What Are The Best Banks To Open Savings Account Philippines 2022

From the point of view of a bank customer, a savings account is an account where people can store money and earn interest on it. Their amount is specified in the contract based on the year of storage of funds. Philippine banks offer minimum interest for holding money. The exact amount depends on the term of the deposit.

Best Banks To Open Savings Account Philippines 2022
Best Banks To Open Savings Account Philippines 2022

What is a Savings Account 

Such an account is a safe way to create savings for small or large purchases and unexpected expenses, as you can always deposit and withdraw money easily. You can make both one-time and regular payments to savings accounts.

Among the advantages:

  • You can fund your savings account whenever you want.
  • The deposit term is not fixed.
  • Unlimited contributions and payments.
  • Possibility to set regular payments from the account.

An account opened at a bank is a cross between a deposit and a plastic card that makes a profit. When selecting a savings account, prefer financial institutions participating in the deposit insurance system.

How To Open It, What Are The Requirements

Starting a savings account (further SA) is a piece of cake. You must visit the bank with a document proving your identity and decide on a convenient savings account. When choosing, evaluate the interest rate, the conditions for working with it, and the methods of transferring funds to the report.

The rate is affected by:

  • the time the money is in the account;
  • the total amount of money;
  • the amount of spending on the card to which the savings account belongs.

After selecting a savings account, the consultant will offer to fill out an application and explain the conditions for using the account. The banking service user will only have to transfer the initial amount. Financial institutions allow customers to open savings accounts in an online account or mobile application.

There are some basic demands for starting a savings account:

  • Two valid IDs.
  • A photo.
  • Billing confirmation.
  • Employment confirmation.
  • TIN.
  • Initial deposit.

However, it is worth remembering that some banks may have conditions that differ from the standard ones.

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Types of Savings Accounts Philippines

Today, there are numerous types of accounts. Before starting such an account with a specific bank, it is essential to consider its purpose. Its type will depend on this.

Basic

It offers excellent and fast access. In contrast, money market types can show customers better interest rates through more stringent conditions. It is the simplest type of savings account. Customers should choose the ATM option if they have to get funds frequently (e.g., to get paid from freelancing gigs). Otherwise, a savings account would be better for protecting their money.

Money Market

This type of account can be used for those who want a more secure way to multiply their money than regular accounts. Bigger balance maintenance is needed to maintain such an account, although fewer monthly withdrawals are allowed.

How to Choose The Best Banks To Open Savings Account Philippines 2022

There are different banks in the Philippines, which in turn offer other conditions for accounts. It is worth familiarizing yourself with the standard offers to select the Best Banks To Open Saving Account Philippines 2022.

BDO Optimum Savings Account

This bank was founded in 1968. In terms of assets, this financial institution is the leader among universal and commercial banks. The client can get flexible services in an extensive network of banks throughout the country.

The optimal savings account has a rate of 1.25%. The start deposit is PHP 30,000, and the balance is required to maintain. 30,000 Philippine pesos, the same as required for interest.

Metrobank SA

This financial institution was founded in 1962. This bank offers various financial services to Filipinos. Here you can get a loan and open a successful savings account.

It’s called Metrobank AccountOne:

  • Interest rate — 0.125%.
  • The initial deposit is 25,000.
  • Maintaining the balance — 25,000.
  • Balance to receive interest 50,000.

BPI Advance Savings Account

El Banco Español Filipino de Isabel II — this financial institution was previously known by this name. It was founded back in 1851. It is one of the oldest banks. Thanks to the well-earned word, the bank presents unique offers for creating accounts. Special attention is paid to families for which there are fantastic offers.

Landbank SA

This bank was founded in 1963. This institution is a public lending institution that mainly serves rural areas. The founding mission was to help farmers and fishers. However, now everyone can start a savings account here under wonderful conditions.

Security Bank eSecure Savings Account

This financial institution is considered to be one of the first private and Filipino financial institutions to flourish after the trouble that was left behind after World War II. Nowadays, it is one of the most stable bank representatives.

Opening an account has many advantages due to favorable conditions:

  • Interest rate 1.20%.
  • Initial deposit 500.
  • Maintaining balance — 500.
  • Balance to receive interest 5,000.

PNB SA

This financial institution is the result of the work of the Philippine government. It was created in 1916. This bank was privatized in 2007. Primarily, this company is dedicated to providing services to the government, local divisions, and government-controlled corporations.

The main characteristics of the accounts here:

  • Interest rate 0.100%.
  • Initial deposit 3000.
  • Maintaining balance 3000.
  • The balance to receive interest is 10,000.

DBP SA

It is one of the largest banks that are subject to the state. It is also one of the largest corporations in the country. The company is considered a development bank. It offers innovative banking services for agricultural and industrial companies. Small and medium enterprises can easily open an account here.

UnionBank SA

This bank offers its customers a new unique movement. With its help, online banking became available in the country. With EON Cyber Account, this account is tied to the beginning of electronic transactions.

RCBC SA

RCBC started as a development banking institution until it was licensed for commercial and investment services. Today it is one of the most stable and constantly developing financial institutions where you can profitably start a savings account.

UCPB SA

United Coconut Planters Bank invests heavily in coconut farms and palm oil production.

Among the specs:

  • Interest rate — 0.25%.
  • Initial deposit — 2000.
  • There are no conditions for maintaining a balance.
  • Balance to receive interest 5,000.

Chinabank SA

It is one of the privately-owned commercial banking institutions. Clients across the country can access a kaleidoscope of financial services such as deposits, trusts, investments, money transfers, and money management.

Savings account features:

  • Interest rate — 0.25%.
  • The initial deposit is 20,000 pesos.
  • Maintaining the balance — 20,000 pesos.
  • The balance for receiving interest is 50,000 pesos.

EastWest Bank SA

It is a commercial bank that offers financial services to many people in the country.

Among the most popular services is the starting of a savings account:

  • Interest rate 0.125%.
  • Initial deposit P100.
  • Maintaining a balance of P100.
  • Balance to receive interest P500.

ING Philippines SA

The peculiarity of this bank is that it is 100% digital, with zero initial deposit and zero balance maintenance. The interest rate varies depending on the sum of funds in the account.

CIMB Bank GSave

The highest interest rate is offered by CIMB and ranges from 2.5% to 4%. This bank has a website. Beginners won’t have any problem opening an account because no initial deposit is required and no balance maintenance fee. The application process is straightforward, particularly if the client already has a GCash account.

Tonik Bank SA

This unique digital banking platform offers accounts that act as a savings pocket for various things. In this case, you might choose to go it alone or ask others to join you. One individual can own up to five caches at once. It could include both single and group supplies.

Maya SA

It is an online bank that helps Filipinos manage their finances. Here you can enjoy a whopping starting interest rate of 6% on the savings with an average daily balance of up to 5 million pesos.

FAQ About Savings Accounts

With the help of answers to some questions, you can clarify the main subtleties of using savings accounts.

⭐ What Are The Highest Interest Savings Accounts in the Philippines?

The savings account with the highest interest rate can be opened at institutions such as ING Bank and CIMB Bank. In such financial companies, clients can find an interest rate of 2.5% per annum. 

Highest interest savings account in the Philippines 2022

⭐ Is Using A Savings Account in the Philippines a Good Idea? 

Starting such an account is the first step toward successful money management. However, do not think it is easy to get rich this way. In the long run, opening an account alone will not be able to give the client mountains of gold.
It is essential to remember that savings are considered a safe form in comparison to other types of investments in the Philippines. Savings accounts with high-interest rates make it possible to earn interest more securely than traditional investments.

⭐ Can You Have More Than One Savings Account?

Each citizen can draw up several accounts. Multiple banks suggest various kinds of savings accounts. For example, you can have a savings account and an additional current account.

⭐ What Do You Need To Know Before Opening a Savings Account?

Opening a deposit is considered a reliable tool for savings and investments. The service attracts people because it has a simple and transparent mechanism. You transfer your funds to the bank, and in return for this, you receive a certain amount.

Before opening, you should pay attention to the rate. It means a certain percentage that you receive in the form of profit. It will depend on several parameters — the type of deposit, term, and amount. It is also worth looking for offers with the best rates and lowest fees.

⭐ Are Online Banks Safe?

Online banks can be trusted. However, it is worth choosing carefully those institutions with all security protocols in place to protect clients’ money, information and transactions. It is also worth creating accounts with care. Do not share the PIN codes with anyone. Moreover, it is vital not to store online banking passwords in browsers.

⭐ How does a Nice Savings Account look Like?

Several significant factors distinguish an excellent savings account. Foremost, it is a nice interest rate. Interest is one of the reasons why, in principle, you need to open such an account. Therefore, it is essential to understand that the client will benefit from his new account most. Secondly, the absence of additional fees is a significant factor. Not everyone likes to pay additional fees, so you should not select the account in which they are provided. Experience shows that such costs can be pretty significant.

Conclusion About Saving Accounts

To find the perfect savings account, it’s critical to shorten your search and create a list of the best options you can find. It is essential to constantly browse banks’ websites and communicate with their managers to understand all the services they offer and find what you need. In this way, you can determine the best financial institution in which you can start your new account.

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Linda Carters/ author of the article

Financial Journalist on Advance Loans Philippines with 8 years experience in a Fintech niche.

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