Published: April 15, 2021 | Updated: May 5, 2021 | Posted by: Moneymax | Personal Finance
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.
Table of Contents
Here are 17 peso savings accounts to consider if you want to grow your funds faster in a bank.
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.
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.
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 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!
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 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.
Komo 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.
Another digital bank on this list, ING Bank offers a high-yield savings account in the Philippines called the ING Save Account. 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
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.
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.
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.
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.
The CIMB Bank Fast Plus Account 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
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 can earn you interest up to 0.5625%. Withdrawals are unlimited, and you also get a MyDebit ATM card.
CIMB Fast Account 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.
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
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).
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.
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.
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.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.