List of Banks in the Philippines
π΅π Opening a Bank Account in the Philippines: Why It Matters
In the Philippines, all registered businesses are required to open a corporate bank account to operate legally and handle financial transactions. At the same time, with the growing use of digital payments and the popularity of debit and prepaid cards, most individuals also maintain personal bank accounts.
π¦ Best Banks in the Philippines β Compare Top Banking Services in 2025
Choosing the right bank is one of the most important financial decisions youβll make. Whether youβre looking for a savings account, personal loan, debit card, or digital banking convenience β the Philippines has a wide range of banks to choose from.
In this guide, we break down everything you need to know about banks in the Philippines, including the top options, what services they offer, how to open an account, and how to choose the best bank for your needs.
π Overview: How Many Banks Are There in the Philippines?
As of 2025, there are more than 500 licensed banks operating in the country, including:
- Universal and Commercial Banks β 45+
- Thrift Banks β 40+
- Rural and Cooperative Banks β 400+
- Digital-Only Banks β 6 registered by Bangko Sentral ng Pilipinas (BSP)
This means Filipino consumers have access to a wide variety of banking services, from traditional branch-based accounts to fully digital platforms with zero physical paperwork.
πΌ Types of Banks in the Philippines
Understanding the differences between bank types can help you choose smarter:
πΉ Universal and Commercial Banks
These are the biggest banks that offer full-scale financial services, including savings, credit, insurance, and investment.
Examples: BDO, BPI, Metrobank, Landbank, UnionBank
πΉ Thrift Banks
Smaller banks focused on savings accounts, auto loans, and home financing.
Examples: RCBC Savings Bank, Sterling Bank of Asia
πΉ Rural and Cooperative Banks
Focused on countryside lending, farming loans, and microfinance for small communities.
πΉ Digital Banks
Online-only banks that let you open an account from your phone, with zero paperwork.
Examples: Maya Bank, Tonik, GoTyme, UnionDigital, SeaBank, UNO Digital Bank
π Top Banks in the Philippines (2025)
| Bank | Type | Key Services Offered |
|---|---|---|
| BDO | Universal | Accounts, loans, cards, remittance |
| BPI | Universal | Debit cards, savings, mobile banking |
| Metrobank | Commercial | Business loans, deposits, credit cards |
| UnionBank | Universal | Best mobile banking app, digital account |
| Landbank | Government | Salary loans, agriculture & OFW programs |
| RCBC | Thrift | Easy debit cards, SME loans, insurance |
| Maya Bank | Digital | 6% savings interest, e-wallet integration |
| Tonik | Digital | 4.5β6% savings, virtual debit card |
| GoTyme | Digital | Free account, instant debit card |
| SeaBank | Digital | High-yield savings, 24/7 support |
π³ Best Bank Accounts to Open in 2025
Opening a bank account in the Philippines has never been easier. Many banks now allow online onboarding, especially digital banks.
π¦ Traditional Banks β Account Highlights
| Bank | Account Name | Features |
|---|---|---|
| BDO | Kabayan Savings | Ideal for OFWs, remittance support |
| BPI | Kaya Savings | No maintaining balance, mobile banking |
| Metrobank | ATM Savings | Free debit card, easy cash-in |
| UnionBank | Personal Savings | Online opening, no branch needed |
π± Digital Banks β Account Highlights
| Bank | Interest Rate | Notes |
|---|---|---|
| Maya Bank | Up to 6% p.a. | No minimum balance, instant approval |
| Tonik | 4.5β6% | Time deposit & stash options |
| SeaBank | 5% | Auto-credit GCash & wallet transfers |
π° How to Open a Bank Account in the Philippines (2025)
Opening a bank account can be done:
β
Online (via app or website) β digital banks, and even BPI/UnionBank
β
In-person β for traditional banks, bring 1β2 valid IDs
Documents usually required:
- 1β2 government-issued IDs (e.g., UMID, Passport, Driverβs License)
- Selfie or video verification (for mobile onboarding)
- Optional: proof of billing or source of income
π¦ Bank Loans in the Philippines: What to Expect
Many Filipino banks offer personal loans, salary loans, and business loans with flexible terms.
πΌ Typical Loan Terms from Banks:
| Feature | Value |
|---|---|
| Loan amount | β±20,000 β β±2,000,000 |
| Terms | 6 to 60 months |
| Interest rate (APR) | 10% β 26% per annum |
| Approval time | 1β3 days (can vary) |
| Requirements | Income docs, valid ID, clean credit record |
π Popular Bank Loan Offers:
- BPI Personal Loan β Fixed monthly payments, no collateral
- BDO Kabayan Loan β Special loan for OFWs
- UnionBank Quick Loan β Fast approval via mobile app
- Security Bank Salary Loan β Flexible payments via payroll
π Bank vs Loan App β Which One to Choose?
| Feature | Bank Loan | Loan App (Microloan) |
|---|---|---|
| Approval time | 1β5 days | 5β15 minutes |
| Requirements | Payslip, ID, credit record | Just ID, mobile, GCash |
| Loan size | Up to β±2M | β±1,000 to β±25,000 |
| Interest rate | Lower (10%β26% APR) | Higher (36%β365% APR) |
| Best for | Stable borrowers, long-term | Urgent cash, short-term needs |
π Digital Banking in the Philippines: The New Normal
More and more Filipinos are switching to digital banks in 2025 due to:
- 24/7 access
- No queueing
- Higher savings interest
- Real-time control via app
- Seamless connection to GCash, Maya, Lazada
If you want quick, mobile-first banking with no paperwork β digital banks like Maya, Tonik, SeaBank are the way to go.
π Frequently Asked Questions (FAQ)
Which bank is the best in the Philippines for savings?
Maya Bank, Tonik, and SeaBank offer the highest savings interest rates (up to 6%). BPI and BDO are top choices among traditional banks.
Can I open a bank account online?
Yes. Digital banks like Maya and Tonik offer full online account opening with instant approval. UnionBank and BPI also support online signup.
Whatβs the minimum deposit to open a bank account?
Most digital banks have β±0 maintaining balance. Traditional banks usually require β±1,000ββ±5,000 initial deposit.
Are digital banks safe in the Philippines?
Yes β Maya, Tonik, UnionDigital, SeaBank, and others are licensed by the BSP (Bangko Sentral ng Pilipinas) and insured by PDIC.
π Final Thoughts: Choosing the Right Bank in the Philippines
With over 500 licensed banks and a fast-growing digital ecosystem, Filipinos now have more control over their finances than ever before.
Whether you want a secure savings account, a low-interest personal loan, or a fully digital banking experience β you can find the right fit with help from LoanAppsPH.
π‘ Use our comparison tools to explore top banks, view features side-by-side, and choose whatβs best for you. All in one place. All for free.