Best Banks To Open Savings Account Philippines 2024

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.

Table of Contents

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%* 0.250%**	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%* 0.375% 0.50* 0.75****	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

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 is approximately 0.10%.

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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.