PNB Top Saver Account A unique savings account that allows you to earn more as you save more. Grow your interest rate up to a maximum of 0.500%. Your PNB Top Saver Account comes with a passbook or PNB-PAL Mabuhay Miles Debit Card. Saving Interest. Interest at the rate of 5% p.a. The interest on saving fund will be calculated on minimum balance between 1st to last date of month and payable at the end of the month.
[Last updated 20 May 2020] Compare these high-interest savings accounts (peso-savings) for 2020 offered by the 10 largest banks in the Philippines to find the best one where you could deposit your hard-earned money. Consider high interest rates, initial deposits, maintaining balance, and amount to earn interest.
Majority of public sector banks usually pay interest between 3.5% to 4% based on amount deposited but private banks offer higher interest on savings account. According to RBI guidelines, Savings Bank interest is calculated on the daily balances maintained in your account, at a rate of interest decided by the bank from time to time. Punjab National Bank Savings Account Interest Rate. Punjab National Bank offers an interest of 3.5% for balance below Rs. 50 Lakh and 4% for balance above Rs. This interest rate changes periodically based on market guidelines and customers should check with the bank before opening an account.
As I have clarified in one of my articles, maintaining savings accounts and other deposits remains far better than simply keeping a stash of cash under the mattress. Yes, many argue that these are not real investments because we allow our money to sleep in the vault (well, we know what banks do with our money) with a very low interest. However, financial gurus advise that we save and build our emergency funds – in high-interest savings accounts.
Here is a list of peso-savings accounts (2020) offered by the 10 largest banks. Annual interest rates, as indicated, range from 0.10 to 1.25 percent (usually tiered-rate accounts). To know more about interest computations, click this link: Gabay sa Pagbubukas ng Savings Account.
[1] Bank of the Philippine Islands (BPI)
- Advance Savings
- PHP100,000 (min initial deposit)
- PHP100,000 (min MADB requirement)
- PHP100,000 (min balance to earn interest)
- 0.75-1.125% (annual interest)
- Maxi Saver (High Returns)
- PHP50,000 (min initial deposit)
- PHP50,000 (min MADB requirement)
- PHP50,000 (min balance to earn interest)
- 0.25-0.625% (annual interest)
- Pamana Savings (with 3X Life Insurance)
- PHP25,000 (min initial deposit)
- PHP25,000 (min MADB requirement)
- PHP25,000 (min balance to earn interest)
- 0.25% (annual interest)
source: BPI website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[2] Security Bank Corporation (Security Bank)
- eSecure Savings
- PHP500 (min initial deposit)
- PHP500 (min MADB requirement)
- PHP5,000 (min balance to earn interest)
- 0.50-1.20% (annual interest)
- Build Up Savings
- PHP5,000/50,000 (min initial deposit)
- PHP5,000/50,000 (min MADB requirement)
- PHP10,000/50,000 (min balance to earn interest)
- 50/1.00% (annual interest)
- Money Builder
- PHP10,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.10-0.40% (annual interest)
source: Security Bank website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[3] BDO Unibank, Inc. (BDO)
- Optimum Savings
- PHP30,000 (min initial deposit)
- PHP30,000 (min MADB requirement)
- PHP30,000 (min balance to earn interest)
- NO DATA (annual interest)
- Passbook Savings
- PHP5,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.25% (annual interest)
- ATM Savings
- PHP2,000 (min initial deposit)
- PHP2,000 (min MADB requirement)
- PHP5,000 (min balance to earn interest)
- 0.25% (annual interest)
- Junior Savers
- PHP100 (min initial deposit)
- PHP100 (min MADB requirement)
- PHP2,000 (min balance to earn interest)
- 0.25% (annual interest)
Pnb Interest Rate On Saving Account
source: BDO Unibank website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[4] Metropolitan Bank and Trust Company (Metrobank)
- Regular Passbook Savings
- PHP10,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.25% (annual interest)
- Regular Debit/ATM Savings
- PHP2,000 (min initial deposit)
- PHP2,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.25% (annual interest)
source: Metrobank website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[5] Rizal Commercial Banking Corporation (RCBC)
- Dragon Peso Savings (Premium)
- PHP25,000 (min initial deposit)
- PHP25,000 (min MADB requirement)
- PHP25,000 (min balance to earn interest)
- 0.15-0.5625% (annual interest)
- iSave
- NONE (min initial deposit)
- NONE (min MADB requirement)
- PHP5,000 (min balance to earn interest)
- 0.15-0.20% (annual interest)
source: RCBC website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[6] China Banking Corporation (Chinabank)
- Money Plus Savings
- PHP20,000 (min initial deposit)
- PHP20,000 (min MADB requirement)
- PHP50,000 (min balance to earn interest)
- 0.125% (annual interest)
- ChinaCheck Plus
- PHP5,000 (min initial deposit)
- PHP5,000 (min MADB requirement)
- PHP50,000 (min balance to earn interest)
- 0.125% (annual interest)
- Passbook Savings
- PHP5,000 (min initial deposit)
- PHP5,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.125% (annual interest)
source: Chinabank website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[7] Philippine National Bank (PNB)
- Passbook Savings
- PHP10,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP15,000 (min balance to earn interest)
- 0.10% (annual interest)
- Debit Savings Account
- PHP3,000 (min initial deposit)
- PHP3,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.10% (annual interest)
source: PNB website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[8] Union Bank of the Philippines (Unionbank)
- Regular Savings Account
- PHP10,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP25,000 (min balance to earn interest)
- 0.10% (annual interest)
- Personal Savings Account
- NONE (min initial deposit)
- NONE (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.10% (annual interest)
Source: Unionbank official website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[9] Land Bank of the Philippines (Landbank)
- Easy Savings Plus (ESP)
- PHP20,000 (min initial deposit)
- PHP20,000 (min MADB requirement)
- PHP20,000 (min balance to earn interest)
- NO DATA (annual interest)
Rbc Us High Interest Esavings
- Regular Passbook Savings
- PHP10,000 (min initial deposit)
- PHP10,000 (min MADB requirement)
- PHP10,000 (min balance to earn interest)
- 0.10% (annual interest)
source: Landbank website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
[10] Development Bank of the Philippines (DBP)
- ATM or Passbook
- PHP500 (min initial deposit)
- PHP500 (min MADB requirement)
- PHP500 (min balance to earn interest)
- NO DATA (annual interest)
- Wisdom Account
- PHP5,000 (min initial deposit)
- PHP5,000 (min MADB requirement)
- PHP5,000 (min balance to earn interest)
- NO DATA (annual interest)
source: DBP website (data as of 20 May 2020). Visit their official website or the nearest servicing branches to check for possible updates on high-interest savings accounts and current rates.
Disclaimer: The author is not directly affiliated with any of these 10 largest banks in the Philippines, however maintains peso-savings accounts with some of them. Please take this article providing helpful information about high-interest savings accounts as a personal guide upon opening a savings account; hence, visiting the official websites and servicing branches of these banks is highly advised.
A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.