Your Guide to the Six Licensed Digital Banks in the Country

With preference growing for online transactions, it’s only a matter of time until digital banking becomes more mainstream. (Well, that’s if it isn’t yet already.)

While so many options for electronic payments have emerged, only six digital banks have officially been authorized by the Bangko Sentral ng Pilipinas (BSP) to operate.

In 2021, BSP Governor Benjamin Diokno announced the limitation of slots due to the non-compliance of other applicants. But, at least, he said it would allow the central bank to closely monitor the digital banking market.

Now, what are these six BSP-licensed neobanks in the country?

(In case you’re wondering, no, GCash is not included. But Maya is, and so is GoTyme.)

Here’s everything you need to know about the locally approved digital banks — including by how much your savings could grow every year.

Overseas Filipino Bank

A subsidiary of state-owned Land Bank of the Philippines (Land Bank), the Overseas Filipino Bank is one of the first digital-only and branchless banks in the country.

OFBank offers online account opening for customers. The platform, powered by artificial intelligence (AI), allows overseas Filipinos and their beneficiaries to submit their documents virtually and open new accounts real-time.

Through mobile banking, customers can also remit funds, pay their bills, and avail of loans, aside from making deposits.

Interest rates for savings/time deposits

• 1-4 percent per annum, depending on the total amount of savings

Other features

• ATM card
• Free fund transfer to Land Bank accounts
• No withdrawal fee from Land Bank ATMs
• No transaction charge for bills payment

Tonik Bank

From Tonik's Official Website.

Tonik Digital Bank, Inc. is a local subsidiary of the Singapore-based digital banking platform Tonik Financial Pte Ltd.

Users have the option to activate solo and group “stashes,” described as separate savings pockets, which have corresponding interest rates. Loan products are also available for different customer needs.

Interest rates for savings/time deposits

• 4 percent per annum for solo stash; 4.5 percent for group stash
• 6 percent per annum for time deposit accounts

Other features

• Instant virtual card
• Physical debit card
• Free fund transfer to GCash users and to other bank accounts through InstaPay

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UNO Digital Bank

UNO Digital Bank, which operates under another Singapore-headquartered fintech, prides itself as Southeast Asia’s first full-spectrum digital bank.

The neobank boasts its use of AI with machine learning for faster onboarding and authentication. Its services cater to financial needs in transacting, saving, borrowing, investing, and protection without any hidden fees.

UNO Digital Bank has also partnered with GCash, so respective users may link their GSave accounts to UNO’s app to enjoy similar interest rates.

Interest rates for savings/time deposits

• 4.25 percent per annum (UNOReady savings account)
• 6.5 percent per annum (UNOBoost and UNOEarn time deposit accounts)

Other features

• Immediate virtual card
• Free fund transfer to other bank accounts through InstaPay

UnionDigital Bank

A subsidiary of UnionBank of the Philippines, this digital-only bank officially commenced operations in 2022. It has since partnered with big names from varying industries, including Visa, Huawei, and Angkas.

Among the services available for UnionDigital’s customers are their main bank and time deposit accounts with competitive interest rates, as well as loan packages.

Interest rates for savings/time deposits

• 3-4 percent per annum (main bank account)
• 6.75 percent per annum (time deposit account)

Other features

• Free fund transfer to other bank accounts through PESONet

Maya Bank

From Maya Bank's Official Website.

Maya Bank, powered by e-wallet Maya, has evolved from being just an all-in-one money app to a digital bank as well.

Previously called PayMaya, it now provides various services—deposits, credits, cryptocurrencies, bills payment, and prepaid and postpaid load—while still giving users access to its original offerings.

Interest rates for savings/time deposits

• 2.5 percent per annum (business deposit account)
• 4 percent per annum (personal goals account)
• 6 percent per annum (time deposit account)
• 3.5-14 percent per annum (savings account)

Other features

• Free cash-in from Maya Wallet to Bank
• Free fund transfer to other Maya accounts

GoTyme Bank

Facebook/GoTyme Bank.

Last but not the least, the Philippines’ GoTyme Bank, the first expansion in Asia, is a product of the deal between the Gokongwei Group and the Singapore-based digital bank Tyme.

Apart from providing an option for fund transfers and offering fairly high savings interest, the neobank also gives users access to trade and investment, as well as 24/7 customer service for other needs.

Applicants can easily open GoTyme accounts either through the mobile app or the over 400 digital kiosks at Robinsons retail outlets and other locations nationwide.

Interest rates for savings/time deposits

• 4 percent per annum (GoSave)

Other features

• Instant virtual card
• Free physical debit card powered by Visa and BancNet
• No withdrawal fee from Robinsons Bank ATMs
• No withdrawal and deposit charges in Robinsons-affiliated stores
• No withdrawal fee from other banks (three times per week)

For all six BSP-authorized digital banks, deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.