Here are the top 6 banks in the Philippines with high interest rates, as of June 10, 2023:
1. Maya Bank
Maya Savings account offers a base interest rate of 4.0% per annum credited daily. Customers can also boost their interest rate to up to 10% per annum by paying bills or buying online using Maya. Boosted interest applies to the first PHP 100,000 and is subject to terms and conditions. Additionally, all Maya Savings account holders can enjoy a base interest rate of 4.5% p.a. on balances up to PHP 5M.
Who owns Maya Bank? It is owned by Voyager Innovations, Inc., a technology company that has raised $210 million in a funding round led by SIG Ventures, bringing its valuation to $1.4 billion. Maya Bank is one of the six entities that were granted digital banking licenses by the Bangko Sentral ng Pilipinas (BSP).
Bank Type: Digital Bank
As of June 2023, the highest bank interest rates in Philippines are offered by SeaBank and GoTyme Bank, which is 5% per year. There may be higher interest rates for deposits from time to time, but these are in effect only on short promo periods. Comparing SeaBank and GoTyme’s interest rates, SeaBank’s is more competitive as it credits the interest DAILY.
2. SeaBank
Seabank’s Savings Account offers a 5% interest rate per annum for balances up to PHP 500,000. For balances above PHP 500,000, the interest rate is 3% per annum. The interest earned is credited daily to the account based on the previous day’s balance. The account has no initial deposit and maintaining balance requirements.
Who owns SeaBank? It is owned by Sea Ltd., a global consumer internet company founded and headquartered in Singapore. Sea Ltd. is listed on the New York Stock Exchange (NYSE) under the ticker symbol “SE” and operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee, and SeaMoney respectively. Sea Ltd. operates in Southeast Asia, Taiwan, and Latin America, and is one of the largest companies in the region by market capitalization.
Bank Type: Rural Bank
3. CIMB
CIMB’s UpSave account offers a base interest rate of 2.5% per year for balances up to 5 million pesos. Rate for current promo period: 6% per year for the first 200,000 pesos.
Meanwhile, their GSave account offers a base interest rate of 2.6% per year for balances up to 5 million pesos. Rate for current promo period: 6% per year for the first 200,000 pesos. The interest earned is credited monthly to the account based on the average daily balance.
CIMB Bank also offers a 12% p.a. introductory rate for new customers during the current promo period.
CIMB frequently improves or changes its deposit rates, so check their website or Facebook page from time to time.
Who owns CIMB Bank Philippines Inc.? It is owned by CIMB Group Holdings Berhad, a wholly-owned subsidiary of CIMB Bank Berhad, which is a part of the CIMB Group. CIMB Group Holdings Berhad is a leading ASEAN universal bank headquartered in Kuala Lumpur, Malaysia, and operates in 16 countries. CIMB Bank Philippines Inc. was established in 2018 and is headquartered in Bonifacio Global City, Metro Manila, Philippines. It offers a range of digital banking products and services, including savings accounts, loans, and credit cards.
Bank Type: Commercial Bank
The 6 Banks Licensed by the BSP as DIGITAL BANKS
. GoTyme Bank
. Maya Bank
. Overseas Filipino Bank, A Digital Bank of Landbank
. Tonik Digital Bank
. Union Digital Bank
. UNObank
4. Tonik Bank
Tonik Bank’s Savings Account offers a base interest rate of 4.5% per annum for balances up to PHP 2 million. Customers can also enjoy a 6% interest rate per annum for their Time Deposit accounts. The interest earned is credited monthly to the account based on the average daily balance. Tonik Bank also offers virtual debit cards for online transactions and has no maintaining balance or transaction fees.
Who owns Tonik Bank? It is owned by Tonik Financial Pte Ltd. which is headquartered in Singapore and was founded in 2018 by Greg Krasnov and Dmitry Kazakov. Tonik Bank is backed by international investment groups such as Sequoia India, iGlobe Partners, Insignia Ventures, Point72, and Camerton Holdings.
Tonik Bank is a digital-only bank that offers a range of financial products and services, including savings accounts, time deposits, and loans, through its mobile app. The bank is focused on providing accessible and affordable banking services to the unbanked and underserved population in the Philippines.
Bank Type: Digital Bank
5. GoTyme Bank
Go Save account offers a base interest rate of 5% per annum for all balances.
Create up to 5 separate Go Save accounts, each with customizable target amounts and timeframes.
Who owns GoTyme Bank? GoTyme Bank in the Philippines is a joint venture between the Gokongwei Group and Tyme, a multi-country digital banking group. The Gokongwei Group is a conglomerate in the Philippines that has interests in various industries, including retail, real estate, and banking. The members of the Gokongwei Group involved in the joint venture are Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc.
Tyme, on the other hand, is a digital banking group that operates in several countries, including South Africa, Malaysia, and the Philippines. The joint venture was established in 2022 and aims to provide accessible and affordable banking services to the unbanked and underserved population in the Philippines.
Bank Type: Digital Bank
6. Netbank
Netbank Mobile offers 4% annual interest for savings account, with interest credited daily.
It also offers 5% annual interest for a 6-month term time deposit, and 6% annual interest for a 12-month term time deposit.
There are no initial deposit and no maintaining balance requirements.
Best feature: Free Instapay and Pesonet tranfers from Netbank.
Netbank Mobile is one of the products of Netbank, which is a BSP-licensed rural bank. Its deposits are insured by the PDIC for up to 500,000 pesos per depositor.
Netbank is based in Romblon. It was formerly known as Community Rural Bank of Romblon. Now, it’s owned by Filipino and international bankers.
Who owns Netbank? It’s majority-owned by Netbank’s co-founder and chairman Angus James Poston, founder of private equity fund Bridge Digital Investments and board member and investor in 1st Valley Bank. Netbank’s co-founder and president David Paulo Dela Paz is also an owner.
You can download Netbank Mobile from Google Play Store and Apple Store. Open to Filipinos and resident aliens.
Bank type: Rural Bank
7. UnoBank
UnoBank’s Savings Account offers a base interest rate of 3.5% per year for balances below 5,000 pesos, and a higher rate of 4.25% per year for balances 5,000 pesos and above. Meanwhile, their Time Deposit offers an interest rate of 6.5% per annum for a minimum deposit of PHP 5,000. The interest earned is credited upon maturity for the Time Deposit account. UNOBank also offers other deposit products such as the Junior Savings Account, Senior Savings Account, and the UNO Debit Card.
Who owns UnoBank? It is owned by UNO Digital Bank, Inc., which is a subsidiary of UNO Asia Ventures Pte Ltd, a Singapore-based financial technology company. UNO Asia Ventures Pte. Ltd. is backed by investors such as Cento Ventures, Accion Venture Lab, and K3 Ventures.
UNO Digital Bank was established in 2019 and was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP) in 2021.
UNOBank is a digital-only bank that offers a range of financial products and services, including savings accounts, time deposits, and loans, through its mobile app. The bank is focused on providing accessible and affordable banking services to the unbanked and underserved population in the Philippines.
Bank Type: Digital Bank
All Interest Rates Above are subject to change
All of the above interest rates are subject to change and may vary depending on the type of account and amount of deposit. Check their websites or your banking apps from time to time for their current rates and promotions.
All Deposits Above are Insured by the PDIC
Since all the above banks are licensed by the BSP, all savings deposits they administer are insured by the PDIC up to 500,000 pesos per account owner.
Multiple savings accounts maintained in the same bank by the same account owner are insured only up to 500,000 pesos in case of bank failure.
Requirements for opening savings accounts offered by banks above:
- At least 18 years old
- Filipino citizen
- With at least one valid ID
Four of the 7 Banks in the Philippines with High Interest Rates are Digital Banks
Maya Bank, GoTyme Bank, UNObank and Tonik Bank are attracting clients with their high interest rates and promos, such as cashbacks.