Best bank to open savings account
You worked hard to make money, so it only makes sense to be extra careful where you put that money. In the Philippines, you have several options for savings accounts depending on your financial goals. The right decision will help your money grow while it is safe in your bank and beat inflation with interest earned. A savings account also gives you liquidity such that you can access your money whenever you need it, such as in the case of emergencies.
Top 10 Best Savings Account in the Philippines
Not all savings accounts are made equal. Make sure you take the time to research and compare your different options so you can find the correct savings account that matches your goals.
Below are 10 of the best savings account in the Philippines that you can safely put your money into and help it grow. An important reminder is that the Philippine Deposit Insurance Corporation (PDIC) offers up to PhP 500,000 protection for all savings account holders. Therefore, you have to ensure that the bank you’re invested in is affiliated with the PDIC to have this insurance.
10. UCPB Regular Peso Savings Account
United Coconut Planters Bank (UCPB) is one of the longest-running and stable banks in the Philippines. It was established in 1963 and was initially known as First United Bank. This bank is heavily invested in coconut farmers and the manufacture of palm oil in the Philippines.
This savings account is a good choice for Filipinos looking to maximize their savings value and earn interest over time. UCPB offers several savings accounts depending on how much money you want to set aside for your savings goals.
The UCPB Regular Peso Savings Account is available in the passbook or ATM. Hence, it is relatively easy to liquidate your money in case you need it. The interest rate is 0.25%, with an initial deposit requirement of PhP 2,000 for ATM accounts (or PhP 10,000 for a passbook savings account). You need to have PhP 10,000 maintaining balance in your account to qualify for interest.
9. Chinabank Money Plus Savings
Chinabank is the first privately owned local commercial bank in the country. It was established in 1920 and was initially targeted at Chinese-Filipino businessmen. Nowadays, anyone can open an account with Chinabank, providing a wide range of financial services. Aside from deposit accounts, they also have investments, trusts, and remittances.
The Chinabank Money Plus Savings is one of the best savings accounts in the Philippines because of a low initial deposit requirement of PhP 20,000. The interest rate for this savings account is 0.25%. The maintaining balance is also PhP 20,000, but you need at least PhP 50,000 to earn interest.
8. Maybank iSave Account
Maybank is a commercial bank that offers several financial products. They also serve not just individual account holders but also a go-to choice for commercial and corporate clients. Maybank has been operating in the Philippines for more than two decades.
Maybank is a good option for anyone looking for the best savings account in the country because of its reliability. The iSave account from Maybank is a good option for a savings account because you can get 1% interest (which used to be 2.5% before September 2022). You can put in as little or as much money into your account as the initial deposit. There is also no maintaining balance requirement for this account.
However, you must have a balance of PhP 20,000 to earn interest in your account.
7. BPI Family Savings Bank Advance Savings Account with Passbook
The BPI Advance Savings Account with Passbook is one of the best savings accounts in the country because the interest rate is higher than most other savings account from BPI or other banks. It has an interest rate of 0.625% with an initial deposit of PhP 100,000. You need to maintain the same balance as your initial deposit to earn interest in your account.
If the account maintaining balance reaches 1 million pesos or more, your interest rate for the account goes up to 1.25%. Therefore, it is a suitable alternative to a regular savings account since you can grow your money faster.
BPI also offers a convenient online banking portal. This tool allows you to conveniently monitor and keep track of your savings account from your mobile phone or computer.
6. Citibank Peso Bonus Saver Account
The Citibank Peso Bonus Saver account is one of the high-yield savings accounts in the Philippines. This savings account also allows you to get a higher interest rate if you save more each month.
The initial deposit requirement for the Citibank Peso Bonus Saver Account is PhP 50,000. You must also have PhP 50,000 as maintaining balance in your account to earn interest. The interest rate starts at 0.60% but can go up to 1.66% the higher your account balance.
5. CIMB Bank GSave Account
The GSave Account from the CIMB Bank is one of the best savings accounts in the Philippines for anyone looking for a high-interest rate. The interest rate is 2.6% per annum. The interest rate is computed and added to your account every month.
To open the CIMB Bank Gsave Account, you must be at least 18 years old. Present one government-issued ID upon the opening of your account. You must be a verified GCash user, too. You can deposit any amount you want to earn a 2.6% interest rate.
The downside to this type of savings account is that it is only valid for one year. To continue your account, you must download the CIMB Bank app and link your Gcash account. This type of savings account is suitable for those who like the flexibility of putting in as little or as much money as you can set aside.
4. Security Bank eSecure Savings Account
Security Bank is a privately owned financial institution that is among one of the most stable banks in the country right now. They also provide several account types to choose from based on your needs.
The Security Bank eSecure Savings Account is one of the high-interest savings accounts in the Philippines. The interest rate for this savings account is 1.20%, while the initial deposit is only PhP 500 with the same maintaining balance. However, you need at least PhP 5,000 in your account to enjoy the interest rate.
The only downside to the Security Bank eSecure Savings Account is that you are limited to one monthly withdrawal. Hence, it is a good option for those who like to use their extra money for savings.
Another product from Security Bank is recommended for anyone looking for a high-interest savings account: the Premium Build Up Savings Account. This type of savings account has an interest rate of 1%, but the initial deposit requirement is PhP 50,000.
3. BPI Maxi Savers Account
BPI, or the Bank of the Philippine Islands, is one of the most reliable banks in the Philippines. It was established in 1851 and continues to be one of the top-performing banks in the country to this day.
Several financial products and services are available through BPI for every type of Filipino – individuals, families, OFWs, etc. The BPI Maxi Savers Account is the best option for those looking to grow their money. The interest rate is 0.125% with an initial deposit requirement of PhP 2 million and the same maintaining balance to earn interest.
2. Metrobank Savings Account
Metrobank, like BPI, is one of the top-performing banks in the Philippines. It was founded in 1962 and catered to Filipinos’ different banking and financial needs. They also have several branches and ATMs all over the Philippines.
There are several options for the Metrobank savings account depending on your financial needs and how much you can afford to put in as your initial deposit. The Metrobank AccountOne Regular Checking Account has an interest rate of 0.125% for an initial deposit and maintaining balance of PhP 25,000. You need to have PhP 50,000 in your account to earn interest.
The Metrobank Passbook Savings Account has the same interest rate. However, the initial deposit is lower at PhP 10,000. This is the minimum balance requirement to earn interest, too.
1. BDO Optimum Savings Account
BDO was established in 1968 and is one of the most popular banks in the Philippines. BDO leads the banking industry in the Philippines for personal and commercial banking needs. They also have many banking and ATM branches all over the country.
The BDO Optimum Savings Account is one of the best savings accounts in the Philippines, as it offers an interest rate of 1.25%. The initial deposit is PhP 30,000. You are qualified to earn the interest on your account for that same amount. There is also a corporate-type account available for the Optimum Savings Account, although it has a higher maintaining balance and opening deposit requirement of PhP 50,000.
BDO offers other savings accounts for your unique financial needs and goals, such as the BDO Power Teens Club and the BDO Junior Savers Club.