Every wonder which banks are the best to open a savings account in the Philippines?
If you want to create a savings account right now, you could find out the top banks to open a savings account in the Philippines listed below. Remember that the banks on this list are either digital or traditional.
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The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
1. Bank of the Philippine Islands (BPI)
This list would be incomplete if one of the country’s oldest and most reputed banks was not included. BPI is good for savings newcomers since it is easily accessible, with over 800 branches nationwide, as well as over 3,000 ATMs and CAMs (cash accept machines) across the country. BPI’s savings accounts are largely built according to on the account holder’s existing financial condition or ability.
Regular Savings Account
This savings account includes electronic banking, which allows you to manage your everyday financial operations. It also includes a debit card that may be used at ATMs that accept BancNet or MasterCard.
- Interest rate: 0.0625% per annum
- Initial deposit: PHP 3,000
- Maintaining balance: PHP 5,000
Panama Savings Account
Pamana Savings is a card-based account, much like the standard savings account. The advantage it has over a standard savings account is that it comes with complimentary life insurance worth three times the account value (or up to PHP 2 million). This account is also accessible as a passbook or in US dollars.
- Interest rate: 0.0625% per annum
- Initial deposit: PHP 25,000
- Maintaining balance: PHP 25,000
Maxi Saver Account
If you’re already generating a lot of money, you might want to consider upgrading your savings account. Choose one with a high interest rate, such as BPI’s Maxi Saver. This card-based account offers an incentive that allows you to earn more as you save more; if you don’t make any withdrawals within a month, you might receive 0.125 percent interest.
- Interest rate: 0.125%
- Initial deposit: PHP 2 million
- Maintaining balance: PHP 2 million
2. Metrobank
Metrobank is not only a well-established institution, but it is also one of the most resilient in the Philippines. Despite the pandemic, it won the Asiamoney Best Bank Awards 2021 for Best Domestic Bank in the Philippines. So, if you want to be confident that your money is safe, this bank is the place to go.
Spark Savings Account
This is the bank’s starting savings account, open to account holders aged 7 to 21. This card-based account was created primarily to assist people in developing a habit of saving. This is an option for young professionals and even individuals who have never had a savings account before.
- Interest rate: 0.0625% per annum
- Initial deposit: No initial deposit
Card Regular Savings Account
This is comparable to the Spark Savings Account in many ways. The only difference on the surface is that this account needs an initial deposit. However, the debit card’s applications are highlighted in particular, ranging from load purchases to bill payments.
- Interest rate: 0.0625% per annum
- Initial deposit: PHP 2,000
Passbook Regular Savings Account
Consider opening a Metrobank Passbook Regular Savings Account if you want a physical means to trace your transactions. This account comes with a passbook, as the name suggests. This is also good for folks who wish to limit their spending because it requires the account user to go to the bank to withdraw cash.
- Interest rate: 0.0625% per annum
- Initial deposit: PHP 10,000
- Maintaining balance: No information provided
3. Security Bank
Security Bank, like Metrobank, is an award-winning banking organization. Security Bank was voted the Philippines’ finest bank at the 2021 Euromoney Awards for Excellence this year by the London-based financial magazine Euromoney. Such acknowledgment should be enough to persuade you of the bank’s dependability.
Easy Savings Account
The most basic account offered by Security Bank. Despite being a beginner’s account, it has a high-interest rate. It includes a Mastercard debit card that may be used to shop, pay bills, and dine. This account has no interbranch fees, which is a huge plus. This implies you may conduct free transactions at any Security Bank branch apart from your home branch.
- Interest rate: 0.10% per annum
- Initial deposit: PHP 5,000
- Maintaining balance: PHP 10,000
All Access Account
The All Access account from Security Bank combines a savings and a checking account. It not only has a Mastercard debit card, but it also has a Visa credit card. A checkbook and a passbook are also included. This implies you have several methods to access your money. The All Access account is even more tempting because it includes free life insurance from FWD.
- Interest rate: 0.10% per annum
- Initial deposit: PHP 5,000
- Maintaining balance: PHP 25,000
Money Builder
Interested in dabbling in high-interest savings accounts? Try Money Builder, an entry-level choice from Security Bank, for this tier. This is perfect for those who desire a higher yield but don’t want to be locked in for long periods of time. You’ll get a monthly and quarterly bonus interest rate if you don’t make any withdrawals within a particular time frame.
- Interest rate: 0.10% per annum
- Initial deposit: PHP 10,000
- Maintaining balance: PHP 10,000
4. UnionBank
UnionBank has swept the traditional banking market by delivering a cutting-edge online banking system during the last few years. UnionBank may be thought of as both a traditional bank and a full-fledged digital bank. One of the finest features of this bank is its app, which enables you to deposit checks and open a savings account directly from your phone. Savings accounts are also available from the bank, which may be handled using the app.
Regular Savings Account
UnionBank’s Regular Savings account includes a Visa debit card that may be used for ordinary spending. Don’t be afraid to test this account if you want to obtain a sense of the level of services provided by UnionBank. Despite this, the interest rate on this account is rather high for its tier.
- Interest rate: 0.10% per annum
- Initial deposit: PHP 10,000
- Maintaining balance: PHP 10,000
Personal Savings Account
This card-based savings account includes a Visa EMV debit card that may be used for both online and offline transactions. The best thing about this account is that it doesn’t force you to deposit money on a regular basis because it doesn’t demand an initial deposit or a minimum level.
- Interest rate: 0.10% per annum
- Initial deposit: Not required
- Maintaining balance: Not required
Savings +
If you are smacked by life’s uncertainties, no matter how great your funds are, they may be wiped out. UnionBank’s Savings Plus account, thankfully, also comes with complimentary group life insurance. Keep in mind, however, that the life insurance may only be activated if you keep the requisite monthly average daily balance.
- Interest rate: 0.10% per annum
- Initial deposit: Not required
- Maintaining balance: PHP 25,000 (monthly average daily balance to activate group life insurance)
5. CIMB Bank Philippines
CIMB Bank Philippines was founded in 2018 and has since risen to become one of the country’s fastest-growing digital banks. Since then, it has added almost 4 million customers.
The bank also claims to be the Philippines’ most award-winning all-digital bank, with 51 important international honors to its name. The Global Banking and Finance Review named it the Best Digital Bank only this year.
On top of these accolades, CIMB Bank Philippines’ savings accounts provide substantial interest rates.
UpSave Account
The UpSave Account of CIMB Bank PH is a high-yielding savings account that you may open online at any time and from any location. If you keep the requisite average daily balance for one month, you will be eligible for free life insurance. Fees and levies such as the below-minimum-balance fee, monthly maintenance fees, and cash-ins are all waived.
- Interest rate: 2.5% per annum
- Initial deposit: Not required
Maintaining balance: Not required / PHP 5,000 as the minimum average daily balance to maintain to get free life insurance
Fast Account
The CIMB Bank Fast Account, like the UpSave account, may be started using the CIMB Bank app in only 10 minutes! If your Fast Account has been validated and you have a minimum cumulative cash balance of PHP 100,000, you will receive a complimentary Visa debit card.
- Interest rate: 0.50% per annum
- Initial deposit: Not required
- Maintaining balance: Not required
GSave Account
Have you signed up for a GCash account yet? GSave is the first-ever savings account that consumers can establish and manage directly from their GCash smartphone, according to the bank. Moving money into and out of your GCash wallet will be simple and painless with this set-up. If you wish to expand your money, the GSave account also has a high interest rate.
- Interest rate: 2.60% per annum
- Initial deposit: Not required
- Maintaining balance: Not required / PHP 5,000 as the minimum average daily balance to maintain to get free life insurance
6. ING Philippines
ING takes pride in being a direct banking pioneer. This notion was first proposed by the bank in 1997. ING now provides direct banking services in 13 of the 40 countries where it operates. Despite becoming more well-known in recent years, ING has been functioning in the Philippines since 1990.
ING Save Account
If you want to build your money, ING may be the best digital bank in the Philippines to consider. This is due to the fact that its Save Account offers up to ten times the return rate on your money. Because ING is a completely digital bank, you may effortlessly open an account using its mobile app.
- Interest rate: 2.5% per annum
- Initial deposit: Not required
- Maintaining balance: Not required
7. Tonik Digital Bank
Tonik Digital Bank is a neobank, meaning it is a branchless bank that was built from the ground up to be a digital-only bank. Tonik claims to be the first neobank in the Philippines to obtain a digital bank license from the Bangko Sentral ng Pilipinas, according to Greg Krasnov, the company’s founder and CEO (BSP).
Tonik is a fantastic bank since it offers high-interest savings accounts, in addition to its credentials, which are all about modernism. It also contains a function that allows many users to save at the same time.
Tonik Account
Your main account will be the Tonik Account. In your app, you may set up 5 Time Deposit and 5 Stashes accounts. Stashes are distinct savings compartments in your account that you may designate to certain purposes like vacation, education, and emergencies, among others.
- Interest rate: 1% per annum
- Initial deposit: No information provided
- Maintaining balance: No information provided
Solo Stash
Consider Solo Stashes to be independent Tonik savings accounts. This system is designed to allow you to save for many objectives at the same time.
- Interest rate: 4% per annum
- Initial deposit: No information provided
- Maintaining balance: No information provided
Group Stash
A Group Stash is a unique type of savings account in that it allows you to invite relatives and friends to save together. This is an excellent savings plan if you and your friends are accumulating cash for a common objective, such as a vacation or a large party.
Interest rate: 4% per annum (default) / 4.5% per annum (account holder and at least two participants)
Conclusion
Trim down your list by reviewing bank websites, calling hotlines, and learning more about the bank and the goods it offers to identify the best banks to open a savings account in the Philippines for your needs. Choose the appropriate bank account type once you’ve decided on a bank.
Pained by financial indecision?
Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
