Have you ever looked into checking your balance in the comfort of your own home? Well, a digital bank will certainly help you do so. Digital banks have been a new necessity most especially during the rise of the pandemic.
In fact, they have been able to provide higher savings rates and a lot of solid banking solutions due to the lessened overhead costs.
Here are some great digital bank options in the Philippines.
CIMB – GSAVE
CIMB provides a lot of in-app services. From cashing in online to transferring money to other banks with ease. Furthermore, it also gives you the option to pay your bills and take out a personal loan. All just from your own home. The “Digital Bank of the Year” (2020) also offers you the option to take out your money anytime with no service fees, no minimum deposit, and no required maintaining balance.
In order to make the digital bank more accessible, CIMB partnered with GCash through GSave. Like the CIMB app, the GSave allows you to deposit and withdraw your money using online or over-the-counter methods. The app also allows you to pay for your bills with a few simple taps. Their interface makes it easy to navigate through the different things being offered such as paying through a QR code, sending money to another person and even investing in a money market fund.
To put the icing on the cake, CIMB offers a base interest rate of 4.00%! They’re also running a promotion that can let you enjoy an annual rate of 8.00%. Check this out for more details
MAYA
Formerly PayMaya, the payment services company has now become a digital bank. The “No.1 Digital Banking App” based on the amount of users, they offer investing capabilities, payments, and of course, opening a savings account at a high-interest rate.
Currently this digital bank lets you enjoy a base interest rate of 4.5%, accrued daily. However, by inputting your goals or simply just making payments using the app, you can raise it all the way to 10%. Creating an account was also made easier. All you need is a valid ID to present and it should only take you a couple of minutes.
SEABANK
Owned by Shopee, Seabank is a rural bank that has expanded toward the digital banking segment. Similar to other digital banking experiences, you can create an account in just a few minutes with the use of 1 ID.
Along with gaining access to payment services and integrations with ShopeePay, Seabank was also one of the first to start accruing savings interest on a daily basis. Currently, offers an annual rate of 5.00% for savings accounts with PHP250,000 or less. Anything more, and the base rate falls to 3.00%.
TONIK
Tonik was the first neo bank in the Philippines. They offer no service fees, no minimum deposit, no required maintaining balance and no account closure fees.
Tonik currently offers a 4.00% interest rate on savings accounts. While that might not seem like a lot compared to others, Tonik offers a unique banking solution for customers. They currently offer a “group stash” promotion. If you and your friends are looking to save up for a vacation trip or the like, you can pool your savings together at an increased interest rate of 4.50%!
++ Many more!
All these options are great and the choice is solely based on personal preference. Whether you’re picking a bank based on the user experience, or simply because a certain bank lets you gain higher interest rates, there’s certainly a digital bank that fits your needs.
You can spot the list of different digital banks here to help you compare each one.
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