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  4. 9 Best Digital Banks in the Philippines 2023 | CIMB, Maya Bank, and More
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9 Best Digital Banks in the Philippines 2023 | 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.

Last updated 07/14/2023
Editorial Team
Guide
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Editorial Team

Our recommendation articles are carefully researched and crafted by the mybest Philippines team of writers and editors. To stay true to our company’s mission and vision to help users’ selection process easier, we also collaborate with experts from various fields to ensure that our content stays factual and useful.

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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.

1

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.

2

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.

3

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

4

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

5

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.

6

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.

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9 Best Digital Banks to Download

Here are the best Digital Banks, ranked according to the points mentioned in our thoroughly researched buying guide (as of 01-16-2023). The products are ranked independently by mybest.
Popularity
Products
Image
Click to purchase
Key features
1

CIMB Group

CIMB Bank

CIMB Group CIMB Bank 1枚目

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

2

PayMaya

Maya Bank

PayMaya Maya Bank 1枚目

A Young Digital Bank That Already Offers Plenty of Services

3

Tonik

Tonik Digital Bank

Tonik Tonik Digital Bank 1枚目

Provides Stashes and Time Deposit for Controlled Spending

4

EastWest

Komo

EastWest Komo 1枚目

A Rising Digital Bank From a Reputable Traditional Bank

5

Sea Limited

SeaBank PH

Sea Limited SeaBank PH 1枚目

The Perfect Digital Bank for Online Shopping Lovers

6

Rizal Commercial Banking Corporation

Diskartech

Rizal Commercial Banking Corporation Diskartech 1枚目

Uses Taglish to Make Digital Banking Experience a Lot Easier

7

Maybank

iSave

Maybank iSave 1枚目

Simplifies Its Account Creation Process to Cater to Everyone

8

Land Bank of the Philippines

Overseas Filipino Bank

Land Bank of the Philippines Overseas Filipino Bank 1枚目

A Digital Bank That Caters to Overseas Filipino Workers

9

UnionBank of the Philippines

EON

UnionBank of the Philippines EON 1枚目

A Digital Bank Platform That Makes Online Payment Easier

If you don't see the product you're looking for, you can request that it be listed.
No.1

CIMB GroupCIMB Bank

CIMB Bank Image 1
Source:facebook.com

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

CIMB Bank Philippines is one of the pioneers in digital banking here in the country. Established in December 2018, the bank continues to transform the banking experience of Filipinos by offering a wide array of financial products. One popular product is the UpSave Account, which provides depositors with a base interest rate of 2.5% per annum.


The said interest rate can then increase once depositors have met the qualifications of their monthly promotion. Aside from offering high-interest rates, UpSave Account also provides depositors a free life insurance coverage of up to Php 250,000. And, as of this writing, CIMB Bank Philippines already caters to more than 5M Filipino depositors.

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No.2

A Young Digital Bank That Already Offers Plenty of Services

Maya Bank may be new in the digital banking space in the Philippines. However, it has already established itself as a worthy competitor among the increasing number of digital banks in the country. One such offering is Maya Savings, a savings account that grants depositors an opportunity to reach their financial goals faster through its 6% interest rate.


Another offering that depositors can utilize is Maya Credit. This allows depositors to loan some money as payment for over 700 billers and more than 360 merchants. This service also grants users to top up their load and obtain a new device. Other services Maya Bank offers are access to cryptocurrencies and the acquisition of physical debit cards.

No.3

Provides Stashes and Time Deposit for Controlled Spending

If you luv to save a lot of money, you will never go wrong with Tonik. Tonik is among the first neobanks in the Philippines that has acquired a digital bank license from the BSP. One such product that attracted Filipino depositors is their Stash. Stash allows them to deposit their money to a high-yield savings account and spend them on specific things like a console, car, and others.


Stashes make the saving experience of Filipinos a lot more personalized. But, to make them more interesting, Tonik also offers Group Stash, which lets a group of people pool their savings in one stash so they can earn higher interest. Another notable product is Time Deposit, which can grant depositors earnings of up to 6% per annum out of their invested cash.

No.4

A Rising Digital Bank From a Reputable Traditional Bank

Komo is a neobanking service run by EastWest Bank. One great thing about it is it allows depositors to open an account through the app for a hassle-free set-up. Once all personal information has been filled in and verified, Komo will automatically send a debit card to the stated delivery address without asking for any fee.


As for its offerings, Komo offers a savings account that has at least a 2.5% interest rate. But, if specific requirements have been met, users can enjoy an additional 1.5% interest rate on their account, providing them with more earnings at the end of the month. Other in-app features it can provide are insurance, bank statement, and bank certificate

No.5

The Perfect Digital Bank for Online Shopping Lovers

Sea Limited, which owns Shopee, has come up with a digital finance service that can attract regular online shoppers. This service, known as SeaBank PH, allows depositors to save tons of money with its attractive interest rates of up to 6%. The interest rate of SeaBank PH make it great for people who want to earn some money in a short time and use it to buy the items they want.


Aside from potential high earnings, SeaBank PH aims to entice more depositors by providing many security features on their accounts. The existence of Two-Factor Authentication allows users to protect their account information and transactions through a two-step verification process. The bank also uses the latest encryption technology to protect customer data and information.

No.6

Rizal Commercial Banking CorporationDiskartech

Uses Taglish to Make Digital Banking Experience a Lot Easier

Diskartech is a successful digital banking app that Rizal Commercial Banking Corporation (RCBC) currently offers to Filipino depositors. One thing that makes this app unique is it runs on a Taglish system language, enabling users from all walks of life to grasp the services offered by the bank.


Like other digital banks, Diskartech allows users to open a savings account without going to any physical branch. With an interest rate of 3.5% per annum, this specific financial product already grants depositors the chance to grow their money well. Other services that this digital bank offers include setting up Ipon goals, purchasing load, buying insurance plans, and paying bills. 

No.7

Simplifies Its Account Creation Process to Cater to Everyone

Maybank has been in the Philippines for years. Hence, it is not surprising to see this bank venture into digital banking. With the introduction of iSave, Filipinos are encouraged to open a digital bank account without requiring a physical visit to Maybank branches. Instead, users will be asked to provide a valid ID, proof of billing, and a filled-out application form.


Once the account has been opened, users can easily deposit cash over the counter through Maybank. They can also cash in through interbank transfer or deposit outlets. As of writing, the savings account of iSave grants depositors an interest rate of up to 2.5% per annum. It also comes with a physical Visa debit card that can be used for withdrawing money or paying bills.

No.8

A Digital Bank That Caters to Overseas Filipino Workers

Land Bank of the Philippines is a government-owned traditional bank in the country that aims to serve the needs of farmers, fishermen, and others. And, to ensure that more clients can be served with top-notch services, they introduced Overseas Filipino Bank in the digital banking space. The main goal is to entice OFWs and their families to utilize digital banking.


One great thing about it is it allows depositors to cash in their savings from any local bank, GCash, Paymaya, or Instapay partner. Payment for bills from various companies can likewise be carried out with this bank. Other products and services that this bank offers include e-banking, multi-purpose loan, OFBank Visa Debit Card, and OFBank Regular Debit Card.

No.9

A Digital Bank Platform That Makes Online Payment Easier

EON, a new digital bank platform from UnionBank of the Philippines, aims to provide Filipinos with a modern way of allocating and saving money. Through its wide range of EON offerings like EON Starter, EON Lite, and EON Cyber, a depositor can opt for a product that matches their financial goals.


If you, for instance, only want to allocate an account for paying monthly subscriptions for streaming services, you may opt for EON Starter, which lets you cash in an amount of up to Php 5,000. But if you want to avoid any limit on your account, you can go for EON Cyber instead. EON accounts let you send money to banks, pay your monthly bills, and buy load, thereby making online payments easier. 

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.

Top 5 Digital Banks

No. 1: CIMB GroupCIMB Bank

No. 2: PayMayaMaya Bank

No. 3: TonikTonik Digital Bank

No. 4: EastWestKomo

No. 5: Sea LimitedSeaBank PH

View Full Ranking
The descriptions of each product are referenced from content available on manufacturer, brand, and e-commerce sites.
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