Quick answer
Yes. BSP-licensed digital banks are regulated banks, and deposits are insured by PDIC up to ₱1,000,000 per depositor per bank, the same as traditional banks. As of September 2026 there are seven licensed digital banks: Maya Bank, GoTyme Bank, Tonik, UnionDigital Bank, UNOBank, Overseas Filipino Bank and MariBank. Choose based on interest rate after the 20% tax, transfer fees, ease of withdrawal and customer support.
Key takeaways
- Digital banks are licensed and supervised by the Bangko Sentral ng Pilipinas (BSP).
- PDIC insures deposits up to ₱1 million per depositor per bank, raised from ₱500,000 in March 2025.
- Interest earned is subject to 20% final withholding tax; compare rates after tax.
- E-wallet balances (such as GCash or Maya Wallet) are not bank deposits, but savings products inside apps are often bank accounts with a partner bank.
- Spreading large savings across banks keeps each balance within the PDIC limit.
On this page
Digital banks changed how many Filipinos save. You can open an account with a phone and a valid ID in minutes, and savings rates are often higher than those of traditional banks. The common question is whether your money is safe. Here's how to judge it.
What is a digital bank?
A digital bank is a bank with a digital banking license from the BSP. It operates mainly through an app, without a network of physical branches, but it is a real bank: it takes deposits, lends money, and is supervised by the BSP like any other bank.
Licensed digital banks (as of September 2026)
- Maya Bank
- GoTyme Bank
- Tonik Digital Bank
- UnionDigital Bank
- UNOBank
- Overseas Filipino Bank (the government-owned digital bank under LANDBANK)
- MariBank
The BSP has allowed up to ten digital banks, and further applications were under evaluation as of mid-2026. Some app-based savings products are run by traditional banks with digital-only offerings, which are also BSP-supervised and PDIC-insured.
Is your money safe?
Deposit insurance: PDIC insures deposits up to ₱1,000,000 per depositor per bank. This was raised from ₱500,000 effective March 15, 2025. It applies to licensed digital banks exactly as it does to traditional banks.
What's not covered by PDIC: - E-wallet balances (e-money), which are not deposits - Investment products such as funds, stocks, bonds and insurance sold through an app - Deposits in excess of ₱1 million in the same bank
How to keep large savings fully insured: spread them across different banks, keeping each within ₱1 million per bank.
E-wallet vs digital bank vs traditional bank
| E-wallet | Digital bank | Traditional bank | |
|---|---|---|---|
| Regulated by BSP | Yes (as e-money issuer) | Yes (as bank) | Yes (as bank) |
| PDIC-insured | Wallet balance: no | Yes, up to ₱1M | Yes, up to ₱1M |
| Pays interest | Wallet balance: no | Yes, usually higher | Yes, usually lower |
| Branches | No | No (app-based) | Yes |
| Best for | Payments, QR, bills | Savings, emergency fund | Payroll, loans, cash handling |
Savings features inside e-wallet apps are usually accounts with a partner bank. Check the app's disclosures to see which bank holds your money.
Interest after tax
Interest on peso deposits is subject to 20% final withholding tax, now uniform across deposits under the Capital Markets Efficiency Promotion Act (CMEPA, effective July 1, 2025).
| Advertised rate | After 20% tax | Interest on ₱100,000 for a year (after tax) |
|---|---|---|
| 0.25% | 0.20% | ₱200 |
| 3.00% | 2.40% | ₱2,400 |
| 4.00% | 3.20% | ₱3,200 |
| 5.00% | 4.00% | ₱4,000 |
Watch for promo rates that apply only for a few months, to new money, or below a balance cap. Base your choice on the regular rate.
Checklist for choosing a digital bank
- Licensed and insured: confirm the bank is on the BSP's list of supervised institutions and displays PDIC membership.
- Regular interest rate after tax, and any balance caps.
- Transfer fees: InstaPay (instant, up to ₱50,000 per transaction) and PESONet (batch, for larger amounts) fees, and how many free transfers you get.
- Cash-in and cash-out options: partner stores, ATMs, linked accounts.
- Time deposits: some digital banks offer higher fixed rates for 3 to 12 months, useful for money with a known date.
- Customer support: in-app chat, hotline, and how disputes are handled.
- Security features: biometric login, transaction alerts, the ability to lock your card in the app.
Using a digital bank well
- Emergency fund: a good home for it, because it's separate from spending and earns interest. See how much you need.
- Goal buckets: many apps let you split savings into named "pockets" for sinking funds.
- Don't keep your only money in one app. Keep a traditional bank account too, so you have access if an app is down or your phone is lost.
Security tips
- Never share your OTP, MPIN or password, even with someone claiming to be from the bank.
- Download apps only from the official app store listing, and check the developer name.
- Turn on transaction notifications and report unauthorized transactions to the bank right away.
- Under the Anti-Financial Account Scamming Act, banks must have fraud-management systems and can temporarily hold funds involved in suspicious transactions. Read how to spot and report scams.
Frequently asked questions
Are digital banks in the Philippines insured by PDIC?
Yes. BSP-licensed digital banks are PDIC members, so deposits are insured up to ₱1,000,000 per depositor per bank. Joint accounts and multiple accounts in the same bank are subject to PDIC's rules on how coverage is shared.
What is the difference between a digital bank and an e-wallet?
A digital bank is a licensed bank that takes deposits, pays interest and is PDIC-insured. An e-wallet is an electronic money issuer; your wallet balance is not a bank deposit. Some e-wallet apps offer savings features that are actually accounts with a partner bank, which are covered by PDIC as deposits of that bank.
Is interest from digital banks taxed?
Yes. Interest on peso deposits is subject to 20% final withholding tax, which the bank deducts automatically. A 4% advertised rate is about 3.2% after tax.
Can I use a digital bank for my emergency fund?
Yes, it's a good fit if you can transfer money out quickly through InstaPay or PESONet and the bank is BSP-licensed. Keep it separate from your spending account.
What happens to my money if a digital bank closes?
PDIC pays insured deposits up to ₱1 million per depositor, as it does for any member bank. Amounts above the limit would be claimed through the bank's liquidation, so keep balances within the insured limit per bank.
Sources
Figures checked against these official and primary sources on October 4, 2026. Government rates and promos change, so confirm on the agency's site before you act.
- Philippine Deposit Insurance Corporation: Maximum deposit insurance coverage of ₱1 million
- Fintech News Philippines: Digital banks in the Philippines (2026 list)
- Bangko Sentral ng Pilipinas: Supervised financial institutions
- PwC Philippines: CMEPA and the uniform 20% tax on interest income
General information, not personal financial, tax or legal advice. See our editorial standards and disclaimer. Found an outdated figure? Email support@success.ph.