Comparing Deposit Interest Rates of Philippines Digital Banks (2026)

Saving money is not just about discipline.

Ask anyone who has been saving for a while, and they will tell you that where you keep your cash matters just as much as how much you set aside.

After all, most of us are not saving just for the sake of saving.

We want our money to grow while it sits there. And, honestly, who does not like a bit of “free” money in the form of interest?

For years, people have parked their savings in all sorts of places.

Cash at home, informal savings groups, or traditional bank accounts that offered stability but very little in return.

That mindset has started to shift.

The Digital Banking Landscape in the Philippines

Over the past few years, digital banks have changed how people think about saving. For context, the Philippines currently has six BSP-licensed digital banks operating at a national level.

All six are fully digital, with no physical branches, and all deposits are insured by the Philippine Deposit Insurance Corporation for up to PHP 500,000 per depositor.

While these banks share the same regulatory framework, their business models differ.

Some position themselves as everyday financial super apps, others focus on savings and wealth accumulation, and a few prioritise remittances or ecosystem integration over yield.

These differences are reflected clearly in how deposit interest rates are structured.

There are banks that offer flat, predictable rates. Others rely heavily on promotions, behavioural conditions, or balance caps to deliver eye-catching headline yields.

And as of September 2025, digital banks in the Philippines collectively held PHP 119.5 billion in deposits and served around 20.4 million customers, signalling both growing scale and intensifying competition.

With BSP indicating plans to give the full updated shortlist of new digital bank candidates by the first quarter of 2026, following the lifting of the digital bank moratorium back in 2025, it means great news for Filipinos.

More players will almost certainly mean more choice.

But before that list extends, it is worth taking a closer look at what is already on the table.

This article examines how the six existing digital banks in the Philippines price their savings and time deposit products, and what those interest rates actually mean for savers today.

Understanding Deposit Interest Rates in Digital Banks

A deposit interest rate is the annual return paid on money held in a savings or time deposit account.

Savings accounts are typically liquid, allowing withdrawals at any time, while time deposits require funds to be locked in for a fixed period in exchange for higher returns.

In digital banks, deposit rates are often dynamic.

A base rate applies to all balances, while higher rates are earned only if specific conditions are met.

These conditions may include spending activity, maintaining minimum balances, adding fresh funds, or committing money for a defined tenure.

As a result, the “best” deposit rate depends less on the headline number and more on how realistically a saver can earn it.

Let’s have a look at how the deposit interest rates of these digital banks compare to one and the other.

Last Updated: 04 February 2026

Deposit Interest Rates by Digital Bank

Maya Bank

Maya Bank offers one of the most aggressive savings propositions in the market. Its base savings interest rate stands at 3.5% per annum.

On top of this, users can earn boosted rates of up to 15% per annum, but it comes with certain conditions.

These boosted rates are not automatic. They are earned by completing monthly spending missions within the Maya ecosystem, such as paying bills, using QR payments, or transacting with a Maya card.

The boosted portion resets every month, meaning the effective yield depends on continued activity rather than passive saving.

Maya also offers Time Deposit Plus, which provides rates of up to 6.0% per annum.

These products require funds to be locked until maturity and often involve meeting a predefined savings target to earn the full return.

Tonik Bank

Tonik Bank takes a more straightforward approach to savings.

Its Solo Stash account pays a flat 4.0% per annum, while Group Stash accounts pay 4.5% per annum when at least three users save together.

These rates apply without promotional mechanics, balance caps, or spending requirements, and funds remain fully accessible.

Tonik’s time deposit products offer rates of up to 6.0% per annum for a six-month tenure.

Like Maya Bank’s, these deposits are locked until maturity and are aimed at savers who are comfortable committing funds for a defined period in exchange for higher yields.

UNO Digital Bank

UNO Digital Bank places a stronger emphasis on time deposits than on transactional savings.

Its UNOReady savings account pays 3.0% per annum, but can rise to 3.5% if you deposit PHP 5,000 and up.

UNO’s time deposit offerings, including UNOearn and UNOboost, provide rates ranging from 4% to 5.75% per annum, depending on tenure and channel.

Some of these products distribute interest monthly, which can appeal to savers seeking regular income rather than purely long-term accumulation.

GoTyme Bank

GoTyme Bank offers one of the simplest savings products among Philippine digital banks.

Its Go Save account pays a flat 3.0% per annum, with no balance caps, promotional conditions, or spending requirements. Interest is applied consistently, and funds remain fully liquid.

UnionDigital Bank

UnionDigital Bank’s deposit rates are more conservative and closer to traditional banking structures.

Its savings account pays 3.0% per annum, increasing to 3.5% per annum for balances above PHP 5 Million and above.

Time deposit rates range from as low as 2.5% to 3.15% per annum, with shorter tenures generally offering higher yields than longer ones.

Overseas Filipino Bank (OFBank)

OFBank’s digital savings account pays 0.05% per annum.

Although that is quite low, OFBank is not positioned as a high-yield savings platform, unlike other digital banks.

Its mandate is focused primarily on remittances and services for overseas Filipino workers, rather than deposit rate competition.

So, Which Digital Bank Offers the Best Deposit Rates?

There is no single best answer, because many of the highest rates come with conditions. Conditions, that to some, makes no sense. So, it’s best to keep that in mind.

Maya Bank offers the highest headline savings rate, but only for users who actively transact within its ecosystem every month.

Tonik and GoTyme, on the other hand, provide consistently fair savings rates with no conditions, making them more suitable for passive savers.

For those willing to lock in funds, time deposits from Tonik and UNO offer some of the strongest risk-adjusted returns among digital banks, particularly for shorter tenures.

Ultimately, the best deposit account depends on whether a saver values flexibility, predictability, or maximum yield.

Or in a much more simpler terms. It all comes down to you, your goals, and your pocket.

Frequently Asked Questions (FAQs)

Which digital bank in the Philippines offers the highest savings interest rate?

Maya Bank offers the highest headline savings rate, reaching up to 15% per annum, although this applies only to capped balances and requires monthly spending activity.

Which digital bank offers the best savings rate with no conditions?

Tonik Bank and GoTyme Bank both offer flat savings rates of around 3% to 4% per annum with no promotional requirements or balance caps.

Are digital bank deposits safe in the Philippines?

Yes. All BSP-licensed digital banks are insured by the Philippine Deposit Insurance Corporation for up to PHP 500,000 per depositor.

Do promotional interest rates apply to my full balance?

In most cases, no. Promotional rates usually apply only to a capped portion of funds or require specific actions to qualify.

Is a time deposit better than a savings account?

Time deposits generally offer higher interest rates but require funds to be locked in. Savings accounts offer greater flexibility but usually lower returns.

Featured image: Edited by Fintech News Philippines based on an image by thanyakij-12 via Freepik.

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