2024's Top PH Digital Banks Interest Rate List

Online banking is popular among Filipinos due to its accessibility and ease of use. People can now perform a variety of financial activities using mobile applications and websites thanks to digital banking services, which are made possible by the government's financial inclusion policies and the country's rising internet usage.

Filipino residents today enjoy smooth digital payment options, instant fund transfers, and individualized financial management tools, improving their banking experience, thanks to fintech firms and partnerships between traditional banks and technology companies.

Customers of digital banks benefit from numerous benefits. They can avoid standing in long queues at a physical bank branch by utilizing their cellphones to do all of their banking operations (such as fund transfers and bill payment) online. In addition, compared to traditional banks, the majority of digital banks provide greater interest rates. Users of mobile banking apps can access and conduct transactions from their savings accounts at any time. Above all, the Bangko Sentral ng Pilipinas (BSP) regulates these digital banks and their offerings, while the Philippine Deposit Insurance Corporation (PDIC) insures them.

The greatest digital banks in the Philippines with the lowest interest rates as of May 2024 are listed here.

The products offered by the banks are mentioned below, along with information about them, including daily crediting and free fund transfers, as well as base interest rates (p.a.) and promotional interest rates. To find out more about their promotions, go to the official website of the relevant bank.

#1. Bank CIMB Philippines
CIMB UpSave/GSave: 15% annual savings. (limited to 200K PHP)
begins at 4% annually.
+ 6% when ADB increases by a minimum of Php 50K.
+ 5% after completing a virtual card purchase totaling at least Php 50K.

#2. Maya Savings
Maya Savings: 13% annually maximum. (limited to Php 100,000) current users
+ Begins at 3.5% annually.
+ 6.5% when you send qualifying payments of Php 35K.
+ 1% if you spend at least Php 3K using Maya Credit
Plus 2% if you use @username to refer someone
Maya Savings: 14% annually maximum. (limited to 100K PHP) new users
+ Begins at 3.5% annually.
+ 8.5% when you send qualifying payments of Php 500.

Plus 2% if you use @username to refer someone 

#3. OwnBank 
OwnBank Own It: 12% annual percentage up. (limited to 100K PHP)
+ No cap, starts at 6% pa.
+ 6% for brand-new customers (18 and up) using the ZYSAFL referral code

#4. 360-Day Time Deposit with OwnBank
9% annual percentage rate on an OwnBank 360-day time deposit. (limited to 100K PHP)
+ Begins at 7.5% annually. not capped
+ 1.5% for new users between the ages of 7 and 17

#5. OwnBank Time Deposit (180-Day)
OwnBank 180-Day Time Deposit: 8.5% annual percentage rate. (limited to 200K PHP)
+ Begins at 7.0% annually. not capped
+ 1.5% with referral code for new users (18 and older).

6. DiskarTech
Account for DiskarTech Savings: 6.5% p.a. (limited to 49.7K PHP)

#7. Netbank
Mobile Netbanking
+ 6% annually. (without a cap) for current users
+ 5% annually. for new customers (beginning on May 1, 2024) who register an account with Digital Banks PH 

Check out the list below to find out which digital banks are best for savings and everyday activities like paying bills, buying load, and transferring money to other banks.

Maya (Personal Goal), OwnBank, UnionDigital Bank, UNO Digital Bank, BanKo by BPI, Komo by EastWest, and Tonik are all suitable for saving.

iSave (Maybank Philippines), Netbank Mobile, DiskarTech, CIMB Bank, SeaBank, and GoTyme Bank are suitable for regular transactions.