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 2024, we've compiled them in a list, which you can check out below.
List of PH Digital Banks with Highest Interest Rates (January 2024)
Here's the list of top digital banks in the Philippines that offer the best interest rates as of January 2024.
The banks' products are listed below, along with their base interest rates (p.a.), promo interest rates, and other details, such as whether they support free fund transfers and daily crediting.
#1. Maya Bank (Maya Savings)
New users: up to 13% p.a.* Cap P100k
Existing users: up to 11% p.a.* Cap P100k
- Spend with Maya Card and/or QRPh to merchants worth P35,000
- Pay bill worth P999 min. (exclusive to Smart Postpaid)
This is only an overview. For complete Terms and Conditions, visit mayabank.ph
*Excludes interest rate boost involving Maya Credit, referral campaigns, and the Lazada spend which ends on January 4, 2024.
Daily Interest Crediting: Compounding
#2. OwnBank (Own It Account)
Existing users: 6% p.a. no cap
New users: up to 12% p.a.* Cap P100k
- Download OwnBank app using the link app.ownbank.com/DBPH
- Upgrade account with valid ID + deposit at least P10,000
* Promo is until January 12, 2024. The interest boost is valid for 30 days upon user's activation of the awarded DBPH voucher.
Daily Interest Crediting: Yes
#3. DiskarTech
Fully verified basic deposit account
6.5% p.a. Cap P49,700
#4. Netbank Mobile
Savings Account
Up to 6% p.a. no cap
New users: 6% until April 30, 2024
Daily Interest Crediting: Compounding
#5. Maya Bank (Personal Goals)
6% p.a. Cap P1M
Account must be created between December 6, 2023, and January 3, 2024.
#6. CIMB Bank
UpSave/GSave
5% p.a. No cap
#7. GoTyme Bank
GoSave
5% p.a. no cap
#8. BanKo by BPI
Todo Savings
up to 5% p.a.
Min P5k - Cap P1M
#9. Tonik
Stash
up to 4.5% p.a.
No cap
#10. SeaBank
Digital Savings
up to 4.5% p.a. Cap P300k
Daily Interest Crediting: Compounding
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), OwnBank, UnionDigital Bank, UNO Digital Bank, Maya (Personal Goal), Tonik, BanKo by BPI, and Komo by EastWest.
Suited for daily transactions: iSave (Maybank Philippines), Netbank Mobile, DiskarTech, CIMB Bank, SeaBank, and GoTyme Bank.
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What can you say about the best digital banks in the Philippines with the highest interest rates? You can leave your comment below.
Credits: Digital Banks PH Facebook group
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