Top Banks in the Philippines: Best Savings Accounts

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

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:

Universal and commercial banks – offers the widest range of financial services. Operates across cities and countries.
Thrift banks– Are known to invest savings acquired from depositors.
Rural and cooperative banks – banks invested in developing rural economy and communities.
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).

Rank	Bank	Total Assets	Total Deposit Liabilities	Total Loans and Receivables, net	Total Stockholders Equity (Capital)
1	BDO UNIBANK INC	2,665,307.23	2,177,537.86	1,813,446.47	298,798.40
2	METROPOLITAN BANK & TCO	1,705,575.78	1,340,618.83	987,409.52	207,671.22
3	BANK OF THE PHIL ISLANDS	1,649,267.36	1,351,914.31	1,000,994.61	186,071.50
4	LAND BANK OF THE PHILIPPINES	1,633,082.18	1,442,902.13	694,707.30	108,366.74
5	PHIL NATIONAL BANK	788,835.37	614,770.12	437,488.56	110,115.10
6	SECURITY BANK CORP	703,319.61	422,303.72	361,613.94	103,960.29
7	CHINA BANKING CORP	637,450.79	537,961.78	377,261.91	74,797.58
8	DEVELOPMENT BANK OF THE PHIL	617,949.77	428,457.83	292,814.15	47,564.67
9	UNION BANK OF THE PHILS	547,357.25	397,024.27	237,092.69	68,746.66
10	RIZAL COMMERCIAL BANKING CORP	475,765.14	294,783.22	284,530.46	68,100.03
11	UNITED COCONUT PLANTERS BANK	304,955.91	263,312.73	156,187.33	16,377.08
12	EAST WEST BANKING CORP	301,766.73	241,908.36	192,390.45	39,693.33
13	CITIBANK, N.A.	294,974.75	204,903.21	174,744.03	15,758.09
14	ASIA UNITED BANK CORPORATION	204,086.77	164,848.47	126,750.88	27,557.24
15	HONGKONG & SHANGHAI BANKING CORP	165,642.58	102,266.53	57,230.76	13,633.92
16	PHIL TRUST COMPANY	154,251.70	131,694.21	48,392.72	21,772.28
17	BANK OF COMMERCE	127,614.88	108,483.22	62,460.91	15,421.53
18	MAYBANK PHILIPPINES INCORPORATED	109,684.66	81,868.71	71,137.67	12,672.85
19	ROBINSONS BANK CORPORATION	102,828.65	86,563.76	54,779.03	12,625.21
20	PHIL BANK OF COMMUNICATIONS	98,367.14	73,295.23	51,349.86	12,193.34

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
BDO Optimum Savings Account Personal	1.25%	PhP30,000	PhP 30,000	PhP 30,000
BDO Optimum Savings Account Corporate	1.25%	50,000	PhP 50,000	50,000
BDO Prime Savers	0.25%	2,000	2,000	5,000
BDO Smart Checking Account Statement- Business	0.25%	25,000	25,000	25,000
BDO Smart Checking Account Statement – Personal	0.25%	15,000	15,000	15,000
BDO Smart Checking Passbook Personal	0.25%	25,000	25,000	25,000
BDO Smart Checking Passbook Business	0.25%	50,000	50,000	50,000
BDO Power Teens Club	0.25%	2,000	2,000	2,000
BDO Peso Passbook Savings Account	0.25%	5,000	10,000	10,000
BDO Peso ATM	0.25%	2,000	2,000	5,000
BDO Junior Savers Club	0.25%	100	100	2,000
BDO Direct Deposit Peso Savings Account	0.25%	0	0	5,000
BDO Peso Checking Account	0,00%	5,000	5,000	Non 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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
Metrobank AccountOne Regular Checking Account	0.25%	25,000	25,000	50,000
Metrobank US Pensioner Savings Account	0.25%	500	500	10,000
Metrobank SSS Pensioner Passbook Savings Account	0.25%	100	100	10,000
Metrobank Passbook Savings Account	0.25%	10,000	10,000	10,000
Metrobank OFW Passbook Savings Account	0.25%	0	0	10,000
Metrobank SSS Pensioner Debit/ATM Card Savings Account	0.25%	100	100	10,000
Metrobank Debit/ATM Card Savings Account	0.25%	2,000	2,000	10,000
Metrobank OFW Debit/ATM Card Savings Account	0.25%	0	0	10,000
Metrobank Fun Savers Club	0.25%	100	500	4,000
Metrobank Regular Checking Account	0.00%	10,000	10,000	0

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
BPI Advance Savings Account	0.75%	100,000	100,000	100,000
BPI Maxi-One Checking Account	0.25%	25,000	25,000	25,000
BPI Pamana Padala	0.25%	500	Waived as long as there are 4 remittances in a year	5,000
BPI Kaya Savings	0.25%	200	none	1,000
BPI Padala Moneyger	0.25%	0	Waived as long as there are 4 remittances in a year	5,000
BPI Save-Up High Automatic Savings	0.25%	0	1,000	5,000
BPI Save-Up Automatic Savings + Insurance	0.25%	0	1,000	5,000
BPI Pamana Savings Account with Life Insurance (Passbook)	0.25%	75,000	75,000	75,000
BPI Pamana Savings Account with Life Insurance (Debit/ATM Card)	0.25%	25,000	25,000	25,000
BPI Passbook Savings	0.25%	10,000	10,000	25,000
BPI Maxi – Saver Savings with Passbook	0.25%	75,000	75,000	75,000
BPI Maxi-Saver Savings with ATM	0.25%	50,000	50,000	50,000
BPI Jumpstart Savings	0.25%	100	500	2,000
BPI Express Teller Savings	0.25%	500	3,000	5,000
BPI Easy Saver	0.25%	200	NA	1,000

Best BPI Direct Savings Accounts:

Product Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
BPI Direct Savings Direct Express Teller Savings	0.50%	500	500	500
BPI Direct Savings BPInoy Savings	0.50%	0	None as long as remittance is sent every 3 months	500
BPI Direct Savings Direct Maxi-Saver Savings	0.50%	25,000	25,000	25,000
BPI Direct Savings Save-Up Automatic Savings + Insurance	0.50%	0	1,000	1,000

Best Savings Accounts from BPI Family Savings Bank:

Product Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
BPI Family Savings Maxi-Saver Savings with Passbook	0.50%	50,000	50,000	50,000
BPI Family Savings Maxi-Saver Savings with ATM	0.50%	25,000	25,000	25,000
BPI Family Savings Save-UP Automatic High Savings	0.50%	0	1,000	3,000
BPI Family Savings Save-Up Automatic Savings + Insurance	0.50%	0	1,000	3,000
BPI Family Savings Get Started Savings Account with Life Insurance – Passbook	0.25%	50,000	50,000	50,000
BPI Family Savings Get Started Savings Account with Life Insurance + ATM	0.50%	5,000	5,000	10,000
BPI Family Savings Jumpstart Savings	0.50%	100	500	1,000
BPI Family Savings Passbook Savings	0.50%	10,000	10,000	25,000
BPI Family Savings Easy Saver	0.50%	200	NA	1,000
BPI Family Savings Express Teller Savings	0.50%	500	1,000	3,000

BPI Checking Accounts:

Product Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
BPI Express Teller Checking Account	0.00%	10,000	10,000	0
BPI Bizlink Checking Account	0.00%	10,000	10,000	0

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
ATM Savings Account	0.10%	500	500	2,000
Current Account with ATM Access	0%	5,000	5,000	Non earning
Easy Savings Plus (ESP)	0.10%	20,000	20,000	20,000
High Yield Savings Account (HYSA) Institutional	Varies weekly	1,000,000
PESO EASY (Earning Access and Sure Yield) Check Individual	.10%	10,000	10,000	10,000
PESO EASY (Earning Access and Sure Yield) Check Institutional	.10%	20,000	20,000	20,000
PESO EASY (Earning Access and Sure Yield) Check With ATM Access	.10%	10,000	10,000	10,000
Regular Current Account Individual	0	5,000	5,000	Non earning
Regular Current Account Institutional	0	10,000	10,000	Non earning
Regular Savings Passbook Account Individual	.10%	10,000	10,000	10,000
Regular Savings Passbook Account Institutional	.10%	10,000	10,000	10,000
Regular Peso Time Deposit	varies	1,000	0	varies
US Dollar Savings Account Individual	.15%	USD 100	USD 500	USD 500
US Dollar Savings Account Institutional	.15%	USD 1,000	USD 1,000	USD 1,000
US Dollar Time Deposit	varies	USD 1,000
High Yield US Dollar Time Deposit	2% 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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
Security Bank eSecure Savings Account	1.20%	500	500	5,000
Security Bank Premium Build Up Savings Account	1.00%	50,000	50,000	50,000
Security Bank Regular Build Up Savings Account	0.50%	5,000	5,000	10,000
Security Bank All Access Account	0.20%	5,000	25,000	100,000
Security Bank Money Builder	0.10%	10,000	10,000	10,000
Security Bank Easy Savings Account	0.10%	5,000	5,000	100,000

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
PNB Superteller ATM	0.100%	3,000	3,000	10,000
PNB Debit MasterCard	0.100%	3,000	3,000	10,000
TAP MasterCard	0.100%	none	none	10,000
PNB Passbook Savings	0.100%	10,000	10,000	15,000
SSS Pensioners ATM and Passbook	0.100%	100	100	5,000
Direct Deposit Program Peso	0.100%	100	100	5,000
Direct Deposit Program US Dollar	0.100%	USD200	USD200	USD1,000
PNB Prime Savings Account	0.125%* 0.250%**	50,000	50,000	100,000
Regular Checking Account Individual	0.00%	10,000	10,000	Non earning
Regular Checking Account Corporate	0.00%	10,000	10,000	Non earning
Budget Checking Account	0.00%	5,000	5,000
PNBig Checking Account Individual	0.100%	25,000	25,000	25,000
PNBig Checking Account Corporate	0.100%	50,000	50,000	50,000
Priority One Checking Account	0.100%	25,000	25,000	30,000
Combo Checking Individual	0.100%	25,000	25,000	25,000
Combo Checking Corporate	0.100%	50,000	50,000	50,000
PNB Dollar Savings Account Fees and Charges	0.100%	USD500	USD500	USD1000
PNB Greencheck Account	0	USD2000	USD2000	Non earning
Euro Savings Account	0.100%	500 Euro	500 Euro	500 Euro
PNB Renminbi Savings Account	0.25%	CNY 2500	CNY 2500	CNY 2500
Japanese Yen Savings Account	0	JPY 50,000	JPY 50,000	Non 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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
Savings Account with ATM or Passbook	Varies weekly	500	500	500
US Dollar Account – Individual	Varies weekly	USD100	USD500	USD500
US Dollar Account – Corporate	Varies weekly	USD1,000	USD1,000	USD1,000
Wisdom Account	Varies weekly	USD100	USD100	USD500

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
UnionBank Regular Savings Account	0.10%	100,000	100,000	100,000
UnionBank Dollar Access Account	0.10%	US$10,000	US$10,000	US$25,000
UnionBank Regular Checking Account	0.0%	100,000	100,000	Non 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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
RCBC Savings Bank Dragon All-in-one – Personal Account	0.38%	25,000	25,000	25,000
RCBC Savings Bank Dragon Savings – Corporate Account	0.38%	25,000	50,,000	50,000
RCBC Savings Bank Dragon Savings – Personal Account	0.38%	25,000	25,000	25,000
RCBC Savings Bank Basic Checking – Corporate	0.25%	10,000	10,000	50,000
RCBC Savings Bank Basic Checking – Personal	0.25%	10,000	10,000	25,000
RCBC Savings Bank Basic Savings Corporate	0.25%	10,000	10,000	50,000
RCBC Savings Bank Dragon Savings – Corporate Account	0.25%	50,000	50,000	50,000
RCBC Savings Bank Dragon Savings – Personal Account	0.25%	25,000	25,000	25,000
RCBC Savings Bank Basic Savings Personal	0.15%	10,000	10,000	10,000
RCBC Savings Bank Basic Savings ATM	0.15%	3,000	3,000	3,000
RCBC Savings Bank SSS Pensioner Account with ATM	0.00%	100	100	0
RCBC Savings Bank SSS Pensioner Account with Passbook	0.00%	100	100	0

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
UCPB U-remit Peso Checking Account	0.25%	2,000	none	5,000
UCPB U-remit Passbook Savings Account	0.25%	100	none	500
UCPB U-remit ATM Savings Account	0.25%	0	none	500
UCPB Regular Peso Savings Account (Passbook)	0.25%	10,000	10,000	10,000
UCPB Regular Peso Savings Account (ATM)	0.25%	2,000	2,000	10,000
UCPB Multi One	0.25%	20,000	20,000	20,000
UCPB Start2Save Junior Savings Account	0.25%	100	100	1,000
UCPB Regular Current Account	0.00%	5,000	none	0

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
Chinabank MoneyPlus Savings	0.25%	P20,000	P20,000	P50,000
Chinabank Overseas Kababayan Savings	0.13%	waived	waived	P1,000
Chinabank ATM Savings	0.13%	P2,000	P2,000	P10,000
Chinabank Chinabank ChinaCheck Plus	0.13%	P5,000	P5,000	P50,000
Chinabank Passbook Savings	0.13%	P5,000	P5,000	P10,000

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 Name	Interest Rate	Initial Deposit	Maintaining Balance	Balance to Earn Interest
EastWest Basic Savings	0.125%	P100	P100	P500
EastWest Kiddie Savings	0.125%	P2,000	P2,000	P2,000
EastWest Passbook Savings Account	0.125%	P5,000	P5,000	P10,000
EastWest Passbook Savings w/ Debit Card	0.125%	P10,000	P10,000	P25,000
EastWest Regular Savings w/ Debit Card	0.125%	P2,000	P2,000	P10,000
EastWest Super Saver (****10M+)	0.125%* 0.375% 0.50* 0.75****	P500,000	P500,000	P500,000

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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Best Savings Accounts from the Top Banks in the Philippines

Top Banks in the Philippines