Digital bank ING last June said it was exiting the Philippine retail banking market before the end of 2022, setting off users in a search for an an alternative that offers relatively high interest on digital accounts.
Though funds remain safe in ING accounts, majority of its features that facilitate transfer of funds will be inaccessible starting Sept. 1. If you're looking to rehome your ING savings, we list down digital banks and neobanks that offer high interest rates and accessibility.
Check out these high-interest savings accounts:
All-digital neobank Tonik offers a basic savings account with a 1% interest p.a., but if you're looking to save more in the long run, you can store your money either an individual or group Stash.
Tonik's Stashes are in place to help you reach a savings goal faster by letting you set a goal and set aside an amount completely separate from your savings account. A solo stash has an interest rate of 4% p.a., while a group stash, where several members pitch in to achieve a savings goal, has an interest rate of 4.5% p.a.
Unlike time deposits, a stash's fund may be withdrawn before the savings goal is met or before your personal deadline.
If you're looking to make even more and aren't too worried about untouched money, Tonik also offers a time deposit service with a 6% interest p.a.
You may know Maya as PayMaya but the former mobile wallet has since rebranded into a neobank with new features and services, such as its savings account function.
To fund the Tonik account, you can link it to your other bank accounts or send money via fund transfer.
This new rural bank is offering up to 6% interest p.a. for users who open a savings account starting June 2022, with no maintaining balance, no deposit cap, and no lock-in period.
Fund transfers are all free for now and an a savings account can be opened with just one ID. The account can be funded through fund transfers from bank accounts or GCash.
SeaBank is part of SeaMoney, the digital finance services arm of Sea Limited. Sea’s other core businesses include e-commerce platformShopee, and Garena, its digital entertainment arm.
A Maya account will store your credits and savings account is an account within your Maya account. Basically, just because you have a Maya account doesn't mean you have a Maya savings account. If you're looking to save, you need to open a savings account via the Maya app.
Maya is offering a 6% interest p.a. to savings account opened until August 2022, with a minimum balance of P5,000, and is available to verified Maya users.
To fund the Maya account, you can link it to your other bank accounts or send money via fund transfer. Afterwards, the Maya credits must be deposited into the Maya savings account, which is all done in-app.
Got a GCash account already? You can start saving in-app using the GSave feature, which offers up to 2.6% interest p.a. The tie-up with CIMB Bank requires no initial deposit or maintaining balance.
Those looking to open a GSave account must be at least 18 years old, a Filipino resident, and has a verified GCash account.
Take note that you're going to have to deposit some of your GCash funds into the GSave account.