In 2020, the Bangko Sentral ng Pilipinas created a dedicated Digital Bank license category, separate from existing commercial and thrift bank frameworks, designed specifically for branchless, app-first financial institutions. Six licenses were granted between 2020 and 2021. The BSP then paused the issuance of new digital bank licenses, and no additional licenses have been granted through 2025.
These six banks are the only entities legally permitted to operate as digital banks in the Philippines under BSP’s framework.
Digital banks under BSP’s framework must offer products primarily through digital channels (no traditional branch network required). They can accept deposits insured by PDIC up to P500,000 per depositor. This is what distinguishes them from e-wallet EMIs like GCash: digital bank deposits are government-insured; e-wallet balances are not.
The Six Licensed Digital Banks
Maya Bank
The digital banking arm of Maya (formerly PayMaya), backed by PLDT group. Maya Bank offers savings accounts, loans, and an integrated experience with the Maya e-wallet. Interest rates on savings: up to 6% per annum on Maya Savings as of Q1 2026, among the highest available from any deposit-taking institution in the country.
Best for: Users already in the Maya ecosystem who want PDIC-insured savings.
GoTyme Bank
A joint venture between Gokongwei Group (JG Summit) and Tyme Group (South Africa). GoTyme operates kiosks in Robinsons malls for account opening and card issuance, alongside a full digital app. Savings interest rates: 5–6.5% on regular savings. GoTyme has been aggressive in promotions and mall-based visibility.
Best for: Filipinos who prefer in-person account opening assistance but want digital-first banking after setup.
Tonik Bank
The first standalone digital bank to receive a BSP license (before the formal Digital Bank framework, under thrift bank license, converted). Singapore-founded, targeting Filipinos with high-yield savings and personal loans.
Interest rates: up to 6% on TimeDeposit products. Tonik focuses on the savings and lending segment for young professionals and OFW families.
Best for: Savings-focused users seeking competitive rates without a parent conglomerate requirement.
UNObank
Singapore-based digital bank with Philippine operations. UNO targets the underserved Filipino consumer market with savings, loans, and a debit card. Its parent company has regional ambitions across Southeast Asia.
Best for: Users who want a straightforward savings account with competitive rates and a physical Visa debit card.
DiskarTech (RCBC)
The digital bank arm of Rizal Commercial Banking Corporation (RCBC), one of the Philippines’ established universal banks. DiskarTech targets the unbanked and underbanked segment with a simplified app and Tagalog/vernacular language interface.
Best for: First-time bank account holders, older demographics, and users who prefer an interface in Filipino.
OFBank (Land Bank)
The digital bank of Land Bank of the Philippines, a government bank. OFBank targets Overseas Filipino Workers, allowing them to open accounts and remit money to beneficiaries in the Philippines without requiring an in-person branch visit.
Best for: OFWs who need a Philippine bank account with remittance features and government backing.
Digital Banks vs. E-Wallets: Key Comparison
| Feature | Digital Bank (e.g. Maya Bank) | E-Wallet (e.g. GCash) |
|---|---|---|
| PDIC insurance | Yes (up to P500K) | No |
| Savings interest | 4–6.5% | Up to 5% (GFi via partner) |
| Account type | Deposit account | E-money account |
| Card issuance | Yes (physical Visa/Mastercard) | Yes (virtual or physical) |
| Loans | Yes (direct from bank) | Yes (partner-based) |
| BSP supervision | Yes (Digital Bank license) | Yes (EMI license) |
| Cash in/out | Via ATM, QR, partners | Via partner outlets, QR |
Savings Rates Comparison
Savings rates as of Q2 2026 (subject to change):
| Bank | Regular Savings Rate | Time Deposit Rate |
|---|---|---|
| Maya Bank | Up to 6% | — |
| GoTyme Bank | 5–6.5% | 5–7% |
| Tonik | 4% | Up to 6% |
| UNObank | 4–5% | 5–6% |
| DiskarTech | 3.5–4.5% | — |
| OFBank | 2.5–3.5% | — |
| Traditional banks (BDO, BPI) | 0.1–0.25% | 1–3% |
Digital bank savings rates are promotional in many cases and subject to change. GoTyme and Maya have both revised rates downward from earlier high-promotion periods. Always verify current rates in the app before making significant deposit decisions.
Choosing the Right Digital Bank
The right choice depends on what you need:
- Highest savings rate right now: Compare GoTyme and Maya Bank’s current promotions; rates shift frequently.
- Established parent company assurance: GoTyme (Gokongwei Group) and DiskarTech (RCBC) have large traditional banking groups behind them.
- OFW-specific features: OFBank is built for this use case.
- Loan access: Tonik has a well-regarded personal loan product. Maya offers integrated credit with Maya Credit.
- First banking experience: DiskarTech with its Filipino-language interface is designed for first-time users.
All six banks are PDIC-insured up to P500,000 per depositor. Spreading large deposits across multiple banks keeps each balance under the insurance cap. This is standard practice for individuals with significant savings.
Frequently Asked Questions
Are digital banks safe in the Philippines?
Yes, within the P500,000 PDIC insurance limit. All six BSP-licensed digital banks are supervised by the BSP and must meet the same capital adequacy and compliance requirements as traditional banks.
Will the BSP issue more digital bank licenses?
The BSP paused new licenses in 2022 to allow the six existing banks to reach viable scale before adding competition. A review of the moratorium was expected by 2026. No new licenses have been announced as of this writing.
Can I use a digital bank as my primary bank account?
For most day-to-day banking needs: savings, transfers, payments, debit card. Digital banks lack physical branches for cash deposits (beyond partner outlets) and may have lower ATM withdrawal limits or fees than traditional banks. For large or complex transactions, a traditional bank account in parallel is useful.
What is the maximum balance I can keep in a digital bank?
No regulatory maximum balance, but PDIC insurance covers only up to P500,000 per depositor per institution. Balances above that limit are uninsured in the event of bank failure.