Disclosure: Small Business Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments’ or businesses’ websites. Please get in touch with us directly for any discrepancies.
As the world becomes more digitized, banking is also transitioning towards digitalization. In the Philippines, more and more people are turning towards digital banks to access their banking services. Digital banks offer convenient and accessible services that cater to the needs of modern customers. This article will explore the best digital banks in the Philippines, focusing on their features, benefits, and drawbacks.
1. CIMB Bank
CIMB Bank is a digital bank that provides easy access to banking services through its mobile application. It is known for its low-interest rates, no annual fees, and high-interest savings account. CIMB Bank also offers free fund transfers and bill payments through the app. Its mobile app is user-friendly and allows customers to manage their accounts, apply for loans, and invest in fixed deposits. One of its unique features is its virtual assistant, which can help customers with their banking needs.
Pros:
- No annual fees and low-interest rates
- High-interest savings account
- Free fund transfers and bill payments
- User-friendly mobile app
- Virtual assistant feature
Cons:
- Limited physical branches
2. UnionBank Online
UnionBank Online is a digital bank that offers a wide range of banking services such as savings accounts, loans, and credit cards. It also provides free fund transfers and bill payments through its mobile app. UnionBank Online has a user-friendly mobile app that allows customers to access their accounts, apply for loans and credit cards, and manage their investments. One of its unique features is its ability to customize account preferences and alerts.
Pros:
- Wide range of banking services
- Free fund transfers and bill payments
- User-friendly mobile app
- Customizable account preferences and alerts
Cons:
- Higher interest rates compared to other digital banks
- Limited physical branches
3. Tonik
Tonik is a digital bank that offers a high-interest savings account, personal loans, and debit cards. It also provides cashback rewards and referral bonuses to customers who refer friends to the bank. Tonik has a user-friendly mobile app that allows customers to manage their accounts, transfer funds, and pay bills. One of its unique features is its ability to create and manage multiple savings accounts.
Pros:
- High-interest savings account
- Cashback rewards and referral bonuses
- Personal loans and debit cards
- User-friendly mobile app
- Ability to create and manage multiple savings accounts
Cons:
- Limited services compared to traditional banks
- Limited physical branches
4. Komo by EastWest
Komo by EastWest is a digital bank that offers savings accounts, debit cards, and personal loans. It also provides free fund transfers and bill payments through its mobile app. Komo has a user-friendly mobile app that allows customers to manage their accounts, apply for loans, and invest in fixed deposits. One of its unique features is its ability to apply for a debit card through the app and receive it within 24 hours.
Pros:
- Savings accounts, debit cards, and personal loans
- Free fund transfers and bill payments
- User-friendly mobile app
- Fast debit card application and delivery
Cons:
- Limited services compared to traditional banks
- Limited physical branches
5. GSave by Gcash
GSave by Gcash is a digital bank that offers high-interest savings accounts and investment opportunities through its mobile app. It also provides free fund transfers and bill payments to customers who have a Gcash wallet. GSave has a user-friendly mobile app that allows customers to access their accounts, invest in mutual funds, and purchase insurance. One of its unique features is its partnership with CIMB Bank, which provides added security for customers’ deposits.
Pros:
- High-interest savings account and investment opportunities
- Free fund transfers and bill payments
- User-friendly mobile app
- Partnership with CIMB Bank for added security
Cons:
- Limited services compared to traditional banks
- Only available to Gcash wallet holders
6. DiskarTech by RCBC
DiskarTech by RCBC is a digital bank that caters to unbanked and underserved Filipinos. It offers a basic savings account, free fund transfers, and bill payments through its mobile app. DiskarTech has a user-friendly mobile app that allows customers to access their accounts, apply for loans, and pay bills. One of its unique features is its ability to apply for a government-issued identification card through the app.
Pros:
- Basic savings account for unbanked and underserved Filipinos
- Free fund transfers and bill payments
- User-friendly mobile app
- Ability to apply for a government-issued identification card
Cons:
- Limited services compared to other digital banks
- Limited investment opportunities
Conclusion
Digital banks offer convenient and accessible banking services to customers in the Philippines. Each digital bank has its unique features, benefits, and drawbacks. CIMB Bank, ING Philippines, UnionBank Online, Tonik, Komo by EastWest, GSave by Gcash, and DiskarTech by RCBC are some of the best digital banks in the Philippines in 2023. Choosing the right digital bank depends on a customer’s needs and preferences, such as interest rates, services offered, and physical branch locations. Regardless of which digital bank a customer chooses, it is important to prioritize security and accessibility when managing personal finances.
