank

Interest Rate– Up to 4.25% per annum in the UNOReady Account
– Up to 6% per annum in the UNOBoost Time Deposit Account
– Up to 6% 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
July 2024 PromoUNO x Singlife Cashback: Get 1 month insurance premium cashback for each Singlife product availed through the UNO app. Until June 30, 2024.
Websitehttps://uno.bank/
Available onApple App Store and Google Play Store
Contact DetailsCustomerHappiness@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% per annum in the Personal Goals Accounts
– Up to 14% per annum in the Savings Accounts
– Up to 2.5% per annum in the Business Deposit Accounts
– Up to 6% per annum in Time Deposit Accounts
Features– Free cash-in fee from Maya Wallet to Maya Bank.
– Free transfer fees via PESONet and InstaPay on qualified transactions.
Requirements for opening an account– One valid ID
– Mobile number
– Selfie verification
– Personal details
July 2024 PromosMaya x SM Store: Free cash-in on SM Stores and up to ₱200 cashback when cashing-in up to ₱10,000. Until July 31, 2024. 
– Maya x Grab: Up to ₱60 off when using Maya to pay Grab orders of at least ₱600 every Friday. Until August 30, 2024. 
Maya Credit Card: Get up to ₱150 when using Maya Easy Credit. Until June 30, 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 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.
Websitehttps://www.mayabank.ph/
Facebook pagehttps://www.facebook.com/mayaiseverything
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailsbusiness-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.
– Up to 7.5% per annum for Time Deposit accounts with holdings of ₱10,000.
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.
July 2024 PromosCIMB x REVI: REVI Credit Customers with an active REVI Virtual Card and linked to the CIMB Bank App can earn 5% cashback for REVI Virtual Card transactions.​ Until September 30, 2024.
WebsiteCIMB 5th Year Anniversary Deposit Promo​ | Promotions | CIMB Bank PH
Facebook pagehttps://www.facebook.com/CIMBBankPH
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailshttps://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
FeaturesHas 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
July 2024 PromosDiskarTech Panalo sa SSS: Be one of the winners of ₱10,000 and an ebike by collecting raffle coupons every RCBC DiskarTech Basic Deposit Account to the SSS Disbursement Account Enrollment Module. Until September 30, 2024.
Websitehttps://diskartech.ph/
Facebook pagehttps://www.facebook.com/DiskarTech
Available onApple App Store, and Google Play Store
Contact Detailshelp@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
– It also has Time Deposits Account, but the interest rate is not disclosed.
Features – Free InstaPay and PESOnet transaction fees
– Daily interest credit
Requirements for Opening an Account– One valid ID
– Mobile number
– Personal details
July 2024 Promos– None
Websitehttps://www.netbank.ph/
Facebook pagehttps://www.facebook.com/netbankPh
Available onApple App Store and Google Play Store
Contact Detailssupport@netbank.ph
cs_mobile@netbank.ph

Komo by Eastwest

Komo is the digital banking service by EastWest Bank.

Interest Rate2.5% 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
July 2024 PromosNone
Websitehttps://www.komo.ph/
Facebook pagehttps://www.facebook.com/KomoPH
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailssupport@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 RateUp to 4.5% per annum.
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
July 2024 promosSeaBank Cashback: Earn up to ₱1,000, or up to 0.30% per transaction, cashback per month when using SeaBank debit card for online transactions. 
Refer and Earn: Earn points when referring new user successfully.
Websitehttps://www.seabank.ph/
Facebook pagehttps://www.facebook.com/SeaBankPhilippines/?brand_redir=142455011279904
Available onApple 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 with a minimum 
– Up to 5% per annum for PondoKo SEME Account
– 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
July 2024 PromosNone
Websitehttps://www.banko.com.ph/
Facebook Pagehttps://www.facebook.com/magbankona
Available onApple 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– Up to 6% 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).
FeaturesFree transfer fee to other banks
Requirements for Opening an Account– One valid ID
– Mobile number
– Personal details
July 2024 PromosInvite A Friend: Get up to ₱300,000 trial bonus for every successful referral with a minimum deposit of ₱50.
OwnBank Ultimate Rewards Extravaganza: Win “Own It Trial Fund” vouchers and up to ₱5,000 cashback when using OwnBank Card or QR scanner for paying a minimum spend of ₱500 in one transaction. Until August 31, 2024.
Websitehttps://www.ownbank.com/
Facebook Pagehttps://www.facebook.com/magbankona
Available onApple 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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