High-Interest Savings Accounts (Bank Deposits) in the Philippines

Compare these high-interest savings accounts (peso-savings) offered by the 10 largest banks in the Philippines to find the best one where you could deposit your hard-earned money. Consider high interest rates, initial deposits, maintaining balance, and amount to earn interest.

As I have clarified in one of my articles, maintaining savings accounts and other deposits remains far better than simply keeping a stash of cash under the mattress. Yes, many argue that these are not real investments because we allow our money to sleep in the vault (well, we know what banks do with our money) with a very low interest. However, financial gurus advise that we save and build our emergency funds – in high-interest savings accounts.

Here is a list of peso-savings accounts offered by the 10 largest banks. Annual interest rates, as indicated, range from 0.10 to 1.25 percent (usually tiered-rate accounts). To know more about interest computations, click this link: Gabay sa Pagbubukas ng Savings Account.

(1) BDO Unibank, Inc. (BDO)

• Passbook Savings
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.25%

 

• ATM Savings
• Minimum Initial Deposit                    PHP   2,000.00
• Minimum MADB Requirement           PHP   2,000.00
• Minimum Balance to Earn Interest    PHP   5,000.00
• Gross Interest Rate Per Annum           0.25%

 

• Optimum Savings
• Minimum Initial Deposit                    PHP 30,000.00
• Minimum MADB Requirement           PHP 30,000.00
• Minimum Balance to Earn Interest    PHP 30,000.00
• Gross Interest Rate Per Annum          (no data available)

 

• Prime Savers
• Minimum Initial Deposit                    PHP   2,000.00
• Minimum MADB Requirement           PHP   2,000.00
• Minimum Balance to Earn Interest    PHP   5,000.00
• Gross Interest Rate Per Annum           0.25%

Source: BDO Unibank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(2) Metropolitan Bank and Trust Company (Metrobank)

• Regular Passbook Savings
• Minimum Initial Deposit                    PHP 10,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.25%

 

• Regular Debit/ATM Savings
• Minimum Initial Deposit                    PHP   2,000.00
• Minimum MADB Requirement           PHP   2,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.25%

Source: Metrobank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(3) Bank of the Philippine Islands (BPI)

• Passbook Savings
• Minimum Initial Deposit                    PHP 10,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 25,000.00
• Gross Interest Rate Per Annum           0.25%

 

• Express Teller Savings
• Minimum Initial Deposit                    PHP      500.00
• Minimum MADB Requirement           PHP   3,000.00
• Minimum Balance to Earn Interest    PHP   5,000.00
• Gross Interest Rate Per Annum           0.25%

 

• BPI Advance Savings
• Minimum Initial Deposit                    PHP100,000.00
• Minimum MADB Requirement           PHP100,000.00
• Minimum Balance to Earn Interest    PHP100,000.00
• Gross Interest Rate Per Annum           1.25% (PHP 1M and above)

 

• Maxi-Saver Savings
• Minimum Initial Deposit                    PHP 50,000.00
• Minimum MADB Requirement           PHP 50,000.00
• Minimum Balance to Earn Interest    PHP 50,000.00
• Gross Interest Rate Per Annum           0.75% (PHP 1M and above)

Source: BPI official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(4) Land Bank of the Philippines (Landbank)

• Regular Passbook Savings
• Minimum Initial Deposit                    PHP 10,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.25%

 

• ATM Savings
• Minimum Initial Deposit                    PHP     500.00
• Minimum MADB Requirement           PHP     500.00
• Minimum Balance to Earn Interest    PHP     500.00
• Gross Interest Rate Per Annum           0.25%

 

• Easy Savings Plus (ESP)
• Minimum Initial Deposit                    PHP 20,000.00
• Minimum MADB Requirement           PHP 20,000.00
• Minimum Balance to Earn Interest    PHP 20,000.00
• Gross Interest Rate Per Annum           (based on market rates)

 

• High-Yield Savings Account (HYSA)
• Minimum Initial Deposit                    PHP 1M
• Minimum MADB Requirement           PHP 1M
• Minimum Balance to Earn Interest    PHP 1M (30-360 days)
• Gross Interest Rate Per Annum           (based on weekly posted rates)

Source: Landbank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(5) Philippine National Bank (PNB)

• Passbook Savings
• Minimum Initial Deposit                    PHP 10,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 15,000.00
• Gross Interest Rate Per Annum           0.10%

 

• Super Teller ATM
• Minimum Initial Deposit                    PHP   3,000.00
• Minimum MADB Requirement           PHP   3,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.10%

 

• Prime Savings
• Minimum Initial Deposit                    PHP 50,000.00
• Minimum MADB Requirement           PHP 50,000.00
• Minimum Balance to Earn Interest    PHP100,000.00
• Gross Interest Rate Per Annum           0.25% (PHP 500,000.00 and up)

Source: PNB official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(6) Security Bank Corporation (Security Bank)

• Easy Savings
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP   5,000.00
• Minimum Balance to Earn Interest    PHP100,000.00
• Gross Interest Rate Per Annum           0.10%

 

• All-Access Checking
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP 25,000.00
• Minimum Balance to Earn Interest    PHP100,000.00
• Gross Interest Rate Per Annum           0.10%

 

• eSecure Savings
• Minimum Initial Deposit                  PHP     500.00
• Minimum MADB Requirement           PHP     500.00
• Minimum Balance to Earn Interest    PHP   5,000.00
• Gross Interest Rate Per Annum           1.20% (PHP 5M and up)

 

• Build Up Savings
• Minimum Initial Deposit                    PHP   5,000.00/PHP 50,000.00
• Minimum MADB Requirement           PHP   5,000.00/PHP 50,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00/PHP 50,000.00
• Gross Interest Rate Per Annum           0.50/1.00%

 

• Money Builder
• Minimum Initial Deposit                    PHP 10,000.00
• Minimum MADB Requirement           PHP 10,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.10% (bonus interest rates apply)

Source: Security Bank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(7) China Banking Corporation (Chinabank)

• ATM Savings
• Minimum Initial Deposit                    PHP   2,000.00
• Minimum MADB Requirement           PHP   2,000.00
• Minimum Balance to Earn Interest    PHP   5,000.00
• Gross Interest Rate Per Annum           0.25%

 

• ChinaCheck Plus
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP   5,000.00
• Minimum Balance to Earn Interest    PHP 20,000.00
• Gross Interest Rate Per Annum           0.125%

 

• Money Plus Savings
• Minimum Initial Deposit                   PHP 20,000.00
• Minimum MADB Requirement           PHP 20,000.00
• Minimum Balance to Earn Interest    PHP 50,000.00
• Gross Interest Rate Per Annum           0.25% (bonus interest rates apply)

 

• Passbook Savings
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP   5,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           0.25%

Source: Chinabank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(8) Development Bank of the Philippines (DBP)

• ATM or Passbook
• Minimum Initial Deposit                    PHP     500.00
• Minimum MADB Requirement           PHP     500.00
• Minimum Balance to Earn Interest    PHP     500.00
• Gross Interest Rate Per Annum           (no data available)

 

• ATM and Passbook
• Minimum Initial Deposit                    PHP   5,000.00
• Minimum MADB Requirement           PHP   5,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00
• Gross Interest Rate Per Annum           (no data available)

Source: DBP official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(9) Union Bank of the Philippines (Unionbank)

• Regular Savings
• Minimum Initial Deposit                    PHP 50,000.00
• Minimum MADB Requirement           PHP 50,000.00
• Minimum Balance to Earn Interest    PHP 50,000.00
• Gross Interest Rate Per Annum           0.10%

Source: Unionbank official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

(10) Rizal Commercial Banking Corporation (RCBC)

• Regular Savings (Basic)
• Minimum Initial Deposit                    PHP 10,000.00/PHP   3,000.00
• Minimum MADB Requirement           PHP 10,000.00/PHP   3,000.00
• Minimum Balance to Earn Interest    PHP 10,000.00/PHP 10,000.00
• Gross Interest Rate Per Annum           0.15%

 

• Dragon Peso Savings (Premium)
• Minimum Initial Deposit                    PHP 25,000.00/PHP   5,000.00
• Minimum MADB Requirement           PHP 25,000.00/PHP 25,000.00
• Minimum Balance to Earn Interest    PHP 25,000.00/PHP 25,000.00
• Gross Interest Rate Per Annum           0.5625% (PHP 10M and up)

 

• Super Earner (Premium)
• Minimum Initial Deposit                    PHP 25,000.00
• Minimum MADB Requirement           PHP 25,000.00
• Minimum Balance to Earn Interest    PHP 25,000.00
• Gross Interest Rate Per Annum           0.20% (PHP 1M and up)

 

• eWoman Savings (Exclusive)
• Minimum Initial Deposit                    PHP 15,000.00
• Minimum MADB Requirement           PHP 15,000.00
• Minimum Balance to Earn Interest    PHP 15,000.00
• Gross Interest Rate Per Annum           0.20% (PHP 1M and up)

Source: RCBC official website (data as of June 17, 2017). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.

Disclaimer: The author is not directly affiliated with any of these 10 largest banks in the Philippines, however maintains peso-savings accounts with some of them. Please take this article providing helpful information about high-interest savings accounts as a personal guide upon opening a savings account; hence, visiting the official websites and servicing branches of these banks is highly advised.