UNO Digital Bank: Check and Compare Savings, Time Deposits, and Loan Offers (Honest Review)

If you’re a regular GCash user, you probably have seen UNO Digital Bank ads on your screen prompting you to open a new savings account. Like you, I was curious about this digital bank that offers high interest rates on savings and time deposit accounts.

How high? It’s a whopping 6.50% p.a., better than GoTyme, CIMB, SeaBank, and other digital banks in the Philippines. But is there a catch? I’ve done the leg work for you and set up a savings account to see its features and benefits. Read further for this honest review.

Contents

• What is UNO Digital Bank?
• What are the key features of UNO Digital Bank?
• UNO Digital Bank savings account interest rate vs. other banks
• What are the requirements to open a UNO Digital Bank account?

UNO Digital Bank savings account features

Type of Account	Peso Account
Interest rate for savings account #UNOready	4.25% p.a. (per annum)
Interest rate for time deposit	6.50% p.a ( up to 12 mos)
Initial deposit	Zero
Minimum balance required	None
Maintaining balance required to earn interest	None
Virtual debit card	Yes (₱100)
ATM withdrawals	Yes
ATM card	Mastercard (₱300)

What is UNO Digital Bank?

UNO Digital Bank, licensed and regulated by the Bangko Sentral ng Pilipinas, is one of the pioneering neobanks to secure a digital banking license directly. From facilitating everyday transactions to providing platforms for savings and investments, the bank’s offerings—including savings accounts, time deposits, and loans—are digitally accessible.

To reach out to more consumers, UNO Digital Bank has partnered with GCash, one of the leading e-wallets in the Philippines. GCash’s GSave feature integrates services from UNO Digital Bank through this collaboration. This allows GCash users to open a UNO Digital Bank account within the app.

What are the key features of UNO Digital Bank?

Given that UNO Digital Bank is still a new entrant in the market and your funds are still covered by the PDIC up to ₱500,000, there are also other features worth checking out that will motivate you to open an account.

1. Full spectrum banking services

UNO Digital Bank offers a full spectrum of banking services, including savings accounts, time deposits, personal loans, and the ability to pay bills, all accessible through its mobile app. This benefits users looking to manage their finances in a one-stop digital platform.

2. High interest rates on savings and time deposits

UNO Digital Bank offers attractive interest rates for savings and time deposit accounts. Let me unpack these three savings account offers:

#UNOboost time deposit

The #UNOboost time deposit account allows you to earn up to 6.50% p.a at maturity, with flexible terms ranging from 3 to 12 months. This feature particularly appeals to savers looking for higher returns on their time deposits.

A longer holding-off period means lower interest rates. Here’s the earnings table for your reference.

Term	Gross interest p.a	Interest payout
3 months	5.50%	At maturity
4 months	5.50%	At maturity
5 months	5.50%	At maturity
6 months	6.00%	At maturity
7 months	6.00%	At maturity
8 months	6.00%	At maturity
9 months	6.00%	At maturity
10 months	6.00%	At maturity
11 months	6.00%	At maturity
12 months	6.50%	At maturity

* Interest rates are subject to government taxes. Check the official website for updated rates.

#UNOready regular savings account

For the regular savings account, you have two options to earn more. If funds are below ₱5,000, you earn 3.50% p.a. Otherwise, if you deposit more than ₱5,000, you earn 4.25% p.a. For deposits of ₱5 million and above, you only earn 1.00%.

One thing I noticed about the offerings is that you must be vigilant to spot tricky terms and conditions, as the promos and offers vary depending on how much you’re saving up in your account.

The good news is that UNO Digital Bank gives you daily payouts, just like SeaBank does. Plus, if you have a regular savings account, you get a free ₱50,000 worth of life insurance coverage.

Here’s a breakdown of the interest rates and corresponding deposits.

End-of-day balance		Gross interest rate
From	To
₱0.01	₱4,999.99	3.50%
₱5,000.00	₱4,999,999.99	4.25%
₱5,000,000.00	Above ₱5 million	1.00%

#UNOearn and #UNOboost via GCash

You can also sign up or open a savings account through the GCash app, and you can choose between the two savings account offers:

#UNOearn

• Guaranteed 6.50% p.a. interest rate. This product offers a fixed interest rate of 6.50% p.a., which means that the rate is guaranteed and does not fluctuate over the tenure of the time deposit.
• Up to 24 months tenure. Customers can choose to lock in their funds for a period of up to 24 months, providing a longer-term saving option.
• Monthly payouts. Interest earned on the deposit is paid out monthly, which can be an attractive feature for those looking for a regular income stream from their deposits.

#UNOboost

• Up to 6.50% p.a. interest p.a. Similar to #UNOearn, this product also offers an interest rate of up to 6.50% p.a.
• 3 to 12 months tenure. The tenure options are shorter, ranging from 3 to 12 months. This provides more flexibility for customers who may want to wait to commit their funds for as long as two years.
• Payout at maturity. Unlike the monthly payouts of #UNOearn, the interest for #UNOboost is paid out at the end of the term, at maturity. This could be more suitable for those who do not need periodic income and prefer to have the interest compounded until the end of the deposit period.

3. All digital account opening process

Opening an account with UNO Digital Bank is streamlined and can be completed in less than 15 minutes. Only a valid government-issued ID is required for verification.

This process is significantly faster and more convenient than traditional banking, where account opening can take much longer and may require a visit to a branch.

One of the things I noticed when I opened an account was that there were quite a few glitches and lags.

fI guess they’re still working on the app’s performance, which can be cumbersome—although if you’re filling out the form, the mobile app has already saved the previous entries, so you don’t have to fill out your details again.

4. Accessible loan product with #UNOnow

UNO Digital Bank offers a #UNOnow loan product to provide quick and accessible financial assistance. Eligible loan applicants with a minimum gross income of ₱20,000 can borrow from ₱10,000 to ₱200,000.

Here’s what I’ve found about this loan product:

• No collateral required. One of the most appealing aspects of the #UNOnow loan is that it does not require any collateral. This feature makes it accessible to a broader range of customers, including those who may not have assets to offer as security for a loan. With fewer documentation requirements, you can submit contact details, a valid government-issued ID, and a selfie as part of the application.
• Repayment tenure. The loan offers flexible repayment options with tenures ranging from 6 to 36 months. This flexibility allows you to choose a repayment plan that fits your financial situation and capacity.
• Competitive interest rates. The monthly add-on interest rate starts at 1.79%. The annual percentage rate ranges from 35.78% to 37.54%, depending on the loan tenure.

5. Virtual debit card

Upon opening an account, you automatically receive a virtual debit card, which can be used for online transactions worldwide.

You need to top up ₱100 to activate it—this card enhances the digital banking experience by providing a secure and convenient way to shop online.

UNO Digital Bank savings account interest rate vs. other banks

Here’s a comparison of the UNO Digital Bank interest rate versus other banks. I know there are quite a few digital banks out there that offer higher p.a. Interest rates, may this table give you a concrete view of the offers.

Bank	Interest Rate p.a.  (per annum)	Minimum Initial Deposit (depending  on the type of Savings Account)
UNO Digital Bank	4.25% — 6.50%	None
Digital banks in the Philippines
CIMB Bank Philippines	0.50% – 0.75% Fast & Fast Plus Account 2.50% UpSave Account 2.60% GSave Account	None
GoTyme Bank	5.00%	None
Komo Bank	2.50%	None
Maya Bank	3.5% (base rate)	None
SeaBank	3.50% – 4.5.00%	None
Tonik Bank	1.00% (Regular) 4.00% (Stashes)	None
Traditional commercial banks in the Philippines
Banco De Oro (BDO)	0.0625%	₱100 – ₱30,000 +
Bank of Philippine Islands (BPI)	0.0625% to 0.125%	₱100 – ₱2 million
China Bank Corporation	0.125%	₱2,000 -₱20,000 +
Citibank	0.75% to 2.04%	₱50,000 – ₱2 million
Security Bank	0.0625%	₱5,000 -₱100,000 +

What are the requirements to open a UNO Digital Bank savings account?

To open a UNO Digital Bank savings account, the requirements are as follows:

• Age requirement. You must be at least 18 years old.
• Residency. You need to be a resident citizen of the Philippines.
• Address. You must have a present and/or permanent address in the Philippines.
• Identification. You need at least one (1) valid government-issued identification document (ID).
• Email and mobile number. You must have a valid email address and local Philippine mobile number.

The process involves downloading the UNO Digital Bank app, registering with your mobile number, verifying your identity through ID and facial scan, and setting up your password and passcode.

Final thoughts

UNO Digital Bank could be recommended for individuals who are comfortable with managing their finances through a mobile app and are looking for higher interest rates on savings and time deposits compared to traditional banks.

It may also appeal to those who need quick access to loans without collateral. The integration with GCash makes it a convenient option for existing GCash users to conveniently transfer funds to and from their e-wallets to UNO savings accounts.

However, keep in mind that the app has technical issues, such as problems with OTP delivery and biometric login, which could be a concern for you, especially if you want to access funds immediately. I’ve encountered these issues, and I feel that the mobile app itself should be improved for a better banking experience.

Based on my research, the app has received mixed reviews regarding customer service responsiveness to these issues. The bank’s digital nature means that if you prefer in-person banking experiences or are not tech-savvy, you may find it less suitable, even if it offers high p.a. interest rates.

Have you tried UNO Digital Bank? Share your thoughts and experiences in the comments below.