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Top Banks in the Philippines

There are few nations with as many financial institutions as the Philippines. There are over a hundred banking institutions in the country. The majority of them are classified as savings, cooperative, or land banks. They frequently have a little web presence and primarily serve the local and rural clientele.

There are numerous top banks in the Philippines 2022 which are worth attention. The two central banks are universal and commercial. The first one is the most popular type that offers clients numerous financial opportunities. The second ones are the same as commercial banks but with the ability to engage in more regional investment operations.

List of Top Banks in the Philippines 2022

The Philippine financial industry is a vital piece of the jigsaw in the country’s economic growth. It includes a variety of top banks in the Philippines 2022. Countless universal banks, tiny land banks, and non-banking entities are included. Each sort of bank has its methodology.

Tonik Bank

tonik bank app philippines
tonik bank app in the Philippines

High-yielding savings account with Tonik Digital Bank is a terrific alternative to common banks’ poor interest rates. Due to the lack of branches, they pass on these savings to their consumers in the form of advanced interest rates.

Tonik now has the highest annual interest rate in the industry, at 4% for individual accounts and 4.5 percent for group accounts. Tonik is a relatively new player in the Philippines, but it has already claimed a name for itself in the area, with operations in Singapore and India. Tonik also has the highest term deposit interest rates, ranging from 6% per year for a 6-month hold to 5.25 percent per year for a 24-month hold.

ING Bank

ING was one of the first banks to provide direct banking services. This notion was first offered by this institution in 1997. ING now offers direct banking services in 13 of its 40 distribution channels.

If you want to boost your savings, ING may be the finest bank to consider. It is because Save Account offers up to ten times greater interest rates on saves. Read more about ING Bank Philippines.

CIMB Bank

The CIMB Bank UpSave account is a high-yielding account that may be opened online and from any location. The customer will be eligible for free life insurance if he maintains the necessary balance for one month. Fees and commissions as low as the minimum amount are eliminated, as are monthly maintenance fees and cash deposits. According to the CIMB, the interest rate starts at 2.5 percent per year, and there is no requirement for an initial deposit. The CIMB Bank Fast account, like the UpSave account, may be opened via the CIMB Bank app. If the Fast Account has been validated, it comes with a complimentary Visa debit card.

GCash

#LifeisG with the PH's #1 E-wallet, GCash!

GCash teamed up with CIMB to launch the Save Money feature, which functions as GCash savings account with high-interest rates and access to deposits and withdrawals through the GCash app. The yearly charge for this institution has been removed, and the transfer limit is 100,000 pesos. There is no minimum balance requirement. Nevertheless, the highest aggregate GSave for the 12 months is 100.00 pesos across all GSave accounts.

GSave is the world’s first account that clients can establish and manage straight from the GCash smartphone. With this configuration, transferring cash to and from the GCash wallet will be quick and straightforward. GSave is one of the best solutions for savings in the Philippines with high interest, making it a fantastic option if your primary objective is to grow your money. This institution’s interest rate starts at 2.60 percent per year, and there is no requirement to make an initial deposit.

Union Bank of the Philippines

Union Bank was the first institution in the country to provide internet banking. They have an EON cyber account, the country’s first electronic savings account. It also offers local and global corporations cash management and business-to-business services.

EON by Union Bank

  • EON is a fantastic way to keep track of your finances online. For example, the platform makes it simple to send and receive money transactions.
  • You may shift money to any EON account or other banks in the country using online banking with the help of EON app.
  • You’ll get quick alerts when you pay with the app.

Furthermore, according to EON, you may protect your account by using a PIN or Touch ID to authorize online payments and blocking your card at any moment to keep your financial information safe.

Maybank

Maybank offers a one-of-a-kind platform in the form of an online account known as iSave. Clients can register for an account entirely online. The concept is built on allowing people to bypass lines when shopping online. Per the Maybank website, the maximum deposit limit for unverified accounts is presently set at 100,000 pesos, although this may be increased through a video conference with a banker.

This bank does not accept online checks and charges a 10 peso transfer fee. The daily transfer limit has been increased to 50,000 pesos, and the yearly charge has been eliminated.

RBank Digital

RBank Digital is the best digital bank Philippines 2022, powered by Robinsons Bank. The institution provides you with all the benefits of internet banking by allowing you to conduct transactions and transfer cash directly from your phone. RBank Digital will enable you to keep track of your funds in one place. You may also transfer funds from your Robinsons Bank account to accounts at other local institutions and pay any of their billers effortlessly.

BDO Unibank

In terms of assets, this company is seen as the finest. It was created in 1968 as Acme Savings Bank and was renamed Banco De Oro Savings and Mortgage Bank after being bought by SY Group in 1976.

This bank provides a wide range of financial services to its clients, including deposits, loans, FOREX, trusts and investments, brokerage, credit card services, money transfers, and corporate money management. This bank’s net asset value is $48.98 billion, and its net income is $94.67 million. For remarkable achievements in financial services, this bank has got accolades from local and worldwide organizations.

Metropolitan Bank Trust Company

The Metropolitan Bank and Trust Company is an economic organization that is also referred to as Metrobank. The organization was created in 1962, and its first foreign division opened in Taipei in 1970.

This organization is acknowledged being one of the most well-known and important institutions in the country. The company’s specialists supply a comprehensive range of financial services all over the world. There are around 2,300 Terminals, 950 regional offices, and two overseas branches in this firm. Metrobank was the first private bank in the United States to debut.

Bank of the Philippine Islands (BPI)

The institution is Philippines’ and Southeast Asia’s earliest, having been founded in 1851. It was originally known as El Banco Español Filipino de Isabel II. In the United States, it has around 800 sites, while in Hong Kong and Europe, it has over 3,000 ATMs and deposit terminals. Clients may access a variety of services from this financial institution, including consumer lending, loan, healthcare, FOREX, business, and wealth management.

Land Bank of the Philippines

One of the state’s major government finance companies in the country is the Philippine State Land Bank. It has been one of the large business banks in the country in terms of assets, loans, and deposits.

The Land Bank was founded in 1963. The main goal was to help farmers gain access to financial profits. It allows the universal bank to strike the right balance between sustainability and development aid. The system of Universal Bank is well-developed. It has around 1600 terminals and 365 sites.

Philippine National Bank

Carrying checks is more handy and secure than having cash. To make payments using checks, you must first create a current account. The National Bank is the most excellent option for utilizing checks.

The Budget Checking Account, an interest-free account with a tiny first deposit of Php 5,000 and a little maintenance balance of Php 5,000, is at the top. As stated by PNB, a standard PNB record, on the other hand, demands a Php10,000 first deposit and balance. Excluding specific regional offices, you can check your existing account on the Internet and conduct free inter-branch/intra-branch transactions.

Security Bank Corporation

Security Bank is a well-known institution among the top banks in the Philippines 2022, established in 1951. In the post-World War II period, this banking business became the first Filipino-controlled private bank. Today, the firm offers a wide range of products and services to major retail, industrial, and investment firms. The bank includes a network of 313 online sites and 804 ATMs and employs roughly 6,000 employees.

Maybank ISave

Maybank’s online account, ISave, is accessible through the MayBank2U app and can be set up and used by consumers. There is no need to make an initial deposit or keep track of your balance. On an average daily balance of at least PHP20,000, the client can receive 0.25 percent interest per year. The platform allows users to withdraw money free from any ATM in the country and any Maybank ATM in Malaysia, Singapore, and Cambodia. The highest amount that may be deposited is PHP 100,000.

Maya Bank

Maya Bank, originally PayMaya, is a feature-rich money-transfer software aimed at Filipinos. It combines a safe wallet with a cutting-edge digital banking platform that allows you to save, grow, and invest your money.

An account has a beginning interest rate of 6%. Furthermore, the site hasn’t the smallest balance requirement and provides free PesoNet transfers for commercial deposits.

Diskartech

The Rizal Commercial Banking Association has designed a one-of-a-kind app (RCBC). You may use this site to build a savings account, make deposits and withdrawals through partner channels, and purchase phone chargers, among other things. The client can deposit through partners such as 7-Eleven, Bayan Center, RD Pawnshop, Tambunting, and others, and the program does not need balance maintenance. The minimum deposit is 200 pesos, and the maximum transaction amount is 25,000 pesos. Furthermore, you may earn up to 3.25 percent every year on the site (higher than most banks).

Overseas Filipino Bank

OFBank, a Land Bank affiliate, is a digital bank that allows clients to conduct business from anywhere globally. You may use this platform to implement financial transfers through the application. Simply choose “Anyone” as the recipient and input the account number. Any Philippine bank, GCash, Paymaya, or an Instapay partner can deposit to an OFBank account. Funds can also be sent to an OFBank account using OFBank’s global network of partner money transfer centers.

China Banking Corporation

The China Banking Corporation is the best bank in the Philippines 2022. It was founded in 1920. This bank is regarded as one of the country’s earliest independent banking institutions. Its clients were primarily Chinese-Filipino merchants at first. Loans, investments, trusts, bank transactions, and money management are among the goods and services offered by the organization today. It also has subsidiaries and affiliates that provide insurance brokerage and banking services. China Bank has around 10,000 workers and operates through 634 locations and 1,002 ATMs.

Development Bank of the Philippines (DBP)

The Philippine Development Bank is the second-largest governmental banking group. It is one of the major state-owned and managed firms in the region. The bank was established in 1977. Construction and transportation, small or medium businesses, social care, and the environment are among the key industries in which it now offers services to the customer.

DBP is a rapidly expanding bank that also acts as a savings institution. Its objective is to supply agricultural and manufacturing businesses with solutions. Around 3,000 employees work for the bank, which has 138 locations and 836 ATMs.

Rizal Commercial Banking Corporation (RCBC)

Rizal Commercial Banking Corporation was founded in 1960 and is a well-known business bank. This firm has been given commercial and investment banking licenses by the Philippine Central Bank. With 418 facilities and over 1375 ATMs across the state, it has been serving customers for several periods. The company employs around 6,000 people and operates money transfer offices and communication systems in 24 countries.

Komo by EastWest

EastWest Bank’s Komo is a digital banking platform. It gives you a VISA debit card that you may use to get cash, pay bills, and transfer funds for free via the Komo mobile app. Customers can deposit cash into their Komo account by transferring money from other funds. You may send money to any member of the InstaPay network, which includes all of the most reputable and well-known banks.

CitiBank Philippines

What Type of Bank do You Need?

Whether you will invest your funds in a bank at interest or plan to take out a loan for business development, you should first determine which financial and credit organization is the most reliable. What to be guided by when selecting a bank? The reliability of an economic and credit organization guarantees that you will not lose funds on a deposit, and by taking a loan, you will receive the most favorable conditions.

Therefore, first of all, ask what place the bank occupies in the reliability rating. Such ratings are compiled based on reports of credit institutions and consider several factors, the main of which is the size of the bank’s equity capital.

Banks offer different conditions for loans and deposits and launch cards with attractive bonus programs. Take the time to explore the options and find the best one for you. However, a reliable bank does not always offer the lowest loan interest or the most attractive deposit conditions.

How We Chose the Best Banks

When choosing a financial institution to place a deposit, receive a loan or any other banking service, it is important to pay attention to many points.

When creating the list of the best banks, we paid attention to such factors that helped us to streamline our preferences:

  • The structure and size of its capital. The financial statements display data on the share of the bank’s funds in the total wealth. Small companies, where a significant part of their finances consist of borrowed money, are considered unstable and not reliable enough.
  • Legality. Each financial institution conducting legal activities has a registration number in the register. Such information is available on the official website of the regulator. Here you can also find documents on all participants in the financial market working legally.
  • Reputation. It is worth evaluating the strategy of the company’s behavior in times of crisis. How did the financial institution operate? Did it continue to fulfill its obligations to customers? If the answers are positive, the bank will likely behave responsibly when it encounters problems later. A company that has been on the market for more than ten years and has maintained a clean reputation can be trusted.

According to international and national classifications, a company’s rating is a no less critical indicator. Indicators of international and national rating agencies are criteria for the reliability and stability of a company. For the assessment to be as adequate as possible, places in the ranking were analyzed in dynamics, tracking all the falls and rises in numbers.

FAQ About Banks In the Philippines

To better understand which bank to choose, you can read the answers to the most frequently asked questions about banks.

What Are the Top Banks in the Philippines?

Among the best banks in the Philippines:
Tonik Bank
CitiBank Philippines
BDO Unibank Inc.
Metropolitan Bank and Trust Company.
Bank of the Philippine Islands.
Land Bank of the Philippines.
Philippine National Bank.
Security Bank Corporation.
China Banking Corporation.
Development Bank.
Union Bank.
Rizal Commercial Banking and Corporation.

These banks have been proven and popular with thousands of customers. Each year, these banks receive awards for outstanding achievements in the world of finance and also continue to develop, making life easier for customers.

What Is The Best Bank for Students?

When looking for the most acceptable bank for students, consider the cheap initial deposit and the accessibility. Both BDO and BPI have the country’s largest network of banks and ATMs. The majority of them are close to schools to make transactions easy for youngsters.
Both banks provide a sort of account that is ideal for students. BPI offers a Jumpstart account, whereas BDO offers Junior Savers. They both require the same daily amount to earn Php2,000 interest and have the same low initial deposit of Php100. They both have the exact APR of 0.0625 percent.

What Is the Best Bank for Online Banking Service?

Online banking is a fantastic alternative to common banking, and in today’s world, such technologies are unavoidable. RCBC should be one of your top choices if you’re searching for a bank with dependable, user-friendly online platforms and excellent features.
RCBC is a bank that is the most outstanding digital bank. RCBC was selected Best Digital Bank by Asiamoney7, and Business Tabloid as one of the best ones.
RCBC Online Banking is at the top of the banks in the Philippines with online banking. It’s a mobile app and offers various services, including bill payment to 400 billers around the country, biometric login, online check deposits, credit card and loan management, credit card lock and unlock, Forex trading, etc.

What is the Best Bank for Savings?

The three most significant variables to consider while choosing the best bank to open savings account Philippines 2022: fees, interest rate, and client service. It was also crucial to evaluate the bank’s trustworthiness and performance.
Our options have been narrowed down to BDO and BPI based on these considerations. As of 2021, BDO and BPI are the two biggest banks in the nation, with total assets of 3,409,212.89 for BDO and 1,945,827.50 for BPI. This bank-level offers a diverse range of services and various accolades.

What is the best bank for OFWs?

The ideal bank for an OFW offers money savings and life insurance. BDO is the best bank in the Philippines for OFW. Through BDO Kabayan Savings, customers can now open an account at any BDO branch with only Php100 (peso account) or $100 (dollar account) as an initial deposit. You get free life and accident insurance when you open a savings account. It also helps you establish a BDO credit history, which will make it simpler for you to qualify for credit in the future.

What is the best bank for personal loans?

A loan is a significant financial commitment, so selecting a bank should be done with caution. The way you plan to repay the loan, and the conditions of the loan arrangement are both crucial. Payment methods are strongly related to the bank’s size and reflect its trustworthiness.
Security Bank is a leading financial institution in the county. Universal Bank is one of the most significant possibilities for acquiring a personal loan. It offers individual online loan applications up to PHP2,000,000 at a low-interest rate of 1.39 percent every month.

What bank in the Philippines has minimal bank fees?

The Philippine National Bank offers two zero-balance savings accounts:
TAP Mastercard is the first. It includes a PNB-PAL Mabuhay Miles Mastercard debit card that earns Mabuhay Miles points everywhere Mastercard, and Maestro cards are accepted. It features a 0.100 percent annual interest rate, a Php10,000 interest balance, and Php50,000 daily withdrawal limits. The TAP Mastercard does, however, come with a monthly account charge of Php15.
PNB Debit Account Lite is PNB’s second zero-maintenance offering. This ATM account comes with a debit card, a Php50,000 balance/withdrawal limit, a 0.100 percent annual interest rate, and a Php10,000 interest balance.
These are excellent choices for anyone seeking low-cost monthly bank deposits.

What banks offer the best credit cards in the Philippines?

Among the best banks in the Philippines for getting a loan:

1) Citi Cash Back Card is one of the top banks acquiring a loan. You may break down large purchases into smaller installments and pick from a range of repayment options with Citi PayLite. If you want cash quickly, the Citi Speed Cash option may be helpful.
2) Security Bank Next Mastercard is a credit card issued by Security Bank. The Next Mastercard from Security Bank is perhaps the most acceptable card for regular shoppers and those who wish to simplify the process of paying for their monthly recurring purchases.
3) Platinum Card from East-West. The EastWest Platinum Card’s terms and conditions make traveling in the Philippines easy. Its rules and restrictions make it the perfect card to use when traveling internationally.

Choose one of these offers to even out your savings and start dealing with your finances wisely.

What to do if you can’t apply for a loan via the bank? 

If the bank denies you, there is an opportunity to get quick money. Lending companies that help you quickly get cash or a card can be helpful in this. With their help, you can get approval for your loan within 24 days and start using money. The conditions are most often simple but depend on the bank. For some institutions, it is sufficient that the client is over 18 years of age and has Filipino citizenship. However, some others have other requirements.

What is Digital Banking?

Digital banking is the automation of traditional banking services. Retail and corporate clients have used banking services online (Internet and mobile networks). Digital banking goes beyond just checking your account balance online. It provides all banking services online through online portals and banking applications so that customers can do everything from transferring funds to paying bills and applying for credit cards.
Consumer preferences have rapidly shifted in favor of online and mobile devices. Still, many financial institutions find it difficult to adapt their banking operations to online channels and small screens of mobile devices.

What is Online Banking?

Internet Banking is a system of remote services created to provide maximum comfort and convenience in managing your finances. Online banking is a convenient tool that has grown in popularity during quarantine. There is no need to go to a bank branch and stand in lines to pay for utilities or other services, putting your health at risk. Minimum contacts — maximum availability. It is a way to remotely manage funds in the account — with the help of the website or mobile application of the bank. 

What is Mobile Banking?

A mobile bank is a remote banking service through an application installed on a phone, computer, or tablet. Mobile banking — managing a bank account using a tablet computer (iPad, HTC Flyer, Samsung Galaxy Tab, etc.), a smartphone, or a regular phone. As a rule, a particular application must be downloaded to a mobile device. Mobile banking requires an internet connection. Sometimes commands are executed using SMS, compiled according to a certain standard.

Final Thoughts About Banks in the Philippines

The Philippine banking system may seem obscure or underdeveloped, but each potential client can choose a suitable bank for their needs. In large cities of the country, you can easily rely on credit cards. There are numerous banks in the Philippines. Choosing the institution that suits the user’s specific requirements is essential. If you pay attention to all the subtleties, you can select the right bank and effectively manage your finances. As you can see, anyone can conduct a superficial financial audit of a bank. All it takes is a little time and access to information. The procedure is simple but effective – it eliminates potential problems, reduces decision time, and reduces anxiety.

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