In just a few years, digibanks have gone from being a curiosity to becoming a serious choice for everyday banking in the Philippines. Data from the Bangko Sentral ng Pilipinas (BSP) shows that the combined deposits of digital banks in the country have exceeded PHP 100 billion as of the end of March 25, 2025. And make no mistake that people choose to bank with digibanks for good reason. With mobile-first design, competitive interest rates, and app-based convenience, they’ve attracted millions of customers looking for a faster, smarter banking partner. The appeal is clear: no branch visits, no long queues, and an account that fits in your pocket.
The meteoric rise of the digibanks doesn’t look to be slowing down anytime soon, especially as the Philippine government continues its push for the digitalization of the finance sector and for more inclusive banking nationwide. This very popularity, however, naturally draws its own questions from those more used to traditional banking. People often wonder about the safety of digital banks, how to open a bank account at a digibank, and whether those high interest rates are too good to be true.
If you’re one of these people, you’re in good hands. As the Philippines’ top digital bank and a BSP-supervised financial institution (BSFI), Maya understands the concerns you might have. That’s why we’ve put together this guide to address the most common questions about digital banking so you can make informed choices and take full advantage of what today’s financial technology has to offer.
Digibank Question #1: What exactly is a digital bank, and how does it differ from traditional banks?
A digibank is a fully licensed financial institution that operates entirely online. Unlike traditional banks, there are no physical branches. From the moment they open bank account, customers do everything from routine fund transfers and bills payments to buying into investment instruments via a mobile app or website. It’s a streamlined setup that allows for faster processes, fewer fees, and often better rates on deposits and loans. And for all these reasons, many people consider digibanks like Maya among the best banks to open an account today.
Digibank Question #2: How is a digital bank different from an e-wallet?
E-wallets and digital banks both let you send money, pay bills, and make purchases, but the similarities often end there. An e-wallet works like a prepaid account—you load funds to use for transactions, and the balance doesn’t typically earn interest. A digibank, on the other hand, holds deposits in a regulated savings or time deposit account, often with higher interest rates that help grow your money quickly over time. Some digital banks even offer goal saving solutions, like our very own Maya Personal Goals.
Maya brings the best of both worlds together. You can enjoy the speed and convenience of e-wallet transactions through the Maya Wallet while also earning high interest on your savings through services like Maya Savings, Maya Time Deposit Plus, and the aforementioned Maya Personal Goals. We’ve made it so that you don’t have to choose between quick payments and long-term growth; you get both in a single, secure platform.
Digibank Question #3: Are digital banks safe?
Licensed digital banks in the Philippines operate under the close supervision of the BSP and follow strict regulations to ensure that they provide secure, dependable service. Your deposits are insured by the Philippine Deposit Insurance Corporation (PDIC), which gives you protection of up to PHP 1 million per depositor should the bank close.
Beyond regulation, digital banks also invest heavily in security measures such as encryption, multi-factor authentication, and continuous fraud monitoring. Maya, as a BSP-supervised financial institution (BSFI), has multiple security measures in place to protect your funds, including biometric logins, one-time passwords, and real-time alerts for suspicious activity. We’re also the first digital bank in the Philippines to hold both ISO 27001 and ISO 27701 certifications, and we comply with PCI-DSS standards for secure card transactions. These measures work alongside AI-driven fraud detection and account monitoring to keep your money safe, whether you’re making everyday purchases or handling larger transactions.
Digibank Question #4: Why do some digital banks offer higher interest rates?
Without the overhead of maintaining physical branches, digital banks can pass more value back to customers. Lower operational costs mean they can offer higher interest rates on savings and time deposits while still operating sustainably. This is one of the biggest draws for Filipinos who want their money to grow faster without taking unnecessary risks.
When you save with Maya Savings, for instance, your money doesn’t just sit; it grows. You start with a solid base interest rate of 3.5% per annum, but you can boost this by using Maya for everyday payments like buying load, paying bills, using your Maya card, paying with QR Ph, activating Maya Easy Credit, or paying with Maya online. It’s possible to raise your interest up to 15% p.a., applied to your first PHP 100,000 of your savings balance. Interest is credited daily based on your ending balance, with bonuses calculated automatically.
Digibank Question #5: How do I know if I’m choosing the right digital bank?
Not all digital banks are equally trustworthy, so it’s important to compare your options carefully. Look for a digibank with clear BSP licensing, PDIC coverage, strong security measures, competitive interest rates, and responsive customer service. The app’s features should fit your needs, whether that’s simple savings, goal-based accounts, or integrated payment tools.
Digital banks have made it easier than ever to save, transact, and grow your money, all while giving you the security and flexibility you need in a fast-moving world. Download the Maya app today and see for yourself why millions trust us to help them save smarter, pay seamlessly, and secure their financial future.
