Interest rates on savings and checking accounts in the PHL

Published October 23, 2015 4:37pm

When your stash starts climbing to five or six figures and you want to set it aside as contingency fund or just so you have quick access to it, it may be time to think about opening a savings account.

We’ve narrowed down to eight the interest-yielding savings and checking accounts available in the country today.

Citibank Peso Bonus Saver Account

Interest rate p.a.: 0.7% to 1.9%

Initial deposit: P50,000 (but a client must have at least P500,000 worth of deposit accounts and investments with Citibank)

Minimum ADB (average daily balance): P50,000

Minimum balance to earn interest: P50,000

Minimum balance to earn maximum interest: P4 million or 12 consecutive monthly deposits worth P5,000

Account access: ATM BancNet (no charge), online, over the counter

Build your savings with a savings account starting at P50,000, then increase your average balance by at least P5,000 per month for 12 consecutive months. Missing one month cuts the rate to 1.3%, and missing two consecutive months earns you the regular rate of 0.7%.

It has the highest starting interest rate among the savings accounts and it isn’t too difficult to hit the highest rate after one year of continuous deposits and free and unlimited withdrawals. So if you have a minimum of P500,000 worth of deposits and investments with Citi, and are looking for the best rate, the Peso Bonus Saver Account may be the one for you.

Security Bank Premium Build Up Savings

Interest rate p.a.: 1.0%

Initial deposit: P50,000

Minimum ADB: P50,000

Minimum balance to earn interest: P50,000

Minimum balance to earn maximum interest: P50,000

Account access: ATM, online banking, over the counter, mobile banking

No lock in period. Access your funds 24/7 and manage your account anytime.

You don’t need six digits to hit the 1% interest rate per annum making Security Bank’s Premium Build Up Savings account one of the most accessible accounts on this list.

Sterling Bank of Asia Bayani OFW Savings Account

Interest rate p.a.: 1.0%

Initial deposit: Not required

Minimum ADB: None, as long as remittances are deposited to the account at least once a year

Minimum balance to earn interest: P2,000

Minimum balance to earn maximum interest: P2,000

Account access: Over-the-counter transactions, ATMs (Comes w/ Bayani OFW Visa Card), Sterling Bank Online, BancNet online

The Bayani OFW Savings account is a special deposit product which aims to facilitate and support OFWs in making preparations for their subsequent remittance from overseas.

An interest-yielding account that needs little to earn interest. This is particularly useful to help OFWs save and build their wealth.

BPI Family Savings Bank Advance Savings Account with passbook

Interest rate p.a.: 1.0% to 1.75%

Initial deposit: P100,000

Minimum ADB: P100,000

Minimum balance to earn interest: P100,000

Minimum balance to earn maximum interest: P1 million

Account access: Passbook, online banking

The Advance Savings account allows you to enjoy the interest of your deposit ahead of time. No need to wait. You reap the benefits of your account in advance every time you make a deposit.

If you want to park a chunk of your wealth without having to worry about tiered and bonus rates and still earn interest, this account is for you.

Standard Chartered eSaver online savings account

Interest rate p.a.: 0.5% to 1.1%

Initial deposit: P1

Minimum ADB: P0

Minimum balance to earn interest: P1

Minimum balance to earn maximum interest: P10 million

Account access: Online banking, telegraphic transfer, BancNet ATM (over the counter and ATM transactions are subject to fees)

eSaver accounts earn up to 1.1% interest with zero maintaining balance and no holding period. You can enjoy liquidity without sacrificing interest rates with a minimum deposit of P1. You can open a Standard Chartered Bank regular checking account and transfer funds from eSaver through Online Banking and enjoy unlimited ATM withdrawals and a check account.

The low daily balance makes this a very accessible account with an interest rate that is higher than the industry average around 0.1% to 0.3%. Every peso you deposit earns.

Standard Chartered Flexi Hi-Rate

Interest rate p.a.: 0.4% to 1.1%

Initial deposit: P1

Minimum ADB: P1

Minimum balance to earn interest: P300,000

Minimum balance to earn maximum interest: P10 million

Account access: ATM, online banking

Enjoy the flexibility of a savings account with the interest rate of a time deposit. No restrictions on the number of withdrawals. With Standard Chartered Bank’s Visa Electron card, you get instant access to cash worldwide, international shopping, and online banking facility

One of the services banks clip in exchange for high interest rates are withdrawals. Fewer withdrawals usually reward you with bonus rates. The Flexi Hi-Rate savings account gives you both interest rate and unlimited withdrawals. It's perfect for people who access their funds frequently.

Maybank Premier 1 Checking Account

Interest rate p.a.: 0.25% to 1.5%

Initial deposit: P20,000

Minimum ADB: P20,000

Minimum balance to earn interest: P100,000

Minimum balance to earn maximum interest: P5 million

Account access: Checkbook, regional ATM

Earn interest rates with fewer withdrawals per month. Free personal accident insurance. Receive a free regional ATM card which you can use at any Maybank ATM in Malaysia, Singapore and Brunei free of charge.

If you are a frequent travel in Southeast Asia, you can save and earn at the same time with the Premier 1 Checking Account. You also get an accident insurance and a regional ATM which can save you hundreds of pesos worth of ATM fees.

PSBank Premium Checking account

Interest rate p.a.: 0.5% to 1.25%

Initial deposit: P25,000

Minimum ADB: P25,000

Minimum balance to earn interest: P25,000

Minimum balance to earn maximum interest: P10 million

Account access: Checkbook, ATM, record book, PSBank Online, PSBank Mobile

Premium Checking includes a record book, ATM card and checkbook. Earn more as your balance increases with the tiered interest rate.

The figures in this article are correct as of October 7, 2015.

Compare rates and choose the best among Philippine-based banks.

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This article first appeared in slightly different form on iMoney.

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