As of February 2024, there are six licensed digital banks in the Philippines. These are GOtyme, UnionDigital, Overseas Filipino Bank, Tonik Bank, UNObank, and Maya Bank.

 

GOtyme is an all-in-one money app that allows users to save, spend, and grow their money.

UnionDigital is a digital bank that offers a range of financial services, including savings, loans, and investments. Overseas Filipino Bank is a digital-only subsidiary of Land Bank of the Philippines that aims to assist Filipinos working abroad to send money back to the Philippines in a more seamless manner. Tonik Bank is a Singapore-owned digital bank that offers savings accounts and time deposits. UNObank is a digital bank that provides a maximum interest rate of 4.25% per annum. Maya Bank is an all-in-one money app that offers a comprehensive suite of financial services, including savings, investments, and loans.

 

In addition to these licensed digital banks, there are also other online banks that offer higher interest rates compared to traditional banks, such as CIMB, Maybank Philippines, RCBC DiskarTech, Netbank, and Maya Goals.

 

The interest rates offered by digital banks in the Philippines vary, with some offering competitive rates. Here are the interest rates offered by some of the digital banks in the Philippines:
 

• GOtyme: Offers an interest rate of 5% per annum for the Go Save Account.

• Maya Bank: Offers an interest rate of 8% per annum for balances of up to PHP 500,000.

• UnionDigital Bank: Offers term deposit accounts with interest rates of 7%, 6.5%, and 6% per annum.

• Tonik Bank: Offers savings accounts and time deposits with varying interest rates.

• UNObank: Offers a maximum interest rate of 4.25% per annum for the UNOReady Account.

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Citations:
[1] https://bitpinas.com/fintech/digital-banks-high-interest-rates-philippines/
[2] https://www.mckinsey.com/industries/financial-services/our-insights/on-the-verge-of-a-digital-banking-revolution-in-the-philippines
[3] https://www.yugatech.com/guides/10-digital-banks-in-the-philippines-ranked-based-on-interest-rates/
[4] https://en.wikipedia.org/wiki/Digital_banks_in_the_Philippines
[5] https://www.fitchratings.com/research/banks/philippine-digital-banks-unlikely-to-shake-sectors-competitive-dynamics-04-12-2023

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These rates are subject to change and may be part of promotional campaigns, so it's advisable to check the latest rates and terms directly with the respective banks.

Citations:
[1] https://fintechnews.ph/58583/virtual-banking/how-competitive-are-interests-rates-offered-by-philippines-digital-banks/
[2] https://bitpinas.com/fintech/digital-banks-high-interest-rates-philippines/
[3] https://www.yugatech.com/guides/10-digital-banks-in-the-philippines-ranked-based-on-interest-rates/
[4] https://www.mckinsey.com/industries/financial-services/our-insights/on-the-verge-of-a-digital-banking-revolution-in-the-philippines
[5] https://en.wikipedia.org/wiki/Digital_banks_in_the_Philippines