• Best Savings Account in Philippines

    Savings account helps you to save your hard earned money and also earn interest on it. You can enjoy great flexibility with the savings accounts offered by different banks in Philippines. You may choose different currencies for your savings account in Philippines. Dollar Savings accounts and Peso Savings Accounts are very popular. The savings amount that you have is highly liquid. The amount can be withdrawn by you at any time you need.

    Rates of Interest

    BPI

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    BPI Easy Saver Php 200 Not Applicable Php 1,000 0.250 percent per annum
    BPI Express Teller ATM Savings Php 500 Php 3,000 Php 5,000 0.250 percent per annum
    BPI JumpStart Savings Account Php 100 Php 1,000 Php 2,000 0.250 percent per annum
    BPI Passbook Savings Account Php 10,000 Php 10,000 Php 25,000 0.250 percent per annum

    BDO

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    BDO ATM Savings Account Php 2,000 Php 2,000 Php 5,000 0.25 percent per annum
    BDO Optimum Savings Account Php 30,000 Php 30,000 Php 30,000 Please, get in touch with the bank
    BDO Passbook Savings Account Php 5,000 Php 10,000 Php 10,000 0.25 percent per annum

    Landbank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Landbank Regular Savings Account Php 500 Php 500 Php 500 0.250 percent per annum
    Landbank Easy Savings Plus Php 20,000 Php 20,000 Not available Depends on the market rates
    Landbank Savings Account Php 500 Php 500 Php 500 0.250 percent per annum

    China Bank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    China Bank Easi-Save Basic Php 100 Not Applicable Php 1,000 0.50 percent per annum
    China Bank Easi-Save Passbook Php 500 Php 500 Php 1,000 0.50 percent per annum
    China Bank Easi-Save ATM Php 500 Php 500 Php 1,000 0.75 percent per annum
    China Bank Easi-Save for Kids Php 500 Not Applicable Php 500 0.75 percent per annum

    Metrobank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Metrobank ATM Savings Account Php 2,000 Php 2,000 Php 10,000 0.25 percent per annum
    Metrobank Passbook Savings Account Php 10,000 Php 10,000 Php 10,000 0.25 percent per annum

    PNB

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    PNB Passbook Savings Php 10,000 Php 10,000 Php 15,000 0.100 percent per annum
    PNB Debit MasterCard Savings Account Php 3,000 Php 3,000 Php 10,000 0.100 percent per annum
    PNB Superteller ATM Php 3,000 Php 3,000 Php 10,000 0.100 percent per annum

    RCBC

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    RCBC Basic Savings Account (Passbook / ATM) Php 25,000 / Php 500 Php 25,000 / Php 500 Php 25,000 0.25 percent per annum

    Citibank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Citibank Peso Bonus Saver Php 50,000 Increase average balance by Php 5,000 every month Php 4,000,000 or increase every month by Php 5,000 1.90 percent per annum

    East West

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Passbook Savings Php 5,000 Php 5,000 Php 10,000 0.25 percent per annum
    Super Saver Not Applicable Not Applicable Not Applicable Flexible
    Passbook plus Debit Card Savings Php 10,000 Php 10,000 Php 25,000 0.25 percent per annum
    Dollar Savings USD 200 USD 200 USD 500 0.25 percent per annum
    Cool Savers Kiddie Account Php 2,000 Php 2,000 Php 2,000 0.25 percent per annum
    Basic Savings Account Php 2,000 Php 2,000 Php 2,000 0.25 percent per annum
    Renminbi Savings Account CNY 500 Not applicable CNY 200 1.00 percent per annum

    Chinabank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    ATM Savings Account Php 2,000 Php 2,000 Php 5,000 0.25 percent per annum
    China Check Plus Php 5,000 Php 5,000 Php 20,000 0.125 percent per annum
    Money Plus Savings Php 20,000 Php 20,000 Php 50,000 0.25 percent per annum
    Overseas Kababayan Savings Waived Off Waived Off Php 5,000 0.25 percent per annum
    Passbook Savings Php 5,000 Php 5,000 Php 10,000 0.25 percent per annum

    Equicom Savings Bank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Passbook Savings Account Not applicable Php 5,000 Php 5,000 0.50 percent per annum
    ATM Savings Account Not applicable Php 100 Php 5,000 0.50 percent per annum
    Kiddie Builders Savings Account Not applicable Php 100 Php 1,000 1.00 percent per annum

    Security Bank

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Easy Account Php 5,000 Php 5,000 Php 100,000 0.10 percent per annum
    Regular Build Up Savings Php 5,000 Php 5,000 Php 50,000 0.50 percent per annum
    Premium Build Up Savings Php 50,000 Php 50,000 Php 50,000 1.00 percent per annum
    Money Builder Php 10,000 Php 10,000 Php 10,000 0.10 percent per annum
    USD Savings USD 500 USD 500 Not applicable 0.25 percent per annum

    Sterling Bank of Asia

      Deposit (Initial) Balance to be maintained Minimum balance for earning interest Rate of Interest
    Solo Savings Account Not Applicable Php 5,000 Php 5,000 0.50 percent per annum
    Solo Dollar Savings Account USD 100 USD 200 USD 500 0.25 percent per annum
    Solo Yuan Savings Account CNY 2,500 CNY 2,500 CNY 2,500 0.15 percent per annum
    Neo Savings Account Not Applicable No requirement Php 2,000 0.375 percent per annum
    Bayani OFW Savings Account No requirement No requirement Php 2,000 1.00 percent per annum

    Fixed Deposits vs. Savings Accounts

    Fixed Deposits Savings Accounts
    Rate of interest offered is generally higher Rate of interest offered is generally lower
    Money in your fixed deposit or time deposit account cannot be withdrawn unless it matures. This tenure can 1, 3, 6 or 12 months. If you withdraw the money at an early stage, the interest that you earned could be forfeited. The money in your savings account can be withdrawn whenever you need it. Thus, in case of an emergency, you can rely on this particular savings amount. There are no penalties for withdrawal.

    Features and Benefits of Savings Accounts

    There are several features and benefits of Savings Accounts that are listed below.

    • Liquidity – The amount that you have in your savings account is liquid. This suggests that you may withdraw the amount as per your convenience. No penalties will be charged for the withdrawal. The liquidity factor is extremely important when there are emergency situations. If you need financial support at that time, you can use the money in your savings account.
    • Protection – The money that you deposit in the bank is absolutely safe. The savings amount is protected by law. The different banks in Philippines are the members of PDIC (Philippine Deposit Insurance Corporation). The deposits in your savings account are secured and insured up to an amount of P 500,000 per individual. In case, the bank fails to pay the savings amount, Philippine Deposit Insurance Corporation will give the depositors the amount that they deserve. However, it is capped to the maximum insured amount.
    • Earning Interest – Although the rate of interest offered with savings accounts is lower than that offered with other investment options, you can earn a good amount as the rates are always steady. Also, keeping your cash in your cupboard will earn you nothing. Savings accounts will secure your money and give you substantial returns too.
    • Convenience – The amount in your savings account can be used for transferring money electronically to your friends and family. It can be used by your employer for your payroll account. There are several ATMs across the country and you can use any of them to withdraw your money.

    Top Banks offering Savings Accounts in Philippines

    Some of the top banks in Philippines offering Savings Account are as follows.

    BPI

    • BPI Jumpstart Savings Account
    • BPI Easy Saver
    • BPI Passbook Savings
    • BPI Express Teller ATM Savings

    BDO

    • BDO Optimum Savings Account
    • BDO Passbook Savings Account
    • BDO ATM Savings Account

    China Bank Savings

    • Chinabank Easi-Save Passbook Savings Account
    • Chinabank Easi-Save Basic Savings Account
    • Chinabank Easi-Save ATM Savings Account

    Metrobank

    • Metrobank ATM Savings Account
    • Metrobank Passbook Savings Account

    Landbank

    • Landbank Easy Savings Plus
    • Landbank Savings Account
    • Landbank Regular Savings Account

    RCBC

    • RCBC Basic Savings Account (Passbook / ATM)

    PNB

    • PNB Debit MasterCard Savings Account
    • PNB Superteller ATM
    • PNB Passbook Savings

    Documentation

    You must carry the following applicable documents when you wish to start a savings account with a bank in philippines.

    • Driver’s License
    • Passport
    • Police Clearance
    • NBI (National Bureau of Investigation) Clearance
    • Voter’s ID
    • Postal ID
    • PRC (Professional Regulation Commission) ID
    • GSIS (Government Service Insurance System) e-Card
    • Senior citizen card (if applicable)
    • OWWA (Overseas Workers Welfare Administration) ID
    • Seaman’s Book
    • OFW ID
    • Immigrant Certificate of Registration / Alien Certificate of Registration
    • SSS (Social Security System) Card
    • Barangay Certification
    • DSWD (Department of Social Welfare and Development) Certification
    • NCWDP (National Council for the Welfare of Disabled Persons) Certification

    How Bankbazaar.ph helps

    There are several savings account that are offered by the different leading banks of Philippines. Bankbazaar makes things easy for you. You can study and compare the various savings accounts and choose the one that is designed to meet your needs and requirements.

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