What are the best Neo digital bank in the Philippines in terms of security and interest

As of May 7, 2023, here are the interest of the promo

Online workers or home based are adept to digital transaction now a day. That is why most of the BPO workers are member of various app related to buying foods, groceries, renting transportation and even savings. Yes today generation is going to become more digital with digital banking system.

There are several digital or Neo banks operating in the Philippines, and each has its unique features and benefits. Some of the popular neo banks in the Philippines are:

CIMB Bank Philippines – offers a high-interest rate of up to 2.6% per annum on savings accounts and has no initial deposit or maintaining balance requirement. They are the largest followers and recognized as most reliable partner.

1. However, the main drawback for CIMB digital bank is their interest offer. 2.6% is small.While the regular bank like BDO, Metrobank, BPI etc can give 1% per annum. CIMB is Gcash partner so you can easily deposit your digital money directly via gsave or gcash saving service. Keep in mind that Gcash is not safe so you need to forward your money right away to CIMB bank after loading to Gcash.

   The CIMB bank has promo 6% but you can only enjoy it if  you are old account holder.The CIMB digital bank is the more secured among digital bank because they are have been in the industry for more than 5 years without bad reviews in compared with Gcash and Paymaya.

2. Paymaya Philippines – offers a savings account that earns a high-interest rate of up to 4% per annum, has no minimum balance, and provides free ATM withdrawals. Yes they do have ATM card upon request.  Recently they offer 6% promo and up to 10% promo interest if you are regular paymaya user.The only drawback to this banking account is that in 2021, there are many complain of hacking and illegal use of account. Lot have lost money. Hope they have now solve the problem of security in their system and servers.Perhaps the most promising digital bank now is the Paymaya due to high interest and huge number of partner merchant like SM malls, Mercury drug store and even Pagibig office.To load money via gcash, just choose transfer and search for maya name.Type the account name and the phone number you use in registering Paymaya. It was instant.
3. Tonik – offers a fully digital banking experience, including a savings account with up to 4% interest rate and no account fees. Tonik is foreign owned but registered to Philippines. They have office in Singapore. Tonik Time Deposit interest is amazing at 6%.
4. UnionBank’s EON – offers a savings account with a low maintaining balance, a debit card that can be used for online transactions, and a virtual credit card.
5. Komo by EastWest – offers a savings account with no minimum balance and no fees, as well as a debit card that can be used for online transactions and ATM withdrawals. Poor interest rate.
6. Maybank Ezysave + is another new digital bank under Malaysian bank. They are partner of Gcash so you can use Gsave to transfer money.
7. UNO bank is the newest NEO bank. You can join UNO bank via Gsave service. This digital bank offers 6% interest for Time deposit. This is the one of the highest rate digital bank at 6%. The only issue is this business is young in the industry compared to CIMB and Paymaya.

It is essential to do your research and evaluate which neo bank will suit your banking needs and preferences.

The summary goes like this