9 Best Digital Banks in the Philippines 2024 | CIMB, Maya Bank, and More

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.

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.

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.

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. 

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.

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. 

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.

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.

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.