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Best Online Banks in Philippines

In the Philippines market, there are more and more digital banks. Even though the country isn’t as tech-savvy as its Asian neighbors, there has been a big increase in customers signing up since 2020.

It is important for the growth and development of digital payment services and e-commerce in the Philippines that these new players join the banking sector. At the moment, there are only a few banks in the country that only work online. But to keep up with the change, some traditional banks have also started their own digital banks. Let’s take a look at what choices we have when it comes to the best online banks.


Best Online Banks in Philippines

ING bank - logo



  • Interest rate of 2.5% p.a. on a daily balance of PHP 20M or lower.
  • ING Pay Account
  • ING Save Account
  • No minimum maintenance balance
  • Maximum deposit insurance for P500,000
  • Transfer up to PHP 1 million daily via InstaPay or PESONet

ING was the first digital bank to get covered by the PDIC. This Dutch bank did business in more than 40 countries in Europe, the United States, and Asia. In 1990, it began doing business in the Philippines as a wholesale lender.

As one of the Best Online Banks in Philippines, ING Pay, customers can pay their bills online for free and send money to other people right away. With InstaPay or PESONet, you can send money to e-wallets and other banks.

Customers can send up to PHP 1 million per day using InstaPay. When you sign up for this account, you get a free virtual debit card that you can use to pay bills in person or online.

Customers can also open a savings account with no minimum balance and no fees. If you keep less than PHP 20M in your ING Save account every day, you can earn a high interest rate of 2.5% per year. You can also earn 1% gross per year if your daily balance is more than PHP 20M.

To open one of these accounts, you must be at least 18 years old, a Filipino citizen or a resident of the Philippines, and have a valid passport, ID card, or driver’s license. You should also have a phone number, an email address, and proof of where you live.

The bank also sometimes has deals for their customers. These can come in the form of higher interest rates, cash back, or bonuses for new customers.

To get help from the ING team, you can either use the Live Chat feature on the ING Mobile App or the ING Bank Facebook Messenger. They are always open. You can also get the ING mobile apps from the App Store and Google Play.

CIMB Bank PH - logo


  • UpSave Account
  • GSave Account
  • Fast Plus Account
  • GCredit
  • Personal Loans
  • 17,000+ partner outlets

The main office of CIMB (Commerce International Merchant Bankers) is in Malaysia. The Philippines branch of CIMB Bank, called CIMB Bank PH, is the newest member of the CIMB Group. The CIMB Group is one of the top banks in the ASEAN region and is present in more than 16 markets around the world. Since the bank opened in 2018, more than 4 million people have joined.

The interest rates at CIMB Bank PH are the best on the market. The products and features don’t require a down payment, transaction fees, or a minimum balance.

Once you open an account through the app, you can cash in online, send money to other banks for free, and pay bills like internet or cable TV. You also have full control over your debit card when you use the app. You can take control of your settings and turn on or off things like contactless payments, ATM withdrawals, and in-store purchases.

CIMB also has more than 17,000 partner locations across the country where people can deposit money in person.

This bank is a good choice for people who want their savings to grow. They have a variety of savings accounts that have a lot of great features. Customers can choose between the Fast Plus, UpSave, and GSave accounts.

The UpSave account gives you a base interest rate of 2.5% p.a., while the GSave account gives you a high base interest rate of 2.6% p.a. Also, they both come with free life insurance coverage of up to PHP 250,000 if the customer keeps an average daily balance of PHP 5,000. This benefit costs nothing each month, and there is no need to get a medical checkup.

The GCash app from CIMP has the GCredit mobile credit line. A customer can get a credit line of up to PHP 10,000 at 1% interest per month. You can use the credit line to pay for goods and services at certain e-commerce stores or stores that accept GCash QR. There are more than 17,500 QR merchants nationwide that accept GCash.

If you meet the requirements, you can also get a personal loan from this bank. The least you can pay is P30,000 and the most you can pay is P1,000,000.

Tonik bank - logo


  • Tonik current account
  • Time deposit
  • Stashes
  • Virtual debit cards

The Bangko Sentral ng Pilipinas has given a digital bank license to Tonik, making it the first neobank in the Philippines to get one (BSP). The Philippine Deposit Insurance Corporation protects all of the money that customers put into the bank (PDIC).

Customers can open five stash accounts and five Time deposit accounts with their main Tonik account. All of these features can be used through the app.

Accounts on Tonik Stash are either Solo accounts or Group accounts. If you choose a Solo Stash account, you will earn 4% per year.

For the Group stash option, you can save money with friends and family and earn 4.5% interest per year. Customers can get the most out of this feature by opening up to 5 accounts.

The interest rate on a time deposit account is 6% per year. To open a Time Deposit account, you have to decide how much money you want to put in and for how long. The money for this account will come from the customer’s main account.

Tonik has both real debit cards and cards that can be used online. When you order a card from Tonik, the production fee and shipping will cost you PHP 300. Withdrawals from ATMs are also free, but some banks may charge a fee for a third party. You can use virtual cards to buy things online and pay bills.

Users of both Android and iOS can get the Tonik app. It has important security features like Face ID and a lock card to stop people from using it without permission.

UnionBank Online - logo

UnionBank Online

  • Checking account
  • Savings account
  • Home and Auto Loans
  • Trust and Investments
  • Transfers via InstaPay
  • Time Deposits

One of the most used, and best online banks in Philippines is UnionBank Online. Even though it doesn’t have any branches like the other fully digital banks, it’s a great example of how to switch from traditional banking to digital banking without any problems.

This financial services company lets its customers use a mobile app, a website, or go to a branch to get all the banking services they need. They help customers save money by offering checking accounts, savings accounts, and time deposits.

The interest rate is 0.10% per year for both regular and personal savings accounts. UnionBank also offers auto loans, home loans, and short-term loans, depending on what the customer needs.

Their apps for mobile devices make it easy to send money, pay bills, and pay for online purchases. The bank has won the award for Best Digital Bank three years in a row because of this.

As one of the best online Banks in Philippines, it is worth your time to consider.

Komo By EastWest bank - logo

Komo By EastWest

  • Current Account
  • Troo Flex Insurance Plan
  • Deposits are insured by PDIC up to P500,000
  • No minimum deposit or maintenance fees
  • Free EastWest ATM withdrawals
  • Savings account at 2.5% interest per annum

Komo by EastWest is a banking service in the Philippines that only works online. EastWest, a traditional bank, runs and manages it. It gives customers banking services to help them grow, manage, and save their money. EastWest is an all-purpose bank in the Philippines that has been around for 25 years.

The App Store, Google Play, or the App Gallery are all places where you can get Komo. Since the bank doesn’t have any branches, everything is done through the app.

The savings account from Komo lets people earn up to 2.5% interest per year on their money. Using the app, clients can keep track of how much they make each day. Also, there is no minimum balance or minimum deposit needed to keep the account open.

In 2021, the bank came out with Troo Flex, an insurance product. Customize can make their own insurance plans and pay as little as PHP 300 per year for the insurance premium.

iSave By Maybank bank - logo

iSave By Maybank

  • No initial deposit and zero maintaining balance
  • Free ATM withdrawals
  • Maximum deposit amount of PHP100,000
  • Interest earnings up to 2.5% per annum
  • Free withdrawals at Maybank ATMs in Malaysia, Singapore, and Cambodia

Maybank runs and manages the iSave digital bank account. The Maybank2U PH app is used for all transactions and banking services.

To open an account, customers need to show a valid ID and proof of billing, as well as fill out the application form with more personal information. The app lets you do all of these things.

You can add money to your iSave account in one of three ways: over the counter at a Maybank branch, through an interbank transfer from another bank, or at one of more than 8,000 deposit locations. The savings can earn up to 2.5% interest per year.

You can download the Maybank2U PH App from both Google Play and the App Store.

As one of the best online Banks in Philippines, it is worth your time to consider.

Overseas Filipino Bank - logo

Overseas Filipino Bank (OFB)

  • Deposit Account
  • Loans
  • Treasury Bond Investments

In 2018, the Overseas Filipino Bank opened for business. OFB is a branch of Landbank. It is the first digital bank run by the government in the Philippines.

In March of 2021, the BSP gave the bank a license to do digital banking. It was made to help Filipinos who work abroad by giving them products and services that meet their financial needs.

Once you open an account, you can put money in it, send money to someone else, pay bills, and apply for loans. Customers can also invest in government treasury bonds through the bank.

It works the same way as other online banks, and you can get an app for it on both Google Play and the App Store. But because of how they work, both apps have very low customer ratings.

As one of the Best Online Banks in Philippines it is worth to consider. 

How to Choose a Philippine Online Bank?

Best online banks in Philipines.

Here are some things you should think about before deciding on a digital bank if you want to switch.

  • Mobile Apps

Digital banks mostly work through their websites and apps for mobile devices. Before you choose a bank, think about how well their mobile apps work.

With a smooth app, you can do all your transactions and payments on the go, right from your phone. You can find out how well the app works by reading customer reviews.

  • Security

Choosing a bank with good security features is a good idea. Check to see if the bank has plans in place to protect you if you lose your debit card or if someone else uses it to buy things online without your permission. Also, you should find out if the Philippine Deposit Insurance Corporation covers all of the bank deposits (PDIC).

  • Fees

One good thing about digital banks is that most of their accounts and transactions have low or no fees. Before you choose a bank, you should think about the fees and how well they fit your financial needs.

  • Products and Specifics

Each digital bank offers a different set of financial services. Pick a bank with features that will help you. Pay attention to things like the interest rate, special offers, extra products, loans, and investment options.


In the Philippines, people are now more likely to use digital banks. As more and more people look for better banking options with lower fees, these “challenger banks” have become a popular choice. Still, the number of fully digital banks is growing, and even traditional banks are taking this route.

All of the digital banks we’ve talked about have different products and features that make them stand out. Before you choose an option, compare the services they offer to see which one will help you manage and grow your savings the best.

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