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Last Updated on January 17, 2023 by Lamudi
There are several digital banks now available to suit the needs of Filipinos since digital payment has become the new normal for most people. Some are targeted at Overseas Filipino Workers (OFW) and their families, while others offer enticing interest rates. Now that the holiday season is over, you might still have some extra cash from your ang paos.
If you’re still figuring out where to put your ang pao money, here are some digital banks available in the Philippines that have high interest rates and are ready to boost your investment:
CIMB Bank Philippines
CIMB Bank PH established its presence in the country in 2018 and is regulated by the Bangko Sentral ng Pilipinas (BSP) as a commercial bank. Albeit being branded as such, CIMB Bank PH’s services are digital and they have received local and international recognition for being the top mobile bank over the years.
CIMB Bank PH offers a 2.5% interest rate per annum (p.a.) which is higher than other physical banks. In addition, CIMB Bank PH also grants up to 8% p.a. interest once you qualify in their existing promotions. With over 5.7 million customers, CIMB Bank PH has helped Filipinos become more financially literate.
Maya Bank
Formerly known as PayMaya, Maya Bank is a digital bank regulated by BSP and is the only end-to-end digital financial services platform in the country. As true as its tagline, it is everything and a bank thanks to its all-in-one mobile application. Users can pay their bills, use the app as their digital wallet, and even invest in cryptocurrency with the Maya app.
Maya Savings users are welcomed with a base interest rate of 4.5% p.a. but with their existing deal, account holders can earn up to 6% interest on up to PHP 100,000 end-of-day deposit balance on their bank accounts for 30 days.
UNOBank Inc.
Uno Digital Bank is among the banks that are recognized by the BSP to operate in the country as a digital bank. The bank aims to make the financial journey of its users simple, better, and accessible for an elevated life.
UNOBank offers their account holders a variety of services that are tied to generous interest rates. Their #UNOready savings account offers a 3.50% interest rate for savings below PHP 5,000 and a 4.25% interest rate for deposits amounting to PHP 5,000 and above. Meanwhile, their #UNOBoost or time deposit can earn an interest rate of up to 6.50% p.a. while having a flexible choice of the desired term starting at three months.
Tonik Digital Bank
Tonik Digital Bank is the first neobank to secure a license from BSP. Its easy and simple interface aims to educate more Filipinos to become financially literate while offering the best deals and promos a digital bank could offer.
Tonik Bank account holders are offered a 4% p.a. interest rate when users deposit their money in their Solo Stash feature. The Solo Stash allows account holders to set aside money for different occasions or necessities like vacation money or tuition fee funds. Meanwhile, Tonik Bank’s time deposit offers an interest rate of 6% p.a. All deposits in this feature earn the same interest rate depending on the chosen term.
SeaBank Philippines
SeaBank began its roots as a rural bank in Pagsanjan, Laguna, and in December 2021, the bank rebranded to SeaBank Philippines. Now, the bank is known as one of the mobile banking applications in the country. SeaBank is regulated by BSP.
SeaBank users enjoy 5% p.a. interest rate earnings that are credited daily. On top of that, SeaBank Savings accounts need no maintaining balance and have no lock-in period as users can start growing savings with as low as Php 1. Fund transfers via InstaPay and PESONet are also free to make the digital banking experience seamless.
Other Digital Banks Recognized by the BSP
Apart from the aforementioned digital banks that offer generous interest rates to account holders, BSP has also recognized three other digital banks to fully operate in the country. Among them are UnionDigital Bank Inc. (UDB), GoTyme Bank Corporation (GTYME), and Overseas Filipino Bank Inc. (OFBank).
UnionDigital Bank, a subsidiary of UnionBank, is a fully-digital bank that aims to become accessible to underbanked Filipinos across the country. Albeit not yet operational, interested users may already join the UnionDigital Bank “whitelist” and become the first to experience the bank’s features and enjoy exclusive promos.
GoTyme Bank is a fintech venture of the Gokongwei group with multi-country digital bank Tyme. Not only do account holders get a 3% interest rate in their Go Save accounts, the bank also offers a 20% cashback on your first single-receipt purchase using your GoTyme debit card in participating Go Rewards partner stores.
Overseas Filipino Bank (OFBank) is a subsidiary of the Land Bank of the Philippines and is the first government digital-only and branchless bank that is tailored to serve OFWs and their loved ones in the country. OFBank aims to provide a seamless and safe remittance method both for the sender and the recipient. The bank offers various savings account specifically for overseas Filipinos and their beneficiaries. In addition, OFBank will soon offer its own loan services called Opportunity for Financial Wellness (OFW) lending program.
A financially literate society is not far from becoming a reality with the creation of different digital banks readily available for Filipinos. The future is indeed digital in all sectors of the economy which is why several tools and services are created to help the consumer’s journey be simple and worry-free.
Click the link to learn more about the digital future and its relation to the real estate industry.
