Digital banks play a big role nowadays, particularly during this pandemic. With the digital banks present in the Philippines, people can take advantage of various perks such as online applications, cashless fund transfers, higher interest rates, and more.
Previously, we have shared with you the list of digital banks in the Philippines that allow us to open an account without going to the branch for safety reasons during the pandemic. However, with the existing competition between these banks, we may wonder which could give better. A few of the things we would definitely consider are the interest rates, minimum balance to earn interests, and transfer fees. Now, let’s put them side by side and find out which has more to offer!
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The digital banks included in the list are members of the Philippine Deposit Insurance Corporation (PDIC) and are regulated by the Bangko Sentral ng Pilipinas (BSP).
Among the listed digital banks, DiskarTech has the highest interest rate of 3.25% p.a. and has no minimum balance to earn interest. Though some banks offer a higher interest rate of 4%, those are promotional rates that need to meet certain criteria to qualify. Digital banks that currently have promotional interest rates of 4% are the CIMB Bank and ING Philippines.
Although a Tonik account earns only 1% interest p.a., it got other features that could offer higher interest rates. Stash is Tonik’s unique feature that enables users to save money solo or by a group. Tonik Digital Bank offers 4% and 4.5% interest rates p.a. on Solo Stash and Group Stash, respectively. Additionally, it gives up to a 6% interest rate p.a. on Time Deposit. Note that there is also a minimum deposit of PHP 5,000 and a minimum duration of 6 months for the Time Deposit.
There you have it! So now, which among these banks you think is better? You may also share your experience with them by leaving a comment down below.