Are digital bank deposits in the Philippines safe?

Yes. Digital banks like Maya Bank, Tonik, GoTyme, SeaBank, and CIMB are licensed and regulated by the Bangko Sentral ng Pilipinas (BSP). Deposits up to PHP 500,000 per depositor per bank are insured by the Philippine Deposit Insurance Corporation (PDIC), the same protection that applies to traditional banks.

Why are digital bank interest rates so much higher than traditional banks?

Digital banks operate with lower overhead costs because they have no physical branches, fewer employees, and leaner infrastructure. They pass these savings on to customers in the form of higher interest rates to attract deposits and grow their customer base. Some rates are promotional and may decrease over time.

Is the 15% interest rate from Maya Bank sustainable?

The 15% rate from Maya is a promotional rate designed to attract new depositors. Promo rates are typically temporary and may be reduced once the bank reaches its deposit targets. It is wise to take advantage of the rate while it lasts, but plan for the possibility that it will decrease.

How is interest on savings accounts taxed in the Philippines?

Interest earned on peso savings deposits is subject to a 20% final withholding tax. This means the interest rate you see advertised is the gross rate, and the bank automatically deducts the tax before crediting interest to your account. For example, a 6% gross rate yields an effective rate of 4.8% after tax.

Can I open multiple savings accounts at different banks?

Yes. There is no legal limit on how many savings accounts you can have across different banks in the Philippines. Many savers open accounts at multiple digital banks to take advantage of the highest available rates. Keep in mind that PDIC insurance covers up to PHP 500,000 per depositor per bank.

Best Savings Interest Rates Philippines 2026

Compare interest rates from the top digital banks and traditional banks in the Philippines. Find the highest-yield savings account for your money.

Updated March 14, 2026

Top 3 Highest Interest Rates

Maya

15.00%

per annum

Personal Savings

Promo rate; subject to change. Formerly PayMaya.

Tonik

6.00%

per annum

Stash

Digital-only bank licensed by BSP.

GoTyme

5.00%

per annum

Regular Savings

Joint venture of Gokongwei Group and Tyme Group.

All Savings Account Rates Compared

Bank	Account Type	Interest Rate	Min. Balance	Notes
Maya	Personal Savings	15.00%	None	Promo rate; subject to change. Formerly PayMaya.
Tonik	Stash	6.00%	None	Digital-only bank licensed by BSP.
GoTyme	Regular Savings	5.00%	None	Joint venture of Gokongwei Group and Tyme Group.
SeaBank	Regular Savings	5.00%	None	Backed by Sea Group (Shopee). BSP-licensed digital bank.
CIMB	GSave / UpSave	3.50%	None	GCash partner bank. UpSave account offers higher rate.
ING Philippines	Savings Account	2.50%	None	Verify availability; ING has scaled back operations in some markets.
BDO	Regular Savings	0.25%	₱10,000	Largest bank in the Philippines by assets.
BPI	Regular Savings	0.25%	₱3,000	One of the oldest banks in the Philippines.
Metrobank	Regular Savings	0.25%	₱10,000	Major universal bank with nationwide coverage.

Rates are gross (before the 20% withholding tax on interest income). Actual credited interest will be lower. Rates may change without prior notice.

Digital Banks vs Traditional Banks

Digital banks in the Philippines consistently offer interest rates that are 10x to 60x higher than traditional banks. This is because they operate without physical branches, which significantly reduces overhead costs. They pass these savings to depositors through higher interest rates.

Digital Banks

Higher interest rates (3% to 15% p.a.)
No or very low minimum balance
Easy account opening via mobile app
PDIC-insured up to PHP 500,000
Limited or no physical branch access
Some promo rates may expire

Traditional Banks

Lower interest rates (0.10% to 0.50% p.a.)
Higher minimum balance requirements
Physical branch and ATM network
PDIC-insured up to PHP 500,000
More comprehensive services (loans, checks, etc.)
Established reputation and track record

How to Choose a Savings Account

Check if the bank is BSP-licensed and PDIC-insured. This is the most important factor. All banks listed above are BSP-regulated and covered by PDIC deposit insurance up to PHP 500,000 per depositor per bank.
Look beyond the headline rate. Some rates are promotional and may drop after a few months. Ask the bank how long the rate is guaranteed and what the base rate will be after the promo period ends.
Consider the 20% withholding tax. The interest rate you see is the gross rate. The bank withholds 20% tax on interest earned. A 6% gross rate gives you an effective 4.8% after tax.
Evaluate ease of access. Can you easily withdraw your money through InstaPay, PESONet, or ATM? Are there withdrawal limits or fees? Make sure the account fits your liquidity needs.
Diversify across banks. Since PDIC coverage is capped at PHP 500,000 per bank, consider spreading larger deposits across multiple banks to maximize your insured coverage.

Frequently Asked Questions

Interest rates shown are subject to change without prior notice. Rates are gross (before the 20% final withholding tax on interest income). Promotional rates may expire. Always verify the current rate directly with the bank before opening an account. This page is not affiliated with any bank listed.