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Best Digital Bank Philippines-Leverage The Benefits Of Digital Banking

People that are taking to financial uprising know that digital banks are the future of savings accounts. According to a study published by Mc Kinsey and company, Singapore has the highest penetration rate for digital banks in ASEAN; the report also showed that the Philippines ranked lowest with just 12 % of Filipino respondents reported having tried internet banking. The other developing countries in the region have 28 % of the banks have 28 % using internet banking. However, now, many Filipinos look forward to digital accounts and are finding the best digital bank in the Philippines.


If you are thinking of taking this step yourself, and are taking to digital banking for the first time, you would want to know the difference between a digital bank and a traditional bank.

What is a digital bank?

Digital banking is defined in several ways. Putting it simply, a digital bank is a bank without any physical branch. In a digital bank, all the transactions are done with the help of an app, using the internet., ATM, o on et bank’s website or a  third-party website. Digital banking is quite similar to internet banking that various traditional banks offer. Money transfers are done using the internet in the digital bank and in internet banking.  Many digital banks are offering bills payments while traditional banks also offer online banking.

Best features of a digital bank

Account opening within minutes:  A digital bank allows one to open the bank account within minutes. All one has to do is simply download the website and visit their app or website. In most cases, applications can be filled in 10 minutes or so. One does not need a visiting branch to accomplish the formalities. All you have to do is and your selfie alongside the photos of your ID and other important documents.

Zero initial deposit:  Most digital banks do not require any initial deposit for account opening. This is contrary to the traditional bans where one must bring money for making an initial money deposit.

No balance maintenance:  The best part of the digital banks is that these do not require maintenance of balance. So, you need not fear any penalties or fees if your bank balance is low.

High-interest rates: As digital banks do not have to pay lease, salaries of a bank teller or for utilities, they have less operating costs and pay considerably higher interest rates than traditional rates.

Moreover, you also get a high level of convenience for check deposits that require just a click of the check and submitting it on the app for automatic learning.

Reach out to AllStar.ph to learn more about the best digital bank, Philippines and leverage all the benefits of digital banking.

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