Did you know that you can now start saving money online? Here's how.
Do you want to open a savings account without going to the bank? Thanks to digital banks like CIMB Bank, Tonik, and Maya Bank (formerly PayMaya), they let you open an account through their mobile apps. You can even submit the required documentation in real time.
Even traditional banks like Maybank, UnionBank, and RCBC have upgraded their processes for clients to do everything online. So that means no more branch visits and long lines.
CIMB Bank Philippines is an all-digital mobile bank. Its first financial product was GSave, which the bank integrated into the GCash app. Eventually, the company introduced other savings accounts, like Upsave, Fast, and Fast Plus, that offer annual interest rates starting from 0.50% to 2.60%.
SeaBank by SeaBank Philippines, is another digital bank that’s regulated by the Banko Sentral ng Pilipinas. It’s a rural bank that offers a mobile banking service to all current and non-depositors. Like any other digital bank, opening a savings account is super easy.
Tonik Bank is a digital-only bank in the Philippines that offers a full suite of banking services with no maintaining balance. You can open an account for free through the mobile app. There are no minimum balance requirements. You’ll earn interest on your deposits up to 6.00% per annum, and you can use Tonik’s mobile app to manage your finances on the go.
Tonik offers a 1.00% interest per annum on your savings account and comes with a physical debit card that you can use for withdrawals and other in-store purchases. Since this is a branchless bank, depositing funds is super easy, as you can do it via GCash, local bank transfer, or CLiQQ kiosks.
Also check out the 5 Credit Cards with No Annual Fees in the Philippines
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Overview of Digital Banks in the Philippines
Here's a list of digital banks and their Interest Rate Per Annum:
- CIMB Bank - 0.50% – 2.60%
- Komo Bank - 2.50%
- Maya Bank (formerly PayMaya) - 6.00%
- Maybank - Up to 1.00%
- RCBC - Varies
- SeaBank - 5.00%
- Tonik Bank - Up to 6.00%
- UnionBank - 0.10%
CIMB Bank
The UpSave has a base rate of 2.50%. This account offers free life insurance with coverage of up to ₱250,000 if you maintain a minimum average daily balance of ₱5,000.
The GSave account is accessible in the GCash wallet and offers a 2.60% interest rate per annum. You can also transfer GCash funds to the GSave account with ease.
With your CIMB Savings account, you can deposit money over the counter through more than 8,000 partners, including 7-Eleven, SM Payment Center, and LBC. Other features include mobile bank transfers, prepaid reloading, and bills payment.
HELPFUL ITEMS YOU CAN USE TO SAVE MONEY!
Here's my list of useful items for you to save or earn money wisely:
- Coin banks
- Informative books about money, saving and investments!
- Money organizer
Shopee is my go-to app for things I needed like the ones above. If you'd like discounts and vouchers, you may get the best offers here:
Maya Bank
Maya Bank, formerly PayMaya, is a fully digital bank that offers an introductory promo of 6.00% interest rate per annum when you open a savings account until October 13, 2022. This digital bank is available to all Maya users. Depositors need to maintain an average daily balance of ₱10,000 to earn interest.
The savings are insured by the PDIC for up to ₱500,000. Since it’s linked to your Maya account, you can easily make transactions online such as bills payment, money transfers, and purchases of mobile load.
SeaBank
Download the SeaBank mobile app and go through the verification process. Sign up in five minutes with a valid ID. There’s no minimum balance to maintain your account, no deposit cap, and no lock in period. You can deposit for as low as ₱1 and start growing your money with its 5.00% interest rate per annum.
Depositors receive a daily payout of the interest earnings. You can transfer funds from your SeaBank account to other banks for withdrawals. As of the time of writing, the bank doesn’t have an ATM card.
Tonik Bank
Tonik offers a 1.00% interest per annum on your savings account and comes with a physical debit card that you can use for withdrawals and other in-store purchases. Since this is a branchless bank, depositing funds is super easy, as you can do it via GCash, local bank transfer, or CLiQQ kiosks.
You earn up to 6.00% interest rate per annum with a maximum deposit of ₱100,000 that you will hold off for six months.
RCBC Touch Q
RCBC Bank allows clients to open a savings account through RCBC Touch. It’s a web portal for Filipino citizens 18 years old and above. You need a valid government-issued ID for the account opening process.
If you use RCBC Touch, you can open any savings accounts like One Account, GoSavers, and Regular ATM Savings. It also lets you apply for checking accounts like Dragon Checking and eWoman Checking accounts. The interest rates, initial deposit requirement, and minimum average daily balance of these accounts vary. But for starters, the Regular ATM Savings account only requires a minimum deposit of P3,000.
iSave by Maybank
Maybank launched iSave as its first online-only savings account that you can open through the mobile app. Open a savings account straight from your phone and submit the documents online.
With iSave, there’s no initial deposit or minimum balance required. But if you want to earn a profit of 0.25% per annum, you should have ₱20,000 as your average daily balance.
You can deposit up to ₱100,000 in your account, and you will also receive an EMV-enabled ATM card if you top up your account with a one-time deposit of at least P1,000.
UnionBank
UnionBank is a traditional bank that continuously takes advantage of innovative solutions to improve its services. This is why it has won Best Digital Bank for three straight years. It’s one of the first banks that offered Instapay to clients, allowing real-time fund transfer funds to any major local bank via mobile bank transfer.
You can pay bills, insurance premiums, and even your taxes. Deposit a check by scanning within the app. Depending on your budget goals or saving habits, you can also open a PlayEveryday, Personal Savings, Savings +, or GetGo Debit account.
These savings accounts have different minimum ADB and annual fees. But overall, having a UnionBank account gives you the convenience of mobile banking.
Which digital bank is for you?
If you are looking for low-interest loans, here's my list of Personal Loans With the Lowest Interest Rates in the Philippines.
Acknowledgement: This article is sponsored by Usapang Hanapbuhay.
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