(December 2023) 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 December 2023.

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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. 

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 digital 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 is an affiliate of the Gokongwei Group and Singapore-based fintech firm Tyme Group.

Interest Rate5% per annum
December PromosFree debit card powered by Visa and BancNet.
No withdrawal and deposit fees in Robinson-affiliated stores. 
No withdrawal fee charge in Robinson Bank ATMs. 
Exclusive discounts on Edamama app. 
Those who use “Pay via QR” feature on Uncle John’s stores can win free UJ Fried Chicken for a year.
Available onApple App Store and Google Play Store
Contact Details#GO8888 (#468888)


UnionDigital is the digital banking arm of the Union Bank of the Philippines. 

Interest Rate3% per annum for accounts with ₱5 million and below savings
4% per annum for accounts with ₱5 million and above savings
December PromosNone for December
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailshelp@uniondigitalbank.io

Overseas Filipino Bank

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

Interest Rate1% 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
December PromosFree transfer fees to other Land Bank accounts. 
Available onApple App Store and Google Play Store
Contact Details(+632) 8-405-7000


Tonik is a Singapore-based neo bank.

Interest Rate4% per annum for solo stash
4.5% per annum for group stash
December PromosFree cash-outs in InstaPay, PESONet, MasterCard ATMs, and local bank accounts. 
Get a loan and have a chance to win a Hatasu Maku e-bike.
Refer a friend to get a loan and get ₱1,000 referral bonus.
Available onApple App Store and Google Play Store
Contact Detailscustomercare@tonikbank.com
+63 2 5322 2645


UNObank, a Singapore-based digital bank

Interest Rate4.25% per annum in the UNOReady account
.6.5% per annum in the UNOBoost account
December PromosNo transaction fees for over 7,500 partner outlets.
Free life insurance plan.
₱50 off for payday Grab Food orders. 
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.

Interest Rate4% per annum in the Personal Goals account
Up to 14% per annum in the Savings account; but base rate is 3.5% 
2.5% per annum in the Business Deposit account
December PromosHave a chance to boost the base rate to 10% by buying airtime load, paying bills, or using Maya to pay via QR, card, or mobile number.
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 RateEarn up to 15% p.a. Interest on UpSave/GSave account.
All new and existing customers are eligible for 5% p.a. Interest rate*
December PromoThose who will use GCredit can have a chance to win Toyota Vios and other raffle prizes. 
WebsiteCIMB 5th Year Anniversary Deposit Promo​ | Promotions | CIMB Bank PH
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailshttps://www.cimbbank.com.ph/en/help-and-support/get-help.html

RCBC’s Diskartech

Diskartech is the multilingual financial inclusion mobile app of Rizal Commercial Banking Corporation (RCBC).

Interest Rate6.5% per annum
December PromosFive qualified users can have a chance to rebate ₱3,000.00 when the app is used to pay bills. 
Available onApple App Store, and Google Play Store
Contact Detailshelp@diskartech.ph


Netbank is the mobile banking app of Netbank Inc., a Romblon-based rural bank.

Interest Rate6.5% per annum for those who opened before January 2023
4% per annum for those who opened after January 2023
December PromosNone for December
Available onApple App Store and Google Play Store
Contact Detailssupport@netbank.ph

Komo by Eastwest

Komo is the digital banking service by EastWest Bank.

Interest Rate2.5% per annum 
December PromosNone for December
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Detailssupport@komo.ph
(02) 8888-1777


SeaBank is the mobile banking application of rural bank SeaBank Philippines. It is accepted as a payment option in Shopee Pay feature.

Interest Rate4.5% per annum 
December PromosFee transfer fee to SeaBank accounts.
Available onApple App Store, Huawei App Gallery, and Google Play Store
Contact Details(+632) 8891 7927

This article is published on BitPinas: List of Digital Banks With High Interest Rates in the Philippines


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