In the Philippines market, there is a growing trend of digital banks. Despite being slower in adoption compared to other Asian countries, customer enrollments have significantly increased since 2020.
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The emergence of these new players in the banking industry plays a vital role in the expansion and progress of digital payment services and e-commerce in the Philippines. Although there are only a few digital-only banks currently available in the country, some traditional banks have also introduced their digital banks to keep up with the trend. Let’s explore the available options.
CIMB Bank PH
- Personal Loans
- UpSave Account
- GSave Account
- Fast Plus Account
- 17,000+ partner outlets
CIMB Bank PH is the Philippine branch of CIMB (Commerce International Merchant Bankers), a leading bank in the ASEAN region with a presence in over 16 global markets. The bank was established in 2018 and has already onboarded over 4 million customers.
CIMB Bank PH offers the best-in-market interest rates to its customers. Its products and features require no initial deposit, no transaction fees, and no maintaining balance. When you open an account via the app, you can cash in online, transfer money to other banks for free, and pay your bills, including internet and cable TV. With the app, you can also have complete control over your debit card. You can manage your settings directly, enable contactless payment, and enable or disable ATM withdrawals and in-store purchases.
In addition, CIMB has 17,000+ partner outlets nationwide for customers to deposit money over-the-counter.
For those who want to grow their savings, CIMB offers a range of savings accounts with many benefits. Customers can choose from the UpSave, GSave, or Fast Plus accounts.
While the UpSave account offers a 2.5% p.a. interest rate, the GSave account offers a high yearly base interest rate of 2.6% p.a. Both accounts come with free life insurance coverage of up to PHP 250,000 if the customer maintains an average daily balance of PHP 5,000. This benefit comes at zero monthly premium, and no medical check-up is required.
CIMB also has the GCredit mobile credit line on the GCash app. Customers can get up to a PHP 10,000 credit line at a 1% interest rate per month. You can pay for goods and services at selected e-commerce merchants or GCash QR-accepting merchants using the credit line. GCash has over 17,500 QR merchants available nationwide.
Additionally, CIMB Bank PH offers personal loans to those who meet the qualifications. The minimum amount is P30,000, and the maximum is P1,000,000. With all these benefits and services, CIMB Bank PH is a good alternative for customers looking to grow their savings or manage their finances effectively.
Maya Bank Philippines (Formerly Paymaya)
The technology company, Voyager Innovations19, which is a wholly-owned subsidiary of PLDT, created Maya Bank. Voyager is the brains behind PayMaya, a digital wallet, and Smart Padala, a mobile remittance service. In April 2022, Maya Bank launched its new app, with the aim of transforming the digital banking experience for Filipino consumers and MSMEs. The new Maya app seamlessly integrates all Maya products into an all-in-one money app, allowing users to shop, save, trade crypto, and send and grow their money. The app also includes the previously known PayMaya Negosyo and Smart Padala services, which are now rebranded as Maya Business and Maya Center, respectively.
Existing PayMaya business partners can upgrade their accounts to enjoy the full benefits of Maya Business, Maya Center, and Maya Bank. By doing so, partners can offer remittance services through Maya Center, sell prepaid loads, process bill payment transactions, and accept secure contactless payments. E-commerce store owners can also easily integrate different payment methods into their website or app through Maya Checkout20. Merchant partners can further use the QR PH person-to-merchant (P2M) payment facility21, allowing for an easier and more convenient way for customers to purchase from their shop. Maya Bank also offers users the chance to save and grow their revenues by opening a business account or applying for a Maya Credit to support or expand their business. All these features and more are available through the revamped Maya app, making it truly everything and a bank.
Maya is a comprehensive digital money app that offers access to various products and services in the Philippines. The app allows you to manage your finances, save money, invest, and apply for credit. Here are some of the features of the Maya app:
- High-yield savings account with an introductory interest rate of 6%. No required initial deposit and maintaining balance.
- Personal Goals feature for budgeting and organizing your money.
- Quick and easy application for Maya Credit of up to ₱15,000.
- Invest in cryptocurrency via Maya Crypto for as low as ₱1.
- Get a free virtual Maya Visa Card with a minimum of ₱100 wallet balance. You can also purchase a physical Maya Visa or Mastercard for contactless payments or ATM withdrawals.
- Allows PESOnet and InstaPay interbank fund transfers.
- Apply for Maya Credit with up to ₱15,000 credit line after six months of active usage. If you’re a merchant, you can activate Maya Credit as a convenient payment option for your customer without additional fees.
- Available for IOS, Android, and Huawei users.
- An all-in-one money app with access to the Maya family of products.
Tonik Digital Bank
- Tonik current account
- Time deposit
- Virtual debit cards
Tonik has become the first neobank in the Philippines to receive a digital bank license from the Bangko Sentral ng Pilipinas (BSP), and all customer deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
Customers with a primary Tonik account can open up to five stash accounts and five Time Deposit accounts, all accessible via the app.
Tonik Stash accounts come in Solo or Group options, with a 4% per annum interest rate for Solo accounts. The Group stash account allows customers to save with friends and family at a higher 4.5% per annum interest rate, with a maximum of five accounts.
Time Deposit accounts earn an interest rate of 6% per annum and require customers to choose an investment amount and period. Funds are drawn from the customer’s primary account.
Tonik offers both physical and virtual debit cards, with a production and delivery fee of PHP 300 for physical cards. ATM withdrawals are generally free, though some banks may charge a third-party fee. Virtual cards are useful for online shopping and bill payments.
The Tonik app is available for Android and iOS users and includes security features such as Face ID for access restriction and a lock card feature to prevent unauthorized use.
- Checking account
- Savings account
- Time Deposits
- Transfers via InstaPay
- Home and Auto Loans
- Trust and Investments
UnionBank Online is a top digital bank in the Philippines that offers a smooth transition from traditional to digital banking. While not completely branchless, UnionBank Online provides all its banking services through its mobile app and website, with the added option of visiting a branch.
Here are some of the available banking services UnionBank Online offers:
- Checking accounts
- Savings accounts
- Time deposits
For regular and personal savings accounts, customers can earn an interest rate of 0.10% per annum. UnionBank Online also offers auto loans, home loans, and quick loans to meet customers’ financial needs.
The mobile app is user-friendly and allows customers to transfer funds, pay bills, and make online transactions with ease. UnionBank Online has received recognition as the Best Digital Bank for three consecutive years.
Komo By EastWest
- Current Account
- Savings account at 2.5% interest per annum
- No minimum deposit or maintenance fees
- Free EastWest ATM withdrawals
- Troo Flex Insurance Plan
- Deposits are insured by PDIC up to P500,000
EastWest Bank’s digital banking service, Komo, is a popular and convenient banking option for Filipinos. As a subsidiary of the established traditional bank, EastWest, Komo offers a range of banking services to help customers manage and save their money.
Komo is a fully digital bank, with no physical branches. All banking services are provided through the Komo app, which can be downloaded from the App Store, Google Play, or the App Gallery.
Komo’s savings account allows customers to earn up to 2.5% interest per annum, with no minimum deposit or maintaining balance required. Customers can easily track their daily earnings using the app.
In 2021, Komo introduced an insurance product called Troo Flex. This product allows customers to customize their own insurance packages and pay an affordable premium of as low as PHP 300 per year. Komo’s goal is to provide a seamless and convenient banking experience to its customers through its innovative digital platform.
iSave by MayBank
- No initial deposit and zero maintaining balance
- Interest earnings up to 2.5% per annum
- Maximum deposit amount of PHP100,000
- Free ATM withdrawals
- Free withdrawals at Maybank ATMs in Malaysia, Singapore, and Cambodia
Maybank’s iSave is a digital bank account that allows customers to perform all banking services and transactions through the Maybank2U PH app. Opening an account is easy, with customers providing valid identification and proof of billing through the app.
There are various ways to fund the iSave account, including depositing cash over the counter, processing interbank transfers, or using any of the 8,000+ deposit outlets. The savings account can earn an interest rate of up to 2.5% per annum, with no initial deposit or maintaining balance required.
The Maybank2U PH App is available for download on both Google Play and the App Store, allowing for seamless access to all banking services.
Overseas Filipino Bank (OFB)
- Deposit Account
- Treasury Bond Investments
The Overseas Filipino Bank, a subsidiary of Landbank, was established in 2018 as the first digital bank in the Philippines created to cater to the financial needs of overseas Filipino workers. Recently, the bank received its digital banking license from the BSP in March 2021.
The bank offers a range of financial products and services, including savings deposits, money transfers, bill payments, and loan applications. In addition, customers can invest in government treasury bonds through the bank.
OFB operates like other digital banks and provides a mobile app available on both Google Play and the App Store. However, the app has received low customer ratings due to its limited functionality.
How to choose digital bank in Philippines this 2023?
If you’re considering switching to a digital bank, make sure to keep these factors in mind. First, check the bank’s mobile app and ensure that it functions well and allows you to make transactions on the go. Security is also important, so look for a bank with strong protection policies and PDIC-insured deposits. Digital banks often charge low or no fees, but make sure to review the fees and determine if they fit your financial needs. Finally, consider the bank’s unique products and features, such as interest rates, promos, loans, and investment options, to see if they align with your financial goals.