When it comes to savings accounts, there are a lot of options available in the Philippines. But with so many choices, it can be hard to know where to start. Do you go with a big bank or a smaller one? Should you opt for an online bank or a brick-and-mortar institution? Today there are currently over 550 banking institutes across the Philippines! Many of which are rural banks.
To help you narrow down your options, we’ve compiled a list of the best banks to open savings accounts in the Philippines. Whether you’re looking for high interest rates, low fees, or great customer service, one of these banks is sure to fit your needs.
Determining the best savings accounts available in the Philippines
When investigating what the best bank to open a savings account in the Philippines is, there are several considerations to make. Naturally, the higher interest rate seems like the best option, but there are also other considerations to calculate carefully.
One of which is the financial requirements. Some savings accounts in the Philippines require a minimum threshold. This will depend on what type of savings account you choose. However, we discovered that some of the highest minimum balances were as high as 100,000 (or more) pesos during our research.
Below is a summary of our findings showing the most popular savings accounts available in the Philippines, taking into account the following factors:
- Bank name;
- Savings account type and name;
- Savings account interest rate;
- Initial deposit;
- Maintaining balance; and
- Minimum balance required to earn interest.
|Bank||Product Name||Interest Rate||Initial Deposit||Maintaining Balance||Balance to Earn Interest|
|1. BDO UNIBANK INC||Optimum Savings Account Personal||1.25%||PHP 30,000||PHP 30,000||PHP 30,000|
|Prime Savers||0.25%||PHP 2000||PHP 2000||PHP 5000|
|Smart Checking Passbook Business||0.25%||PHP 50,000||PHP 50,000||PHP50,000|
|Peso Passbook Savings Account||0.25%||PHP 5000||PHP 10,000||PHP 10,000|
|Peso ATM||0.25%||PHP 2000||PHP 2000||PHP 5000|
|Junior Savers Club||0.25%||PHP 100||PHP 100||PHP 2000|
|2. Metrobank||Passbook Savings Account||0.13%||Php10,000||Php10,000||Php10,000|
|Debit/ATM Card Savings Account||0.13%||Php 2000||Php 2000||Php10,000|
|Fun Savers Club||0.13%||Php 100||Php 500||Php 4000|
|Regular Checking Account||0.00%||Php10,000||Php10,000||None|
|3. BPI||Advance Savings Account||0.38%||Php100,000||Php100,000||Php100,000|
|Maxi-One Checking Account||0.25%||Php 25,000||Php 25,000||Php 25,000|
|Kaya Savings||0.13%||Php 200||none||Php 1000|
|Save-Up Automatic Savings + Insurance||0.13%||0||Php 1000||Php 5000|
|Maxi – Saver Savings with Passbook||0.13%||Php 75,000||Php 75,000||Php 75,000|
|Maxi-Saver Savings with ATM||0.13%||Php 50,000||Php 50,000||Php 50,000|
|Easy Saver||0.13%||Php 200||NA||Php 1000|
|4. Landbank||Savings Account||0.10%||Php 500||Php 500||Php 2000|
|Easy Savings Plus||0.10%||PhP 20,000||PhP 20,000||PhP 20,000|
|PESO EASY (Earning Access and Sure Yield) Check With ATM Access||0.10%||PhP 10,000||PhP 10,000||PhP 10,000|
|US Dollar Savings Account Individual||0.15%||USD 100||USD 500||USD 500|
|5. Security Bank||Secure Savings Account||1.20%||USD 500||USD 500||USD 5000|
|Premium Build Up Savings Account||1.00%||PhP 50,000||PhP 50,000||PhP 50,000|
|Regular Build-Up Savings Account||0.50%||PHP 5000||PHP 5000||PHP 10,000|
|Easy Savings Account||0.10%||PhP 5000||PhP 5000||Php100,000|
|6. PNB||Superteller ATM||0.10%||PhP 3000||PhP 3000||PhP 10,000|
|Debit MasterCard||0.10%||PhP 3000||PhP 3000||PhP 10,000|
|Passbook Savings||0.10%||PhP 10,000||PhP 10,000||PhP 15,000|
|Prime Savings Account||0.125%*|
|PhP 50,000||PhP 50,000||Php100,000|
|Regular Checking Account Corporate||0.00%||PhP 10,000||PhP 10,000||Non earning|
|7. DBP||Savings Account with ATM or Passbook||Varies weekly||PHP 500||PHP 500||PHP 500|
|US Dollar Account – Individual||Varies weekly||USD100||USD500||USD500|
|US Dollar Account – Corporate||Varies weekly||USD1,000||USD1,000||USD1,000|
|Wisdom Account||Varies weekly||USD100||USD100||USD500|
|8. UnionBank||Regular Savings Account||0.10%||Php 100,000||Php 100,000||Php 100,000|
|Dollar Access Account||0.10%||US$10,000||US$10,000||US$25,000|
|9. RCBC||Dragon All-in-one – Personal Account||0.38%||Php 25,000||Php 25,000||Php 25,000|
|Dragon Savings – Corporate Account||0.38%||Php 25,000||Php 50,000||Php 50,000|
|Basic Checking – Corporate||0.25%||Php 10,000||Php 10,000||Php 50,000|
|Basic Checking – Personal||0.25%||Php 10,000||Php 10,000||Php 25,000|
|Basic Savings Personal||0.15%||Php 10,000||Php 10,000||Php 10,000|
|Basic Savings ATM||0.15%||Php 3000||Php 3000||Php 3000|
|10. UCPB||Peso Checking Account||0.25%||Php 2000||None||Php 5000|
|Passbook Savings Account||0.25%||Php 100||None||Php 500|
|ATM Savings Account||0.25%||None||None||Php 500|
|egular Peso Savings Account (Passbook)||0.25%||Php 10,000||Php 10,000||Php 10,000|
|Regular Peso Savings Account (ATM)||0.25%||Php 2000||Php 2000||Php 10,000|
|Start2Save Junior Savings Account||0.25%||Php 100||Php 100||Php 1000|
|11. China Bank||MoneyPlus Savings||0.25%||Php 20,000||Php 20,000||Php 50,000|
|ATM Savings||0.13%||Php 2000||Php 2000||Php 10,000|
|Passbook Savings||0.13%||Php 5000||Php 5000||Php 10,000|
|12. Eastwest Bank||Basic Savings||0.13%||Php 100||Php 100||Php 500|
|Kiddie Savings||0.13%||Php 2000||Php 2000||Php 2000|
|Passbook Savings Account||0.13%||Php 5000||Php 5000||Php 10,000|
|Passbook Savings w/ Debit Card||0.13%||Php 10,000||Php 10,000||Php 25,000|
|Super Saver (****10M+)||0.125%*|
|Php 500,000||Php 500,000||Php 500,000|
|13. ING Philippines||Savings Account||2.5%||None||None||None|
|14. Citibank||Peso Bonus Saver Account||0.70% to 1.16% per annum||Php50,000||Php50,000||Must deposit Php 20,000 monthly to enjoy the increased interest of up to 1.16%|
|E-Saving Account||0.75% per annum||Php 100,000||None||Php 100,000|
|Dollar Saver||0.10% per annum||N/A||None||USD 1000|
|15. CIMB Bank||Upsave Account||2.5% per annum||None||None||None|
|Fast & Fast Plus Account||0.5% per annum (Fast) & 0.75% per annum (Fast Plus)||Php1,000||None||None|
|GSave Account||2.6% per annum||None||None||None|
Highest Interest Savings Account Philippines
As we can see from the data above, the highest interest savings account in the Philippines is with ING Bank & CIMB Bank. Both banking institutes in the Philippines offer a competitive interest rate of 2.5% annually. However, CIMB Bank slightly takes the lead when comparing the two as its GSave Account has a current interest rate of 2.6% annually.
The lowest interest savings account in the Philippines is approximately 0.10%.
Best Bank To Open Savings Account Philippines
In the final section, we will be discovering if using a savings account is a good idea in the Philippines. ING Bank & CIMB Bank both offer the highest interest rate for savings accounts in the Philippines. Both banks also have minimal requirements.
CIMB’s GSave Account has a current annual interest rate of 2.6% annually, resulting in one of the Philippines’ most profitable and best savings accounts.
So to summarise, if you are looking at the best bank to open a savings account with, this will depend on what type of savings account you are opening in the Philippines and what bank you choose to save with. But from our research and data gathered, ING Bank & CIMB Bank both offer fantastic saving rates to their customers.
Is Using A Savings Account In The Philippines A Good Idea?
Saving is an essential skill in wealth management. However, saving will not necessarily lead to wealth unless you can save a lot over a long period. Even in this case, inflation is around the corner, and you may find that saving long term is not the ideal situation.
Saving is essential as it is a safer form of interest compared to other investment types in the Philippines. Naturally, if you are saving for a house or a wedding, you will be unlikely to risk your capital on a high-risk investment. Therefore high-interest saving accounts in the Philippines offer an opportunity to earn interest more safely than traditional investments.
As we discovered earlier, some of the best saving accounts in the Philippines have a high barrier to entry. For example, the Advance Savings Account from BPI bank has an initial deposit and maintenance balance of 100,000 pesos (this is subject to change).
The interest rate of this is currently 0.38%. On the other side of the coin, the stock market has a 7-10% return on average. Therefore, most financial professionals suggest that using a savings account to save for an event or saving ready to invest is a good idea. However, using a high-interest savings account in the Philippines may not be the best option if you are looking to grow your wealth.
In other words, when looking at the best savings accounts in the Philippines, it’s often a wise idea to use a savings account as a way to save money to invest later. Some investors aim for 50K, 100K, or 200K. Once this financial target has been met, they use it to invest in investments that offer a high return or investments that offer a monthly return.
Conclusion: Choosing the Best Bank for Opening a Savings Account in the Philippines
There are many factors to consider when choosing a bank, but we hope this list has helped narrow down your options when it comes to finding the best bank to open a savings account in the Philippines. Be sure to compare interest rates, fees, and features before making your final decision so that you can choose the bank that’s right for you.
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