Digital banks in the Philippines

A digital bank is a kind of bank licensed by the Bangko Sentral ng Pilipinas (BSP) that is built to serve customers online, with no physical branches offering its services. Deposits in a BSP-licensed digital bank are insured by PDIC up to PHP 1,000,000 per depositor, per bank, like deposits in any other bank.

The BSP created the licence in 2020. Its rules say a digital bank “offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering financial products and services”, needs a minimum capital of PHP 1.0 billion, and must keep a head office in the Philippines (BSP Circular 1105). From 1 January 2025 the BSP lifted its pause on new licences, with at most ten digital banks allowed, counting those already licensed. A bank converting to a digital bank licence has up to three years to close its existing branches, and a digital bank may use cash agents (Manual of Regulations for Banks, Sec. 102).

The BSP’s list. The BSP’s directory of banks, filtered to digital banks and updated as of 26 October 2026, lists seven, in this order:

• GoTyme Bank Corporation
• Maribank Philippines, Inc.
• Maya Bank, Inc.
• Overseas Filipino Bank, Inc., A Digital Bank of LANDBANK
• Tonik Digital Bank, Inc.
• UnionDigital Bank, Inc.
• UNObank, Inc.

This is the BSP’s list as published, not a ranking or a recommendation. Check the BSP directory for the current list.

Digital bank, e-wallet and a regular bank’s app

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The BSP’s rules say e-money is held in a “non-deposit transaction account” and that “E-money is not considered a deposit. It shall not earn interest” (Manual of Regulations for Banks, Sec. 702). PDIC insures deposits in banks only (PDIC FAQs). If an e-wallet app offers a savings account run by a partner bank inside the app, that money is a deposit in the partner bank, so check which bank holds it.

PDIC cover

PDIC says all banks licensed by the BSP are its members, including digital banks, and that the maximum cover is PHP 1 million per depositor, per bank (PDIC FAQs). The limit is per bank, so deposits you hold in your own name in the same bank count together toward it; a joint account is insured separately, and its cover is shared among the account holders (PDIC Charter as amended by RA 11840). Investment products, such as bonds, securities and trust accounts, are not insured.

Opening an account from abroad

Digital banks open accounts through their apps, with identity checks done online. Each bank sets its own requirements. Whether you can open or keep an account while living abroad, which IDs are accepted, and whether you need a Philippine mobile number differ by bank. Read the bank’s own account terms before you transfer money.

Rates

This page shows no rates. Digital banks change their rates often, and a rate shown here would soon be out of date. Check each bank’s own rate page on the day, and compare the rate after the 20% final tax. The time deposit calculator works out interest after tax for any rate you enter.

Staying safe

• Check the bank is on the BSP’s list before you open an account.
• Download the app only from the official app stores, and check the developer name matches the bank.
• Never share one-time passwords or your PIN, whoever asks.
• Complaints. Go to the bank first. If it does not resolve the problem, you can contact the BSP through its chatbot, the BSP Online Buddy (BOB), or by sending its consumer assistance form (the CIR form) to consumeraffairs@bsp.gov.ph (BSP consumer assistance page).

See high interest savings accounts.

See time deposits.

For all the ways to save and invest, see the investing guide.

This page explains how digital banks work. It does not recommend any bank.