Digital Banks in the Philippines: Should You Make the Switch?

Let’s be real — nobody enjoys long lines, busy bank branches, or outdated banking apps that crash half the time. Minsan tamad tayong pumila, ‘di ba? That’s why more and more Pinoys are switching to digital banks, and honestly, it might be one of the smartest money moves you’ll make this year.

So… what is a digital bank?

A digital bank works just like a traditional bank — you can deposit, withdraw, save, and even apply for loans — but everything is done online. No physical branches, no paperwork, no need to dress up just to open an account.

Think of it as a bank that lives in your phone.

Why are Pinoys loving it?

✅ Higher interest rates – Maya and SeaBank offer up to 10–14% p.a. (promo-based), way more than your regular bank’s 0.10%.

✅ No minimum balance – Perfect for beginners or those starting small.

✅ Convenient AF – Open an account in minutes, anytime, anywhere.

✅ 24/7 access – Manage your money kahit nasa bed ka pa.

Popular Digital Banks in the Philippines

You’ve Probably Seen or Heard of These Already

Article 3

Maya

Earn up to 14% interest, pay bills, shop online, and save with no minimum balance. Maya offers virtual cards, crypto, and goal-based savings in one sleek, secure app.

Article 1

CIMB

Save with up to 4% interest via UpSave or GSave, enjoy zero fees, no maintaining balance, and access personal loans through CIMB’s secure, user-friendly digital banking platform.

Article 2

Tonik

Grow your money fast with up to 6% interest on time deposits and 4.5% on stashes. Tonik offers visual savings tools, zero fees, and easy, fast loan approvals.

Article 2

Seabank

Earn daily interest up to 4% with no fees or balance requirements. Seamlessly link to Shopee, transfer instantly, and save more every day with SeaBank’s simple, beginner-friendly app.

Article 2

GoTyme

Earn 3% interest, get a free custom Visa card instantly at Robinsons, enjoy rewards, no fees, and real-time transactions—all through GoTyme’s digital banking app built for Filipinos.

Article 2

UNOBank

Earn up to 6.5% interest with UNOBank’s high-yield savings and term deposits. No minimum balance, fast onboarding, and a user-first app designed for secure, rewarding digital banking experiences.

These are BSP-regulated, so safe sila to use — just like traditional banks.

Is it safe?

Yes, as long as you stick to BSP-licensed digital banks, your money is insured by PDIC up to ₱1,000,000. Just be sure to practice good habits: strong passwords, 2FA (if available), and don’t share your OTPs!

Opening an account? Sobrang dali.

All you need is a registered and active SIM card, a valid government-issued ID, a smartphone, and a stable internet connection.

That’s it. Open the app, register using your SIM card number, upload your ID, take a selfie, and boom — may digital bank ka na.

Final thoughts

If you’re new to saving or tired of your regular bank’s low returns and slow service, give digital banking a shot. You’ll earn more, save easier, and manage your money without stress. G ka na ba to go fully digital?

Start small, start smart — your future self will thank you. Let PesoBuddy guide you along the way. 💚

Digital Banks FAQs

Yes! As long as the digital bank is licensed by the Bangko Sentral ng Pilipinas (BSP), your money is protected. Most legit digital banks are also covered by PDIC, which means your deposits are insured up to ₱1,000,000. Basta huwag lang mag-share ng OTP, okay?

Nope, no need! That’s the beauty of it. Everything — from opening an account to transferring funds — is done through your phone. Super convenient lalo na kung ayaw mo ng pila at traffic.

Some digital banks offer promo-based rates (e.g., 10–14%) that require certain conditions — like daily logins, or setting specific goals. Make sure to read the terms or check the app to see how you can maximize it.

Yes! Most digital banks support Instapay or PESONet, so you can easily send and receive funds from BDO, BPI, GCash, or any other local bank or wallet.

Usually, a valid government ID is enough — UMID, Driver’s License, or Passport. Some banks might ask for a selfie for verification, pero mabilis lang ‘yan.

Wala! That’s why digital banks are perfect for beginners. You can open an account and start saving even with just ₱1.

Definitely. Many users already use digital banks for savings, bills, and even sweldo deposits. Just make sure the features fit your lifestyle — like debit card access or cash-in options.