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


Do you want to open a savings account without going to the bank? Thanks to digital banks like CIMB Bank, Tonik, and Maya Bank (formerly PayMaya), they let you open an account through their mobile apps. You can even submit the required documentation in real time.

Even traditional banks like Maybank, UnionBank, and RCBC have upgraded their processes for clients to do everything online. So that means no more branch visits and long lines.

Here’s your chance to enjoy higher annual interest rates on your savings accounts and make transactions online easily.

Overview of Digital Banks in the Philippines

Bank Interest Rate Per Annum
CIMB Bank 0.50% – 2.60%
Komo Bank 2.50% 
Maya Bank (formerly PayMaya) 6.00%
Maybank Up to 1.00%
RCBC Varies
SeaBank 5.00%
Tonik Bank Up to 6.00%
UnionBank 0.10%


CIMB Bank Philippines is an all-digital mobile bank. Its first financial product was GSave, which the bank integrated into the GCash app. Eventually, the company introduced other savings accounts, like Upsave, Fast, and Fast Plus, 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%. This account offers free life insurance with coverage of up to ₱250,000 if you maintain a minimum average daily balance of ₱5,000.

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 ₱100,000 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.

Komo Bank

Komo Bank is EastWest’s digital banking service that lets you open savings accounts with no minimum deposit. You can open an account by downloading the mobile app and simply go through the verification process in minutes. The interest rate per annum is 2.50% with no maintaining balance.

Once your account is opened, you can deposit money into your account and simply hold it to earn the annual interest. Aside from deposits, you can also pay bills, send money to other banks, and withdraw cash for free within the EastWest network.

Deposits are insured by PDIC up to ₱500,000. You can withdraw money from your account at any time using your Visa debit card. Komo Bank will issue this card, which is linked to your deposit account. For InstaPay transfers, you are charged ₱8.00 per transaction.

Maya Bank (formerly PayMaya)

Maya Bank, formerly PayMaya, is a fully digital bank that offers an introductory promo of 6.00% interest rate per annum when you open a savings account until October 13, 2022. This digital bank is available to all Maya users. Depositors need to maintain an average daily balance of ₱10,000 to earn interest.

The savings are insured by the PDIC for up to ₱500,000. Since it’s linked to your Maya account, you can easily make transactions online such as bills payment, money transfers, and purchases of mobile load.

Keep in mind that the interest rate per annum is only applicable to deposits of up to ₱5 million during the promo period. The excess amount will not earn any interest. If you haven’t activated this feature in your Maya app, simply launch it and tap the Savings tab.


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 ₱20,000 as your average daily balance.

You can deposit up to ₱100,000 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, and 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.


RCBC Bank allows clients to open a savings account through RCBC Touch. It’s a web portal for 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, ensure you fund your account within ten days of your online application.


SeaBank by SeaBank Philippines, is another digital bank that’s regulated by the Banko Sentral ng Pilipinas. It’s a rural bank that offers a mobile banking service to all current and non-depositors. Like any other digital bank, opening a savings account is super easy.

Download the SeaBank mobile app and go through the verification process. Sign up in five minutes with a valid ID. There’s no minimum balance to maintain your account, no deposit cap, and no lock in period. You can deposit for as low as ₱1 and start growing your money with its 5.00% interest rate per annum.

Depositors receive a daily payout of the interest earnings. You can transfer funds from your SeaBank account to other banks for withdrawals. As of the time of writing, the bank doesn’t have an ATM card.

In addition, you can also transfer money to other banks via InstaPay and PESONet. The maximum amount you can transfer per transaction is ₱1 million if you’re transferring to another SeaBank account or via PESONet. The maximum amount per transaction for InstaPay is ​​₱50,000 per day.

Tonik Bank

Tonik Bank is a digital-only bank in the Philippines that offers a full suite of banking services with no maintaining balance. You can open an account for free through the mobile app. There are no minimum balance requirements. You’ll earn interest on your deposits up to 6.00% per annum, and you can use Tonik’s mobile app to manage your finances on the go.

Tonik offers a 1.00% interest per annum on your savings account and comes with a physical debit card that you can use for withdrawals and other in-store purchases. Since this is a branchless bank, depositing funds is super easy, as you can do it via GCash, local bank transfer, or CLiQQ kiosks.

You earn up to 6.00% interest rate per annum with a maximum deposit of ₱100,000 that you will hold off for six months. Apart from this, you can also take advantage of the interest, ranging from 4.50% to 5.25% with holding period of up to 24 months.


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 bank via mobile bank transfer.

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

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 if you can’t make an online fund transfer.

Which digital bank is for you?

Maya Bank and Tonik Bank offer higher interest rates on savings accounts than traditional banks. Imagine you can grow your savings with their offer of up to 6.00% interest rate. The caveat is that this offer is promotional only and available for a limited time. Still, you can hold off your funds until you get your earnings.

Both of them 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.

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