Grow Your Money Faster with These High-Interest Savings Accounts

Published: April 15, 2021 | Updated: July 23, 2021 | Posted by: Moneymax | Personal Finance


High-Interest Savings Accounts in the Philippines | Moneymax

Most savings accounts from major banks in the Philippines grow funds at a measly rate of 0.10% to 0.25% per year. A savings account is good enough to keep your money for daily expenses but not for other financial goals in which you need to grow it faster.

Good thing, there are quite a handful of high-interest savings accounts, offered by both traditional and digital banks, that provide faster returns on deposit. These bank accounts earn seven to 10 times higher interest rates than regular savings accounts. 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: 17 High-Yield Options

Here are 17 peso savings accounts to consider if you want to grow your funds faster in a bank.

1. Tonik Bank Stash Account

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, has just been launched in the Philippines this year. Other than convenience, Tonik offers the highest interest rate savings account in the Philippines, particularly its so-called “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 makes a perfect choice for avid savers.

Read more: Tonik Digital Bank: Your Guide to Neobanking in the Philippines

2. DiskarTech Savings Account

Interest rate: Up to 3.25%

high-interest savings account in the Philippines -DiskarTech Savings Account

  • 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 high-interest savings account in the Philippines 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 PHP 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

3. CIMB GSave Account

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[1] is a savings account 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. But if you’re able to maintain a minimum average daily balance of PHP 5,000 for one month, CIMB Bank will give you free life insurance with a coverage of up to PHP 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!

4. CIMB Bank UpSave Account

Interest rate: Up to 2.5%

  • Initial deposit: Not required
  • Maintaining balance: None
  • Interest-earning balance: None

CIMB Bank’s UpSave account[1] 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 its 2.5% interest rate per year for the deposited balances. You can earn interest with no minimum balance required.

Another exciting feature of this savings account is that you’ll be able to enjoy free life insurance with a coverage of up to PHP 250,000. That is if you maintain a minimum average daily balance of PHP 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

5. Komo Savings Account

Interest rate: Up to 2.5%

high-interest savings account in the Philippines - Komo

  • Initial deposit: Not required
  • Maintaining balance: None
  • Interest-earning balance: None

Komo[2] is a fully digital banking service developed by EastWest Bank. Just like the digital banks on this list, Komo doesn’t require an initial deposit or a maintaining balance to keep an account active. Likewise, it doesn’t require a minimum balance to earn interest.

You can earn up to 2.5% interest per year with this high-interest savings account in the Philippines. Komo claims it to be 10 times higher than those of other banks. Komo applies three different interest rates depending on your balance. Your first PHP 500,000 can earn 2.5% interest. The next PHP 1.5 million can earn 1.5% interest. And the remaining balance beyond PHP 2 million can earn 1% interest.

6. ING Save Account

Interest rate: Up to 2.5%

  • Initial deposit: Not required
  • Maintaining balance: None
  • Interest-earning balance: None

Another digital bank on this list, ING Bank offers a high-yield savings account in the Philippines called the ING Save Account.[3] The bank doesn’t require a minimum available daily balance to earn interest. But if you have a savings account with an available daily balance above PHP 20 million, you can earn a 1% gross per year.

New account holders can also avail of the introductory interest rate promo of 4% per annum. If you’re qualified, you can enjoy the promo rate for the first four months from the date you opened the account.

However, ING Bank offers the introductory interest rate only until April 30, 2021.

Related article: Digital Banking in the Philippines: Everything You Need to Know

7. Citibank Peso Bonus Saver Account

Interest rate: Up to 1.66%

high-interest savings account in the Philippines - Citibank

  • Initial deposit: PHP 50,000
  • Maintaining balance: PHP 50,000 (The depositor’s total relationship balance or TRB, which is the combined average daily balance of deposit and investment accounts, is used to determine the monthly balance. The monthly required TRB is PHP 1 million.)
  • Interest-earning balance: PHP 50,000

When it comes to traditional bank products, the Citi Bonus Saver is the highest interest rate savings account in the Philippines. It grows when the accountholder increases his or her average balance by a minimum of PHP 5,000 monthly. It starts from a 0.60% base interest rate and earns as much as 1.56% total interest after 12 succeeding months of increasing the average balance. With this program, saving becomes a rewarding experience.

Withdrawals from this high-interest Citibank savings account are free and unlimited.

8. Sterling Bank Bayani OFW Savings Account

Interest rate: 1%

Facebook photo from Jermalyn Albay

  • Initial deposit: Not required
  • Maintaining balance: None (Remittance must be made within 12 months from the account opening date and every succeeding 12 months)
  • Interest-earning balance: PHP 2,000

The Bayani OFW Savings is Sterling Bank’s special deposit product that makes it easy for OFWs to remit money to their loved ones back home. Accountholders simply have to remit through any iRemit center, wire, or telegraphic transfer in their country of employment. Funds are then credited to their Sterling Bank savings account.

This savings account with a high interest rate of 1% (for a balance of at least PHP 2,000) is also easy to open. It doesn’t require an initial deposit and a maintaining balance. The only requirement is remittance made every 12 months from when the account is opened.

Because of these features, the Sterling Bank Bayani OFW Savings Account is a useful tool for OFWs and their families to develop the habit of saving and managing their finances better.

Read more: How OFWs Can Increase Their Savings and Come Back Home for Good

9. Citibank Peso High Rate Saver Account

Interest rate: Up to 0.85%

  • Initial deposit: PHP 100,000
  • Maintaining balance: None (based on TRB instead)
  • Interest-earning balance: PHP 100,000

Another high-interest deposit account offering from Citibank, the High Rate Saver is a savings account that earns an interest of 0.70% for balances between PHP 100,000 and PHP 2 million. Interest rates go higher as you increase your balance. Earn 0.75% interest with a balance of PHP 2 million up to less than PHP 5 million. The maximum interest rate of 0.85% applies to a balance of at least PHP 5 million.

You can withdraw twice a month for free. Additional withdrawals cost PHP 20 for ATM withdrawals and PHP 50 for over-the-counter withdrawals.

10. Citibank e-Savings Account

Interest rate: 0.75%

  • Initial deposit: PHP 100,000
  • Maintaining balance: None (based on TRB instead)
  • Interest-earning balance: PHP 100,000

The Citi e-Savings is one of the bank’s deposit products that earn a higher interest rate compared to traditional savings accounts.

Like the Citi High Rate Saver Account, you can make up to two free withdrawals in a month. Additional withdrawals come with a fee of PHP 20 for ATM withdrawals and PHP 50 for over-the-counter withdrawals.

Citibank also allows free and unlimited electronic funds transfer from an e-Savings account to the accountholder’s other Citibank savings account.

11. CIMB Bank Fast Plus Account

Interest rate: Up to 0.75%

  • Initial deposit: Not required
  • Maintaining balance: None
  • Interest-earning balance: None

The CIMB Bank Fast Plus Account[1] is the upgraded version of the Fast Account (See item 13 on this list). With this 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 PHP 100,000 in your account, you’ll get a Visa debit card.

Read more: ATM Fees in the Philippines All Cardholders Need to Know

12. RCBC Dragon Peso Savings Account

Interest rate: Up to 0.5625%

high-interest savings account in the Philippines - RCBC Dragon Peso

  • Initial deposit: PHP 25,000
  • Maintaining balance: PHP 25,000
  • Interest-earning balance: PHP 25,000

This premium account from RCBC helps you maximize your money through an interest rate that’s much higher than other banks. The RCBC Dragon Peso Savings Account[4] can earn you interest up to 0.5625%. Withdrawals are unlimited, and you also get a MyDebit ATM card.

13. CIMB Bank Fast Account

Interest rate: Up to 0.50%

  • Initial deposit: Not required
  • Maintaining balance: None
  • Interest-earning balance: None

CIMB Fast Account[1] is another savings account that you can open via the CIMB app. You can enjoy an interest rate of 0.50% per year, which is paid out at every start of the month. Earning the interest doesn’t require a minimum balance.

If your account is verified and has a minimum cumulative cash of PHP 100,000, you’ll get a Visa debit card.

Keep in mind, though, that the CIMB Fast Account has some restrictions. It’s valid for only one year, and account holders can save a maximum cumulative amount of PHP 100,000 for 12 months. After the validity period, you can’t make any transaction on the account. If you want to continue saving money with CIMB Bank, you may choose to upgrade to a Fast Plus account with a higher interest rate, longer validity, and no limits on deposits or balances.

14. BPI Family Savings Bank Advance Savings Account with Passbook

Interest rate: 0.50%

  • Initial deposit: PHP 100,000
  • Maintaining balance: PHP 100,000
  • Interest-earning balance: PHP 100,000

Not to be confused with BPI Advance Savings Account (See item 17 on this list), the BPI Family Advance Savings Account can earn you interest up to 0.50% per annum. This makes it the best passbook savings account in the Philippines. Just maintain a balance of PHP 100,000 to avail of the interest rate.

While other banks apply a different or an additional interest rate when the balance reaches PHP 1 million, BPI Family Savings Bank applies the same 0.50% interest to accounts with a balance of PHP 1 million and above.

Related article: 25 Top Commercial Banks in the Philippines

15. Equicom Kiddie Builders Savings Account

Interest rate: 0.50%

Savings Account with High Interest - Equicom Kiddie Builders

  • Initial deposit: PHP 500
  • Maintaining balance: PHP 500
  • Interest-earning balance: PHP 1,000

Equicom Savings Bank offers a high-interest savings account with 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 PHP 15,000).

Read more:

16. PNB Top Saver Account

Interest rate: Up to 0.50%

  • Initial deposit: PHP 30,000
  • Maintaining balance: PHP 30,000
  • Interest-earning balance: PHP 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 to get a passbook or a PNB-PAL Mabuhay Miles debit card. PNB’s debit card has some 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 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.

17. BPI Advance Savings Account with Passbook

Interest Rate: 0.375%

Savings Account with High Interest - BPI Advance Savings

  • Initial deposit: PHP 100,000
  • Maintaining balance: PHP 100,000
  • Interest-earning balance: PHP 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 PHP 100,000 to earn a 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 wedding. Whatever your financial goal is, make sure to choose a high-interest savings account in the Philippines with features and benefits that match your needs.

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