To date, there are already 6 digital banks approved by the Bangko Sentral ng Pilipinas (BSP) to operate in the Philippines - Tonik Bank, UNObank, UnionDigital, GOtyme, Maya Bank, and Overseas Filipino Bank (OF Bank). With the major banks offering a wide range of financial services, why do we still need to open another account with these digital banks? Why should we entrust our hard earned money with these new players?
Mga Kuripot, here are the top 3 reasons why should take advantage of digital banks now!
Higher Interest Rates
Compared to the savings accounts offered by the traditional banks, the interest rates tied to accounts maintained in digital banks range from 2.5% to 8% per annum - that’s way too high versus the measly interests (usually less than 1%) earned when you save with the traditional banks.
Convenience and Accessibility
Accounts opened with digital banks are mostly transacted online. From registration to deposits, transfers, withdrawals, bills payment and even their customer support. You don’t have to line up in branches to be accommodated for your banking transactions. Depending on the services offered by the digital bank, transactions can be done thru their mobile app, website, kiosks or partner establishments.
Fast and Secure
They’re not called “digital banks” just for the sake of being digital. While traditional banks have branches to serve their clients, digital banks are tapping on technology to deliver quality banking services thereby promising faster services (no more paper trails) and secure banking experience.
Have you already opened an account with any of the six BSP-approved digital banks? Share your stories with us in the comment section!
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