9 Digital Banks in the Philippines with High Interest Rates

In this article:

• Key Features of a Digital Bank
• Traditional vs Digital Banks
• Digital Banks and Their Interest Rates
• Choosing the Right Digital Bank

With smartphones and easy internet access, digital banks in the Philippines have become super popular for Filipinos looking to manage their finances. Most online banks offer better interest rates than traditional ones, and you can even access your account from the comfort of your own home! 

Want to see your savings grow faster? Here's everything you need to know to find the perfect fit for your banking needs.

Key Features of a Digital Bank 

According to Bangko Sentral ng Pilipinas (BSP), a digital bank offers financial products and services you can access online. You do all transactions through a digital platform or electronic channels; there’s no brick-and-mortar branch.

Through their mobile apps, digital banks give you greater control over every banking transaction. Here are some features that make them more convenient to use:

• Create an account on your smartphone in just a few minutes.
• Transfer and receive funds instantly with just a few taps on your phone.
• Set spending limits, block cards, and customize settings for online and contactless payments.
• Make payments or conduct transactions using QR codes.
• Get security features like two-factor or biometric authentication (fingerprint recognition).
• Request a bank statement or certificate and get it in your email within the day.

Traditional vs Digital Banks

You can skip the paperwork, branch visits, and long waiting times with digital banks in the Philippines. More importantly, you can grow your savings with their high interest rates. 

A traditional bank usually offers interest rates of 1% to 2% per annum (p.a.) for regular savings accounts. In contrast, digital banks can provide interest rates ranging from 4% to 6% per year, depending on the type of account. This difference encourages Filipinos to switch from traditional banks or keep part of their savings in a digital bank.

Digital Banks and Their Interest Rates

Most digital banks in the Philippines offer similar interest rates with occasional differences in time deposit options. BSP regulates these banks, which operate under various BSP licenses. The Philippine Deposit Insurance Corporation (PDIC) covers deposits up to ₱500,000 for each person. 

So, which digital banks offer the highest interest rate? Keep reading to find out!

BanKo

BanKo functions as the microfinance arm of the Bank of the Philippine Islands (BPI). While it offers affordable loan products through its physical branches, its high-interest savings account is available through its app. It operates under BPI's BSP license.

Interest rate: 5% p.a. for its TODO Savings account with a balance starting ₱5,000

Cool features:

• No minimum deposit or maintaining balance is required for TODO Savings.
• Provide one valid ID to open a TODO or PondoKO account.
• Send money to GCash and other bank accounts for free with PondoKO Savings.
• Get a free debit card with TODO Savings.

Available on: Apple App Store and Google Play Store

CIMB Bank 

CIMB Bank is part of the CIMB Group, a Malaysian universal bank with around 26 million customers. It operates in the Philippines under a universal or commercial bank license from BSP. 

Interest rate: From 2.6% p.a. for GSave (via GCash) to 5.25% p.a. for MaxSave Next Gen Time Deposit 

Cool features:

• Go to your GCash app and choose "GSave by CIMB" to start saving (no maintaining balance needed). You also get insurance protection up to ₱250,000 by maintaining a minimum Average Daily Balance (ADB) of ₱5,000 on your GSave.
• With MaxSave time deposit account via the CIMB app, choose from four different terms: 4.75% interest rate p.a. for 3 months and 12 months, 5.25% interest rate p.a. for 6 months, and 4.50% interest rate p.a. for 24 months. 

Available on: Apple App Store, Google Play Store, and Huawei AppGallery

DiskarTech

DiskarTech is a digital product of Rizal Commercial Banking Corporation (RCBC) and operates under RCBC's BSP license. It offers a multilingual app with services in Taglish and Cebuano.

Interest rate: 4.88% p.a.

Cool features:

• No minimum deposit or maintaining balance is required.
• Deposit or withdraw from any RCBC bank or Bayad Center.
• Claim remittances from the bank's accredited remittance partners.
• Subscribe to in-app insurance and medical consultation.
• Earn cashback when paying bills or buying load.

Available on: Apple App Store and Google Play Store

GoTyme 

GoTyme Bank combines Gokongwei Group’s wide-ranging services with Tyme Group, a multi-country digital banking group with 11 million customers globally. It operates with a digital bank license from BSP.

Interest rate: 4% p.a. 

Cool features:

• No minimum deposit or maintaining balance is required. 
• Create up to five Go Save accounts and set goal amounts and time frames for each. 
• Get a free physical debit card instantly at any GoTyme kiosk. 
• Triple your Go Rewards points when you use the GoTyme debit card at Go Rewards partner stores.
• Convert Go Rewards points to cash that instantly gets credited to your GoTyme Bank account. 

Available on: Apple App Store and Google Play Store

Komo

Komo is a digital banking service from EastWest Rural Bank, and it’s popular for its Teachers' Salary loan. It operates under its parent company’s BSP license.

Interest rate: Up to 2.5% p.a.

Cool features:

• Track daily interest earnings on the app.
• Transfer money for free to a Komo account or another bank. 
• Load up your e-wallets with the app. 
• Get zero fees on four withdrawals at any Bancnet-affiliated ATMs monthly (free withdrawals from EastWest ATMs).

Available on: Apple App Store, Google Play Store, and Huawei App Gallery

Netbank Mobile

Netbank Mobile appeals to Filipinos because it has one of the highest time deposit interest rates in the Philippines. Additionally, micro, small, and medium business owners prefer it for its merchant account, which eliminates the need for expensive point-of-sale terminals. Netbank operates under a rural banking license issued by the BSP.

Interest rate: 4% p.a. with daily crediting for a savings account, 4.5% p.a. for a 6-month time deposit, and 5% p.a. for a 12-month time deposit. 

Cool features: 

• No minimum deposit or maintaining balance is required.
• Generate a QRPH QR Code for your business as a merchant account holder, allowing customers to scan it for payments.
• Enjoy a 2% interest p.a. for a merchant account.
• Transfer funds to other banks for free.
• Fund your account by making a cash deposit at 7-Eleven, Panalo Express, or M Lhuillier.

Available on: Apple App Store and Google Play Store

Tonik 

Tonik is the first "neobank" or new-age, digital-only bank in Southeast Asia. Launched in the Philippines in 2021, it operates with a digital bank license issued by BSP. 

Interest rate: From 4% p.a. for "Solo Stash" (individual savings account) to 6% p.a. for Time Deposit 

Cool features: 

• No minimum deposit or maintaining balance is required.
• Open a "Group Stash" account with friends and family members and earn 4.5% interest p.a. (at least three members in one Group Stash, each contributing to earn interest). 
• Create 5 Time Deposits on your Tonik account. 
• Withdraw cash from ATMs with Tonik's physical debit card (by request).

Available on: Apple App Store and Google Play Store

UnionDigital Bank

UnionDigital Bank, or the UBEH Bank, is a wholly owned subsidiary of Union Bank of the Philippines (UnionBank). It began operations in 2022 and has a digital bank license from BSP. 

Interest rate: From 3% p.a. for UBEH Save account to 3.75% p.a. for UD Time Deposit 

Cool features: 

• No minimum deposit or maintaining balance is required.
• Pay zero fees when receiving and sending to other UnionDigital Bank accounts. 
• Receive regular promos offering zero transfer fees to banks and e-wallets via Instapay.

Available on: Apple App Store, Google Play, and Huawei App Gallery

UNO Digital Bank 

UNO Digital Bank is the first full-spectrum digital bank in Southeast Asia. Its parent firm is UNOAsia Pte Ltd, a Singapore-based fintech company. It holds a BSP digital bank license.

Interest rate: From 3.75% interest p.a. for #UNOready to 5.25% p.a. #UNOearn time deposit, all available via GCash or through the UNO Digital Bank app 

Cool features:

• Click on GSave on your GCash app and choose #UNOready@GCash. Ensure you have a fully verified account to be eligible.
• See daily interest crediting for #UNOready savings, which has no minimum balance requirement.
• Get free life insurance coverage worth ₱50,000 with a minimum monthly average daily balance of ₱10,000 in #UNOready. 
• Get exclusive access to #UNOearn and #UNOboost, time deposit products earning up to 6.5% p.a. interest. 

Available on: Apple App Store and Google Play Store

Choosing the Right Digital Bank

Picking the right digital bank really comes down to what you want to achieve with your money and how you like the online or app experience. Here are some key things to think about.

• Interest rates: Does the savings or time deposit interest work for your financial goal?
• Fees and charges: What are the transaction fees? Are you okay with the 20% withholding tax on interest earned from time deposits?
• Security measures: Are you satisfied with the encryption and fraud detection?
• Ease of use: Do you find the app user-friendly? What do others say about their banking experience?
• Integration with e-wallets: Does it allow seamless money transfers?

Digital banks in the Philippines are changing how people save, invest, and handle money. They offer better interest rates, 24/7 mobile access, and strong security, making them a great alternative to traditional banks.

With e-wallets and digital banks in the Philippines, Filipinos have way more options to handle their cash safely and efficiently. Start your journey with GCash, which has partnered with top digital banks like CIMB and UNO Digital Bank.

For seamless and secure transactions, make sure you have a reliable internet connection at home. Check out GFiber Postpaid for fast and stable connectivity, or go for GFiber Prepaid if you want something flexible and budget-friendly. On your mobile device, choose a Globe postpaid plan or prepaid promo for convenient mobile banking anywhere, anytime.