• 9 Best Digital Banks in the Philippines 2022 | CIMB, Maya Bank, and More 1
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  • 9 Best Digital Banks in the Philippines 2022 | CIMB, Maya Bank, and More 3
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9 Best Digital Banks in the Philippines 2022 | CIMB, Maya Bank, and More

The percentage of Filipinos using digital banks has significantly increased over the past few years. What drives people to switch to and embrace these banks is the convenience they bring in terms of creating an account and accessing your savings information.


Digital banks also offer higher interest rates, more monetary control, and better security as opposed to traditional banks. If you aren't sure where to put your savings, here are the 9 best digital banks in the Philippines you may want to consider. We’ve also prepared a valuable guide in choosing a digital bank to help you make an informed decision.

This article's contributors

Editorial Team
  • Last updated: 08-19-2022
Table of Contents

What Is a Digital Bank?

What Is a Digital Bank?

A digital bank is a financial institution that primarily operates online. Hence, digital bank depositors don't need to visit any physical branch just to check their remaining balance and transfer some funds. 


Aside from offering these online banking services, a digital bank also uses innovative technologies like AI, 5G, and more to bring additional financial products and investment opportunities to all its users.

How to Choose a Digital Bank – Buying Guide

Here are some key points to consider:


  1. Opt for a bank that is regulated by the BSP.
  2. Go for a PDIC-insured digital bank.
  3. Select one with varying account and product options.
  4. Compare the interest rates and charges.
  5. Choose a bank with excellent security features.
  6. Check if the bank has great customer service.

For more detailed information, read through our buying guide below.

Opt for a Bank That Is Regulated by the BSP

Opt for a Bank That Is Regulated by the BSP

The Bangko Sentral ng Pilipinas (BSP) is the country’s central bank. One of its primary responsibilities is maintaining financial stability in the country, which includes supervising bank operations. BSP’s supervision is necessary so that banking institutions will adhere to banking laws and make them liable for any depositor-related issues.


A bank regulated by the BSP ensures its operation is compliant with existing banking laws and regulations. You can check if the bank is BSP-regulated by looking for the BSP issuance line on its official website. It can also be spotted on their ad campaigns, social media pages, and other promotional documents and materials.

Go for a PDIC-Insured Digital Bank

Go for a PDIC-Insured Digital Bank

You may be hesitant to put a large amount of money in a bank account without any physical branches. However, if you pick a digital bank that has the Philippine Deposit Insurance Corporation (PDIC) issuance line on their collaterals, your money is guaranteed to be safe.


PDIC is a government-run Philippine deposit insurance fund that aims to build the banking confidence of Filipino depositors or investors. And, to fulfill this objective, the PDIC would insure depositors with savings of up to Php 500,000 in their accounts. So, even if your PDIC-insured bank has closed, you would still get your money back.

Select One With Varying Account and Product Options

Just like traditional banks, digital banks also offer account and production options that may cater to your financial needs. Read about them below to help you narrow down your options. 

A Savings Account Can Earn You Interest

A Savings Account Can Earn You Interest

A savings account is a financial product that allows depositors to save their money in the bank and earn a varying amount of interest. What makes digital banks special is they offer higher interest rates than their traditional counterpart, attracting more and more Filipinos to open an account. Typically, digital banks often provide interest rates of 2.5% to 8% per annum. 

Gain Higher Returns With Time Deposit

Gain Higher Returns With Time Deposit

If you want to gain high returns out of your savings, you may want to opt for a digital bank that offers a time deposit account. A time deposit is an investment account that lets you lock in your money for a specific period of time. And, once the fixed period is over, you are expected to gain interest. Having this type of account is useful in helping you curb the urge to spend money impulsively.

Loan Services Let You Borrow Some Money

Loan Services Let You Borrow Some Money

There are times when money may be needed to pay for a valuable item or service, particularly for emergencies. And, if a depositor has insufficient funding for their intended purchase, they can easily opt for loan services. Some digital banks, fortunately, offer loan services that let depositors to borrow some money for a certain period and allow the customers to pay it back.

Avoid Financial Losses With Insurance Plans

Avoid Financial Losses With Insurance Plans

Unexpected financial losses can be problematic, especially for those who are only earning moderately. And, since digital banks in the Philippines aim to attract more depositors, some of them offer affordable insurance plans that can protect them from potential financial losses

Compare the Interest Rates and Charges

Compare the Interest Rates and Charges

A savings account is one of the primary products offered by almost all digital banks. After all, it can provide depositors the perfect place to park their cash safely. These banks, however, offer varying interest rates to entice more users to open an account with them. But, a majority provide a base interest rate of 2.5% per annum. 


This may increase once depositors meet requirements such as maintaining a certain amount of money in their account or conducting a specified number of transactions on their digital banking app. Aside from interest rates, you may also want to check out if the bank requires a maintaining balance or a minimum deposit to open an account

Choose a Bank With Excellent Security Features

While a lot of people are convinced that digital banking is the future, many Filipinos are still hesitant to switch to this type of banking. Digital banks, therefore, offer security features that can minimize their hesitancy towards their financial offerings.

Use Biometrics to Avoid Unauthorized Login

Use Biometrics to Avoid Unauthorized Login

Most transactions with digital banks happen on their respective mobile apps. And, since phones today offer biometric authentication like fingerprint scanning or facial recognition for security, digital banking apps also utilize them for login purposes. A digital bank with an option for turning on biometric login prevents others from accessing your bank information without your presence and authorization.

One-Time Password Is Needed for Verification

One-Time Password Is Needed for Verification

A one-time password (OTP) is a dynamic password sent to a user through SMS or email. Some digital banks require OTP for users attempting to log in to their accounts. OTP can also be sent when changing some account details, sending a huge amount of money to another user, and others. Basically, OTP ensures that transactions are validated by the account owner.

Automatic Logout Saves You From Hacks

Automatic Logout Saves You From Hacks

Tons of depositors log in to their accounts to check their savings, transfer money, and others. Some, however, forget to log out of their device after completing their transactions. Digital banking apps, fortunately, have a built-in automatic logout feature to log depositors out of their accounts after being inactive for a few minutes, making them secure from potential hackers. 

A Protected Website Lets You Transact Securely

A Protected Website Lets You Transact Securely

While all transactions are often carried on digital banking apps, some may be done through a browser. To check if a digital banking website is secure, all you must do is to check the URL of the digital bank website on the address bar and look for “https.” The presence of a locked padlock icon before the URL also means that the website is safe.

Check if the Bank Has Great Customer Service

Check if the Bank Has Great Customer Service

The absence of physical branches makes it impossible for digital banks to conduct face-to-face transactions and customer support. But, one benefit you may obtain from this situation is the availability of 24/7 real-time assistance and customer service support.


Digital banks that offer this type of support allow depositors to resolve any problems and issues they may encounter with their transactions at any time of the day. Some banks even allow depositors to reach them through online chat, phone, and email. They can also use their digital banking apps as their primary avenue for customer assistance.

Compare the Best Digital Banks

To give you a rundown, here are our top 5 picks for the digital bank you can download:


  1. Best overall: CIMB Group CIMB Bank
  2. Best multipurpose digital bank: PayMaya Maya Bank
  3. Best for long-term savings: Tonik Tonik Digital Bank
  4. Best hassle-free setup: EastWest Komo
  5. Best for online shopping users: Sea Limited SeaBank PH
Image
1
CIMB Group CIMB Bank 1

CIMB Group

2
PayMaya Maya Bank 1

PayMaya

3
Tonik Tonik Digital Bank 1

Tonik

4
EastWest Komo 1

EastWest

5
Sea Limited SeaBank PH 1

Sea Limited

6
Rizal Commercial Banking Corporation Diskartech 1

Rizal Commercial Banking Corporation

7
Maybank iSave 1

Maybank

8
Land Bank of the Philippines Overseas Filipino Bank 1

Land Bank of the Philippines

9
UnionBank of the Philippines EON 1

UnionBank of the Philippines

Name

CIMB Bank

Maya Bank

Tonik Digital Bank

Komo

SeaBank PH

Diskartech

iSave

Overseas Filipino Bank

EON

Features

The Complete Package for Filipinos: Pairs a High-Yield Interest Savings Account With Insurance

A Young Digital Bank That Already Offers Plenty of Services

Provides Stashes and Time Deposit for Controlled Spending

A Rising Digital Bank From a Reputable Traditional Bank

The Perfect Digital Bank for Online Shopping Lovers

Uses Taglish to Make Digital Banking Experience a Lot Easier

Simplifies Its Account Creation Process to Cater to Everyone

A Digital Bank That Caters to Overseas Filipino Workers

A Digital Bank Platform That Makes Online Payment Easier

Price Starts at₱0₱0₱0₱0₱0₱0₱0₱0₱0
BSP-RegulatedYes, as commercial bankYes, as digital bankYes, as digital bankYes, as rural bankYes, as rural bankYesYesYes, as digital bankYes
PDIC-InsuredYes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000Yes, up to Php 500,000
ProductsUpSave Account, Fast Plus Account, GSave Account, Personal Loan, GCredit, REVI CreditMaya Savings, Maya CreditTonik Account, Stashes, Group Stash, Time Deposit, Quick Loan, Shop Installment LoanSavings, InsuranceSeaBank Savings AccountSet Ipon Goals, Pay Bills, Purchase Insurance Plan Offers, Acquire Telemedicine Services, Utilize LoansiSave Savings AccountDeposits, Loans, Treasury, Remittance, E-BankingEON Starter, EON Lite, EON Plus, EON Pro, EON Cyber
Initial FeesNot RequiredNot RequiredNot RequiredNot RequiredNot RequiredNot RequiredNot RequiredNot RequiredNot Required
Interest Rate (Savings)Up to 8% per AnnumUp to 6% per AnnumUp to 4.5% per AnnumUp to 4% per AnnumUp to 6% per AnnumUp to 3.5% per AnnumUp to 2.5% per annumUp to 0.10% per AnnumNot Applicable
Security FeaturesBiometrics, OTP, Automatic Logout, Secure ConnectionBiometrics, OTP, Automatic Logout, Secure ConnectionBiometrics, OTP, Automatic Logout, Secure ConnectionBiometrics, OTP, Automatic Logout, Secure ConnectionOTP, Automatic Logout, Secure Connection, Two-Factor Authentication, Encryption TechnologyBiometrics, OTP, Automatic Logout, Secure ConnectionBiometrics, OTP, Secure ConnectionOTP, Automatic Logout, Secure ConnectionMulti-Factor Authentication System, OTP, Secure Connection
Customer ServiceCall, EmailCall, Email, In-app chatCall, EmailCall, Email, Social MediaCall, EmailCall, Email, Social MediaCall, EmailCall, EmailEmail, Social Media
App AvailabilityAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOSAndroid, iOS
Link

9 Best Digital Banks to Download

The digital banks we introduce below were carefully curated by the mybest team using the points mentioned in our detailed and thoroughly researched buying guide.


**Prices may vary depending on the website and their campaign period**

1
BSP-RegulatedYes, as commercial bank
PDIC-InsuredYes, up to Php 500,000
ProductsUpSave Account, Fast Plus Account, GSave Account, Personal Loan, GCredit, REVI Credit
Initial FeesNot Required
Interest Rate (Savings)Up to 8% per Annum
Security FeaturesBiometrics, OTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email
App AvailabilityAndroid, iOS
2
BSP-RegulatedYes, as digital bank
PDIC-InsuredYes, up to Php 500,000
ProductsMaya Savings, Maya Credit
Initial FeesNot Required
Interest Rate (Savings)Up to 6% per Annum
Security FeaturesBiometrics, OTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email, In-app chat
App AvailabilityAndroid, iOS
3
BSP-RegulatedYes, as digital bank
PDIC-InsuredYes, up to Php 500,000
ProductsTonik Account, Stashes, Group Stash, Time Deposit, Quick Loan, Shop Installment Loan
Initial FeesNot Required
Interest Rate (Savings)Up to 4.5% per Annum
Security FeaturesBiometrics, OTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email
App AvailabilityAndroid, iOS
4
BSP-RegulatedYes, as rural bank
PDIC-InsuredYes, up to Php 500,000
ProductsSavings, Insurance
Initial FeesNot Required
Interest Rate (Savings)Up to 4% per Annum
Security FeaturesBiometrics, OTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email, Social Media
App AvailabilityAndroid, iOS
5
BSP-RegulatedYes, as rural bank
PDIC-InsuredYes, up to Php 500,000
ProductsSeaBank Savings Account
Initial FeesNot Required
Interest Rate (Savings)Up to 6% per Annum
Security FeaturesOTP, Automatic Logout, Secure Connection, Two-Factor Authentication, Encryption Technology
Customer ServiceCall, Email
App AvailabilityAndroid, iOS
6

Rizal Commercial Banking CorporationDiskartech

From ₱0

BSP-RegulatedYes
PDIC-InsuredYes, up to Php 500,000
ProductsSet Ipon Goals, Pay Bills, Purchase Insurance Plan Offers, Acquire Telemedicine Services, Utilize Loans
Initial FeesNot Required
Interest Rate (Savings)Up to 3.5% per Annum
Security FeaturesBiometrics, OTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email, Social Media
App AvailabilityAndroid, iOS
7
BSP-RegulatedYes
PDIC-InsuredYes, up to Php 500,000
ProductsiSave Savings Account
Initial FeesNot Required
Interest Rate (Savings)Up to 2.5% per annum
Security FeaturesBiometrics, OTP, Secure Connection
Customer ServiceCall, Email
App AvailabilityAndroid, iOS
8
BSP-RegulatedYes, as digital bank
PDIC-InsuredYes, up to Php 500,000
ProductsDeposits, Loans, Treasury, Remittance, E-Banking
Initial FeesNot Required
Interest Rate (Savings)Up to 0.10% per Annum
Security FeaturesOTP, Automatic Logout, Secure Connection
Customer ServiceCall, Email
App AvailabilityAndroid, iOS
9
BSP-RegulatedYes
PDIC-InsuredYes, up to Php 500,000
ProductsEON Starter, EON Lite, EON Plus, EON Pro, EON Cyber
Initial FeesNot Required
Interest Rate (Savings)Not Applicable
Security FeaturesMulti-Factor Authentication System, OTP, Secure Connection
Customer ServiceEmail, Social Media
App AvailabilityAndroid, iOS

Frequently Asked Questions

Below are some of the most asked questions on the web answered by the mybest team.

How Much Does It Cost to Start a Digital Bank?

Opening a digital bank account in the Philippines typically does not require any initial deposit or fee. Usually, you will only be charged for some fees once you requested a debit card, replaced your lost card, and cashed in from partner merchants.

Is Digital Bank Safe?

All digital banks in the Philippines are considered safe and secure as they are heavily regulated by the Bangko Sentral ng Pilipinas. They are also safe and secure since they regularly add innovative features that depositors can use to fully protect their account and their savings from potential hacks and scams.

Immerse Yourself to More Financial Products and Services

Opening an account with a digital bank is a great way to start your journey toward financial freedom. It can also be a means for you to diversify your savings and investments. But if you want to immerse yourself in more financial products and services, here are some helpful links you can check.

Author: Christian Autor

Editor: J. Cuizon

How We Chose and Ranked Our Product Recommendations

Our buying guide was carefully researched and crafted by the mybest team of writers and editors. We used the buying guide as a basis for choosing and ranking the product recommendations, and we looked at reviews and ratings from different E-commerce sites like Lazada, Shopee, and more.

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