Open a Savings Account Today: Top 10 Best Banks for Saving Money

Sooner or later, you’re going to plan your first trip abroad, wedding, and even retirement. All these goals require a large reserve of cash, which will only exist if you’ve had a good head start. 

Kickstart your savings journey with the right bank―one that understands your needs and suits your lifestyle. If you don’t know how to choose the best banks in the Philippines, this guide’s got you covered!

If you’re an expat wondering what is the best bank to open a savings account, stick around, as you’ll also benefit from this list.

6 Factors to Consider When Choosing the Best Banks in the Philippines

The following factors will help you determine if a bank offers exceptional service. Of course, you can always include other criteria your experienced friends or family recommend.  

📌 Type of Bank

The first thing to consider is the type of bank you will work with. Banks in the Philippines can be commercial, thrift, rural, or digital. Each type of bank has its pros and cons.

Universal and Commercial Banks

Universal and commercial banks provide the broadest financial services for individuals and businesses. Customers can deposit money, pay bills, send and receive remittances, invest, get a credit card, borrow money, and more.

Pros and Cons of Commercial Banks

👍 Customers can transact through local and overseas branches, ATMs, and online and mobile banking channels for customers' convenience.

👎 Commercial banks serve many customers. Queues can get very long.  

👎 These banks typically offer less competitive fees and interest rates than other banks.

Leading Commercial Banks in the Philippines

These are the biggest universal and commercial banks in the country based on total assets, according to data from the Bangko Sentral ng Pilipinas (BSP).^[1] This metric is an indication of a bank’s financial stability.

1. BDO
2. LANDBANK
3. BPI
4. Metrobank
5. China Bank
6. RCBC
7. PNB
8. UnionBank
9. DBP
10. Security Bank

Thrift Banks

Also known as savings banks, thrift banks specialize in cash deposits, making them one of the best banks for savings in the Philippines. Many thrift banks are run by the same corporations that own commercial banks.

Pros and Cons of Thrift Banks

👍 They offer more affordable account opening/minimum balance requirements and better interest rates. 

👎 They have fewer branches, so they're not as accessible.

👎 Products are targeted at individuals and families, not businesses. 

Leading Thrift Banks in the Philippines

Here are the leading thrift banks in the country based on BSP data.^[2]

1. PSBank
2. China Bank Savings
3. Philippine Business Bank
4. City Savings Bank
5. Bank of Makati
6. Sterling Bank of Asia
7. BPI Direct Banko
8. Producers Savings Bank
9. First Consolidated Bank
10. UCPB Savings Bank

Rural and Cooperative Banks

Rural banks are small banks in the provinces that provide essential, customized financial services. They help promote the economy in rural communities by lending to farmers.

Pros and Cons of Rural Banks

👍 Operating on a smaller scale allows more personalized customer service and banking relationships with customers.

👍 Rural banks also have more competitive interest rates and fees.

👎 Financial services are limited and not as varied as the product offerings of commercial banks.

Digital Banks

Online-only or all-digital banks are an up-and-coming banking trend in the Philippines. They operate over the internet without any physical location. Most transactions (such as account opening, fund transfer, and bill payment) are performed through a mobile app.

Among the pioneers of digital banking in the country is CIMB Bank.

Because of their rising popularity, commercial banks also now offer digital platforms or products with almost the same services as all-digital banks. Examples are Maybank iSave, UnionBank Online, and PNB Digital Banking.

Pros and Cons of Digital Banks

👍 Digital banks offer the most competitive interest rates and fees because they can save on overhead costs without brick-and-mortar branches. 

👍 They typically don't require minimum deposits and maintaining balances on their savings accounts.

👎 The absence of physical branches and face-to-face interaction with bank personnel may pose customer challenges. Customer service is also limited to in-app chats and phone calls.

📌 Financial Products and Services Offered

Think about your short-term and long-term financial goals and what you need to achieve them. The best banks in the Philippines have exactly what you need or will need in the future.

For example, when choosing the best bank to open a savings account in the Philippines, you might want one with little to no maintaining balance or one that yields high interest. This way, saving money becomes affordable for you.

For the best bank for personal, auto, or home loans, check for low interest rates and flexible loan terms.

If you’re trying to find the best bank for credit cards, choose one that offers low interest rates, low or no annual fees, and the kind of rewards programs that suit your spending habits.

📌 Bank Fees

The best banks in the Philippines don't charge too many expensive fees.

Typically, banks have fees for various transactions, services, and penalties. For example, banks commonly charge at least ₱300 for every month a customer's account falls below the maintaining balance. There are also fees for every check encashment and over-the-counter cash withdrawal.

Some banks charge a fee per inter-regional deposit. If your branch of account is in Metro Manila and you make a deposit at a branch in a different region like Bicol, you'll be charged a certain amount. Other fees include ATM balance inquiry and withdrawal fees and late payment penalties for loans and credit cards. Watch out for such fees when choosing the best banks in the Philippines.

You can find information regarding bank fees on the banks' websites. However, it's better to personally ask the bank, as specific fees may not be posted online.

Read more: ATM Fees in the Philippines: How Much Will Your Transactions Cost?

📌 Accessibility 

For busy and on-the-go people who often need to perform financial transactions, the best bank in the Philippines is the one with a branch nearest their home, office, or place they frequently visit or pass by. ATMs and branches in malls open on weekends also make banking more convenient.

📌 Bank Security

A critical factor in choosing the best banks in the Philippines has to do with safety. Does the bank have security features to protect its customers' data from hackers? Can you trust the bank to keep your money safe?

However, don't expect to find a bank that's hacker-proof. No matter how advanced a bank's security technologies are, the risk is always there. Everyone is at risk of identity theft; in some cases, customers' carelessness or lack of awareness increases that risk.

What matters more is the bank's pre-emptive actions to keep your account secured and what it does when it is compromised. 

It's also essential to ensure you're signing up only with a bank member of the Philippine Deposit Insurance Corporation (PDIC). This way, you're entitled to a maximum of ₱500,000 deposit insurance coverage should the bank close down.

📌 Customer Service

Customer service spells the difference between an excellent and a horrible banking experience. Lousy customer service manifests in different ways, from unresponsive hotlines to tellers who need more empathy and professionalism. 

Ask family and friends for feedback on a branch where you plan to open an account. Look for online reviews, too. Better yet, visit the bank's nearest branch and observe how the staff interacts with customers. 

Usually, smaller banks with fewer customers provide better customer service than larger ones serving many clients.

Read more: Top 6 Challenges Keeping Unbanked Filipinos from Opening a Bank Account

Top 10 Best Banks in the Philippines in 2023

What is the best bank for savings in the Philippines? To open a savings account, consider the following banks and their accounts. This list includes a mix of traditional and digital banks.

💸 UnionBank

Over the past few years, UnionBank has taken the world of traditional banking by storm by offering a state-of-the-art online banking system. In a way, UnionBank is both a full-fledged digital and traditional bank. 

One of the best things about this bank is its app, which allows you to deposit your check or apply for a savings account through your phone. The bank also offers savings accounts you can seamlessly manage with its app. 

Regular Savings Account

• Interest rate: 0.10% per annum 
• Initial deposit: ₱10,000
• Maintaining balance: ₱10,000
• Minimum amount to earn interest: ₱25,000

This UnionBank savings account comes with a Visa debit card that you can use for everyday expenses. It has a pretty high interest rate for its tier. If you want to get a feel of UnionBank's services, don’t hesitate to try this account. 

Personal Savings Account

• Interest rate: 0.10% per annum
• Initial deposit: Not required
• Maintaining balance: Not required 
• Minimum amount to earn interest: ₱10,000

This card-based UnionBank savings account also comes with a Visa EMV debit card, which you can use for online and offline transactions. The most appealing feature of this account is that it doesn’t pressure you to deposit money regularly since it doesn’t require an initial deposit and a maintaining balance. 

Savings +

• Interest rate: 0.10% per annum
• Initial deposit: Not required
• Maintaining balance: ₱25,000 (monthly average daily balance to activate group life insurance)
• Minimum amount to earn interest: ₱100,000

No matter how significant your savings are, they may get wiped out if you’re hit by life’s uncertainties. Thankfully, the UnionBank Savings + account also offers free group life insurance. Remember that you can only activate the life insurance if you maintain the required monthly average daily balance. 

Read more: Where to Save Money Without Worrying About the Maintaining Balance

💸 Metrobank

Metrobank is not just an established bank but also among the most resilient in the country. It bagged the Best Bank in the Philippines award at the recently held Euromoney Awards for Excellence 2022. So if you want to ensure that your money is in good hands, this bank is the way to go.^[3]

Spark Savings Account

• Interest rate: 0.0625% per annum 
• Initial deposit: No initial deposit 
• Maintaining balance: ₱500 (starts on the 12th month from account opening)
• Minimum amount to earn interest: ₱4,000 

This starter card-based Metrobank savings account accepts accountholders aged seven to 21 and is designed to help people build a habit of saving. 

Regular Savings Account

• Interest rate: 0.0625% per annum 
• Initial deposit: ₱2,000
• Maintaining balance: ₱2,000
• Minimum amount to earn interest: ₱10,000 

This is almost similar to the Spark Savings Account. The only difference is that this account requires an initial deposit. However, the uses of the debit card are especially highlighted―from bill payments to load purchases. 

Regular Passbook Savings Account 

• Interest rate: 0.0625% per annum 
• Initial deposit: ₱10,000
• Maintaining balance: ₱10,000
• Minimum amount to earn interest: ₱10,000

If you’re looking for a tangible way of tracking your transactions, consider getting Metrobank’s Regular Passbook Savings Account.  This account comes with a passbook. It’s ideal for people who want to curb their spending since it requires you to go to the bank to withdraw funds. 

💸 Security Bank

Just like Metrobank, Security Bank is an award-winning financial institution. London-based financial magazine Euromoney named Security Bank the Philippines’ best bank at the 2021 Euromoney Awards for Excellence. Such recognition should convince you of this bank’s trustworthiness. 

Easy Savings Account

• Interest rate: 0.0675% per annum 
• Initial deposit: ₱5,000
• Maintaining balance: ₱10,000
• Minimum amount to earn interest: ₱100,000

This Security Bank savings account is the most basic. It also comes with a Mastercard debit card that can be used for shopping, paying bills, and dining. 

One stellar benefit of this account is that it doesn’t have interbranch fees, which means you can transact with a Security Bank branch other than your home branch for free.  

All Access Account

• Interest rate: 0.0675% per annum
• Initial deposit: ₱5,000 
• Maintaining balance: ₱25,000
• Minimum amount to earn interest: ₱100,000

Security Bank’s All Access is a savings and checking account rolled into one. Not only does it have a Mastercard debit card—it also comes with a checkbook and a passbook so that you can access your money in more ways than one. What’s more appealing about the All Access account is its free life insurance courtesy of FWD. 

Money Builder 

• Interest rate: 0.50% per annum 
• Monthly and quarterly bonus interest rate: 0.75% per annum
• Initial deposit: ₱10,000
• Maintaining balance: ₱10,000

Dipping your toes into the world of high-interest savings accounts? For this tier, try Security Bank’s entry-level option called Money Builder, which is ideal for savers who want an account with a higher yield sans the lock-in periods. You’ll receive a monthly and quarterly bonus interest rate if you make no withdrawals within a certain period.

💸 Bank of the Philippine Islands (BPI)

Without one of the country's oldest and most reputable banks, this list wouldn't be complete. 

BPI is ideal for first-timers because it’s accessible, with 1,173 branches and over 2,700 ATMs and CAMs (cash-accept machines) nationwide.^[4] Its savings accounts are primarily designed based on the account holder's current financial standing or capacity. 

Its merger with BPI Family Savings Bank, which took place in early 2022, enhanced its customers' banking experience, cementing BPI's position as one of the top banks in the country.

Meanwhile, its planned merger with Robinsons Bank will also give the already-leading bank another boost. Both companies plan to complete the merger by January 2024.^[5]

Regular Savings

• Interest rate: 0.0625% per annum
• Initial deposit: ₱3,000
• Maintaining balance: ₱5,000

This BPI savings account has an electronic banking feature that will allow you to manage your daily financial transactions. It also comes with a debit card compatible with ATMs accepting BancNet or MasterCard cards.

Pamana Savings 

• Interest rate: 0.0625% per annum
• Initial deposit: ₱25,000
• Maintaining balance: ₱25,000

Just like the BPI regular savings account, Pamana Savings is a card-based account. However, its edge over the regular savings account is that it has free life insurance worth three times your account balance (up to ₱2 million). It’s also available as a passbook or US Dollar account. 

Maxi Saver 

• Interest rate: 0.125%
• Initial deposit: ₱2 million
• Maintaining balance: ₱2 million

You can upgrade your savings account if you're making big bucks already. Go for the one that yields high interest, such as BPI’s Maxi Saver. 

This card-based account gives you an incentive to earn more as you save more; you may enjoy a 0.125% interest if you don’t withdraw within a month.

Read more: 

• BPI Jumpstart Savings Account: Features, Requirements, and Other FAQs
• Beefing Up Your Savings? How to Open an Account with #MySaveUp by BPI

💸 RCBC  

RCBC is no stranger to awards and recognition, having won several Best Bank of the Year awards in 2023^[6] and in previous years. It also made it to this year’s Forbes list of the best banks in the Philippines. 

RCBC lets you start saving even with just a small amount. You can choose from a wide array of savings and checking accounts that suit your needs. 

Basic Savings 

• Interest rate: None
• Initial deposit: ₱100
• Maintaining balance: None
• Maximum account balance: ₱50,000

This RCBC savings account is the easiest and most affordable to open. Plus, it comes with an ATM debit card for convenient cash withdrawals and secure, cashless transactions.  

iSave

• Interest rate: 0.150% to 0.200%
• Initial deposit: None
• Maintaining balance: None
• Minimum amount to earn interest: ₱5,000

iSave is a virtual savings account you can open in minutes that offers tiered interest rates and free personal accident insurance and hospitalization benefits. It has no minimum initial deposit and maintaining balance.

OneAccount

• Interest rate: 0.15% to 4.00%
• Initial deposit: Depends on the plan type
• Maintaining balance: None
• Minimum amount to earn interest: ₱25,000

The RCBC OneAccount is perfect for people who want a simple, flexible, and convenient banking experience. That’s because it offers the features of savings, checking, and time deposits in just one account. 

The RCBC OneAccount is also customizable, so you can add features like life, personal accident, or card insurance. 

💸 PNB 

Having made it to Forbes’ World’s Best Banks in 2023 as the second Best Bank in the Philippines,^[7] PNB is another great option for opening a savings account. Established in 1916, PNB remains one of the country's biggest banks, offering competitive products to over two million depositors. 

PNB Debit Savings Account

• Interest rate: 0.100% per annum
• Initial deposit: ₱3,000
• Maintaining balance: ₱3,000
• Minimum amount to earn interest: ₱10,000

You can use this PNB savings account with a PNB-PAL Mabuhay Miles Debit Mastercard at Mastercard and Maestro-accredited merchants and over two million ATMs worldwide.

PNB Passbook Savings Account

• Interest rate: 0.100% per annum
• Initial deposit: ₱10,000
• Maintaining balance: ₱10,000
• Minimum amount to earn interest: ₱10,000

If you prefer the traditional way of monitoring your savings account with a passbook, you can open a PNB Passbook Savings Account. It also allows you to track and make transactions via PNB Digital Banking. 

💸 PSBank 

PSBank is a subsidiary of Metrobank that was established in 1960. Since then, it has offered products and services that champion its clients’ needs. It’s also one of the best banks in the Philippines, as it reached the seventh spot on the Forbes list of the top banks in the Philippines. 

PSBank Peso Personal ATM Savings

• Interest rate: Based on prevailing interest rates 
• Maintaining balance: ₱2,000
• Minimum amount to earn interest: ₱50,000

The PSBank Peso Personal ATM Savings lets you earn a fixed interest rate. Access your account via PSBank, Metrobank, BancNet, and Mastercard ATMs nationwide. 

You can get your ready-to-use and personalized ATM card on the spot when you open an account at any PSBank branch. Moreover, you can enroll your account to PSBank Online and access it via the web or mobile app. 

PSBank Peso Passbook Savings

• Interest rate: Based on prevailing interest rates 
• Maintaining balance: ₱5,000
• Minimum amount to earn interest: ₱10,000

With a minimum maintaining and daily balance of just ₱5,000, you can open a PSBank Peso Passbook Saving account and earn interest on your deposits. 

💸 CIMB Bank Philippines

Established in 2018, CIMB Bank Philippines has grown to become one of the fastest-growing digital banks in the country. It has since then onboarded more than 4 million customers. 

It's also a multi-awarded bank with several prestigious international awards. Recently, Global Brands Magazine named it the Best Bank in the Emerging Markets. Forbes also listed it as the #1 Bank in the Philippines, World's Best Banks Ranking.^[8]

On top of these stellar recognitions, CIMB Bank Philippines’ savings accounts have high interest rates. Reputation and security? CIMB Bank Philippines has it! 

UpSave Account

• Interest rate: 2.5% per annum 
• Initial deposit: Not required 
• Maintaining balance: Not required / ₱5,000 as the minimum average daily balance to maintain to get free life insurance

The CIMB Bank UpSave Account is a high-yielding savings account you can open online anytime, anywhere. If you maintain the minimum average daily balance for one month, you can enjoy free life insurance.  Fees and charges, such as below-minimum balance fees, monthly maintenance fees, and cash-ins, are all waived. 

GSave Account

• Interest rate: 2.60% per annum
• Initial deposit: Not required
• Maintaining balance: Not required / ₱5,000 as the minimum average daily balance to maintain to get free life insurance

Do you have a GCash account? The GSave account is the first-ever savings account customers can open and maintain straight from their GCash app. This setup will make moving funds to and from your GCash wallet seamless and effortless. 

The GSave account also has a high interest rate, making it an excellent choice for growing your money. 

💸 Maya Bank 

Maya Bank is the digital banking arm of leading technology company Voyager Innovations. This pioneering neo bank offers innovative financial services to Filipinos, including savings and deposit accounts, which makes it another option for the best bank to save money in the Philippines. 

Like Tonik Bank, Maya Bank is supervised by the BSP. The PDIC also insures all deposits up to ₱500,000 per depositor. 

Maya Savings Account

• Interest rate: 3.5% base interest per annum
• Initial deposit: Not required
• Minimum amount to earn interest: ₱100,000 to apply bonus interest

If you’re an upgraded Maya customer, you can open a Maya Savings Account with just one valid ID on the Maya app. There’s no minimum balance, and you can earn a higher interest rate by making everyday payments through Maya.

💸 Tonik Digital Bank

Tonik Digital Bank is a neobank, meaning it’s a branchless bank made to be a digital-only bank, according to Greg Krasnov, Tonik’s founder and CEO.^[9]  

Tonik is the first neobank in the Philippines to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). Aside from its credentials of modernity, Tonik is a good bank because it offers high-interest savings accounts. It also has a feature that allows people to save together. 

Tonik Account

The Tonik Account will be your main account. It allows you to create five Stashes and five Time Deposit accounts in your app. Stashes are different savings pockets in your account that you can dedicate to specific goals, such as vacation, education, and emergency. 

A Tonik Account earns an interest rate of 1% per annum.

Solo Stash

Think of Solo Stashes as separate accounts within your Tonik savings account. The goal of this setup is to save up for multiple goals at any given time. Solo Stashes earn an interest rate of 4% per annum. 

Group Stash

A Group Stash is a unique form of savings account that allows you to invite family and friends to save together. It’s an ideal savings set-up if you and your peers raise funds for a common goal, such as a vacation or a big party. The interest rate is 4.5% per annum for the account holder and at least two participants.

Final Thoughts

To find the best banks in the Philippines for your needs, trim down your list by checking bank websites, contacting their hotlines, and getting information about the bank and its products. Once you’ve selected a bank, choose the right bank account type to go with it.

💳 Choose the Best Credit Card for You via Moneymax

Looking for cards instead of bank accounts? Below are some of your options. Compare credit cards and apply through Moneymax today!

Credit Card for First-Timers	Features and Benefits
UnionBank Rewards Credit Card	3x points when you shop and dine here and abroad 1 never-expiring point per ₱30 spend Monthly income requirement: ₱15,000 Interest rate: 3%
Metrobank Titanium Mastercard®	2x rewards points on dining, department store, and online purchases 1 point for every ₱20 spend Monthly income requirement: ₱15,000 Interest rate: 3%
Security Bank Gold Mastercard	1 rewards point per ₱20 spend Secure online shopping with SecureCode Monthly income requirement: ₱30,000 Interest rate: 3%
BPI Rewards Card	1 BPI Point per ₱35 spend Up to 36 months of installment terms Up to ₱2 million travel insurance coverage Monthly income requirement: ₱15,000 Interest rate: 3%
BPI Edge Card	1 BPI point per ₱50 spend Flexible installment plans and payment options Low forex conversion rates at 1.85% Monthly income requirement: ₱15,000 Interest rate: 3%
PNB Ze-Lo Mastercard	Zero annual fees for life on principal and supplementary cards No late payment or overlimit fees Monthly income requirement: ₱10,000 Interest rate: 2.5%
AUB Easy Mastercard	No annual fee for life 0% interest on new purchases Flexible credit card payment due date Monthly income requirement: ₱50,000 Interest rate: 3%
AUB Classic Mastercard	No annual fee for life 0% interest on new purchases 1 rewards point per ₱50 spend Monthly income requirement: ₱50,000 Interest rate: 3%

Sources:

• ^[1] BSP Ranking as to Total Assets, Universal and Commercial Bank Group
• ^[2] BSP Ranking as to Total Assets, Thrift Bank Group
• ^[3] Metrobank named ‘Best Bank in the Philippines’ at the Euromoney Awards 2022 (BusinessWorld, 2023
• ^[4] BPI - Who We Are
• ^[5] BPI-Robinsons Bank merger eyed by January 2024 (The Philippine Star, 2023)
• ^[6] RCBC Awards and Recognitions for 2023
• ^[7] LIST: Here are Forbes’ best Philippine banks in 2023 (Rappler, 2023)
• ^[8] About CIMB Bank Philippines
• ^[9] New Digital-Only Bank Tonik to Offer High-Yield Savings Accounts (BusinessWorld, 2021)