Have you ever looked into checking your balance at the comfort of your own home? Well, digital banks may be a great option. Digital banks have been a new necessity most especially during the rise of the pandemic. Here are some great digital banks options in the Philippines.
CIMB provides in-app services such as cashing in using online or over-the-counter methods and transferring money to other banks with ease. It also gives you the option to pay your bills and take out a personal loan.
The “Digital Bank of the Year” (2020) also offers you the option to take out your money anytime with no service fees, no minimum deposit, and no required maintaining balance. To add to those great features, CIMB also has an annual interest rate of 2.5% which is bigger than most traditional banks in the Philippines.
GCash has paired up with CIMB to create a GSave option in their app. Like the CIMB app, the GSave allows you to deposit and withdraw your money using online or over-the-counter methods. The app also allows you to pay for your bills with a few simple taps. Their interface makes it easy to navigate through the different things being offered such as paying through a QR code, sending money to another person and even investing in a money market fund.
Its integration of GCash makes it great for people already using the GCash app. There is no minimum deposit, no required maintaining balance and has a maximum deposit amount of 100,000 pesos every month as well as an annual interest rate of 2.6%.
This bank has been credited with the “Best Bank in the World” (2017) by Global Finance Magazine. It offers an annual interest rate of 2.5% with no lock-in period, no service fees, no minimum deposit and no required maintaining balance. The app interface gives a minimalistic feel which makes it easy to navigate through the pay and save options. This is a great choice for people who may not be great with technology and want a straight-forward app.
Tonik was only made available for the Philippines this year. Since they’re the new kids on the block, their rates are very competitive with an annual interest rate of 4.5% and a time deposit rate of up to 5.25%. Upon finishing applications, you will receive a free virtual card directly linked to your Tonik account and can be used for online transactions.
The first neo bank in the Philippines offers no service fees, no minimum deposit, no required maintaining balance and no account closure fees. Due to it being brand new, it has not yet fully developed all the cash-in methods.
All these options are great and the choice of digital banks are solely based on personal preference on both the easy-to-use interface of the app and specifications being given by the bank. Whichever choice you make, all of these options are insured to make sure your money is kept safe.
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