5 Things to Consider When Opening Your First Digital Bank Account

One of the main draws of a digital bank account as a main account is its convenience. You can essentially have all the functions of your typical bank, but without the hassle of depending on visits to a physical branch or ATM just to process transactions. For example, you won’t have to find an ATM just to check how much your balance is—just a quick login to your digital banking app will do.

When you’re looking for a digital bank to sign up with, make sure first that it’s got all those much-needed banking features. Consider, too, how easy it is to use the bank’s app and online platform. A clunky or unresponsive interface that’s also confusing to navigate can easily take away from the convenience factor in your banking experience.

For insight, try asking friends and family about what their experiences are like with a particular digital bank. You can also read reviews from other digital banking customers.

Given that your hard-earned money is involved here, of course security should be among your top considerations for a new digital bank account. Fortunately, the best digital banks put security first and often employ numerous safeguards to ensure your money will always be safe.

For instance, many digital banking apps have a biometric login feature in addition to asking for your password. Each transaction made also requires the input of a one-time password (OTP) to ensure it’s really you who is making the transfer.

If you’re based in the Philippines, part of your security should come from knowing that your digital bank is licensed by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC). The former solidifies the bank’s credibility while the latter offers a safety net, given that PDIC-insured banks cover PHP 500,000 per depositor per bank with certain terms and conditions. Both should be able to give you some additional peace of mind when using the service.

You should also look into what advanced features a digital bank can offer, and whether these may be relevant to your financial goals. Of course, you should already expect your usual banking features, such as being able to show your balance, allowing fund transfers to different banking and e-wallet providers, and viewing your transaction history. But what if you’re interested in investing part of your savings? Or perhaps you want to automate your bill payments through the app? In such cases, you’d certainly want dedicated investment options and billing features out of your chosen digital bank.

Always check through FAQs, reviews, or testimonials first regarding whether the digital bank you want to open an account in can fulfill any additional requirements you may have on top of regular banking features. This is what will make your enrollment into the digital bank truly worth it.

A common gripe with traditional banks is how low interest rates are, to the point that the savings you have with them don’t seem like they’re earning at all. If you’re going through the trouble of switching over to a digital bank, it’s reasonable for you to want better interest rates.

This is one of the more distinct selling points of digital banks. A digital bank like Maya can offer high interest rates that will allow you to actually see your savings grow daily over time. You also have the option to sign up for a time deposit account like Maya’s Time Deposit Plus to let your savings accrue while they’re untouched. Just be sure to check the bank’s offerings first and compare with others to see which one can give your money more leverage.

Last but definitely not least, you’ll want to check if the digital bank you’re looking at is trustworthy and reliable. They should have the right licenses to operate, and their systems shouldn’t be prone to constant crashes or downtime.

Choose a reliable digital bank to ensure that all your transactions are accomplished without any issue or delay. Clear communication and reliable customer service are also important, so check the digital bank’s website, app, and social media pages to see whether they’re proactive about announcing maintenance or addressing their customers’ concerns.

With a digital banking partner like Maya, you can set up your account in no time at all with only one valid ID and no minimum deposit. See your funds grow as well with the digital bank’s high interest rates compared to its traditional banking counterparts.

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