Are you saving your money in a traditional bank but tired of the meager interest rates offered by your savings account? Digital banks in the Philippines might have the answer you’re looking for.
Digital banks solely operate online and do not maintain physical branches. Due to this setup, they incur lower overhead costs, enabling them to offer higher interest rates in comparison to traditional banks. This characteristic renders them an ideal option for individuals seeking to expand their savings.
Currently, the country has six digital banks licensed by the BSP. The other banks mentioned here provide digital banking and/or online banking services but do not possess a BSP license to operate as digital banks. For the purpose of this discussion, we will refer to them as digital banks.
Interest Rates as of September 2023
As of September 17, 2023, we have thoroughly researched and ranked the finest digital banks in the Philippines based on their interest rates on savings accounts. The rates mentioned do not include time deposits, ensuring you have the freedom to earn higher returns on your savings without locking your money away for an extended period.
Let’s compare them now and see which one has the most to offer!
1. CIMB
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 6%-12% | ₱200,000 | SEPTEMBER 30, 2023 |
CIMB Bank Philippines is now offering 6% p.a. interest for the first ₱200,000 Average Daily Balance (ADB) which is inclusive of the base rate and other promos. Exceeding ₱200,000 ADB will earn the base rate of 2.5% p.a. for UpSave and 2.6% p.a. for GSave.
To avail of the 12% per annum interest rate, GSave and/or UpSave customers, as of July 31, 2023, only need to raise their total average daily balance (ADB) in September above their August level. The initial 6% interest will be earned by maintaining a ₱200,000 ADB. As you increase your balance, you can enjoy 12% p.a. interest on the growth of your total ADB without any cap restrictions.
2. Maya Bank
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
| 3.5% – 10% | ₱5,000,000.00 | SEPTEMBER 30, 2023 |
Maya Bank, formerly known as PayMaya, offers its depositors generous interest rates of up to 10%. Smart Postpaid subscribers are even more privileged, with the possibility of earning up to 11% interest. Customers have the opportunity to boost their interest rate from the base rate of 4% up to 10% per annum (p.a.) on a daily basis by simply spending a total of ₱35,000 through various transactions, such as load purchases, bill payments, and using Maya for QR, card, or mobile number payments.
The 10% p.a. daily interest rate applies to the initial deposit balance of ₱100,000. For larger account balances, the base 3.5% p.a. interest rate still applies, up to a limit of PHP 5M. However, any balance exceeding ₱5,000,000.00 will not earn any interest.
3. DiskarTech
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 6.5% | ₱49,700.00 | Extended Indefinitely |
Receive a 6.5% interest rate p.a. for deposits up to ₱49,700 on RCBC’s DiskarTech. It is one of the highest interest rates in the market right now. However, your account will not earn interest if your balance exceeds ₱49,700.
4. Netbank
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 6.5% | No Cap | August 31, 2023 |
Netbank accounts opened from December 21, 2022, to January 16, 2023, will get 6.5% p.a. until August 31, 2023.
Those depositors who opened their accounts starting March 24, 2023, onwards, will get a 4% interest rate p.a. For old accounts getting 3%, 5%, and 6.5% interest p.a will get 4% interest starting September 1, 2023.
5. GoTyme
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 5.0% | No Cap | – |
To start earning the 5% p.a. interest rate, simply set up a Go Save account and initiate fund transfers from your main account to your newly created Go Save account. The best part is that there are no restrictions on minimum or maximum deposit balances to qualify for the interest. You can reap the benefits of 5% interest per year, paid conveniently to your account on a monthly basis.
6. Seabank
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 4.5% | ₱250,000 | – |
SeaBank PH offers a high interest rate for savings accounts of up to 4.5% per annum, which is credited daily. This applies to depositors with deposits up to ₱250,000. Accounts with balances above ₱250,000 will only receive an interest rate of 3% p.a.
7. UNO Digital
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 3.5%-4.5% | ₱4,999,999.99 | – |
UNO Digital offers various interest rates based on the end-of-day balance in their savings accounts:
- Accounts with an end-of-day balance below ₱5,000.00 receive a base interest rate of 3.50% gross per annum.
- Those savings accounts with an end-of-day balance ranging from ₱5,000.00 to ₱4,999,999.99 are qualified for a higher interest rate of 4.25% gross per annum.
- Once the end-of-day balance reaches PHP 5,000,000.00 or more, the interest rate drops to 1.00% gross per annum.
With UNO Digital, you can enjoy competitive interest rates that cater to your account balance, providing an opportunity to maximize your savings growth.
8. Tonik
| INTEREST RATE | MAXIMUM DEPOSIT | PROMO PERIOD |
|---|---|---|
| 4%-4.5% | No limit | – |
Tonik’s savings account starts with a modest base interest rate of 1% per year. However, there are exciting opportunities to boost this rate significantly.
By creating a solo stash, you can elevate the interest rate to an attractive 4%. But wait, it gets even better! With a group stash, you can further increase the rate to an impressive 4.5% per year. To be eligible for this higher 4.5% interest rate, a group stash must have a minimum of three participants, including the stash owner.
If you have friends and family members who are also keen on saving money, the group stash option offers a rewarding way to enjoy the enhanced interest rate together. Tonik’s savings account provides a range of options to cater to your savings goals and maximize your earnings.
The list above includes deposit products without a lock-in period and with an annual interest rate of 3.5% or higher. These digital banks and their products are regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC).
Conclusion
When it comes to high-interest savings accounts or an easier and faster banking experience, these digital banks are a good place to start. The point is that you can easily manage your money with the help of these banks. It’s up to you whether or not you want to take advantage of the opportunities.
So, which of these banks do you think is the best of the bunch? You can also leave a comment if you’ve had a positive experience with them.