If you you’re looking to open a savings account in the Philippines, this short article might help you. On this article, I will share comparison of savings account in the Philippines. These are the common “personal savings account” available from different local banks here in Philippines.
If you started budgeting your finances or building your emergency fund, you might need to open a savings account. This will provide you additional information and will help you decide in which bank you will put your hard earned money according to your goal. Let’s go.
Comparison of savings account in the Philippines
The list below are just a summary of what are available from each bank’s official website. The data and information might change from any time.
If you want to check the updated and official rates of savings account in the Philippines, kindly visit the nearest bank branch in your area or call their customer service.
Here are the list and comparison of the common personal savings account in the Philippines.
There you have it! Those are the comparison of savings account in the Philippines. Atleast for most of the common savings account available today. Choose the bank of your choice and start working on your financial goals.
You might want to check this article that shares tips when choosing bank in the Philippines.
How to open savings account in the Philippines
If you also need some instructions and tips on how you can open personal savings account in those banks, you might want to check the tutorials on this blog. Here they are:
- BPI savings account
- BDO savings account
- Chinabank savings account
- Landbank savings account
- Metrobank savings account
- PNB savings account
- RCBC savings account
Alright, that’s it! I hope this short article has been informative. Thanks for the readers who suggested to updated this article.
If your goal is to grow your money, there are other investment vehicles out there that can help you gain more potential growth over long term.
Some of the examples are:
- Stock market
- Mutual funds
- UITF
- Treasury bills
- Businesses
Make sure you understand at least the basic in any of them if you plan to invest your money.
You can learn more and grow you knowledge by reading personal finance related books, blogs or youtube channel. You can also attend paid seminars or even talk to a financial adviser.
Always remember that investing in yourself is the best investment of all time.
If you find any error or if you knew any update, please share them on the comment section below. Cheers!
It’s not that I want to duplicate your web page, but I really like the design. Could you let me know which design are you using? Or was it custom made?
I’m using wordpress as the platform and using hueman theme. 🙂
Hi. Can you update this please. Thank you!
Yes, please update this post. If this post will be updated it will surely help a lot of Filipinos not only to save money but also to save time and efforts.
Sorry to say this but your post is not adequate for Filipino costs of living. You say it’s the best bank account for Filipino, but the initial deposits mostly are 100,000 or more. Perhaps you should edit the title of the post to something like: “Best Bank Account for rich Filipinos” that’s more aproprite.
Thanks Geraldine. This will be updated soon.
Did you read the table? Did you see a P100,000 initial deposit requirement for savings account opening?
The Title of the article speaks for itself.
Gilbert,
Have you read the whole article already? Have you seen the word “… updated (as of 10/27/2015) …” ? I assume that you haven’t read every single word in this article.
I havent noticed the 100,000 as initial deposit here…is there? Maybe 10,000?….
That’s waaaay before Juliarah. I updated the article as you can see on the post. Thank you!
what is an interest rate? T_T
Hi, interest is what you get extra for saving up or added extra when paying back loaned money. if for example, you borrowed ₱100 with an interest rate of 10% annually, you would have to pay ₱110 when you paid within 1st year.
Hi Billy!.. As an Aussie{in Sydney} researching the best savings a/c. for a Pinoy friend of mine, you neglected to state what any WITHDRAWAL FEES[from an ATM] might be from that very good list of banks. As the interest rate on these a/c’s is pretty low, it’s the cost of maintaining one’s a/c. that is the crucial issue. My friend would just want a basic savings a/c. with low fees & an ATM card. In Australia, our banks don’t charge for the issue of just about any card, but Philippine banks do. Is that correct..?
Hi Robert,
Apology for that. Withdrawal is free if one on the same bank’s ATM machine or brach(aside from BPI easy saver). Some banks charge atm card fee some do not. Thanks!
Hi Billy,
Just wanted to share, I also did a bit of a research comparing bank interest rates before when I was looking where to put my hard-earned money and I found BPI Direct Maxi-Saver Savings with ATM as one of the best interest earning savings account. Initial deposit is 25k, and the interest rate is 0.5% p.a. and you would get an additional 0.5% p.a. bonus interest IF you would not withdraw for a month. Please note however that there are 3 kinds of BPI and each offers different rates/initial deposits before you earn interests and these are: Bank of the Philippines Islands, BPI Family Savings Bank and BPI Direct.
Here’s the link to the rates comparison:
https://www.bpiexpressonline.com/p/1/326/deposit-rates-savings-and-checking
25k may sound absurd to some, but let me encourage you that it doesn’t matter how much you earn, as long as you know how to save every payday, you would be able to come up with that amount.
Cheers! 🙂
Thanks for the info Lei!
Hello. Thank you for this info.
I just graduated from College and started my first job. I am looking for ways to save money, and I think I will set this as my goal.
I would like to ask how it went (saving via BPI Direct Maxi-Savers). Thanks!
Hello,
I have just came from Philippines and met someone working in RCBC Bank and was offering to me to invest 1,000,000 php as saving account. I can profit like 8% or 10% per year! I am a foreigner and used to be banker in Saudi Arabia for years and never heard about interest rates like that in the world. Hope you can help me to understand this please?
Thanks,
That smell something fishy Mwafaq. I don’t know any savings account that offers that interest rate. Better to stay away from that or directly transact at RCBC branch. Thanks!
Thank you Billy for your advice I think I have to agree with you, because I already checked their website and didn’t find that rate was mentioned. Thanks!
Nice. Welcome. Thanks for the information too. This will help other readers. Thank you.
Hi Billy, is this updated??? I am using this information as reference to a school project.
Updated as of 10/27/2015. Thanks!
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Hi Billy,
Can you add more banks savings account details. Also since its 2016 March, you can still update the content and rates.
I am using this data for my reference. So do let me know if u can add more banks savings account info like
Citibank
Eastwest
Security Bank
Maybank and more.
Hi billy , i want to open an account but is it okey if i use my local/main address ? My local address is SAN FRANCISCO AGUSAN but im in now in Pampanga. is it okey if i use my Main location ?
As far as I know, it’s ok(on the time I opened my account). Not sure if there’s a new policy now. Thanks!
Hi there, Billy. I would like to ask your opinion or your readers’ on which bank & type of savings account must you choose if you have 1M to save. and it is okay not to use it at least for 1 year (time deposit).
Hope for your reply. Thanks in advance!
Hi Myra, BPI in my “own” personal opinion. Good customer service and convenience. Yes, time deposit has different terms and maturity and you are the one who is going to choose that. If I may ask, what’s the purpose of depositing 1M to the bank? To gain interest and appreciation? I I were you I’ll study other investment vehicles out there like mutual fund, stock market, uitf etc. Your money can grow and earn more with those investments. You can search on this blog for the basic and fundamentals of those investments.
But of course it depends on the purpose and the individual. Attend seminars, read books and learn more. That way, you can utilize the best way and possibility to grow your money. 🙂 Let me know if you have questions. Thanks!
Oi Sir! IDOL! Sa’yo rin to, nung nakita ko picture mo, nagcomment agad ako kahit di ko pa nababasa yung article. Btw galing ako sa ccnaphilippines mo. You’re so so so so so (pwede magmura?) so so so fvcking Great! Thanks you man!
Thanks idol! Godbless. 🙂
hi
requesting list of bank and account with highiest interest rate
thank you
Hi Arvin, that’s already shown on the article above. Thanks!
Good day! Sir billy,
I just want to if we are allowed to open a joint account? My bf and I planning to open a joint account here in Phil., since I live here naman in manila. our concern is, my bf is not a filipino citizen. Do we still can open a joint account? Is there a bank will allow as to open a joint account?.. What are the requirements po if we can open a Joint account.
Thanks!
Hi Jho, yes that’s allowed but your boyfriend may need to present additional identification. All banks have their own process for a situation like this. Just go to your preferred bank and tell your concern. Thanks!
Hello fellow TRC member,
Found your site when I looked for the comparison of savings accounts here in PH.
This is not about the current post but I just want to say that your Getting Started guide is helpful. 🙂 I read most of the content.
Hi Ava, thanks for dropping by. Glad to hear we’re both in TRC. God bless!
Hi! I’d like to commend you on this table. 🙂 I noticed that there are details that needs confirmation with the bank. I saw this link: http://www.imoney.ph/savings-account and hope that it can help you as well. Though I haven’t double checked the data they presented there. Thank you!
hello idol may tanong lang ako , im a bit confused. Correct if i am wrong. Say, i have 10,000 den nag create ako ng savings acc. wt an Annual rate of 0.25% .Ganito calculation dba my money at the end of the year is prinipal + (10,000 multiplied to 0.25% of it dba?. so ganito 10,000 x (0.25/100) ill divide it by 100 to get rid of the percent sign. so, .25%of 10K = 25 , so at the end of the yr 100025 lng pera ko haha.Parang mali ang pag kakaintindi ko lol. bakit nilagay ang % sign sa decimal form neto. dba dapat 25%
10025
You calculated it correctly and that’s the sad part.
You morons,
Interest rates displayed are quarterly.
So for an year if you maintain 1000 rs interest earned if rate is .25%
= [1000 + (1000*0.25%) ] *4
Actually, p.a. stands for per annum which means that the rate stated above is not quarterly but per year.
And the correct way to solve for the (simple) interest is:
F = P(1+in)
Let’s assume that: P=1000, i=0.25%, n=1
Hence, it shall be:
F = P1,000(1+0.25%*1)
F = P1,250
Thank you for your help.
Hi Billy is there a regulation from central bank or any commercial law that a surcharge is to be imposed on dormant account below the maintaining balance? Is the terms and conditions normally depends on the Bank’s intention of how much the depositors are to be charge for dormant accounts. Thanks.
As part of the increase in income, it seems to me worth considering investments in companies that are engaged in issuing loans. As far as I know the market (and I have been working on it for more than 5 years for a second), every company that issues loans needs a constant inflow of investments to increase turnover. This means that they can give a high percentage of investment, 10-15%. I advise you to pay attention also there
What are your thoughts on internet banks? They offer mouth-watering interest rates. Tonik Bank, for example, offers up to 6% p.a. on their time deposits.