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Best Banks To Open Savings Account Philippines 2022

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    Best Bank To Open Savings Account Philippines:

    Today there are currently over 550 banking institutes across the Philippines!

    Many of which are rural banks and savings banks. So when looking at the best savings account in the Philippines, it’s always best to compare the options available…

    And that’s exactly what we have done today in our full guide on the best banks to open a savings account within the Philippines.

    BankProduct NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
    1. BDO UNIBANK INCOptimum Savings Account Personal1.25%PHP 30,000PHP 30,000PHP 30,000
    Prime Savers0.25%PHP 2000PHP 2000PHP 5000
    Smart Checking Passbook Business0.25%PHP 50,000PHP 50,000PHP50,000
    Peso Passbook Savings Account0.25%PHP 5000PHP 10,000PHP 10,000
    Peso ATM0.25%PHP 2000PHP 2000PHP 5000
    Junior Savers Club0.25%PHP 100PHP 100PHP 2000
    2. MetrobankPassbook Savings Account0.13%Php10,000Php10,000Php10,000
    Debit/ATM Card Savings Account0.13%Php 2000Php 2000Php10,000
    Fun Savers Club0.13%Php 100Php 500Php 4000
    Regular Checking Account0.00%Php10,000Php10,000None
    3. BPIAdvance Savings Account0.38%Php100,000Php100,000Php100,000
    Maxi-One Checking Account0.25%Php 25,000Php 25,000Php 25,000
    Kaya Savings0.13%Php 200nonePhp 1000
    Save-Up Automatic Savings + Insurance0.13%0Php 1000Php 5000
    Maxi – Saver Savings with Passbook0.13%Php 75,000Php 75,000Php 75,000
    Maxi-Saver Savings with ATM0.13%Php 50,000Php 50,000Php 50,000
    Easy Saver0.13%Php 200NAPhp 1000
    4. LandbankSavings Account0.10%Php 500Php 500Php 2000
    Easy Savings Plus0.10%PhP 20,000PhP 20,000PhP 20,000
    PESO EASY (Earning Access and Sure Yield) Check With ATM Access0.10%PhP 10,000PhP 10,000PhP 10,000
    US Dollar Savings Account Individual0.15%USD 100USD 500USD 500
    5. Security BankSecure Savings Account1.20%USD 500USD 500USD 5000
    Premium Build Up Savings Account1.00%PhP 50,000PhP 50,000PhP 50,000
    Regular Build-Up Savings Account0.50%PHP 5000PHP 5000PHP 10,000
    Easy Savings Account0.10%PhP 5000PhP 5000Php100,000
    6. PNBSuperteller ATM0.10%PhP 3000PhP 3000PhP 10,000
    Debit MasterCard0.10%PhP 3000PhP 3000PhP 10,000
    Passbook Savings0.10%PhP 10,000PhP 10,000PhP 15,000
    Prime Savings Account0.125%*
    PhP 50,000PhP 50,000Php100,000
    Regular Checking Account Corporate0.00%PhP 10,000PhP 10,000Non earning
    7. DBPSavings Account with ATM or PassbookVaries weeklyPHP 500PHP 500PHP 500
    US Dollar Account – IndividualVaries weeklyUSD100USD500USD500
    US Dollar Account – CorporateVaries weeklyUSD1,000USD1,000USD1,000
    Wisdom AccountVaries weeklyUSD100USD100USD500
    8. UnionBankRegular Savings Account0.10%Php 100,000Php 100,000Php 100,000
    Dollar Access Account0.10%US$10,000US$10,000US$25,000
    9. RCBCDragon All-in-one – Personal Account0.38%Php 25,000Php 25,000Php 25,000
    Dragon Savings – Corporate Account0.38%Php 25,000Php 50,000Php 50,000
    Basic Checking – Corporate0.25%Php 10,000Php 10,000Php 50,000
    Basic Checking – Personal0.25%Php 10,000Php 10,000Php 25,000
    Basic Savings Personal0.15%Php 10,000Php 10,000Php 10,000
    Basic Savings ATM0.15%Php 3000Php 3000Php 3000
    10. UCPBPeso Checking Account0.25%Php 2000NonePhp 5000
    Passbook Savings Account0.25%Php 100NonePhp 500
    ATM Savings Account0.25%NoneNonePhp 500
    egular Peso Savings Account (Passbook)0.25%Php 10,000Php 10,000Php 10,000
    Regular Peso Savings Account (ATM)0.25%Php 2000Php 2000Php 10,000
    Start2Save Junior Savings Account0.25%Php 100Php 100Php 1000
    11. China BankMoneyPlus Savings0.25%Php 20,000Php 20,000Php 50,000
    ATM Savings0.13%Php 2000Php 2000Php 10,000
    Passbook Savings0.13%Php 5000Php 5000Php 10,000
    12. Eastwest BankBasic Savings0.13%Php 100Php 100Php 500
    Kiddie Savings0.13%Php 2000Php 2000Php 2000
    Passbook Savings Account0.13%Php 5000Php 5000Php 10,000
    Passbook Savings w/ Debit Card0.13%Php 10,000Php 10,000Php 25,000
    Super Saver (****10M+)0.125%*
    Php 500,000Php 500,000Php 500,000
    13. ING PhilippinesSavings Account2.5% NoneNoneNone
    14. CitibankPeso Bonus Saver Account0.70% to 1.16% per annumPhp50,000Php50,000Must deposit Php 20,000 monthly to enjoy the increased interest of up to 1.16%
    E-Saving Account0.75% per annumPhp 100,000NonePhp 100,000
    Dollar Saver0.10% per annumN/ANoneUSD 1000
    15. CIMB BankUpsave Account2.5% per annumNoneNoneNone
    Fast & Fast Plus Account0.5% per annum (Fast) & 0.75% per annum (Fast Plus)Php1,000NoneNone
    GSave Account2.6% per annumNoneNoneNone
    National Savings Banks & Bank Accounts Philippines

    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 hovers around the 0.10% figure.


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    As many banks have several different types of savings accounts, the majority of banks offer a low-interest rate on some of their savings accounts that are identical or very close to the low-interest rate of 0.10%.

    So does this mean that ING Bank & CIMB Bank are the best high-interest savings accounts in the Philippines?

    And should you choose them to be your savings account provider?

    In the below section, we will be looking at the best banks to open a savings account in the Philippines and discuss your options when it comes to saving vs. investing.

    Best Bank To Open Savings Account 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.

    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.

    Thanks for reading our official guide of the Best Banks saving Account Philippines. Comment your questions below!

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