The Best Digital Banks in the Philippines 2022

Banking has never been easier in the Philippines, thanks to the growing number of digital banks popping up here and there. Now that most of us are still cooped up at home, online banking is the safest way to pay bills, transfer money, and manage finances. No matter if you’re looking to kickstart your savings journey or just want a more seamless way to stash funds, these digital banks in the Philippines are worth signing up for this 2022.

CIMB Bank Philippines

CIMB Bank Philippines is one of the first all-digital banks in the country. Established in 2018, the bank has been consistently providing millions of Filipinos an assortment of financial services and innovative digital banking solutions such as real-time access to money and 24/7 service availability. By simply downloading the CIMB Bank PH app, you can easily create an UpSave account where you can grow your savings, sign-up for a personal loan worth up to P1 million, and apply for the REVI Credit card with a limit of up to P250,000.

How/where to sign up: Download CIMB Bank PH on Apple Store or Google Play

Interest rate: 4%

Other features: No queuing, no hidden fees

Tonik

Dubbed as the first neo-bank in the Philippines, Tonik is a transformative digital bank that aims to change the financial industry in Southeast Asia. Currently, the all-digital bank allows users to create up to five solo accounts and time deposits. You can also sign up for a virtual card, which you can use to shop via your go-to marketplaces and online stores. With Tonik’s automated fraud monitoring and control feature, you can ensure that your money is safe and secure all the time.

How/where to sign up: Download Tonik on Apple Store or Google Play

Interest rate: Up to 6%

Other features: No minimum deposit required

Uno Digital Bank

Uno Digital Bank is the brainchild of banking experts Manish Bhai, Kalidas Ghose, and Benjamin Cross Sevilla. As Southeast Asia’s first full-spectrum digital bank, Uno Digital Bank allows its users to create a safety net through its artificial intelligence-powered app. When you enroll, you get a single linked card across your savings, credit, and all other transactions. In less than a minute after signing up for an account, you can already enjoy its services and features such as a virtual card application, a pre-approved dynamic credit line, and a high-interest rate on savings.

How/where to sign up: Uno Digital Bank website

Interest rate: Adjustable rates

Other features: No hidden fees

Komo by Eastwest

Komo by Eastwest is an online banking app that gives Filipinos control over their finances through flexible transfer services and bills payment. If you open an account, you can instantly apply for either a savings or insurance account. Both of which allow you to take advantage of the digital bank’s services and features such as virtual debit cards, 24/7 access, customized programs tailor-fitted to your needs, and more.

How/where to sign up: Download Komo by Eastwest on Apple Store or Google Play

Interest rate: Up to 2.5%

Other features: No minimum deposit required

Union Digital Bank (UnionBank Online)

Union Digital Bank (UnionBank Online) is a duly licensed and regulated online banking app by the Bangko Sentral ng Pilipinas. As Union Bank of the Philippines’ digital arm, the digital app lets you make online transactions and manage your finances through your smartphone, tablet, or laptop. Opening an account is easy: just download the app and you can pay bills and transfer funds to any local bank with no frills. The app is also available 24/7, which means you can do all your banking transactions anytime, anywhere.

How to sign up: Download UnionBank Online on Apple Store or Google Play

Interest rate: 6% until September 2022

Other features: No maintaining balance required