If you are searching for the "traditional banking meaning," the simplest way to answer that is the brick-and-mortar or physical stores you see whenever you go to the mall or any commercial place. These are the banks you are accustomed to using, and you can find one anywhere in the city where you reside or work. They are thought of being the first banks.
While Digital Banking, on the other hand, is what you can access online, whether through an app or website. The switch from traditional to digital banks is slowly changing the banking system. After all, everything is now accessible to customers thanks to the digitization of many important consumer services.
Here are some Digital Banks in the Philippines that you can trust!
CIMB Bank
One of the top banks in the ASEAN area and one of the newest members of the CIMB Group, CIMB Bank PH operates in over 16 international markets. Since the bank's establishment in 2018, it has welcomed over 4 million new clients.
For its clients, CIMB Bank PH offers the lowest interest rates on the market. There are no transaction fees, initial deposits, or balance maintenance requirements for the products and features.
Once you've opened an account through the app, you may pay your bills online, including internet and cable TV, and transfer money to other banks without incurring fees. You have total control over your debit card using the app. You may control your settings directly, allowing or deactivating contactless payment, ATM withdrawals, and in-store purchases.
Additionally, CIMB has more than 17,000 partner locations nationwide where consumers can make in-person deposits.
Customers who desire to increase their savings might consider this bank as a viable solution. They provide a variety of lucrative savings accounts. The save, GSave, or Fast Plus accounts are available for customers.
UnionBank Online
One of the most well-known online banks in the Philippines is UnionBank. It is a shining example of a smooth shift from traditional to digital banking, although not being branchless like the other fully digital banks.
UnionBank Online, one of the most well-known digital banks in the Philippines, provides all available banking services to its clients via mobile app and the internet. It is a shining example of a smooth shift from traditional to digital banking, although not being branchless like the other fully digital banks.
Customers of this financial services provider can visit a branch and use the mobile app and website to access all banking services. They have time deposits, savings accounts, and checking accounts to support financial growth.
Their smartphone apps are well-designed for money transfers, bill payments, and online purchases. Due to this, the bank has won the prize for Best Digital Bank three years in a row.
Tonik Bank
The Bangko Sentral ng Pilipinas has granted a digital bank license to Tonik, making it the country's first Neobank (BSP). The Philippine Deposit Insurance Corporation ensures all customer deposits (PDIC).
Customers can open up to five stash accounts and five-time deposit accounts with a primary Tonik account. The app offers access to all of these functionalities.
Accounts on Tonik Stash can be Solo or Group accounts. The interest rate for a Solo Stash account is 4% annually.
If you choose the Group stash option, you can include friends and family and save money together at a 4.5% annual return rate. A customer can maximize the use of this feature by creating up to 5 accounts.
The interest rate on time deposit accounts is 6% annually. You must decide on the quantity of money to deposit and the time frame before opening a time deposit account. The main primary account of the consumer will be used to fund this account.
Tonik has both actual and digital debit cards. Tonik will charge you PHP 300 for the production cost and delivery after you place an order for a card. With the exception of a few banks, all ATM withdrawals are free of charge. When paying bills and purchasing online, virtual cards are useful.
Both iOS and Android users can download the Tonik app. Face ID, which limits access, and a locked card feature, which prevents illegal use, are only a couple of its crucial security features.
Home Loan
When it comes to home loans, the first thing that may come to your mind is going to traditional banking or applying for a loan in Pag-Ibig. Banks do, however, also provide advantageous home loans. They provide flexible terms and affordable rates that won't break the bank.
UnionBank
UnionBank offers sorts of loans and one of which is a Home Loan. It can be the best option for you if you're looking for a house loan from a well-known bank in the Asian market.
Additionally, thanks to UnionBank's extensive network of accredited real estate developers, obtaining a house loan is simple. Apply for a UnionBank house loan if you're buying from one of its approved developers, such as Camella, Crown Asia, Brittany, and of course Vista Residences (as long as you meet the bank's standards).
Features:
- Minimum loan amount: PHP 500,000
- Maximum loan amount: 90% of the property's appraised value
- Interest rates= 6% - 11%
- Loan term= 1 - 20 years
- Allows 10% - 99% down payment
- Purchase use: lot, house and lot, condominium, house construction, refinancing, or home renovation Quick approval time
Eligible for:
- 21 – 65 years old (not exceeding loan maturity upon age 70)
- Filipino / Former Filipino Citizen / OFWs Permanent
- Employees Self-employed with a profitable business operating for at least two years
Requirements for Home Loan:
- Accomplished Unionbank Home Loan application form
- Valid ID (SSS/GSIS/TIN ID) Marriage contract (if married)
- Latest Income Documents
Employed Applicants:
- Certificate of Employment with salary details Payslips for the last three months
- Self-employed applicants: DTI or SEC Business Registration Certificate Financial statements
- Bank statements for the last six months
- ITR List of customers or suppliers with contact information
Additional documents for OFWs:
- Valid passport with entry and exit stamps
- Original consumerized Special Power of Attorney
