Top 10 Highest Paying Interest Rate Mobile Banking Apps Category Review

Wondering where can you put your extra funds online?

These days, most people are very fond of using online transactions whether paying bills, transferring money from a bank to another bank or paying orders online. It's also when the era wherein mobile banking apps with high interest rates appeared . So we came up reviewing and categorizing them according to interest rate.

Did you know that we can figure out how long it will take to double your money? To compute, we should take the fixed annual interest rate and divide that number into 72. (https://banzai.org)

Example: If 10% is the interest rate of the mobile banking app then 72/10=7.2 years your money will take to double.

Another example: If 20% is the interest rate of the mobile banking app then 72/20=3.6 years your money will take to double.

Another thing is that if our current inflation rate as of February 2023 is 8.6% then we should put our money in an instrument with a higher interest rate than the inflation rate. Otherwise, our savings will lost its value.

So it means that the higher the interest rate is, the faster our money will take to double and our banks interest rate should be higher than the inflation rate. So better watch out who gives out the highest interest rate.

Our 10th on the list goes first, so here you go:

10. Other GInvest Accounts

This includes: Index Fund, Money Market and the like except ALFM Global Multi-Asset Income Fund.

-Min. amt to invest: P50

This makes investing very easy. I so love this feature. If you'll be asked "San aabot ang P50 mo?" then this will be my answer. So far, this is the lowest investment I have encountered ever.

-Interest rt: ~0.48%* annually or depends on the stock market

*This is according to my experience after doing some computation with my investments.

9. Tonik Savings Account

-Min. amt to invest: None

-Interest rate: 1%

This interest rate is very conservative which is great for building Emergency Fund. Have you built it yet?

Tip: If your single, make it 3x of your monthly expenses. If you have a family to support then make it 6x of your monthly expenses.

-Tax??? For review

8. CIMB Bank GSave Account

-Min. amt to invest: None

-Interest rt: 2.6% annually

7. Uno Digital Bank @GCash 

Min  amt to invest: Any amount

Interest rt: 3.5% annually

6. Tonik Stashes

Min. amt to invest: None

Interest rt: 4% if solo or 4.5% if group

5. ALFM Global Multi-Asset Income Fund, Inc. by GInvest

Min. amt to invest: P1000

Interest rt:  4.8% annually

Monthly dividend interest rt: ~0.40%/month 

Strategy: Invest P12500, dividends will be P50 monthly. Invest the dividends monthly on other GInvest accounts until you accumulate 1k then reinvest.

4. Seabank

Min. amt to invest: None

Interest rt: 5% annually 

Tax: ??? For review

3. Tonik Time Deposit

Min. amt to invest: P5k

Interest rt: 6% for 6 months; 5.25% for 2 yrs

No monthly payout

2. Uno Time Deposit @GCash

Min  amt to invest: 5k

Interest rt: 6.5% annually or

Monthly Payout interest rate: 0.54%

1. Maya savings

Min. amt to invest: None

Min. amt to spend: 20k

Min. Interest rt: 4.5%, +1% up to 5.5% (Total of 10%) depending on use of app

No monthly payout

To conclude, choose the mobile banking app that suits your goal and savings style.

I hope this blog helped you. Feel free to comment below your thoughts about our topic. Thank you so much.