Digital piggy banks designed to grow Filipinos’ hard-earned cash

Forget about the plastic piggy bank—the shift toward digital tools is reshaping how Filipinos manage their savings, offering higher yields and less friction.

With today’s smartphones becoming the ultimate digital piggy bank, Filipinos are starting to realize the perks of financial technologies (fintechs) as they slowly abandon the old methods of traditional money-saving.

As the World Bank reports that only 50% of Filipino adults have financial accounts, data show that more accessible savings methods through digital banks and e-wallets are in demand—reflecting a broader push in the industry toward low-cost deposit acquisition and digital engagement.

radar Business breaks down the essential digital saving apps for Filipinos, highlighting how these platforms compete on accessibility, interest rates, and ecosystem advantages in an increasingly crowded fintech landscape.

GSave (GCash)

GSave is a digital savings account service that positions itself in the online spotlight. Already integrated in the most widely used e-wallet app in the country, the service allows seamless in-app deposits within the GCash ecosystem, strengthening GCash’s position as a mass-market financial hub.

Keeping accessibility in mind, there is no initial or ongoing balance required to open a GSave account. Partner-bank linkages with institutions such as BPI, Maybank, and CIMB help GSave tap into the regulated banking sector without operating a standalone bank. The Philippine Deposit Insurance Corp. (PDIC) insures deposits up to ₱1,000,000.

There is also no lock-in period—a feature aligned with the liquidity needs of lower- to middle-income savers who prefer flexible access to cash.

GSave is also expanding to support Filipinos overseas, with services now becoming available in countries like Canada, the United Arab Emirates, and the United States. It’s a move that signals GCash’s attempt to capture the OFW remittance-linked savings market.

Maya Savings (Maya)

Maya Savings caters to users motivated by cash incentives and daily earnings. Aside from its high interest rates, Maya Savings’ all-around service, from billing, payment, to fund transfers, fares competitively in the market. 

It offers a 3.5% base interest each year, with extra rewards of up to 15% based on transactions made in the app, a tactic that more and more fintech companies are using to encourage regular use and

Regulated by the Bangko Sentral ng Pilipinas, Maya Savings deposits are insured by the PDIC for up to P1 million per depositor.

Aside from having no minimum deposit or maintaining balance, Maya debit cards can also be obtained to make withdrawals and purchases easier. This card-linked approach positions Maya not just as a savings tool but as a day-to-day spending platform. Funds can be moved to other bank accounts via InstaPay and PESONet.

The app also allows users to borrow money via its Maya Flexi Loan, which can also be linked to cryptocurrency transactions.

Tonik

For those concerned about their money being too accessible, Tonik offers a versatile stash system. Its “Solo Stash” is designed to help users save for specific purposes, like emergency funds, while preventing spillover spending reserved for other goals.

Tonik allows users to sort between short- and long-term savings by creating up to five flexible stashes. These stashes can be customized and labeled in the Tonik Bank app, an approach that mirrors category-based saving models seen in neobanks abroad.

Its “Group Stash” feature also taps into the Filipino culture of pooled savings, providing a digital alternative to traditional paluwagan practices. Funds may be withdrawn anytime without worrying about a lock-in period.

All these savings earn an annual interest rate of up to 4.5%, positioning Tonik within the tier of digital banks competing aggressively on high-yield savings to attract deposits.