Most savings accounts from major banks in the Philippines grow funds at a measly rate of 0.10% to 0.25% per year. This is good enough if you want to keep your money for daily expenses, but not if you have other financial goals and need it to grow faster.
Good thing there are a handful of high-interest savings accounts, offered by both traditional and digital banks, that provide faster returns on deposits. These bank accounts earn seven to 10 times higher interest rates than the regular ones. You can even open a high-interest savings account in the Philippines in the comfort of your home.
High-Interest Savings Account in the Philippines: 13 High-Yield Options
Here are 13 of the highest-interest savings accounts in the Philippines to consider if you want to grow your funds faster.
1. SeaBank Philippines Savings
Interest rate: 5%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
One of the newest banks on this list, SeaBank offers one of the highest-interest savings accounts in the Philippines with a 5% interest rate. As a bonus, you don't need to worry about an initial deposit and a maintaining balance.
Still unsure about putting your money in this new player's hands? This bank with the highest interest rate in the Philippines is part of Sea Limited (NYSE:SE), a global consumer internet company listed on the New York Stock Exchange. It also keeps safety measures, such as two-factor authentication, end-to-end encryption, and a one-time password, in place.
2. Netbank Savings
Interest rate: 5%
Formerly known as the Community Bank of Romblon, Netbank is a rural bank regulated by the Bangko Sentral ng Pilipinas. Like SeaBank, Netbank offers a very attractive 5% interest rate for your savings.
Since it's a relatively new bank, details about its initial deposit, maintaining balance, and interest-earning balance aren't available yet. But no need to worry if you're wary of new banks since deposits are insured by PDIC up to ₱500,000 per depositor.
3. Maya Savings
Interest rate: 4.50%
- Initial deposit: None
- Maintaining balance: None
- Interest-earning balance: None
Maya, previously PayMaya, offers an already-high interest rate of 4.5% per annum. However, until November 30, 2022, you can enjoy up to 6% interest when you use Maya to pay via QR, pay online with Maya, pay with your Maya card, or pay bills in the Maya app. Check Maya's website for more information.[1]
4. Tonik Bank Stash
Interest rate: 4% (Solo Stash) / 4.50% (Group Stash)
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
Tonik, the first digital-only bank in Southeast Asia, was recently launched in the Philippines. Other than convenience, Tonik offers one of the highest-interest rate savings accounts in the Philippines with its Stashes. The bank describes Stashes as separate savings pockets for different goals and items.
Solo Stashes can yield 4% interest per year. But you can earn up to 4.50% interest when you start a Group Stash, which allows you to save money together with at least two of your family or friends.
When you open an account with Tonik, you’ll be given five Stashes. This means you can save up for multiple goals at a time. This is a perfect choice for avid savers.
Read more: Tonik Digital Bank: Your Guide to Neobanking in the Philippines
5. DiskarTech
Interest rate: Up to 3.25%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
Powered by RCBC, DiskarTech is the banking giant’s way of tapping into the mass market. This virtual banking platform allows users to deposit, withdraw, and transfer money. It also has strong ties with payment channels such as 7-Eleven and Bayad Center.
Users can create a savings account using this app. This doesn’t require you to have an initial deposit. Furthermore, it doesn’t need to have a maintaining balance. But there’s a maximum deposit of up to ₱48,000. Account holders can earn 3.25% interest per year.
If you’re wondering where your money will be kept, it’s actually deposited at RCBC. This is because DiskarTech accounts are essentially Basic Deposit Accounts (BDA) of RCBC.
Read more: How to Open an Account and Earn Online Using Diskartech App
6. CIMB GSave
Interest rate: Up to 2.6%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
Got GCash on your mobile? If so, you can use it to save money. Just look for GSave in your app and create an account.
GSave[2] was developed by CIMB and GCash. Through GSave, you get to earn 2.6% interest per year, which will be paid out monthly. You can already earn interest with no initial deposit or minimum balance required.
Until December 31, 2022, you can earn up to 8% interest per annum if you have an end Total Relationship Balance of at least ₱100,000 every qualifying month, accomplish a financial transaction of at least ₱500 in the app, and make at least one successful on-time repayment of Personal Loan. Visit the CIMB website to learn more.[3]
If you also maintain a minimum average daily balance of ₱5,000 for one month, CIMB Bank will give you free life insurance with coverage of up to ₱250,000 (subject to terms and conditions).
You can conveniently fund your GSave savings account using your GCash account. Transfers between your GCash wallet and GSave account are also free!
7. CIMB Bank UpSave
Interest rate: Up to 2.5%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
CIMB Bank’s UpSave account is a high-interest savings account in the Philippines that you can easily open through the bank’s mobile app. The UpSave account doesn’t require an initial deposit, and you don’t have to maintain a balance just to keep the account active.
With UpSave account, you’ll be able to enjoy a 2.5% interest rate per year for the deposited balances. You can earn interest with no minimum balance required. Similar to CIMB GSave, you can earn up to 8% interest per annum until December 31, 2022 if you follow the mechanics above.
You can also enjoy free life insurance with coverage of up to ₱250,000 if you maintain a minimum average daily balance of ₱5,000 for one month. However, note that this perk is subject to certain terms and conditions.
Related article: CIMB Online Banking: Beginner's Guide to Account Application and Using CIMB App
8. CIMB Bank Fast Plus Account
Interest rate: Up to 0.75%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
With the CIMB Bank Fast Plus Account, a high-interest savings account in the Philippines, you’ll enjoy an annual interest rate of 0.75%. Your account earns interest with no minimum balance required.
Unlike other savings accounts, withdrawing your money from your Fast Plus Account anytime you want doesn’t incur a fee or a penalty. And if you have minimum cumulative cash of ₱100,000 in your account, you’ll get a Visa debit card.
9. RCBC Dragon Peso Savings
Interest rate: Up to 0.450%
- Initial deposit: ₱25,000
- Maintaining balance: ₱25,000
- Interest-earning balance: ₱25,000
This premium account from RCBC helps you maximize your money through an interest rate that’s higher than that of other banks. With the RCBC Dragon Peso Savings Account,[4] you can earn interest up to 0.450%. Withdrawals are unlimited, and you also get a MyDebit ATM card.
Related article: 25 Top Commercial Banks in the Philippines
10. Equicom Kiddie Builders
Interest rate: 0.50%
- Initial deposit: ₱500
- Maintaining balance: ₱500
- Interest-earning balance: ₱1,000
Equicom Savings Bank offers a high-interest savings account with a passbook for kids up to 13 years old. The best passbook savings account for children, the Kiddie Builders account offers an option for an automatic fund transfer arrangement. Withdrawal can be done up to three times within a month.
On top of the low opening and maintaining balance requirements, the Equicom Kiddie Builders Savings Account also provides free medical and dental benefits from Maxicare (for accounts with a minimum balance of ₱15,000).
Read more: Teach your Kids to Start Saving Early With These Best Savings Accounts
11. PNB Top Saver
Interest rate: Up to 0.50%
- Initial deposit: ₱30,000
- Maintaining balance: ₱30,000
- Interest-earning balance: ₱30,000
PNB’s Top Saver Account has a tiered interest rate system. The more you save, the more interest your account will earn. Account holders can grow their interest rates from 0.125% to 0.50%.
When you open a PNB Top Saver Account, you can choose between a passbook or a PNB-PAL Mabuhay Miles debit card. PNB’s debit card has an edge over the passbook because it can be used at Mastercard and Maestro-accredited merchants and more than two million ATMs worldwide.
You can also use the card to earn points, which you can then redeem as Mabuhay Miles. When you book with PAL within the first three months of card issuance, you’ll receive a welcome gift worth 500 Mabuhay Miles.
12. BPI Advance with Passbook
Interest Rate: 0.375%
- Initial deposit: ₱100,000
- Maintaining balance: ₱100,000
- Interest-earning balance: ₱100,000
BPI’s Advance Savings Account is its highest interest-earning deposit product. You have to deposit and keep a balance of at least ₱100,000 to earn 0.375% interest per year.
The BPI Advance Savings Account comes with a passbook. It can be also enrolled at BPI Online for convenient account monitoring.
Final Thoughts
A high-yield savings account is ideal for building an emergency fund and saving up for short-term goals such as overseas travel, gadget or appliance purchase, or a wedding. Whatever your financial goal is, make sure to choose the best high-interest savings account in the Philippines with features and benefits that match your needs.
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