5 Digital Banks in the Philippines That Let You Open Savings Accounts Online


Do you want to open a savings account without having to go to the bank? Luckily for you, there are banks in the Philippines that leverage the power of technology, allowing clients to open bank accounts via a mobile app or a desktop browser.

Digital banks like ING Philippines and CIMB Bank let you open an account through their mobile apps, and you can even submit the necessary documents in-app.

This is why even traditional banks like Maybank, UnionBank, and RCBC have upgraded their account opening processes and found a way for clients to do everything online. So that means no more branch visits and queuing up for you. Furthermore, here’s your chance to avail of their interest rates and the host of features you can access online.

Overview of Digital Banks in the Philippines

Bank Minimum Initial Deposit Interest Rate Per Annum
ING Philippines ₱0.00 2.50% – 4.00%
CIMB Bank ₱0.00 0.50% – 2.60%
Maybank ₱0.00 0.25%
UnionBank Varies Varies
RCBC Varies Varies

ING Philippines

ING Philippines is the first digital bank that lets you open a savings account straight from your mobile phone. The Dutch financial services company launched its all-digital banking services through its mobile app and offered a 4.00% interest rate per annum to first-time clients. Existing customers earn 2.50% p.a.

Currently, you can only open a savings account. There’s no required initial deposit and no maintaining balance to earn the annual interest. You can deposit checks by scanning them within the app and make mobile bank transfers via PesoNet, free of charge. On top of that, you can activate the virtual VISA debit card for online shopping and bills payment.

ING Philippines has extended the introductory promo rate of 4.00% for new depositors for the first four months until 31 March 2021. Download the mobile app to open your savings account and follow the steps for account verification.


CIMB Bank Philippines is another all-digital mobile bank, and its first financial product was GSave, which they integrated into the GCash app. Eventually, the company introduced other savings accounts, like Upsave, Fast, and Fast Plus accounts that offer annual interest rates starting from 0.50% to 2.60%.

You can open your account straight from the mobile app and choose the type of savings account that best suits your financial goals.

The UpSave has a base rate of 2.50% effective 01 March 2021. This account offers free life insurance with coverage of up to P250,000 if you maintain a minimum average daily balance of P5,000.

For the Fast account, you earn a 0.50% interest rate annually, and your savings account will be valid for 12 months. Accumulated savings of up to P100,000 for a Fast account will earn you a free VISA payWave ATM debit card, provided that your account is verified.

If you upgrade to Fast Plus, you get 0.75% interest rate and enjoy a longer account validity. The GSave account is accessible in the GCash wallet and offers a 2.60% interest rate per annum. You can also transfer GCash funds to the GSave account with ease.

With your CIMB Savings account, you can deposit money over the counter through more than 8,000 partners, including 7-Eleven, SM Payment Center, and LBC. Other features include mobile bank transfers, prepaid reloading, and bills payment.

To create UpSave and Fast accounts, download the CIMB Bank PH app and follow the instructions. If you have a GCash wallet, click the Save icon to activate your GSave account. Make sure you go through the verification process to maximize the features of your chosen account.


Maybank launched iSave as its first online-only savings account that you can open through the mobile app. Open a savings account straight from your phone and submit the documents online.

With iSave, there’s no initial deposit or minimum balance required. But if you want to earn a profit of 0.25% per annum, you should have P20,000 as your average daily balance.

You can deposit up to P100,000 in your account, and you will also receive an EMV-enabled ATM card if you top up your account with a one-time deposit of at least P1,000.

Fund your account via Maybank branches, GCash wallet, mobile bank transfer, and over-the-counter outlets such as 7-Eleven, Tambunting Pawnshop, USSC, to name a few. When in Singapore, Malaysia, and Cambodia, you can withdraw from any Maybank ATM with your debit card, with zero transaction fee and a low conversion rate.

Download the Maybank2U PH app to follow the steps provided and submit the documents online.


UnionBank is a traditional bank that continuously takes advantage of innovative solutions to improve its services. This is why it has won Best Digital Bank for three straight years. It’s one of the first banks that offered Instapay to clients, allowing real-time fund transfer funds to any major local banks via mobile bank transfer.

You can pay bills, insurance premiums, and even your taxes. Deposit a check by scanning within the app. You can also open a PlayEveryday, Personal Savings, Savings +, or GetGo Debit account depending on your budget goals or saving habits.

These savings accounts have different minimum ADB and annual fees. But overall, having a UnionBank account gives you the convenience of mobile banking. Still, you can deposit at UnionBank cash acceptance machines nationwide in case you can’t make an online fund transfer.


RCBC Bank allows clients to open a savings account through RCBC Touch. It’s a web portal available to Filipino citizens 18 years old and above. You need a valid government-issued ID for the account opening process.

If you use RCBC Touch, you can open any savings accounts like One Account, GoSavers, and Regular ATM Savings. It also lets you apply for checking accounts like Dragon Checking and eWoman Checking accounts. The interest rates, initial deposit requirement, and minimum average daily balance of these accounts vary. But for starters, the Regular ATM Savings account only requires a minimum deposit of P3,000.

Before applying, prepare the required documents (valid government-issued IDs, a working camera on your laptop or mobile phone, active mobile number, and email address). You will go through the verification process via Verifi me (Lenddo). More importantly, make sure you fund your account within ten days after your online application.

Which digital bank is for you?

ING Philippines and CIMB Bank offer higher interest rates on savings accounts compared to traditional banks. They are fully digital banks and provide convenient ways to transact online. Bills payments and fund transfers can be done through their respective mobile apps.

If you’re geared towards traditional banks with physical branches, Maybank, UnionBank, and RCBC can cater both online and over-the-counter account openings.

Whether you’re after high-interest savings accounts or powerful mobile banking features, opening a savings account is made easy with these digital banks in the Philippines.