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Best Savings Accounts from the Top Banks in the Philippines

Can't decide where to keep and grow your hard-earned money? Check out our list of the best savings accounts from BDO, Metrobank, BPI, Landbank, and more.

August 2, 2018 By Mark Dela Cruz

Money is the force behind the momentum which allows us to take our families to dates, do grocery shopping, house maintenance, sending remittances, starting up businesses, to raising retirement funds.

What is the best way to contain money?

Wallets come in different forms and sizes.

Some wallets are designed to hold more cards than cash, some are bulky like carrying a stone in your pocket, others are slim and compact, taking up as little space in your pocket like a handkerchief does.

Your wallet must be suited according to your preferences and lifestyle.

Though wallets are a no-nonsense container to carry your cash around, it doesn’t keep track of your spending, that is, unless you are completely shrewd and mindful of your expenses.

The best way to contain money, the metaphorical wallet that keeps track of your expenses and savings, and the most logical, is to open a savings account among the top banks in the country.

Just as mentioned like the wallet above, you may pick the kind of savings account that’s best suited for you.

Entrusting your hard earned cash with a bank is amongst the first steps towards financial literacy and financial maturity.

Related: How to Save More Money

Gathered in this list are the top banks in the Philippines with information, comparisons to help you figure out which one is most suited for you.

Contents

  • Top Banks in the Philippines
  • Best Savings Accounts in the Philippines
    • 1. BDO
    • 2. Metrobank
    • 3. BPI
    • 4. Landbank
    • 5. Security Bank
    • 6. PNB
    • 7. DBP
    • 8. UnionBank
    • 9. RCBC
    • 10. UCPB
    • 11. Chinabank
    • 12. EastWest Bank
  • How to open a savings account in the Philippines
  • 6 Things to consider before opening a savings account
  • Types of Savings Accounts in the Philippines

Top Banks in the Philippines

Banks lend money to people and businesses. Banks are amongst the cornerstones of society.

With money, buildings, companies and businesses are born, hence, employment becomes available throughout society.

The four primary types of banks in the Philippines are as follows:

  1. Universal and commercial banks – offers the widest range of financial services. Operates across cities and countries.
  2. Thrift banks– Are known to invest savings acquired from depositors.
  3. Rural and cooperative banks – banks invested in developing rural economy and communities.
  4. Non- banks with quasi-banking functions– offers limited services because of a lack of a full banking license, but is still able to provide bank-related financial services.  

Some of these banks have been around throughout different phases of Philippine history, and behind these banks, The Banko Sentral is the overseeing monetary authority that supervises operations, activities of all banks in the Philippines.

The Banko Sentral also issues directive policies so that banks may have provisions on gains and losses on loans, cash flows, how to deal with bankruptcy, and all the workings and innings of investments.

Below is the list of the top banks in the Philippines, ranked by total assets, deposit liabilities, loans and receivables (net), and capital – as of March 2018 via The Banko Sentral ng Pilipinas (amounts in Million Pesos).

RankBankTotal AssetsTotal Deposit LiabilitiesTotal Loans and Receivables, netTotal Stockholders Equity (Capital)
1BDO UNIBANK INC2,665,307.232,177,537.861,813,446.47298,798.40
2METROPOLITAN BANK & TCO1,705,575.781,340,618.83987,409.52207,671.22
3BANK OF THE PHIL ISLANDS1,649,267.361,351,914.311,000,994.61186,071.50
4LAND BANK OF THE PHILIPPINES1,633,082.181,442,902.13694,707.30108,366.74
5PHIL NATIONAL BANK788,835.37614,770.12437,488.56110,115.10
6SECURITY BANK CORP703,319.61422,303.72361,613.94103,960.29
7CHINA BANKING CORP637,450.79537,961.78377,261.9174,797.58
8DEVELOPMENT BANK OF THE PHIL617,949.77428,457.83292,814.1547,564.67
9UNION BANK OF THE PHILS547,357.25397,024.27237,092.6968,746.66
10RIZAL COMMERCIAL BANKING CORP475,765.14294,783.22284,530.4668,100.03
11UNITED COCONUT PLANTERS BANK304,955.91263,312.73156,187.3316,377.08
12EAST WEST BANKING CORP301,766.73241,908.36192,390.4539,693.33
13CITIBANK, N.A.294,974.75204,903.21174,744.0315,758.09
14ASIA UNITED BANK CORPORATION204,086.77164,848.47126,750.8827,557.24
15HONGKONG & SHANGHAI BANKING CORP165,642.58102,266.5357,230.7613,633.92
16PHIL TRUST COMPANY154,251.70131,694.2148,392.7221,772.28
17BANK OF COMMERCE127,614.88108,483.2262,460.9115,421.53
18MAYBANK PHILIPPINES INCORPORATED109,684.6681,868.7171,137.6712,672.85
19ROBINSONS BANK CORPORATION102,828.6586,563.7654,779.0312,625.21
20PHIL BANK OF COMMUNICATIONS98,367.1473,295.2351,349.8612,193.34

Related: Complete List of Bank Codes (BRSTN) & SWIFT Codes (BIC) of Philippine Banks

Best Savings Accounts in the Philippines

1. BDO

Established in 1968, in terms of assets, BDO leads the pack of Universal and Commercial banks. BDO’s financial services are flexible and it has a full fledged network of ATMS and offices across the country.

Best Savings Accounts from BDO Unibank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
BDO Optimum Savings Account Personal1.25%PhP30,000PhP 30,000PhP 30,000
BDO Optimum Savings Account Corporate 1.25%50,000PhP 50,00050,000
BDO Prime Savers0.25%2,0002,0005,000
BDO Smart Checking Account Statement- Business0.25%25,00025,00025,000
BDO Smart Checking Account Statement – Personal0.25%15,00015,00015,000
BDO Smart Checking Passbook Personal0.25%25,00025,00025,000
BDO Smart Checking Passbook Business0.25%50,00050,00050,000
BDO Power Teens Club0.25%2,0002,0002,000
BDO Peso Passbook Savings Account0.25%5,000 10,00010,000
BDO Peso ATM0.25%2,000 2,0005,000
BDO Junior Savers Club0.25%1001002,000
BDO Direct Deposit Peso Savings Account0.25%005,000
BDO Peso Checking Account0,00%5,0005,000Non earning

2. Metrobank

Founded in 1962. Another contender amongst the country’s universal banks, Metrobank offers an assortment of financial services for the Filipino consumer with its network of branches and ATMs across major Philippine cities and branches around Taipei and Europe.

Best Savings Accounts from MetroBank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
Metrobank AccountOne Regular Checking Account0.25%25,00025,00050,000
Metrobank US Pensioner Savings Account0.25%50050010,000
Metrobank SSS Pensioner Passbook Savings Account0.25%10010010,000
Metrobank Passbook Savings Account0.25%10,00010,00010,000
Metrobank OFW Passbook Savings Account0.25%0010,000
Metrobank SSS Pensioner Debit/ATM Card Savings Account0.25%10010010,000
Metrobank Debit/ATM Card Savings Account0.25%2,0002,00010,000
Metrobank OFW Debit/ATM Card Savings Account0.25%0010,000
Metrobank Fun Savers Club0.25%1005004,000
Metrobank Regular Checking Account0.00%10,00010,0000

3. BPI

BPI was known as El Banco Español Filipino de Isabel II during its time of establishment in 1851, making this bank the oldest amongst the banks listed here.

BPI pays special attention to Filipino families and OFWs by catering and customizing their services to suit the needs of the modern Filipino family.

Best BPI Advance Savings Accounts:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
BPI Advance Savings Account0.75%100,000100,000100,000
BPI Maxi-One Checking Account0.25%25,00025,00025,000
BPI Pamana Padala0.25%500Waived as long as there are 4 remittances in a year5,000
BPI Kaya Savings0.25%200none1,000
BPI Padala Moneyger0.25%0Waived as long as there are 4 remittances in a year5,000
BPI Save-Up High Automatic Savings0.25%01,0005,000
BPI Save-Up Automatic Savings + Insurance0.25%01,0005,000
BPI Pamana Savings Account with Life Insurance (Passbook)0.25%75,00075,00075,000
BPI Pamana Savings Account with Life Insurance (Debit/ATM Card)0.25%25,00025,00025,000
BPI Passbook Savings0.25%10,00010,00025,000
BPI Maxi – Saver Savings with Passbook0.25%75,00075,00075,000
BPI Maxi-Saver Savings with ATM0.25%50,00050,00050,000
BPI Jumpstart Savings0.25%1005002,000
BPI Express Teller Savings0.25%5003,0005,000
BPI Easy Saver0.25%200NA1,000

Best BPI Direct Savings Accounts:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
BPI Direct Savings Direct Express Teller Savings0.50%500500500
BPI Direct Savings BPInoy Savings0.50%0None as long as remittance is sent every 3 months500
BPI Direct Savings Direct Maxi-Saver Savings0.50%25,00025,00025,000
BPI Direct Savings Save-Up Automatic Savings + Insurance0.50%01,0001,000

Best Savings Accounts from BPI Family Savings Bank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
BPI Family Savings Maxi-Saver Savings with Passbook0.50%50,00050,00050,000
BPI Family Savings Maxi-Saver Savings with ATM0.50%25,00025,00025,000
BPI Family Savings Save-UP Automatic High Savings0.50%01,0003,000
BPI Family Savings Save-Up Automatic Savings + Insurance0.50%01,0003,000
BPI Family Savings Get Started Savings Account with Life Insurance – Passbook0.25%50,00050,00050,000
BPI Family Savings Get Started Savings Account with Life Insurance + ATM0.50%5,0005,00010,000
BPI Family Savings Jumpstart Savings0.50%1005001,000
BPI Family Savings Passbook Savings0.50%10,00010,00025,000
BPI Family Savings Easy Saver0.50%200NA1,000
BPI Family Savings Express Teller Savings0.50%5001,0003,000

BPI Checking Accounts:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
BPI Express Teller Checking Account0.00%10,00010,0000
BPI Bizlink Checking Account0.00%10,00010,0000

4. Landbank

Established in 1963, Landbank is a Government-owned credit institution which primarily caters to rural areas.

During its beginnings, its mission was to help farmers and fishermen through revenues. Landbank is one of the first commercial banks which educated financial management to rural communities.

Best Savings Accounts from Landbank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
ATM Savings Account0.10%5005002,000
Current Account with ATM Access0%5,0005,000Non earning
Easy Savings Plus (ESP)0.10%20,00020,00020,000
High Yield Savings Account (HYSA) InstitutionalVaries weekly1,000,000
PESO EASY (Earning Access and Sure Yield) Check Individual.10%10,00010,00010,000
PESO EASY (Earning Access and Sure Yield) Check Institutional.10%20,00020,00020,000
PESO EASY (Earning Access and Sure Yield) Check With ATM Access.10%10,00010,00010,000
Regular Current Account Individual05,0005,000Non earning
Regular Current Account Institutional010,00010,000Non earning
Regular Savings Passbook Account Individual.10%10,00010,00010,000
Regular Savings Passbook Account Institutional.10%10,00010,00010,000
Regular Peso Time Depositvaries1,0000varies
US Dollar Savings Account Individual.15%USD 100USD 500USD 500
US Dollar Savings Account Institutional.15%USD 1,000USD 1,000USD 1,000
US Dollar Time DepositvariesUSD 1,000
High Yield US Dollar Time Deposit2% 2 yr term

2.5% 3 yr term

USD 2,000

5. Security Bank

Security Bank was the first private and Filipino-owned financial institution that rose from the turmoil that was World War II.

Today, Security bank counts amongst the most stable banks in the country.

Best Savings Accounts from Security Bank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
Security Bank eSecure Savings Account1.20%5005005,000
Security Bank Premium Build Up Savings Account1.00%50,00050,00050,000
Security Bank Regular Build Up Savings Account0.50%5,0005,00010,000
Security Bank All Access Account0.20%5,00025,000100,000
Security Bank Money Builder0.10%10,00010,00010,000
Security Bank Easy Savings Account0.10%5,0005,000100,000

6. PNB

PNB was established by the Philippine government during the American Occupation in 1916.

This universal bank which was fully privatized in 2007, caters mostly to the Philippine government, agencies, local units, and corporations under the government.

Best Savings Accounts from PNB:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
PNB Superteller ATM0.100%3,0003,00010,000
PNB Debit MasterCard0.100%3,0003,00010,000
TAP MasterCard0.100%nonenone10,000
PNB Passbook Savings0.100%10,00010,00015,000
SSS Pensioners ATM and Passbook0.100%1001005,000
Direct Deposit Program Peso0.100%1001005,000
Direct Deposit Program US Dollar0.100%USD200USD200USD1,000
PNB Prime Savings Account0.125%*

0.250%**

50,00050,000100,000
Regular Checking Account Individual0.00%10,00010,000Non earning
Regular Checking Account Corporate0.00%10,00010,000Non earning
Budget Checking Account0.00%5,0005,000
PNBig Checking Account Individual0.100%25,00025,00025,000
PNBig Checking Account Corporate0.100%50,00050,00050,000
Priority One Checking Account0.100%25,00025,00030,000
Combo Checking Individual0.100%25,00025,00025,000
Combo Checking Corporate0.100%50,00050,00050,000
PNB Dollar Savings Account Fees and Charges0.100%USD500USD500USD1000
PNB Greencheck Account0USD2000USD2000Non earning
Euro Savings Account0.100%500 Euro500 Euro500 Euro
PNB Renminbi Savings Account0.25%CNY 2500CNY 2500CNY 2500
Japanese Yen Savings Account0JPY 50,000JPY 50,000Non earning

7. DBP

DBP is the second largest state owned bank.

As one of the country’s largest controlled corporations, it is both a development bank which deploys banking solutions to agricultural and industrial enterprises, and a thrift bank for small and medium enterprises as well as social services.

Best Savings Accounts from Development Bank of the Philippines:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
Savings Account with ATM or PassbookVaries weekly500500500
US Dollar Account – IndividualVaries weeklyUSD100USD500USD500
US Dollar Account – CorporateVaries weeklyUSD1,000USD1,000USD1,000
Wisdom AccountVaries weeklyUSD100USD100USD500

8. UnionBank

One of Union Banks innovations is that it started the online banking movement in the Philippines. With the EON Cyber Account, this electronic savings account plugged in the beginning of electronic transactions.

Best Savings Accounts from UnionBank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
UnionBank Regular Savings Account0.10%100,000100,000100,000
UnionBank Dollar Access Account0.10%US$10,000US$10,000US$25,000
UnionBank Regular Checking Account0.0%100,000100,000Non earning

9. RCBC

Founded in 1960, RCBC began its operations as a development bank, until it was licensed by the Banko Sentral of the Philippines for commercial and investment banking.

Ever since then, RCBC has become one of the most stable and continuously growing financial institutions in the country. It also manages numerous remittance offices in over 24 countries to cater to overseas Filipino workers and businesses.

Best Savings Accounts from RCBC:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
RCBC Savings Bank Dragon All-in-one – Personal Account0.38%25,00025,00025,000
RCBC Savings Bank Dragon Savings – Corporate Account0.38%25,00050,,00050,000
RCBC Savings Bank Dragon Savings – Personal Account0.38%25,00025,00025,000
RCBC Savings Bank Basic Checking – Corporate0.25%10,00010,00050,000
RCBC Savings Bank Basic Checking – Personal0.25%10,00010,00025,000
RCBC Savings Bank Basic Savings Corporate0.25%10,00010,00050,000
RCBC Savings Bank Dragon Savings – Corporate Account0.25%50,00050,00050,000
RCBC Savings Bank Dragon Savings – Personal Account0.25%25,00025,00025,000
RCBC Savings Bank Basic Savings Personal0.15%10,00010,00010,000
RCBC Savings Bank Basic Savings ATM0.15%3,0003,0003,000
RCBC Savings Bank SSS Pensioner Account with ATM0.00%1001000
RCBC Savings Bank SSS Pensioner Account with Passbook0.00%1001000

10. UCPB

United Coconut Planters Bank was used to be known as First United Bank during its inception on May 1963.

As the name implies, UCPB is heavily invested on developing Coconut Farms, farmers and the manufacturing of Palm oil.

Best Savings Accounts from UCPB:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
UCPB U-remit Peso Checking Account0.25%2,000none5,000
UCPB U-remit Passbook Savings Account0.25%100none500
UCPB U-remit ATM Savings Account0.25%0none500
UCPB Regular Peso Savings Account (Passbook)0.25%10,00010,00010,000
UCPB Regular Peso Savings Account (ATM)0.25%2,0002,00010,000
UCPB Multi One0.25%20,00020,00020,000
UCPB Start2Save Junior Savings Account0.25%1001001,000
UCPB Regular Current Account0.00%5,000none0

11. Chinabank

Chinabank was the first privately owned local commercial bank in the Philippines. In its year of inception during 1920, Chinabank’s initial clientele were Chinese-Filipino Businessmen.

After decades in the business, China Bank now offers a wide range of financial services in the country such as deposits, trusts, investments, remittances and cash management.

Best Savings Accounts from Chinabank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
Chinabank MoneyPlus Savings0.25%P20,000P20,000P50,000
Chinabank Overseas Kababayan Savings0.13%waivedwaivedP1,000
Chinabank ATM Savings0.13%P2,000P2,000P10,000
Chinabank Chinabank ChinaCheck Plus0.13%P5,000P5,000P50,000
Chinabank Passbook Savings0.13%P5,000P5,000P10,000

12. EastWest Bank

EastWest Bank is the 10th largest privately owned domestic commercial bank in the Philippines – which was founded back in July 6, 1994 by its parent company Filinvest Group.


Best Savings Accounts from EastWest Bank:

Product NameInterest RateInitial DepositMaintaining BalanceBalance to Earn Interest
EastWest Basic Savings0.125%P100P100P500
EastWest Kiddie Savings0.125%P2,000P2,000P2,000
EastWest Passbook Savings Account0.125%P5,000P5,000P10,000
EastWest Passbook Savings w/ Debit Card0.125%P10,000P10,000P25,000
EastWest Regular Savings w/ Debit Card0.125%P2,000P2,000P10,000
EastWest Super Saver (****10M+)0.125%*

0.375%**

0.50***

0.75****

P500,000P500,000P500,000

So there you have it. Feel free to make comparisons amongst these different savings accounts to figure out what is best suited for your needs.

How to open a savings account in the Philippines

Opening a bank account is a pretty straightforward process.

While minute details and paperwork may differ slightly from bank to bank, the general steps involved are basically the same.

Step 1: Prepare the minimum required deposit money and bring 1-2 valid IDs.

Step 2: Visit the bank branch you’ve chosen to open a savings account with.

Step 3: Discuss the savings features and ask any questions you might have about the product. Once satisfied, complete the required form.

Step 4: Submit the completed form along with photocopies of your valid IDs.

Step 5: Hand over the minimum required deposit to the bank personnel.

Step 6: Get your ATM card and its corresponding PIN. You will be asked to change this PIN upon activation of your card.

6 Things to consider before opening a savings account

1. Location 

Pick a bank with a branch close to your home so it will be convenient to drop by if needed

2. Online Services

Choose a savings account with a bank that provides easy online access and has excellent service uptime. Options to send or receive money and pay bills via online banking are useful features to have.

3. Fees and Charges 

Not all banks implement the same charges for their savings account. Do some bit of research and compare rates before signing up.

4. Transaction Limits 

Some banks have smaller limits than others. If you think you’ll need access to bigger amounts in cases of emergency, pick one with higher limits.

5. Interest Rates 

Pick the best rate for your savings goal (compare the best savings accounts using the tables for each of the top banks in the country we’ve shared above). 

6. Minimum Maintaining Balance

Some banks require a higher minimum maintaining balance so if you want the least amount possible make sure to check your options.

Types of Savings Accounts in the Philippines

Before opening an account, consider the main reason why doing it in the first place.

A basic savings account is good for easy access and convenience while money market types may present better interest rates at the cost of having stricter conditions.

ATM or Passbook Savings Account 

The most simple type of savings account.

You should opt for the ATM option if you need to access the money often (e.g, for receiving payment from freelancing gigs) otherwise a passbook savings account will be better in terms of safeguarding your money (less temptation to access it since it’s more inconvenient)

Money Market 

Banks offer this type of savings account for people who want a more robust way of growing their money versus regular savings accounts.

A higher maintaining balance is usually required though along with lesser number of allowed monthly withdrawals.

Also, if you’re interested with credit card applications, Grit has you covered over on this list of the best credit cards in the Philippines. 

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Filed Under: Finance Tagged With: Banks, Personal Finance

About Mark Dela Cruz

Mark Dela Cruz is a business & finance columnist of Grit PH. Mark has also been a music arranger, composer, tailor, theatre actor, a professional voice actor for advertisements and a business school graduate.

Reader Interactions

Comments

  1. Michelle says

    January 26, 2019 at 5:39 pm

    Every when does these interest rates works or applies? Annually? Quarterly? Monthly? Thanks.

    Reply
    • Ricky says

      February 19, 2019 at 8:50 am

      YOu Have to talk to them Directly and they will discussed to you.

      Reply

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