Earn More, Save More: Discover the Best Digital Banks in the Philippines with Amazing Interest Rates!

October 9, 2024

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Want to maximize your savings? We got you! We listed all the digital banks available in the market because we want you to maximize your savings earnings. Saving in a traditional bank typically offers lower interest rates compared to digital banks.

We would like to note all information we gathered as of October 9, 2024 is up-to-date. From time to time, we will update this information to ensure it remains reliable for you.

Table of Contents

BPI BanKo

0.0625% per Annum – PondoKo Savings Accounts
Up to 5% per Annum – PondoKo SEME Account
Up to 5% per Annum – TODO Savings Account

BPI Direct BanKo Inc. is a subsidiary of the Bank of the Philippines (BPI), targeting self-employed microentrepreneurs (SEMEs) to boost operations and business growth by offering accessible, convenient, and affordable loan products.

Where to download?

Aside from its dedicated app, you can also create an account via Gcash under GSave or or visit their physical branches, which you can find here.

Opening a savings account has no maintaining balance requirement for the TODO Savings Account. The PondoKo Savings Account requires a maintaining balance of Php 500 based on average daily balance (ADB), while the PondoKo SEME Accounts have no maintaining balance, and deposits are insured by PDIC. Creating an account is easy, as it requires only one (1) valid government ID.

PondoKo Savings Accounts with balances below Php 500 earn no interest, while those above Php 500 earn 0.0625% per annum. The PondoKo SEME Account and TODO Savings Account earn no interest for balances below Php 5,000, while balances from Php 5,000 to Php 1,000,000 earn 5% interest per annum, and balances above Php 1,000,000 earn 0.0625% per annum interest.

CIMB

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2.6% per Annum – GSave Account
Up to 4% per Annum – UpSave Account
Up to 6.5% per Annum – MaxSave Time Deposit Accounts

CIMB Group is a leading ASEAN bank established in Kuala Lumpur, Malaysia. It is also a world leader in Islamic finance. It offers Consumer Banking, Commercial Banking, Wholesale Banking, Islamic Banking, Wealth Management, and Digital Payment Products and Services.

Where to download?

The criteria for opening an account with CIMB are straightforward: you must be at least 18 years old, a Filipino citizen, have a valid and accepted ID, and own a smartphone compatible with its app. If you have a GCash account, you can also open an account through the app.

There is no required maintaining balance for the GSave Account and UpSave Account. The starting interest rate for the UpSave Account is 2.5% per annum. If you want to grow the interest rate, there are tasks you need to complete, such as increasing your Average Daily Balance (ADB) to a certain amount or spending a total of a specified amount with your virtual debit card.

For its time deposit, the interest will depend on how long you invest your money with them, and the interest payout is upon maturity. You have the option for the following terms:

3 months with 5.75% per annum
6 months with 6.0% per annum
12 months with 6.25% per annum
24 months with 6.5% per annum

GoTyme Bank

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4% per Annum – Go Save Account
5% per Annum – USD Time Deposit

GoTyme Bank is a joint venture of Tyme, a multi-country digital banking group with members of the Gokongwei Group that comprises Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings Inc. It aims to unlock Filipinos’ financial potential with the convenience and security of digital banking.

Where to download?

Opening an app is easy as you just need a valid government ID and visit their kiosks located at Robinsons Supermarket or Robinsons Department Store, The Marketplace, and Shopwise. You can claim an ATM debit card for free from their kiosks.

Its interest rate is simple with no gimmicks, missions or tasks to boost its interest rate. The account doesn’t have any minimum or maximum deposit to earn an interest. Its interest is paid monthly to your account.

Komo by Eastwest

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2.5% per Annum

Komo is an exclusive digital banking service by Eastwest Rural Bank that was established in 2020. They say that it was created to give Filipinos more control and flexibility when it comes to managing their money. They want to simplify the lives of their customers by providing convenient, secure, and reliable services.

Where to download?

Opening an account is easy by just registering to its app and upload a copy of your valid ID. No minimum deposit is needed to create your account. Also, there is no maintaining balance.

The interest rate is currently 2.5% per annum. Although there are no promotions available at the moment, they typically offer promotions that can raise the interest rate up to 6% or provide free Instapay transfers.

Maya (Highest Interest Rate With Missions)

Up to 15% per Annum – Maya Bank Savings
Up to 5.75% per Annum – Time Deposit
4% per Annum – Personal Goal

Maya offers the highest interest rates, especially for new users, providing an additional 8.5% p.a. on top of the 3.5% p.a. base interest. Other ways to boost your interest rate include spending via QR, card, or online checkout, as well as using additional services like load, shopping, or crypto.

Maya is an all-in-one money app that combines feature-rich wallet and a secure, progressive digital banking experience powered by Maya Bank.

Where to download?

Creating an account is fast by registering in the Maya app. A valid ID is required to verify your account. By doing so will increase your wallet limit, and open other features like Savings account, Credit, Crypto and shop with its Maya Card that you can earn for free by doing a few missions.

Maya interest rate starts at 3.5% p.a. and can be boosted to up to 15% p.a. by doing missions like spending x amount to different kinds of methods and many more. However there is a cap that will have interest and it is only up to Php 100,000. You can also have a time deposit which has 5.5% p.a. For 12 months, 5.75% p.a for 6 months and 5.25% for 3 months. Another savings is personal goals which you can set up to 6 months long and earn 4% p.a.

Netbank

4% per Annum – Basic Deposit Accounts
Up to 7% per Annum – Time Deposits Accounts

Netbank was founded by Gus Poston and David Paulo Dela Paz in 2019, and it claims to be the first banking-as-a-service platform of its kind in Southeast Asia. It operates in Romblon City.

Where to download?

You can create an account via the website or through its app. They suggest having a mobile phone number, a valid ID, and a pen and paper to provide a signature that must be written three times. There is no minimum initial deposit and no maintaining balance required.

Earning interest for your basic deposit accounts starts from ₱1, with an interest rate of 4% p.a. For time deposits, there is a minimum of ₱10,000, and you can choose between 6 months at 6% p.a. or 12 months at 7% p.a.

OwnBank (Highest Interest Rate Without Missions)

6% per Annum – Savings Accounts
7.5% per Annum – Time Deposit Accounts

OwnBank offers the highest interest rates for both its savings accounts and time deposit accounts without requiring any missions.

OwnBank is a rural bank located in Cavite City that was founded in 1956. It underwent a digital transformation in 2021 with the help of Streetcorner Group, an association that includes Akulaku, a financial technology platform, and non-life insurer Metropolitan Insurance Co. Inc.

Where to download?

It advertises instant account opening upon the completion of your application, benefiting you with no minimum balance required and free account maintenance fees. There is no initial deposit, allowing you to enjoy an effortless account opening experience.

You have a deposit account that offers 6% p.a., with daily interest credited to your account consistently on the following day. Its Time Deposit options range from 15 days to 360 days and offer the following interest rates:

15-day Time Deposit: 6.3% p.a.
30-day Time Deposit: 6.5% p.a.
90-day Time Deposit: 6.8% p.a.
180-day Time Deposit: 7.0% p.a.
360-day Time Deposit: 7.5% p.a.

RCBC Diskartech

4.88% per Annum – Full Basic Deposit Accounts
4.88% per Annum – Community Basic Deposit Accounts

RCBC Diskartech is the Philippines’ first Taglish and Cebuano financial inclusion super app, positioning itself as the financial app for the masses.

Where to download?

As part of its mission to be accessible to everyone, it offers an easy account creation process: simply download the app, register, and present a valid ID. There is no minimum deposit or maintaining balance required.

Its deposit accounts can earn 4.88% p.a. for balances up to ₱49,700. However, if the balance exceeds this amount, it will not earn any interest.

Seabank

Up to 4.5% per Annum

Seabank was formerly known as Banco Laguna Inc., a rural bank established in 1965. It is now part of Sea Limited, a global consumer internet company founded and headquartered in Singapore. Sea Limited operates various digital companies, including Garena, Shopee, and SeaMoney.

Where to download?

To create an account, you need to:

Download the app.
Sign up.
Undergo facial verification.
Upload your ID.
Complete your personal details.

After completing these steps, your account will be opened, and you can start enjoying the benefits of saving with SeaBank.

Up to 4.5% p.a. is credited daily with no maintaining balance required, but this rate applies only to users with account balances up to Php 400,000. For account balances exceeding Php 400,000, an interest rate of 3% p.a. will apply.

Tonik

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

Tonik was founded in 2020 by Greg Krasnov, with a holding company based in Singapore called Tonik Financial Pte Ltd. Its all-digital bank was launched in the Philippines in 2021, making it the first all-digital bank or neobank in Southeast Asia.

Where to download?

Creating an account is easy: simply download the app, register, and upload a copy of your any valid ID.

It offers plenty of ways for you to earn interest on your savings, such as having Stashes, which are separate savings pockets for achieving your goals. You can also create a group stash, inviting your family and friends to join. Together, you can all contribute to whatever it is that you’re saving up for. As for the Time Deposit account there is a minimum of Php 5,000 to enjoy high interest rate.

UnionDigital

Up to 4% per Annum for Savings Accounts
Up to 6% per Annum for UD Time Deposit Account

UnionDigital Bank is a subsidiary of Union Bank of the Philippines. It is a fully digital bank that operates without physical branches or paper documents, allowing users to conveniently bank using only their mobile phones from anywhere at any time.

Where to download?

Opening an account is similar to other digital banks: you simply download the app, register, and upload a one valid ID. There is no initial deposit required to create an account, and there is no maximum deposit or maintaining balance needed.

The interest rate for account balances of Php 5,000,000 and below is 3%, while balances above Php 5,000,000 will earn 4% p.a. For time deposit accounts, there are plenty of options ranging from 30 days up to 1 year, with tiered amounts starting from Php 1,000 to above Php 10,000,000.

UNObank

Up to 4.25% per Annum – UNOReady Account
Up to 6% per Annum – UNOBoost Time Deposit Account
Up to 6% per Annum – UNOEarn Time Deposit Account

UNOBank is owned by UNOAsia Pte LTD, a Singapore-based financial technology company. This year, it announced raising $32.1 million in funding to further boost the online bank’s presence in the Philippines.

Where to download?

Creating an account is straightforward, similar to other banks. You simply need to download the app and upload a valid ID. You can receive a free UNO Virtual Debit Mastercard with a minimum deposit of ₱100, and you also get free life insurance coverage worth ₱50,000.

The interest rate for account balances below ₱5,000 is 3.5% p.a., while balances of ₱5,000 and above earn an interest rate of 4.25% p.a. For the UNOBoost time deposit account, you can choose a term from 3 months at 5% p.a. to 12 months at 6% p.a. For UNOearn, you can set it for either 12 months or 24 months, both offering 6% p.a. Both time deposit accounts have a limit of ₱5,000 to ₱500,000.