Digital Bank Interest Rates in the Philippines, Compared

If your money is sitting in a traditional savings account earning 0.10% to 0.50% per year, you are leaving real peso gains on the table. Philippine digital banks now offer savings rates as high as 6% gross — and time deposits reaching 8% — with no minimum balance, no maintaining balance, and interest credited directly to your account every single day. This guide breaks down every major digital bank savings rate in the Philippines for 2026, explains how to calculate what you actually take home after tax, and helps you pick the right bank for your situation.

Why Digital Bank Rates Matter More Than Ever

Walk into any branch of BDO, BPI, or Metrobank and ask about their regular savings account rate. In 2026, you will likely hear a number between 0.10% and 0.50% per annum. Park ₱50,000 there for a full year and you earn ₱50 to ₱250 in gross interest — barely enough for a fast-food meal. Digital banks have fundamentally changed this equation.

Philippine digital banks operate under a Bangko Sentral ng Pilipinas (BSP) license, meaning they follow the same regulatory framework as your neighborhood branch bank. More importantly, their deposits are covered by the Philippine Deposit Insurance Corporation (PDIC) up to ₱1,000,000 per depositor, per bank — the exact same safety net that protects your money in a traditional bank. The difference is that digital banks pass their lower overhead costs directly to depositors in the form of higher interest rates.

One structural advantage that makes digital bank rates even more powerful is daily interest crediting. Most traditional banks credit interest monthly or quarterly, which limits compounding. Digital banks like Maya, SeaBank, GoTyme, and Tonik credit earned interest to your account every single day. Over a full year, daily compounding on a 5% gross rate produces a marginally higher effective yield than the same 5% credited once a month — and the psychological benefit of watching your balance grow daily encourages better saving habits.

Finally, the accessibility factor cannot be overstated. No maintaining balance, no minimum initial deposit on most accounts, and account opening that takes under 15 minutes with a single government-issued ID and a selfie. For OFWs sending money home, first-time savers, and workers in the informal economy, these accounts remove every barrier that traditional banks once used as a filter.

How to Read the Rate Table: Gross vs. After-Tax Yield

Before comparing any numbers, you need to understand one non-negotiable rule of Philippine banking: the Bureau of Internal Revenue (BIR) collects a 20% final withholding tax (FWT) on all peso deposit interest income. This tax is deducted automatically by the bank before the interest hits your account — you never need to file or pay it separately, but you also never receive that 20%.

What banks advertise — including every rate in this article — is always the gross rate. Your actual take-home yield is simply: gross rate × 0.80. A 5% gross rate becomes 4% net. A 6% gross rate becomes 4.80% net. An 8% gross rate becomes 6.40% net. This distinction matters enormously when comparing across banks, because a bank advertising 5% is not offering more than a bank advertising 5% after-tax — they are the same product described differently.

One area of complexity is boosted or promotional rates — such as Maya's spending-mission bonuses that can push rates up to 15% gross. These are still subject to 20% FWT on the interest portion, so a 15% gross boosted rate nets approximately 12% after-tax. However, because these rates are conditional and time-limited, always confirm the specific terms and applicable tax treatment directly with the bank before structuring your deposits around them.

2026 Digital Bank Savings Rate Comparison Table

The table below reflects rates as reported for 2026. All rates are gross (before 20% FWT). After-tax yields are calculated at gross rate × 0.80. Always verify current rates on the bank's official app or website before depositing, as rates can change without prior notice.

1. 1.Tonik Bank (Tonik Account): 6.00% gross / ~4.80% after-tax — highest standard savings rate in the market, no published balance cap. Solo Stash: 4.00% gross / ~3.20% after-tax. Group Stash: 4.50% gross / ~3.60% after-tax.
2. 2.Tonik Bank Time Deposit: up to 8.00% gross / ~6.40% after-tax for a 12-month lock-in — highest published time deposit rate among BSP-licensed digital banks.
3. 3.BanKo: 5.00% gross / ~4.00% after-tax — no lock-in required, among the highest no-strings savings rates available.
4. 4.SeaBank: 5.00% gross / ~4.00% after-tax — free PESONet and InstaPay transfers, backed by Sea Group (Shopee's parent company).
5. 5.GoTyme Bank: 5.00% gross / ~4.00% after-tax — free transfers, physical GoTyme Visa debit card available via kiosks in Robinsons malls.
6. 6.DiskarTech (by RCBC): 4.00% gross / ~3.20% after-tax — designed for the unbanked and mass-market segment with simplified onboarding.
7. 7.Maya Bank (Regular Savings): 3.50% gross / ~2.80% after-tax; boosted rates via monthly spending missions up to 15% gross (terms apply). Personal Goals: up to 8.00% gross / ~6.40% after-tax, capped at ₱100,000 per goal.
8. 8.Maya Bank (Go Save): 3.00% gross / ~2.40% after-tax — no balance caps, no spending requirements, suitable for passive savers.
9. 9.UNO Digital Bank (#UNOready): Regular savings up to 3.50% gross / ~2.80% after-tax; time deposits up to 5.75% gross / ~4.60% after-tax.
10. 10.UnionDigital Bank: 3.00% gross / ~2.40% after-tax standard savings; rises to 3.50% for balances above ₱5,000,000. Time deposits range from 2.50% to 3.15% gross.
11. 11.OFBank (Overseas Filipino Bank): 0.05% gross — focused primarily on OFW remittance services; not a competitive savings vehicle on its own.

For live and continuously updated rates, check our rate tracker at pesohub.ph/rates/savings-rates/best-digital-bank-rates-philippines.

Spotlight: Tonik Bank — Is the 6%–8% Rate Worth It?

Tonik Bank holds the distinction of offering both the highest standard savings rate and the highest time deposit rate among BSP-licensed digital banks in the Philippines as of 2026. Its flagship Tonik Account pays 6.00% gross per annum — that is 4.80% after-tax — with no reported balance cap and no lock-in period. For comparison, the best traditional bank savings account in the country currently tops out around 0.50% gross.

Tonik's time deposit product pushes this further, offering up to 8.00% gross (approximately 6.40% after-tax) for a 12-month placement. This is not a promotional or conditional rate — it is Tonik's published time deposit offering. The trade-off, as with any time deposit, is that your money is locked in for the agreed term. Early withdrawal typically results in forfeiture of some or all earned interest, so you should only place funds here that you are genuinely comfortable setting aside for the full duration.

Tonik also offers two goal-based savings products: Solo Stash (4.00% gross) for individual savings goals, and Group Stash (4.50% gross) for shared savings with family or friends. These are useful for dedicated savings buckets — vacation fund, emergency fund top-up, or a specific purchase — while keeping your main Tonik Account liquid at the higher 6% rate.

Tonik is best suited for savers who already have a liquid emergency fund in a separate account and want to maximize returns on funds they do not need immediate access to. If you can afford a 12-month lock-in, the 8% time deposit is simply the highest guaranteed peso yield available through a BSP-licensed institution in 2026, making it hard to ignore for disciplined savers.

Spotlight: Maya Bank — Understanding Boosted Rates and Goal-Based Savings

Maya Bank is one of the six fully BSP-licensed digital banks in the Philippines, and its savings product is among the most feature-rich in the market. The base savings rate of 3.50% gross is competitive — already significantly better than most traditional banks — but Maya's real value proposition lies in its tiered and boosted rate structure.

Maya's boosted rate, which can reach up to 15% gross per annum, is earned by completing monthly spending missions: activities like paying bills through the Maya app, making QR code purchases at partner merchants, or completing a minimum number of transactions. For Filipinos who already use Maya for daily digital payments, these missions are easy to complete organically, making the boosted rate a genuine benefit rather than an impossible hurdle. However, for OFWs based abroad or savers who do not regularly transact domestically, fulfilling these missions each month can be impractical — the base 3.50% rate is a more realistic expectation for them.

Maya's Personal Goals feature offers tiered interest rates of up to 8.00% gross (approximately 6.40% after-tax), but there is an important cap to be aware of: interest stops accruing on any individual goal once the balance exceeds ₱100,000. This means the 8% rate applies only to the first ₱100,000 per goal — if you have ₱300,000 to park, you would need to spread it across three separate goals to maximize this rate, which adds some management overhead. The Go Save product, on the other hand, offers a simpler 3.00% gross with no caps or conditions, making it the right choice for passive savers who want to deposit and forget.

Spotlight: SeaBank and GoTyme — Simple, High-Yield, No Strings

If you want the highest possible savings rate without any lock-in, spending requirements, or balance caps, SeaBank and GoTyme Bank are the most straightforward options in the market. Both offer a flat 5.00% gross savings rate — approximately 4.00% after-tax — on all balances with no conditions attached. Deposit ₱500 or ₱500,000 and you earn the same 5% rate from day one.

SeaBank is backed by Sea Group, the same company that operates Shopee and Garena in the Philippines. While SeaBank integrates with the broader Sea ecosystem, it functions as a fully independent BSP-supervised institution. Account opening is done entirely through the SeaBank app, and free InstaPay and PESONet transfers mean you can move money without the ₱25–₱50 per-transaction fee that most traditional banks still charge.

GoTyme Bank differentiates itself with a physical Visa debit card that can be issued instantly at GoTyme kiosks located inside Robinsons Malls and other partner locations nationwide. For savers who appreciate the convenience of ATM access alongside digital banking features, GoTyme bridges that gap effectively. Free transfers and no maintaining balance round out a very clean, uncomplicated product. For someone who wants to set up a high-yield savings account and largely leave it alone, GoTyme or SeaBank at 5% gross is arguably the simplest path to beating inflation on idle funds.

Time Deposit Rates at Digital Banks vs. Traditional Banks

Time deposits offer higher interest rates in exchange for locking your money in for a fixed term — typically 30 days to 24 months. In 2026, digital banks have made this product category decisively more attractive than their traditional counterparts.

At the top of the digital bank time deposit ladder sits Tonik at 8.00% gross (6.40% after-tax) for a 12-month placement. UNO Digital Bank follows at up to 5.75% gross (4.60% after-tax). UnionDigital rounds out the digital bank time deposit options at 2.50% to 3.15% gross depending on term and amount. Compare this to traditional banks: BDO, BPI, and Metrobank typically offer 1.00% to 3.50% gross on time deposits, depending on term and placement size — and often require minimum placements of ₱5,000 to ₱50,000.

Digital bank time deposits typically have lower — or no — minimum placement requirements, making them accessible to everyday savers who cannot commit large lump sums. Tonik, for instance, allows relatively small time deposits, which means even a worker saving ₱10,000 to ₱20,000 can access the 8% rate without needing the large lump sums that some traditional bank products require.

One strategic approach for savers with larger balances is to split time deposits across multiple digital banks to stay within PDIC's ₱1,000,000 coverage limit per bank while maximizing yields. For example, a saver with ₱2,000,000 in idle funds could place ₱900,000 in a Tonik time deposit at 8% and ₱900,000 in a UNO time deposit at 5.75%, keeping both fully insured and capturing excellent rates across both institutions. For the latest time deposit rates across all Philippine banks, visit pesohub.ph/rates/savings-rates/time-deposit-rates-philippines.

What to Check Before Opening a Digital Bank Account

Not all digital bank accounts are identical, and a few minutes of due diligence before you deposit can save you from unpleasant surprises later. Here is what to verify before committing your funds.

• BSP License: Confirm the bank is on BSP's list of licensed institutions. As of 2026, the six fully licensed digital banks are Maya, Tonik, GoTyme, UNO, OFBank, and UnionDigital. BanKo, SeaBank, and DiskarTech operate as digital savings banks or thrift banks — a separate but still BSP-regulated and PDIC-insured category.
• PDIC Coverage: All BSP-licensed banks carry PDIC insurance up to ₱1,000,000 per depositor, per bank. If your total deposits at a single bank — across all account types — approach or exceed this threshold, consider spreading across banks.
• Interest Crediting Schedule: Daily crediting (offered by Maya, SeaBank, GoTyme, and Tonik) produces faster compounding than monthly or quarterly schedules. Confirm the crediting frequency in the bank's terms and conditions.
• Rate Conditions: Ask whether the advertised rate requires a minimum balance, specific monthly transactions, a lock-in period, or any other condition. A 6% rate that requires ₱50,000 minimum is very different from a 5% rate with no conditions.
• Transfer Limits and Fees: Most digital banks offer free InstaPay and PESONet transfers, but daily and per-transaction limits vary. If you plan to move large sums regularly — especially for business or OFW remittance purposes — verify these limits upfront.
• KYC and Onboarding Requirements: Most accounts require one valid government-issued ID and a selfie taken through the app. DiskarTech, aimed at the unbanked, is designed to accept non-traditional IDs and has a simplified onboarding flow for Filipinos without standard documents.

Which Digital Bank Is Right for You? (Quick Picker Guide)

With so many options available, the right digital bank depends on your specific goal, behavior, and balance size. Here is a straightforward breakdown to help you decide.

• Best overall yield with no lock-in: Tonik Bank (6% gross Tonik Account) — highest liquid savings rate in the market. Alternatives with no conditions: SeaBank, GoTyme, or BanKo at a flat 5% gross.
• Best time deposit rate: Tonik Bank at up to 8% gross for a 12-month term. UNO Digital Bank is a strong runner-up at up to 5.75% gross.
• Best for active digital spenders: Maya Bank — if you already pay bills, buy groceries, and transact via QR through Maya, the spending missions that unlock boosted rates are easy to complete and can significantly raise your effective yield.
• Best for the unbanked or first-time savers: DiskarTech by RCBC — simplified onboarding, relaxed ID requirements, and a mass-market design make it the most accessible entry point into digital banking.
• Best for OFWs focused on remittance: OFBank for the remittance function, but pair it with a SeaBank, GoTyme, or Tonik account for any idle peso savings — OFBank's 0.05% savings rate means your funds should not sit there longer than needed.
• Best for large balances above ₱5,000,000: UnionDigital Bank (which offers a higher 3.50% tier for balances above ₱5 million) or — more effectively — splitting deposits across multiple PDIC-insured digital banks to maximize both yield and insurance coverage.

Important Disclaimers and Reminders

This article is published by PesoHub for informational purposes only and does not constitute financial, investment, or legal advice. PesoHub is not affiliated with, endorsed by, or compensated by any of the banks or financial institutions mentioned in this article.

Interest rates cited are based on publicly available information as of 2026 and are subject to change at any time without notice. Always confirm current rates, terms, and conditions directly with the relevant bank before depositing funds.

The 20% final withholding tax on deposit interest income is mandated by the Bureau of Internal Revenue (BIR) under the National Internal Revenue Code (NIRC) and applies automatically to all Philippine peso deposit accounts. You are not required to file or remit this tax separately — the bank handles it — but it reduces your effective yield and should always be factored into your comparisons.

PDIC deposit insurance protects up to ₱1,000,000 per depositor per bank in the event of a bank closure or insolvency. It does not protect against losses resulting from fraud, unauthorized transactions, or market fluctuations. Boosted and promotional rates — including Maya's mission-based rates — are subject to the issuing bank's terms and conditions and may be withdrawn, modified, or expired at any time without notice.