10 Digital Banks in the Philippines Ranked Based on Interest Rates

Are you tired of low interest rates 907 on your savings account? Digital banks in the Philippines may have the solution for you. These online banks offer higher interest rates compared to traditional banks, making it a great option for those who want to grow their savings.

As of May 20, 2023, we’ve researched and ranked some of the top digital banks in the Philippines based on their interest rates. The rates listed do not include time deposits, so you can be assured that you can earn more on your savings without any long-term commitment.

Join us as we take a closer look at each bank and their respective rates.

CIMB 359

Up to 12% (new users), 6% (existing users)
Rate cap: PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820
Promo period: Until June 30, 2023

CIMB Bank PH is currently offering a special interest rate of 12% p.a. for new customers who open an UpSave or GSave account. The offer is valid from May 1 to June 30, 2023.

To be eligible, you must not have any existing open, active, or blocked deposit accounts as of April 30, 2023. For the first two (2) months, you will earn 12% p.a. interest rate on your first PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 Total Average Daily Balance (ADB).

Any balance in excess of PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 ADB will earn the regular base rate of 2.5% p.a. for UpSave and 2.6% p.a. for GSave account.

Existing customers who maintain a total average daily balance (ADB) of PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 or more in their UpSave or GSave account can also avail a special interest rate offer of 6% p.a.

The offer is also valid from May 1 to June 30, 2023. To qualify, you must have an active UpSave or GSave account as of April 30, 2023 and maintain a total average daily balance of PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 or more for the entire month of May 2023.

If you meet the requirements, you will earn 6% p.a. interest rate on your first PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 ADB for the month of May 2023. Any balance in excess of PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 ADB will earn the regular base rate of 2.5% p.a. for UpSave and 2.6% p.a. for GSave account.

Click here 1.2K for more info about CIMB savings.

Maya Savings

Up to 10% interest rate p.a. (+1% Smart Postpaid Exclusive)
Rate cap: PHP 100,000USD 1,704INR 144,460EUR 1,623CNY 12,410
Promo period: Until May 31, 2023

Maya Savings account is offering a promotional interest rate of 10% per annum, which is valid from March 7 to May 31, 2023. To take advantage of the promo, you may follow these steps:

• Open a Maya Savings account.

• Spend a total of at least PHP 30,000USD 511INR 43,338EUR 487CNY 3,723 using Maya.

Note that the bonus interest rate is only applicable to the first PHP 100,000USD 1,704INR 144,460EUR 1,623CNY 12,410 in your account, but you can still enjoy the base 4% p.a. interest rate up to your first PHP 5M. (Any balance in excess of PHP 5,000,000.00USD 85,200INR 7,223,000EUR 81,150CNY 620,500 will not earn interest.)

Here are some important details to remember about the 10% interest rate per annum promo:

• The promo is available to both new and existing Maya Savings account holders.

• The promo only applies to transactions made within the promo period.

• The promo is not applicable to cash-ins, bill payments, and other transactions that do not earn interest.

The interest rate p.a. also increases as you accumulate more spend amount just like in the table below.

It can even reach up to 11% via Smart Postpaid exclusive (+1% p.a.) with at least PHP 1,000USD 17INR 1,445EUR 16CNY 124 spend.

You can check your qualification duration for the bonus interest rate on the Savings dashboard or the Missions screen. Make sure to update your app to the latest version so you can track your boosted interest.

For some users, the Savings interest screen may not appear immediately, but your bonus interest will still be credited to your account every day after making a qualified transaction.

Click here 115 for more information about Maya Savings.

Maybank Philippines

8% interest rate p.a.
Rate cap: PHP 500,000USD 8,520INR 722,300EUR 8,115CNY 62,050
Promo period: Until May 31, 2023

Maybank Philippines offers an interest rate of up to 8% per annum. The promo runs from April 17 to May 31, 2023 and is open to qualified Maybank iSave 1.1K account holders who have an active account during the promo and qualifying period and who have increased their balance from Mar 31 to May 31, 2023.

The interest rate on your Maybank Philippines account will vary depending on the amount of money you have in your account. For balances of up to PHP500,000USD 8,520INR 722,300EUR 8,115CNY 62,050, you will earn an interest rate of 8% per annum, while for balances above PHP500,000USD 8,520INR 722,300EUR 8,115CNY 62,050, you will earn an interest rate of 0.25% per annum.

For more info about Maybank Philippines, click here 515.

RCBC DiskarTech 307

6.5% interest rate p.a.
Rate cap: PHP 49,700USD 847INR 71,797EUR 807CNY 6,168
Promo period: not specified

RCBC DiskarTech is a ‘financial super app’ that has no minimum balance requirement and zero maintaining balance. It offers a high interest rate of 6.5% p.a., which is significantly higher than the standard interest offered by other banks, which is usually less than 1% p.a.

The account has a maximum deposit limit of PHP 49,700.00USD 847INR 71,797EUR 807CNY 6,168. Any balance above PHP 49,700.01USD 847INR 71,797EUR 807CNY 6,168 will not earn interest, as the total of your savings and interest is only up to PHP 50,000USD 852INR 72,230EUR 812CNY 6,205.

RCBC DiskarTech accounts are considered Basic Deposit Accounts (BDA) of RCBC. Therefore, any money deposited in DiskarTech is also deposited in RCBC.

Click here 1.3K for more info about RCBC DiskarTech.

Netbank 491

Up to 6.5% interest rate p.a.
Rate cap: no limit
Promo period: Until August 2023

Netbank offers a variety of interest rates on its accounts, depending on when the account was opened.

• If you opened your account from December 21, 2022, to January 17, 2023, you will earn 6.5% interest per annum until August 2023, regardless of market conditions.

• If you opened your account on or after March 24, 2023, or if you have an existing account that is not earning 6.5% interest per annum, you will earn 4% interest per annum on your balance.

Unlike some banks, Netbank does not have a rate cap on its savings accounts 184. This means that the interest rate on your account can go up or down, depending on market conditions.

For more info about Netbank, click here 629.

Maya Goals

Guaranteed 6% interest rate p.a.
Rate cap: PHP 1,000,000USD 17,040INR 1,444,600EUR 16,230CNY 124,100
Promo period: not specified

Maya Goals is a feature of the Maya app that allows you to set aside money for specific goals, such as a vacation, a new car, or a down payment on a house. You can create up to 5 goal accounts, and each account earns a guaranteed 6% interest p.a. on balances up to PHP 1USD 0.02INR 1EUR 0.02CNY 0.12 million. Any amount higher will earn no interest.

To earn the 6% interest, you must make at least one transaction using your Maya account each month. Transactions can include sending money, paying bills, or buying goods and services. You can also earn bonus interest by using your Maya account to pay for online purchases.

To open a Maya Goal, open the Maya app, tap on “Savings”, tap on “Create a Personal Goal”, enter a name, due date, and amount for your goal, and tap on “Create Goal”. You can then start depositing money to your Maya Goal and withdraw the money from your Maya Goal once you have reached your goal amount.

Some of the benefits of opening a Maya Goal include setting a goal for yourself and tracking your progress, earning interest on your savings, saving money for a specific purpose, and easily withdrawing money from your goal when you need it.

Click here for more details about Maya personal goals.

GOTyme Bank

5% interest rate p.a.
Rate cap: no limit
Promo period: not specified

GoTyme Bank offers a 5% p.a. interest rate through Go Save with the tagline, “No missions. No limits. Just simple, secure, and sustainable savings.”

Like Maya Goals, Go Save lets you create up to five different accounts with personalized goals and timelines. You can achieve your objectives at your own pace while earning a 5% p.a. interest rate on your savings.

Additionally, Go Save offers two automation tools to help you save money quickly: Auto-save, which allows you to automatically transfer any amount into your savings account on a daily, weekly, or monthly basis, and Save the Change, which rounds up each swipe of your GoTyme Bank Visa debit card to the nearest PHP 10USD 0.17INR 14EUR 0.16CNY 1 or PHP 100USD 2INR 144EUR 2CNY 12 and deposits that extra change into your Go Save account.

The account does not require a minimum or maximum deposit balance to earn interest, and you can earn 5% interest per year, paid monthly to your account.

For more details about GoTyme Bank, click here.

SeaBank

5% interest rate p.a.
Rate cap: PHP 250,000USD 4,260INR 361,150EUR 4,058CNY 31,025
Promo period: not specified

SeaBank PH offers a high interest rate of up to 5% per annum, which is credited daily. This applies to users with account balances up to PHP 250,000USD 4,260INR 361,150EUR 4,058CNY 31,025. For account balances in excess of P250,000, a 3% interest rate p.a. shall apply. This rate has been effective since March 15, 2023.

There is no maintaining balance required, and no lock-in period. You can open an account for free with just one valid ID. Additionally, you can transfer funds from ShopeePay to SeaBank anytime for free.

Click here for more info about Seabank.

Tonik

4.5% interest rate p.a. (Group Stash), 4% p.a. (Solo Stash)
Rate cap: no limit
Promo period: not specified

The default interest rate of a Tonik savings account is only 1% p.a., but it also offers ‘Stashes’ (similar to Maya Goals) with 4% p.a. for solo stash.

You can set up five stashes which you can then share through group stash with your friends or family that earns up to 4.5% p.a. with at least two participants plus the stash owner.

No pressure at all too as it requires no minimum amount to deposit.

Click here for more info about Tonik stashes.

UNO Digital Bank

Up to 4.25% interest rate p.a.
Rate cap: PHP 5,000,000USD 85,200INR 7,223,000EUR 81,150CNY 620,500
Promo period: not specified

UNO Digital Bank provides a maximum interest rate of 4.25% per annum.

Accounts with an end-of-day balance below PHP 5,000.00USD 85INR 7,223EUR 81CNY 621 receive a base interest rate of 3.50% gross per annum. Accounts with an end-of-day balance ranging from PHP 5,000.00USD 85INR 7,223EUR 81CNY 621 to PHP 4,999,999.99USD 85,200INR 7,223,000EUR 81,150CNY 620,500 are eligible for a step-up interest rate of 4.25% gross per annum. Once the end-of-day balance reaches PHP 5,000,000.00USD 85,200INR 7,223,000EUR 81,150CNY 620,500 or more, the interest rate drops to 1.00% gross per annum.

Interest earned is credited to the account on a daily basis, and funding is simple with InstaPay, PESOnet, and Add Money Online at no cost. UNO also bundle this with a free life insurance coverage worth PHP 50,000.00USD 852INR 72,230EUR 812CNY 6,205.

Click here for more info about UNO digital bank.