Digital banks have taken the pandemic world by storm. Even in the Philippines, where many perceive online banking as high-risk, digital banks have seen a surge in enrollments since early 2020.
Indeed, the future of digital banks in the Philippines looks brighter than ever. Online banking has finally proved to be essential and convenient, especially now that cashless payments have become more widespread in the country. If you’re looking to open an account for yourself, then read on to learn about the available digital banks in the Philippines.
Also read: Bank Transfer Fees + Online Banks With NO Bank Charges!
Branchless digital banks in the Philippines

Presently, there are a handful of digital-only banks in the Philippines. Since these banks don’t have any physical branches, they typically have minimal operating costs. With this, they can afford to offer higher interest rates than traditional banks.
ING Philippines
Launched in 2018, ING Philippines was the first digital bank in the Philippines to be covered by the PDIC. With this insurance, along with its notably high interest rate, the neobank has secured many Filipino users since.
Up until now, ING continues to find new enrolments regularly. It is one of the few digital banks in the Philippines that provides free and real-time money transfer services. On top of that, ING also offers a physical card that users can use to withdraw money from various ATMs without charge.
Minimum initial deposit: None
Savings interest rate (p.a.): 2.5%
Maintaining balance to earn interest: None
CIMB Bank PH
A couple of years after CIMB’s launch in the country, the bank has already gained millions of enrollments. By partnering with GCash, the bank has provided one of the easiest ways to open a digital bank account in the Philippines.
Its convenience of use aside, CIMB also provides interest rates that are higher than that of traditional banks. No wonder so many Pinoys have turned towards this bank to grow their savings!
Minimum initial deposit: None
Savings interest rate (p.a.): 0.50-2.60%
Maintaining balance to earn interest: None
Also read: Mobile Banking Hacks: 6 Ways You Can Avoid Bank Transfer Fees
Tonik Digital Bank
A trailblazer in our local fintech industry, Tonik prides itself as the first neobank in Southeast Asia. Distinguishing itself from other known digital banks in the Philippines, such as ING and CIMB, Tonik has no affiliation with any physical banks anywhere in the world.
Being an exclusively digital bank, Tonik ensures minimal operating costs. Currently, it offers the highest interest rate for savings accounts in the country. Tonik also provides users with a Time Deposit product, where they can expect up to a 6% interest rate per annum.
Minimum initial deposit: None
Savings interest rate (p.a.): 1.00-4.50%
Maintaining balance to earn interest: None
Also read: 5 Smarter Ways to Build Your Emergency Fund
Digital banks in the Philippines with physical branches

While digital-only banks generally offer higher interest rates, they have their disadvantages. If you regularly do cash transactions, some neobanks might charge a fee for ATM withdrawals. Also, digital-only banks offer limited in-person support compared to traditional banks.
Thus, if you want to have a secure account under digital banks affiliated with traditional banks in the Philippines, here are your options.
DiskarTech by RCBC
Financial literacy should be as inclusive as possible. DiskarTech evidently recognises this, as it is the first digital bank in the Philippines to employ the Taglish language. On top of that, DiskarTech also has an impressive interest rate, which is even higher than the more popular digital banks in the Philippines! The bank also offers free and real-time money transfer services via InstaPay.
Minimum initial deposit: None
Savings interest rate (p.a.): 3.25%
Maintaining balance to earn interest: None
Also read: How to Loan on DiskarTech According to This Hilarious Commercial
UnionBank Online
UnionBank must be one of the most acclaimed traditional banks to transition to digital banking. It has won several awards since the launch of its app, including Best Digital Bank for three consecutive years.
UnionBank allows free and real-time money transfers via InstaPay. It also provides diverse savings account options for various needs: Avid online shoppers can apply for a Lazada Debit Card; travellers can opt for the GetGo Debit Card; gamers may enjoy the PlayEveryday Savings Accounts. However, if you’re simply looking for a no-frills savings account, Unionbank also offers Personal Savings, which has no maintaining balance.
UnionBank Personal Savings Account
Minimum initial deposit: None
Savings interest rate (p.a.): 0.10%
Maintaining balance to earn interest: ₱10,000
UnionBank Regular Savings Account
Minimum initial deposit: ₱10,000
Savings interest rate (p.a.): 0.10%
Maintaining balance to earn interest: ₱25,000
Also read: 8 Mobile Banking Apps Every Pinoy Should Have
Komo by EastWest
Proving that the Philippines is making strides towards a cashless society, EastWest opened Komo in 2020. As the first universal banking group in the country to launch its very own digital bank, Eastwest aims to let Filipinos gain control over their money; thus, naming their digital bank Komo, as in “Kontrol mo ang pera mo.”
In Jun 2021, Komo also launched an insurance product called Troo Flex. According to EastWest, this will be the first customisable insurance app in the Philippines. Basically, users can “add-to-cart” the products that they need. Its insurance products cost as low as ₱300 per year.
Minimum initial deposit: None
Savings interest rate (p.a.): 1.00-2.50%
Maintaining balance to earn interest: None
HelloMoney by AUB
Another pandemic-born digital bank, HelloMoney was launched in Apr 2020. To help Filipinos transition to online banking at the age of social distancing, the prepaid digital bank ensures a quick, fully online registration.
Unlike traditional banks that have operating hours, HelloMoney works as a mobile wallet with 24/7 services. Users may also cash in through AUB branches if transferring money online isn’t an option.
Minimum initial deposit: None
Savings interest rate (p.a.): 0%
Maintaining balance to earn interest: None
iSave by Maybank
Maybank unveiled its first digital bank, iSave, in Nov 2020. Anyone could open an account through the Maybank2U PH App.
The digital bank functions just like a regular savings account, minus the required initial deposit and maintaining balance. Aside from allowing online transactions, iSave also lets users deposit in any Maybank branches. On top of that, iSave users can withdraw from any Bancnet ATM in the Philippines for free. Free withdrawals also apply to any Maybank ATM in Malaysia, Singapore, Cambodia, and Brunei.
Minimum initial deposit: None
Savings interest rate (p.a.): 0.25%
Maintaining balance to earn interest: ₱20,000
OFBank by LANDBANK
Finally receiving its digital banking license from the BSP in Mar 2021, OFBank is now hailed as the first digital-only government bank in the Philippines. Created to support overseas Filipino workers, this bank specifically provides products and services tailored to the financial requirements of OFWs.
Like all digital banks, OFBank allows fully virtual registration. It lets users open deposit savings accounts, transfer funds, pay bills, and apply for multi-purpose loans online.
Minimum initial deposit: None
Savings interest rate (p.a.): 0.10%
Maintaining balance to earn interest: None
Also read: Crypto Investments for Dummies: The Basics of Cryptocurrency & Why It’s a Big Deal
With all these digital bank options in the Philippines, we hope you find the right one for you. If you’re just starting out on your journey towards financial freedom, check out our money-saving tips here.