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GCash + 6 Other Digital Bank Accounts You Can Set Up Easily With Your Smartphone

GCash + 6 Other Digital Bank Accounts You Can Set Up Easily With Your Smartphone
Image by @wayhomestudio / Freepik

The COVID-19 pandemic has drastically changed our everyday lives in ways we never imagined. For instance, Internet usage has skyrocketed not only because of social media use but also since most of our daily tasks are now being done online – grocery shopping, medical check-ups, and banking are just some of them.

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Banks, like many other establishments, are encouraging the use of their online facility in lieu of in-person visits to their branches to prevent the further spread of COVID, and people have slowly adapted to the technology -- even those who have been hesitant to try it.

In truth, online banking is a convenient way to manage your finances, like paying your bills, checking your balance, or transferring money, among others. And although many are still skeptical, it seems online banking is here to stay. The fact that digital banks are becoming the norm for payments these days is proof.

Earlier in December, Bangko Sentral ng Pilipinas Governor Benjamin S. Diokno issued a circular regarding the guidelines for digital banks, which have recently been approved as a new category for banks in the Philippines under Monetary Board Resolution 1536.

Said Diokno in a report by Philstar, “The Bangko Sentral endeavors to promote an enabling regulatory environment that allows responsible innovation to flourish, promotes cyber resilience, and contributes to advancing the digitalization of the financial industry. Towards this end, the Bangko Sentral has developed a framework for ‘digital banks’ as a distinct classification of banks.”      

There is no doubt you’ve heard of digital banks – you probably even use them yourself. Got GCash? That’s one of them. If you’re ready to explore this new way of banking, you can start by finding the right digital bank for you from this list:

1. ING

 

ING is a global bank that operates in 40 countries and has had Philippine presence since 1990. Their extensive experience in direct banking has made them one of the most recommended banks in Australia, Spain, and Germany. 

Online check deposits: Yes

Maintaining balance: None

Transfer limit/day: Php 150,000

Transfer fee: None

Interest rate: 2.5% per annum for any available daily balance*.

* For savings not exceeding 20 million. For more details, visit their website.

2. GCash

 

GCash is probably one of the most known online banking applications in the country, with over 10 million downloads on Google Play Store. This mobile wallet lets you pay your bills, buy load, send money and purchase online through your smartphone. GCash allows you to open a digital savings account through GSave, in partnership with CIMB.

Online check deposits: No

Maintaining balance: None

Transfer limit/day: Php 100,000

Transfer fee: Php 15 to other banks

Interest rate: For GSave, the interest rate is 3.1% per annum.

For more details, visit their website.

3. EastWest

 

Komo, EastWest Bank’s fully digital banking platform, offers a 3% interest per annum. You can download the free app online, through which you can open an account, transfer funds, pay bills and enjoy other online banking conveniences. You also get a customized Komo debit card with your account.

Online check deposits: No

Minimum required balance: Php 2,000 to Php 20,000, depending on the type of savings account

Transfer limit: Php 50,000 for instaPay, Php 500,000 for PESOnet

Transfer fee: Php 25

Interest rate: Starts at 0.125% per annum, depending on the type of savings account

For more details, visit their website.

4. CIMB

 

CIMB is a growing digital bank that lets you open a bank account with zero initial deposit and zero maintaining balance. Open an UpSave account that comes with a high interest rate of 3% per annum and free life insurance coverage of up to Php 1 million with a minimum average balance of Php 100,000. Their Fast & Fast Plus account, meanwhile, comes with a free Visa payWave ATM debit card** that is delivered to your home.

Online check deposits: No

Maintaining balance: None

Transfer limit/day: Php 50,000

Transfer fee: None

Interest rate: 3% interest rate per annum for UpSave account and 0.5% for Fast & Fast Plus account.

** When you accumulate PHP 5,000 in your account. For more details, visit their website.

5. UnionBank

 

UnionBank was way ahead of its time when it invested in strengthening its digital banking profile as early as 2017. To date, it now has about 50 digital bank branches all over the country, making it so much easier for people to shift from traditional to digital banking.

Online check deposits: Yes

Maintaining balance: Php 10,000.00 for regular Savings Accounts

Transfer limit/day: Php 500,000

Transfer fee: None for Unionbank accounts; Php 10 for transfers to other banks

Interest rate: 0.1% per annum

For more details, visit their website.

6. MayBank

MayBank’s iSave is an online only bank account that you can open through the Maybank2U application. Depositing to your account is easy and accessible, since you can do it via GCash and from outlets like 7/11, Tambunting Pawnshop, and RD Pawnshops.

Online check deposits: No

Maintaining balance: None

Transfer limit/day: Php 50,000

Transfer fee: Php 10

Interest rate: 0.25% to 2% per annum

For more details, visit their website.

7. RCBC

Easily transfer funds, pay your bills, and manage your accounts at RCBC anytime with the RCBC Online Banking app. Their Request Payment feature lets you request payment from someone who owes you money (who has an RCBC account) so that if the person agrees, the amount can be automatically transferred to your account.

Online check deposits: Yes

Maintaining balance: Php 3,000 to Php 25,000, depending on the type of savings account

Transfer limit/day: Php 50,000 for transferring funds via Bancnet and InstaPay, and Php 499,999 for other RCBC accounts and via PESONet.

Transfer fee: None for RCBC accounts, Php 10 for PESONet, Php 15 for InstaPay, and Php 27.50 for Bancnet accounts

Interest rate: Starts at 0.15%, depending on the type of savings account.

For more details, visit their website.

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