Gone are the days of waiting in long queues just to open an account or withdraw cash. With digital banking, managing your finances is as easy as tapping on your phone.

If you’re looking for a hassle-free way to save, spend, and grow your money, this guide will walk you through everything you need to know about digital banks in the Philippines, including the latest list of digital banks, how they compare, and how to choose the best one for you.

Last updated: 15 September 2026

What are Digital Banks?

Digital banks are typically financial institutions that operate primarily online, offering banking services without the need for physical branches. They provide savings and checking accounts, loans, payment facilities, and more, all accessible through digital platforms such as mobile apps and websites.

Digital banking models emphasise convenience, allowing customers to manage their finances anytime and anywhere.

Bangko Sentral ng Pilipinas’ Role in Licensing Digital Banks in the Philippines

The Bangko Sentral ng Pilipinas (BSP) regulates and supervises all financial institutions in the country. Recognising the potential of digital banking to enhance financial inclusion, the BSP established a framework for digital banks, setting guidelines and requirements for their operation.

The BSP lifted its moratorium on new digital bank licenses in 2024, allowing applications to resume. The application window subsequently closed on 1 December 2025, with applications submitted before the deadline continuing to undergo evaluation.

As of July 2026, BSP Deputy Governor Lyn Javier said applications remained under evaluation at different stages, although the central bank did not disclose the number or names of applicants.

How Many Digital Banks Are There in the Philippines?

Currently, seven digital banks have been granted licenses and are operational.

These are Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, GoTyme Bank, UNOBank, Union Digital Bank, and MariBank, with deposit interest rates varying across providers.

With the current allowance for digital banks increased to 10, there is a possibility that more digital banks may enter the market.

List of Digital Banks in the Philippines 2026

GoTyme Bank

GoTyme Bank, the Best Digital Bank for Everyday Banking

GoTyme Bank helps customers send, shop and save through its core banking services. Customers currently get 20 free InstaPay transfers per month when sending money to other banks or e-wallets. Once the monthly quota is used, succeeding InstaPay transfers cost PHP9 each. Transfers between GoTyme Bank accounts are free and unlimited, while PESONet transfers are also free.

For shoppers, the GoTyme Bank Visa debit card lets customers earn Go Rewards points, with boosted rewards of up to 3x at participating Go Rewards partner stores. Purchases elsewhere earn Go Rewards points based on GoTyme’s standard earning rate.

GoTyme Bank’s Go Save accounts currently offer 3.5% p.a. interest. Customers can create up to five Go Save accounts with customisable savings goals and timeframes.

Maya Bank

Maya Bank is founded by Voyager Innovations, a technology company in the Philippines. It focuses on delivering digital banking services to MSMEs and Filipino consumers alike. Maya Bank offers a suite of banking solutions to both retail and corporate customers, including savings accounts, time deposits, credit cards, personal loans and flexi loans.

Maya Bank, the Best Digital Bank for MSMEs

Maya Bank offers extensive digital business banking support, inclusive of online solutions like payment links and Shopify plugins, in-store solutions like the Maya terminal and business deposits and flexi loans.

Overseas Filipino Bank

Overseas Filipino Bank is a subsidiary of LANDBANK, formerly known as Philippine Postal Savings Bank Inc. (PPSB). PPSB was acquired by LANDBANK in 2016 and redeveloped to suit the needs Filipinos who are based overseas.

Overseas Filipino Bank offers its customers retail internet banking, alternative payment channels and a OFBANK mobile banking app under its digital banking offerings.

Overseas Filipino Bank, the Best Digital Bank for Filipinos based abroad

Overseas Filipino Bank states that it’s the “first government digital-only bank” in the Philippines and a proud member of BancNet, the largest ATM consortium in the country. It offers overseas Filipinos and OFWs (Overseas Filipino workers) a Visa debit card that allows the account holder to send remittances via Visa Direct via overseas Visa partners.

Aside from this, the bank also offers remittance, loan, deposits and treasury services to its customers.

Tonik Digital Bank

Tonik Digital Bank’s holding company is Tonik Financial Pte Ltd, a Singapore-based corporation. 40% of the bank, under the name Tonik Digital Bank Inc, is under the ownership of local investors, per the local banking laws in the Philippines.

Tonik Digital Bank offers shop installment loans, savings account (including group stashes), time deposits, and a debit card facility too.

Tonik Digital Bank, the Best Digital Bank for Savings

Tonik became the first standalone digital bank in the Philippines to achieve profitability in Q1 2026, offering 4% p.a. on Solo Stash, 4.5% on Group Stash, up to 5% on time deposits, and 1% on the primary Tonik Account.

UnionDigital Bank

UnionDigital Bank is wholly owned by the Union Bank of the Philippines, also known as UnionBank. the bank secured a PHP1.6 million capital infusion from its parent bank in September 2024, with the purpose of driving its digital expansion further, including in relation to digital loans.

UnionDigital Bank offers a savings account, time deposits, and cash loans, focusing primarily on Filipino retail customers.

UnionDigital Bank, the Best Digital Bank for a Savings Account

Ubeh Save sends money to other UD accounts (internal transfer), other banks and e-wallets for free (via PESONet). If you wish to send money via InstaPay to other banks or ewallets, it would cost PHP10.

The Ubeh Save account’s rates falls under two tiers for the balances maintained. Balances below PHP5 million earn a standard rate of 3% p.a., while balances of PHP5 million and above qualify for a 3.5% p.a. interest rate.

UNOBank

UNOBank is owned by Singapore fintech UNOAsia Pte Ltd.

The bank’s founding team has extensive experience in banking, technology and digital transformation, as stated on its website. The digital bank offers savings accounts, time deposits, loans and insurance coverage.

UNOBank, the Best Digital Bank for Insurance

UNOBank partnered with Singlife, enabling it to offer UNO X Singlife products which provide insurance coverage such as financial coverage for medical costs, 3-in-1 financial protection against dengue, COVID-19 and accidents, and cash for income loss due to accidents.

MariBank

MariBank officially became the seventh digital bank in the country after receiving its full digital banking license from the BSP.

Backed by Sea Limited, the platform integrates directly with the broader Sea ecosystem to serve retail shoppers and MSMEs.

MariBank, the Best Digital Bank for Everyday Consumers

MariBank offers high-yield savings accounts that credit interest on a daily basis with no minimum balance. The digital bank also features a unique “Upfront Time Deposit” product, which credits the 3.75% p.a. interest instantly upon successful placement rather than at maturity.

Customers also benefit from unlimited free transfers via InstaPay and PESONet, and receive a physical debit card that offers 0% foreign transaction fees for in-store purchases abroad, alongside local cashback perks.

MariBank’s integration with ShopeePay also makes it easier for users to move money between their bank account and e-wallet, giving them more flexibility when paying for purchases online.

How to Choose the Best Digital Bank in the Philippines

Not sure which digital bank fits your needs? Here are some key factors to consider:

Security & Trustworthiness: Stick with BSP-licensed digital banks that offer multi-factor authentication (MFA) and fraud protection.

Interest Rates: If you’re saving money, look for banks with high interest rates.

Ease of Use: A well-designed mobile app with smooth navigation is a must.

Integration with e-wallets: Some banks like UnionDigital Bank make it super easy to transfer money to and from e-wallets.

Customer Support: You’ll want quick responses in case of issues, so check reviews on customer service quality.

Perks & Features: Consider additional services like loans, credit lines, rewards, or cashback, like those offered by Maya Bank.

Comparing the Seven Digital Banks in the Philippines

Source: Bangko Sentral ng Pilipinas and respective banks as of 15 September 2026

Future Trends of Digital Banking in the Philippines

The future of digital banking in the Philippines is shaping up to be more dynamic than ever. With the BSP lifting its moratorium, new players are expected to enter the market, offering better interest rates and enhanced perks. According to recent reports, two Islamic lenders from Malaysia are keen to set up digital banks here, vying to become the Philippines’ first Islamic digital bank.

Banking will also need to shift and become more digitally intuitive, potentially through offering AI-powered services, providing personalised financial advice and automated savings.

Additionally, embedded finance could further integrate banking into everyday platforms, making transactions seamless within e-wallets and shopping apps. As digital banking expands, stronger cybersecurity measures will be a top priority to ensure tighter fraud prevention and safer transactions for users.

FAQs

Are digital banks safe to use?
Yes, all BSP-licensed digital banks follow strict security measures, including encryption and fraud protection.

How do I open a digital bank account?
Download the bank’s mobile app, submit your valid ID, and complete the KYC (Know Your Customer) process online.

Can I deposit cash into a digital bank?
This is dependent on the digital bank itself and whether they partner with cash-in centres like 7-Eleven, GCash, and other over-the-counter options.

Which digital bank has the highest interest rate?
Tonik Digital Bank offers one of the highest interest rates at 5% p.a. on time deposits, at the time of writing.