CIMB Bank Philippines has rapidly become a major player in the country's financial landscape since its launch in 2018. As a digital-first universal bank, it has challenged traditional banking by offering a wide range of services entirely through its mobile app. Backed by the CIMB Group, a leading ASEAN bank, it provides a secure and convenient banking experience designed for the digital age.
The bank's philosophy centers on accessibility and rewarding its customers. By eliminating the need for physical branches, CIMB has streamlined processes and passed on the savings through higher interest rates and zero fees on many services.
Also check out the 5 Credit Cards with No Annual Fees in the Philippines
Loading...
Key Financial Products and Services
CIMB's product suite is tailored to a variety of customer needs, all managed with a few taps on your smartphone.
1. High-Interest Savings Accounts
CIMB is best known for its innovative savings accounts, which offer significantly higher interest rates than most conventional banks.
- UpSave Account: This is CIMB's flagship savings account. It has no initial deposit or maintaining balance, making it perfect for new savers. It offers a competitive interest rate that allows your money to grow faster, with interest computed daily and credited monthly.
- GSave Account: A collaboration with GCash, this account can be opened and managed directly within the GCash app. It's an easy way for GCash users to start saving, and you can unlock more features and higher interest by linking it to the main CIMB app.
- LazSave Account: This savings account is integrated directly into the Lazada app. It offers a high interest rate, no maintaining balance, and a unique 1% rebate on Lazada purchases paid using the account, turning your shopping habit into a savings strategy.
2. Personal Loans and Credit
CIMB also provides a quick and convenient way to get financing without the hassle of a traditional bank.
- Personal Loan: You can apply for a personal loan of up to ₱1 million entirely through the CIMB app. The process is digital and promises a fast turnaround. They also have no early settlement fees, giving you the flexibility to pay off your loan ahead of schedule without extra charges.
- REVI Credit: This is a revolving credit line that acts like a flexible source of funds. You can use it, pay it back, and use it again as needed. There are no fees if you don't use the credit line, making it a great emergency fund option.
If you are looking for low-interest loans, here's my list of Personal Loans With the Lowest Interest Rates in the Philippines.
Why Filipinos are Choosing CIMB
CIMB has gained a strong following by addressing common pain points of traditional banking.
- Competitive Rates: The bank consistently offers some of the highest interest rates in the market, allowing depositors to get more out of their money.
- No Fees: Most transactions, including account opening, fund transfers via InstaPay and PESONet, and cashing out, are completely free. This eliminates the hidden costs that often eat into your savings.
- Unmatched Convenience: The entire banking experience happens on your phone. You can open an account in minutes with a valid ID and manage all your finances 24/7 from anywhere, without ever having to step inside a physical branch.
- Peace of Mind: As a bank regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC), your funds are safe and secure.
In a world where speed and convenience are paramount, CIMB Bank Philippines has positioned itself as a forward-thinking financial institution. It’s an ideal choice for anyone looking for a modern, fee-free, and rewarding way to manage their money.
Other Digital Banks in the Philippines
Visit my list of Top Digital Savings Banks in the Philippines to learn more!
No comments
Let us know your thoughts!