The Best Savings Accounts In The Philippines Today

How To Choose The Best Savings Account For You

Having a bank savings account is good way to secure your money. Banks offer you a convenient way to store and to manage your hard-earned money. They would also help you in increasing your savings by putting some interests on it.best savings account in the philippines

To know more on how to open a savings account here in the Philippines, you may read my previous post: Opening a bank savings account in the Philippines

To help you choosing the best savings account for you, here are some important factors that you need to consider before applying for a savings account:

  • Bank’s reputation
  • Amount of Initial Deposit
  • Minimum Maintaining Balance
  • Interest Rates
  • Service and Penalty Fees

I came up with a list of different savings account that may satisfy your needs and expectations, I already categorized them into two: For those looking for Low initial deposit and maintaining balance, and those looking for High interest rates.

Low Initial Deposit and Low Maintaining Balance

Bank accounts that offer low initial deposit and maintaining balance is the best savings account for people who get their money through remittances, pensioners or to those starting out to save money for their future. With these savings accounts, you don’t have to worry about losing part of your money because of penalty fees from not complying on the monthly maintaining balance required, and your money is secured and are still earning interests.

  • BDO Direct Deposit
    Initial Deposit: 0 pesos
    Monthly Maintaining Balance: 0 pesos

    Minimum Balance to Earn Interest: 5,000 pesos (0.2500% p.a.)
  • BPI Easy Saver Savings Account
    Initial Deposit: 200 pesos
    Monthly Maintaining Balance: 0 pesos

    Minimum Balance to Earn Interest: 1,000 pesos (0.2500% p.a.)
  • East West Basic Savings Account
    Initial Deposit: 100 pesos
    Monthly Maintaining Balance: 100 pesos

    Minimum Balance to Earn Interest: not specified, go directly to their bank to know more
  • Maybank Value Savings Account
    Initial Deposit: 500 pesos

    Monthly Maintaining Balance: 500 pesos

    Minimum Balance to Earn Interest: 10,000 pesos (0.5000% p.a)
  • RCBC Basic Savings Account
    Initial Deposit: 500 pesos

    Monthly Maintaining Balance: 500 pesos

    Minimum Balance to Earn Interest: 25,000 pesos (0.5000% p.a)
  • U-remit Savings Account
    Initial Deposit: 0 pesos

    Monthly Maintaining Balance: 0 pesos

    Minimum Balance to Earn Interest: 2,500 pesos (prevailing market rates)

High Interest Rate

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These bank accounts are the best savings account for those saving for the long-term and want to get high interest rates on their savings account. The average interest rate on bank savings account here in the Philippines ranges from .2500% to .5000% per year, so those in this list are those exceeding that average.

  • BDO Optimum Savings Account
    Initial Deposit: 30,000 pesos
    Monthly Maintaining Balance: 30,000 pesos

    Minimum Balance to Earn Interest: 30,000 pesos (0.5000%- 1.2500% p.a)
  • BPI Maxi Saver Savings Account
    Initial Deposit: 50,000 pesos
    Monthly Maintaining Balance: 50,000 pesos

    Minimum Balance to Earn Interest: 50,000 pesos (.6250%-1.000% p.a)
  • BPI Advance Savings Account
    Initial Deposit: 100,000 pesos
    Monthly Maintaining Balance: 100,000 pesos

    Minimum Balance to Earn Interest: 100,000 pesos (1.2500%-1.5000% p.a)
  • ChinaBank Money Plus Savings Account
    Initial Deposit: 20,000 pesos
    Monthly Maintaining Balance: 20,000 pesos

    Minimum Balance to Earn Interest: 20,000 pesos (0.5000% p.a)
  • PNB Prime Deposit Savings Account
    Initial Deposit: 500 pesos
    Monthly Maintaining Balance: 500 pesos

    Minimum Balance to Earn Interest: 25,000 pesos (1.1250%-2.1250% p.a)
  • Security Bank Build-up Savings Account
    Initial Deposit: 5,000 pesos
    Monthly Maintaining Balance: 5,000 pesos

    Minimum Balance to Earn Interest: 5,000 pesos (1.7500% p.a)

There is another product that banks offer where you can put your money in and earn higher interest than most savings account. You may inquire to a bank near you if they have Time Deposits.

About the author

Mark

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

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