Filipinos are adopting online banking due to its convenience and accessibility. Digital banking services allow people to make a variety of financial transactions via mobile apps and websites due to the country's rising internet usage and the government's financial inclusion effort.
That said, Filipino citizens now have seamless digital payment solutions, instant fund transfers, and personalized financial management tools thanks to fintech startups and partnerships between traditional banks and technology companies, improving their banking experience.
Customers gain many advantages from digital banks. They can do all their banking online using their smartphones, avoiding long lines at a physical bank branch. Moreover, most digital banks offer higher interest rates compared to traditional banks. Users can also access their savings accounts and make transactions 24/7. Most importantly, these digital banks and their products are regulated by the Bangko Sentral ng Pilipinas (BSP) and are insured by the Philippine Deposit Insurance Corporation (PDIC).
If you're itching to know the best digital banks in the Philippines with the highest interest rates in 2023, we've compiled them in a list, which you can check out below.
List of PH Digital Banks with Highest Interest Rates for 2023
Here's the list of top digital banks in the Philippines that offer the best interest rates as of May 2023. Along with the bank's interest rate p.a. (per annum) are their recommended savings and product features.
#1. Maya - Savings
- Interest Rate (p.a.): Up to 10%, Until 31 May 2023 / Up to 11%, Until 31 May 2023 Exclusive to Smart Postpaid users
- Recommended Savings: PHP 100,000
- Product Features:
- Free BPI/UB/RCBC/CBC linked bank account cash-in via Maya wallet
- Free PESONet transfers from Maya Savings to other banks/e-wallets
- Daily interest crediting
#2. iSave - Maybank Philippines
- Interest Rate (p.a.): Up to 8%, Until 31 May 2023
- Recommended Savings: PHP 500,000
- Product Features:
- Free ATM withdrawals nationwide using the Maybank iSave debit card
- An extensive list of payment billers
#3. UnionDigital Bank
- Interest Rate (p.a.): 7%, 1-year time deposit
- Recommended Savings: PHP 500,000
- Product Features:
- Free PESONet transfers from UDBank Main Account to other banks/e-wallets
#4. Netbank Mobile
- Interest Rate (p.a.): 6.5%, Until 31 Aug 2023, Exclusive to accounts opened between 21 Dec 2022 and 16 Jan 2023
- Recommended Savings: PHP 500,000
- Product Features:
- Free InstaPay and PESONet transfers to other banks/e-wallets
- Daily interest crediting
#5. DiskarTech
- Interest Rate (p.a.): 6.5%
- Recommended Savings: PHP 49,700
- Product Features:
- Free cash-in at select over-the-counter (OTC) partners
- Free withdrawal at RCBC ATMs
#6. UnionDigital Bank
- Interest Rate (p.a.): 6.5%, 60-day time deposit
- Recommended Savings: PHP 500,000
- Product Features:
- Free PESONet transfers from UDBank Main Account to other banks/e-wallets
#7. UNO Digital Bank
- Interest Rate (p.a.): 6.5%, 3-month time deposit
- Recommended Savings: PHP 500,000
- Product Features:
- Free BPI/UB and OTC cash-in
- Free InstaPay/PESONet transfers to other banks/e-wallets
#8. CIMB Bank
- Interest Rate (p.a.): 6%, Until 30 Jun 2023, GSave and UpSave
- Recommended Savings: PHP 200,000
- Product Features:
- Free online banking and OTC cash-in
- Free InstaPay/PESONet transfers to other banks/e-wallets
#9. Maya - Personal Goal
- Interest Rate (p.a.): 6%, Up to 1M balance
- Recommended Savings: PHP 400,000
- Product Features:
- Designed like a time deposit but better
- Cancel without penalties and DST
- Accrued interest is paid monthly
#10. UnionDigital Bank
- Interest Rate (p.a.): 6%, 30-day time deposit
- Recommended Savings: PHP 500,000
- Product Features:
- Free PESONet transfers from UDBank Main Account to other banks/e-wallets
#11. Tonik
- Interest Rate (p.a.): 6%, 6-month time deposit
- Recommended Savings: PHP 500,000
- Product Features:
- Free InstaPay and PESONet transfers from Tonik Account to other banks/e-wallets
#12. SeaBank
- Interest Rate (p.a.): 5%, Up to 250k
- Recommended Savings: PHP 250,000
- Product Features:
- 15 free transfers per week
- Free transfers to/from linked ShopeePay
- Daily interest crediting
#13. GoTyme Bank
- Interest Rate (p.a.): 5%, GoSave, no interest cap
- Recommended Savings: PHP 500,000
- Product Features:
- Free BPI/UB/RCBC cash-ins
- Three free transfers per week
Notes:
- The recommended savings is limited to the maximum PDIC-insured amount per depositor and is not outright representative of either the balance cap to which the interest rate applies (which could be higher than PHP 500k) or the maximum amount you may open with the particular deposit product. For example, if you are saving with Maya, you could allocate PHP 100k for Maya - Savings and PHP 400k for Personal Goals.
- All earned interest are subject to 20% withholding tax.
If you also want to know which digital banks are suitable for savings or daily transactions (fund transfers to other banks, bills payment, buy load), check out below.
Suited for savings: Maya (Personal Savings), UnionDigital Bank, UNO Digital Bank, Maya (Personal Goal), and Tonik.
Suited for daily transactions: iSave (Maybank Philippines), Netbank Mobile, DiskarTech, CIMB Bank, SeaBank, and GoTyme Bank.
What can you say about the best digital banks in the Philippines with the highest interest rates? You can leave your comment below.
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