Digital Banks in the Philippines Interest Rates

Digital banks play a big role nowadays, particularly during this pandemic. With the digital banks present in the Philippines, people can take advantage of various perks such as online applications, cashless fund transfers, higher interest rates, and more.

Previously, we have shared with you the list of digital banks in the Philippines that allow us to open an account without going to the branch for safety reasons during the pandemic. However, with the existing competition between these banks, we may wonder which could give better. A few of the things we would definitely consider are the interest rates, minimum balance to earn interests, and transfer fees. Now, let’s put them side by side and find out which has more to offer!

Digital Banks in PH	Interest Rate (Per Annum)	Maintaining Balance to Earn Interest
BPI	Regular Savings Account - 0.125%	PHP 5,000
	Maxi-Saver Account - 0.125% (PHP 50K > PHP 5M), 0.25% (PHP 5M up)
CIMB	0.75% (Fast Plus account)	0
	2.6% (GSave account)	0
	2.5% (UpSave account)	0
	4% (Promotional interest rate)	0
DiskarTech	3.25%	0
EON	N/A	0
Hello Money (AUB)	0.10%	PHP 5,000
KOMO	2.5% (First PHP 500k)	0
	1.5% (Next PHP 1.5M)
	1% (Beyond PHP 2M)
ING Philippines	2.5% (0 to < PHP 20M)	0
	1% (Beyond PHP 20M)
	4% (Promotional interest rate for first-time customers)
Maybank iSave	0.00 (0 to < PHP 20K)	PHP 20,000
	0.25% (PHP 20K to < PHP 100K)
	0.50% (PHP 100K to < PHP 1M)
	0.75% (PHP 1M to < PHP 10M)
	1% (PHP 10M & Up)
OFBank	0.10%	PHP 500
PBCOMobile	0.10% (Both Bronze and Silver Account)	0
Tonik Digital Bank	1% (Account Balance)	0
	4% (Solo Stash)
	4.5% (Group Stash)
	6 months 6%, 9 months 4.50%, 12 months 4.75%, 18 months 5%, 24 months 5.25% (Time Deposit)	Minimum deposit of PHP 5,000 for Time Deposit
UnionBank	0.10%	PHP 10,000

The digital banks included in the list are members of the Philippine Deposit Insurance Corporation (PDIC) and are regulated by the Bangko Sentral ng Pilipinas (BSP).

Among the listed digital banks, DiskarTech has the highest interest rate of 3.25% p.a. and has no minimum balance to earn interest. Though some banks offer a higher interest rate of 4%, those are promotional rates that need to meet certain criteria to qualify. Digital banks that currently have promotional interest rates of 4% are the CIMB Bank and ING Philippines.

Although a Tonik account earns only 1% interest p.a., it got other features that could offer higher interest rates. Stash is Tonik’s unique feature that enables users to save money solo or by a group. Tonik Digital Bank offers 4% and 4.5% interest rates p.a. on Solo Stash and Group Stash, respectively. Additionally, it gives up to a 6% interest rate p.a. on Time Deposit. Note that there is also a minimum deposit of PHP 5,000 and a minimum duration of 6 months for the Time Deposit.

There you have it! So now, which among these banks you think is better? You may also share your experience with them by leaving a comment down below.