Best Digital Banks with High Interest Rates to Beat Inflation Now

The 2019 pandemic helps the inflation rate increase because of an imbalance of supply and demand and many other factors.

Since then inflation has drastically changed from its peak of 6.1% going to 3.7%, see below table and charts from PSA.

As a father of one child, I always feel the word inflation when I’m going to our nearest market. Boom! I spend mostly P1000 in one go.

The good news is since 2023 digital banks are out spacing inflation. The rise of digital banks with high rates is emerging in 2024. So without further ado, grab a coffee and get comfy as we explore the best digital banks with high interest rates, this will help us to cope with inflation.

Digital banks in the Philippines offer competitive interest rates, convenience, and accessibility. Here’s a detailed look at the top 10 digital banks in the Philippines known for their high interest rates.

1. Tonik Digital Bank

Tonik Digital Bank offers one of the highest interest rates and innovative products in the industry. It is the first neobank in the Philippines to receive a digital bank license from Bangko Sentral ng Pilipinas (BSP). The mission of Tonik is to transform Filipino banking experience by making it more accessible and enjoyable, challenging traditional banking norms and set new standards in the industry.

FB Page: Tonik Digital Bank

Stash vs Time Deposit

Stash

A Stash is like a special piggy bank inside your Tonik Account where you can set aside money for different things you want to save for, like a fun vacation, a new gadget, a car, your kid’s school, a birthday present for someone special, and more.

You can even invite your friends or family to save money together in a Group Stash. The coolest part about a Stash is that you can take your money out whenever you want without waiting, and you’ll still earn a lot of interest on it.

Time Deposit

A Time Deposit is like putting your money in a special savings account where you agree not to touch it for a certain amount of time. In return, you get a guaranteed amount of extra money (interest) when the time is up.

Check the latest interest rate here

Interest Rate

Solo Stash: up to 4.% annual interest rate.
Group Stash: up to 4.5% interest.
Time Deposits: up to 6% interest for a 6-month term.
- to get 6% maintain a monthly average daily balance (ADB) of Php 10,000 throughout the life of your 6-month Time Deposit and transact at least once a month to earn the additional 1%.
- If you miss out this criteria, don’t worry you’ll still can earn 5% p.a.

Features

Creadit Builder: Loan P5,000-P20,000, select payment terms up to 12 mo.
Shop Installment Loan: Borrow P5,000-P100,000 when you shop in partner stores and paylater.
Free virtual Debit card when you open an account for making transactions online
Physical debit card ordering in-app request (P200 production fee + P100 delivery=P300)
Deposits and Withdrawals Top-up via CLIQQ app or CLIQQ kiosk (7-Eleven branch), M Lhuillier, Cebuana Lhuillier, LBC

2. CIMB Bank Philippines

CIMB is the abbreviation for Commerce International Merchant Bankers. CIMB is Estrablished here in the Philippines in 2018. Furthermore, in 2022, the new CIMB Bank PH app has been released with a revamped core banking technology stack.

FB Page: CIMB Bank PH

Interest Rate

Upsave Account: Yearly interest rate of 2.5% p.a.
Gsave Account: Yearly interest rate of 2.6% p.a.
Max save Time Deposit Account: open up to 5 accounts
- 3 months – 5.75% p.a.
- 6 months – 6.00% p.a.
- 12 months – 6.25% p.a.
- 24 months – 6.5% p.a.

Features

Revi Credit
- Get up to PHP 250,000 credit line with interest rates as low as 1% per month
- Turn your unused credit line to cash (max 70% of your total credit line) or opt for a Term Loan, available to eligible customers
- No annual fees
- added guaranteed protection with exclusive Credit Life Insurance by Pru Life U.K., in case of Death or Total and Permanent Disability.
Personal Loan starting from PHP 30,000 to a maximum of PHP 1,000,000, with flexible tenure options ranging from 12 to 60 months
LazPayLater convert your Lazada purchases into monthly installments for up to 12 months.
SpayLater – Shoppee monthly installments up to 12 months
Deposits and Withdrawals
- 7-Eleven stores and Bayad Center
- Over-the-counter partner banks (via Dragonpay) such as BDO, BPI, Metrobank, Landbank, PNB, RCBC, Security Bank, Eastwest Bank and many more;
- Payment Centers (via Dragonpay) such as SM Retail, Cebuana Lhuillier, LBC, Robinsons, ECPay, M. Lhuillier, and many more;
- Online fund transfer (via InstaPay / PESONet / Dragonpay)

3. RCBC DiskarTech

RCBC DiskarTech combines high interest rates with a suite of financial services. It is an all in one online banking services from its features below. It is the first and only taglish and cebuano financial app in the market.

FB Page: RCBC DiskarTech

Interest Rate

Diskartech Savings How to get 6.5% p.a interest
- Balance must be P0.00 – P49,700 to earn 6.5%
- If the Balance is 49,700.01 and up you will not earn interest

Features

Telemedicine is consulting with a medical professional or seeking other medical services using the telephone, text, email, and other communications technology while the patient and the doctor are in different locations.
Telekonsulta is a consultation with a medical doctor that can be done anywhere you are, 24/7. You no longer need to line up at a clinic or hospital for a check-up. Your free teleconsultation month includes unlimited consultations with a doctor via video, call, and text. You also have access to electronic prescriptions, medical certificates, and laboratory requests. This costs Php 50.00 per month or Php 150.00 quarterly.
You can claim a remittance using RCBC DiskarTech with our partner remittance reference number. Only fully verified RCBC DiskarTech users can claim remittances within the app.
- Accredited Remittance Partners:
  - JapanRemit
  - Remitly
  - Ayannah
  - Instant Cash
Insurance
- Sun Life GREPA Life Insurance:
  - My Income Protect Plus
  - My Family Life Shield
  - My Scholar Plus
  - My Personal Life Shield
- Malayan Non-Life Insurance:
  - Commuter PA
  - Ridesafe 20K
  - Ridesafe 50K
  - Super PA
  - Densgue Cash
  - SARISARI STORE Insurance
  - PANPROTECT 130
  - PANPROTECT SENIOR 195
  - PANPROTECT 600
  - PANPROTECT SENIOR 900
Loans Marketplace this is a feature in RCBC DiskarTech where you can apply for the loan you need from RCBC DiskarTech’s partner loan providers or lenders. Currently, RCBC DiskarTech’s partners for the loans marketplace are Asialink Finance Corporation and Rizal MicroBank.
E-Load your mobile sim and ePins for gamers.
Bills payment for your household utilities
Rewards up to 12% cashback in selected store
Government payment to avoid long queues
Check Deposits and Withdrawals here

4. GoTyme Bank

GoTyme Bank is a collaboration between Tyme, a digital banking group operating in several countries, and the Gokongwei Group, which includes Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. This partnership combines the Gokongwei Group’s wide network in various industries with TymeBank’s secure banking platform, which currently serves over 5 million customers in South Africa.

Starting next-level banking with GoTyme Bank is easy. You can open an account in less than 5 minutes using a free app or get a free personalized Visa ATM Debit card at kiosks in Robinsons Retail locations nationwide, assisted by Bank Ambassadors.

FB Page: GoTyme Bank

Interest Rate:

GoTyme Bank Account: 4% p.a.
Go Save Account: 4% p.a., up to 5 accounts

Features:

Saving Tools, set a target, schedule auto-saves, or save your change when you shop.
Transfer from GoTyme Bank to other banks is free 3x a week.
First ATM debit card is free and printed in the kiosk, find a nearby Kiosk. GoTyme Ambassador is on standby at the kiosk to assist with account opening.
Deposit for free up to 2x a month at Robinsons retail partner store cashiers.
Withdrawals is always free over-the-counter.
3x Go reward points when you pay using your debit card in partner stores. Redeem your points as cash in your GoTyme mobile app. 5pts=P4.00

5. UnionDigital Bank

UnionDigital Bank is a BSP-licensed digital bank subsidiary of UnionBank of the Philippines and a member of the Aboitiz Group.

FB Page: UnionDigital Bank

Interest Rate:

Savings Account: No maintaining balance, minimum deposit, and max deposit
- Below P5 million – 3% p.a.
- P5 million and Above – 4% p.a.
UD Time Deposit: Min. deposit P1,000 | Max deposit P10 million
- 30 days – 5.50% p.a.
- 60 days – 5.625% p.a.
- 90 days – 5.875% p.a.
- 180 days – 6.25% p.a.
- 1 year – 6.50% p.a.

Features:

Sending money to other banks and e-wallets via peso net is free
UD Loans is a fully digital loan program offered by UnionDigital Bank Inc

6. Uno Digital Bank

UNO Digital Bank is Southeast Asia’s first comprehensive digital bank, licensed by the Bangko Sentral ng Pilipinas. They are at the forefront of a new banking era, designed to elevate your experience by making banking straightforward, improved, and accessible. As your financial partner, it offers tailored solutions for your needs in transactions, saving, borrowing, investing, and protection, providing the right products exactly when you need them.

FB Page: UnoDigital Bank

Interest Rate:

#UnoReady Savings Account:
- 4.25% p.a. with P5,000 and up deposits
- 3.50% p.a. below P5,000 deposits
#UnoBoost Time Deposit Account: up to 5 accounts
- 5.00% p.a. 3-5 months
- 5.50% p.a. 6-11 months
- 6.00% p.a. 12-24 months
UNO X Gcash products
- #UNOready@GCash – daily interest crediting
  - 4.25% p.a.
  - No minimum balance and holding period requirements
  - Free life insurance coverage worth PHP50,000 for a minimum monthly ADB of PHP10,000.00
- #UNOearn@GCash – monthly payout
  - 6.00% p.a. interest rate
  - Up to 24 months tenure
- #UNOboost@GCash – payout at maturity
  - 6.00% p.a. interest p.a.
  - 3-12 months tenure

Features:

Free Uno virtual debit MasterCard when you deposit 100
Cash in for free online & over-the-counter in over 7,500 outlets nationwide
UNO x Singlife Products:
- Cash for Medical Costs
- 3-in-1 Protection Plan
- Cash for Income Loss (Accidents)
Loan #UNOnow with loanable amount up to P500,000
Get a free life insurance worth 50,000 in #UnoReady Savings Account

7. Maya Bank

Maya Bank is the digital banking arm of Voyager Innovations, the leading technology company in the Philippines. With Voyager’s fintech Maya Philippines, it is creating Maya, the Philippines’ only end-to-end digital financial services platform.

FB Page: Maya Bank

Interest Rate:

Maya Savings: 3.5% p.a. base rate up to 15% p.a. via promo mechanics
Personal Goals: 4% p.a., open up to 5 goal accounts
Time Deposit Plus: 3.5% p.a. base rate up to 6% when you hit your target amount and date
Business Deposit: 2.5% p.a.

Features:

Maya Easy Credit: Up to ₱30,000 credit limit
Personal Loan: ₱15,000 to ₱250,000 with a 0.77% monthly add-on rate
Landers Cash Back Everywhere Credit Card: 5% cashback when you shop at Landers, 2% wherever you dine, and 1% everywhere else.
FlexLoan: Fund your business with up to ₱2 million of extra capital you can use instantly

8. SeaBank

SeaBank Philippines is a rural bank offering a mobile banking app that allows you to effortlessly manage your finances on your phone, anytime and anywhere. With SeaBank, you can send and receive transactions with both SeaBank and non-SeBank users, all while enjoying competitive interest rates without additional fees or minimum balance requirements.

SeaBank is a part of Sea Limited (NYSE), a global consumer internet company founded in Singapore and listed on the New York Stock Exchange. Sea Limited operates three main businesses: digital entertainment (Garena), e-commerce (Shopee), and digital payments and financial services (SeaMoney).

FB Page: SeaBank

Interest Rate:

SeaBank Savings Account: 4.50% p.a.
no maintaining balance up to P350,000. above this will get 3% interest rate p.a.

Features:

Get discounts when buying prepaid load, Available for Globe, Smart, TM, TNT, and DITO
Receive money from overseas through remittance service providers, Payoneer, PayPal, Moneygram, Wise, WorldRemit, Western Union and Remitly
SeaBank Credit: instant cash from SeaBank with a low fixed interest rate of 2.95% per month
Access Seabank savings account within the shoppee app

9. OwnBank

Founded in 1956, OwnBank, also known as The Rural Bank of Cavite City, underwent a transformative digital shift in 2021. The company aims to reach the 50 million Filipinos who currently lack any bank accounts in government records.

FB Page: OwnBank

Interest Rates:

Own it Savings account: 6% p.a.
Time Deposits:
- 15-day: 6.3% p.a.
- 30-day: 6.5% p.a.
- 90-day: 6.8% p.a.
- 180-day: 7.0% p.a.
- 360-day: 7.5% p.a.
- new users only: 8.0%p.a.

Features:

Cash in through e-wallets and online banking
Personal accident insurance: premium options are P100, 1,000 and 2,000
Own Life: purchase mobile load, game credits. data plans.

10. BanKo

BPI Direct BanKo, Inc., a wholly owned subsidiary of the Bank of the Philippine Islands (BPI), is dedicated to promoting financial inclusion. BanKo provides accessible, convenient, and affordable loan products to empower self-employed microentrepreneurs (SEMEs), helping them drive their operations and business growth. By strengthening the financial capabilities of its clients, BanKo aims to enhance their quality of life and contribute significantly to the economic growth of the Philippines.

FB page: BanKo

Interest Rates:

PondoKo Basic Deposit Account: 0.0625% p.a. – P500 to P50,000
PondoKo Regular Savings Account: 0.0625% p.a. – P500 and above
PondoKo SEME Account: 5.0% p.a. – P5,000 – P1,000,000
Todo Savings: 5% p.a.

Features:

InstaCash Ko Loan: loan up to P250,000 payment terms up to 36 months
NegosyoKo Loan: P25,000-P500,000 with weekly, twice a month or monthly payment options
- requirements – Valid ID, Utility Bill, Barangay or Mayors permit
NegosyoKo Lite: P10,000 loan in 6 months term and weekly payment for as low as P384.62, no interest.
- 1 Valid ID
- Barangay or Mayor’s business permit
- Picture ng harap ng tindahan
Buy load with discounts
Pay bills using mobile phone
Send money via instapay – free

Conclusion

These are the top 10 Digital Banks that I know, that can help you beat the inflation in the Philippines. The current inflation rate as of July 2024 is 3.7% we can cope up with inflation if we use Digital Banks with interest higher than 3.7%. So basically the top 10 listed above exceeded the inflation it depends on your preference and what you want to pick, features could help you decide.

Thanks for getting here!

Best Digital Banks with High Interest Rates to Beat Inflation Now