The best high-interest savings accounts in the Philippines will give you more than the meager 0.10%- 0.25% interest rate the average bank provides.
The high-interest savings accounts in the Philippines are perfect for depositors who want to grow their money faster. On average, you can earn seven to ten times more interest (compared to regular accounts) if you open the best high-interest savings account in the Philippines.
While many traditional and digital banks offer high-interest savings accounts in the Philippines, you can’t be too complacent. Before deciding which bank to open an account with, check essential aspects such as interest rate, minimum deposit, annual percentage yield, internet banking, and initial deposit requirement to ensure you’ll be opening only the best high-interest savings account in the Philippines.
Still unsure where to find the best high-interest savings account in the Philippines? Not a problem!
PeraMax gathered the 14 high-interest savings accounts in the Philippines to provide Filipinos with an objective reference.
What is a Savings Account?
A savings account is a type of bank account that allows depositors to save money while earning a certain amount courtesy of interest rates.
High-interest savings accounts in the Philippines are beneficial for both short—and long-term financial purposes. Funds deposited in savings accounts are usually used to finance investments, future purchases, or emergencies.
Aside from safekeeping, many Filipinos open a savings account due to its easy accessibility. While we don’t wish to encounter financial emergencies, it’s the reality of life. But don’t worry if you’re suddenly short on cash. You can easily withdraw money from your bank’s ATM or web portal if you have a savings account.
Pros and Cons of a Savings Account
Pros
- Easy access—With a savings account, you can easily access your funds. As the need arises, you can immediately withdraw money from your bank’s ATM, web portal, or app. You can also withdraw cash over the counter by visiting your bank.
- Earn from interest—Aside from keeping your money safe, you can also grow your cash deposited in a savings account courtesy of interest. In the Philippines, you can earn as high as 6.5% interest rate per annum (p.a.) from your savings account.
- Cheaper/ no initial deposit—If you don’t have cash on hand, it’s not a problem. A handful of banks in the Philippines offer savings accounts with no initial deposit. Some of the best banks in the Philippines may require a certain amount as an initial deposit for a savings account, but it’s minimal. Even ordinary Filipinos earning low income can actually open a savings account.
- Lower/No Maintaining Balance (Monthly Average Balance)—Maintaining balance pertains to the minimum amount customers should keep in their savings accounts. Banks compute the Monthly Average Balance by adding the daily closing balances within a month and dividing the sum by the total number of days in a month. The good news is that most high-interest savings accounts in the country don’t require a maintaining balance. You control what amount you deposit and when you deposit it.
- Automate bill payments—With the advent of technology, cashless payments have become a household name in the Philippines. This is a good thing because banks have already incorporated online payment touchpoints to let customers pay for leading utilities, such as electricity, water, and phone bills, charged to a customer’s savings account balance.
Cons
- Daily transaction limit- Savings accounts usually come with transaction limits. In other words, you can only withdraw a certain amount daily. For example, if the maximum withdrawable amount is ₱10,000, beyond that amount, it should be withdrawn the following day.
- May require a minimum balance- While it is true that there are banks that require no minimum balance, a few leading banks require such. It’s a disadvantage, especially if you’re just starting to save in a savings account.
- May charge for fees- Opening a savings account may also entail additional expenses, as some banks may charge processing fees.
5 Factors to Consider in Choosing the Best Bank to Open a Savings Account
- Bank Background- Before you open a savings account, make sure that you know the background of the bank you’re transacting with. It’s recommended that you deal only with leading and well-known banks. Of course, a little research and reading online will help a lot!
- Security- Open a savings account in the Philippines in a bank that guarantees 100% safety. In other words, consider checking the bank’s cybersecurity measures before opening an account. If you frequently hear news about cybersecurity breaches and hacking occurring in a particular bank, that’s already a red flag!
- Apps- We can’t deny that most of us are digital-dependent nowadays. In other words, we want to control everything using our smartphones. The same is true when choosing a bank where you will open a savings account. Make sure that the bank you choose also provides a user-friendly app for the utmost convenience of clients.
- Interest rates—Of course, if we’re talking about opening a savings account, we will first check the interest rate we can earn. Choose a bank that offers high-interest rates without compromising the quality of service.
- Fees- Opening a bank account must not cost you even a single peso, but if it’s inevitable, find a bank that charges a minimal amount. If opening a savings account is too expensive, look for other banks. Remember, you want to open a savings account to grow your money, not to pay for high fees.
14 High-interest Savings Accounts in the Philippines in 2024
1. Maya Savings
Maya Savings is a high-interest savings account offered by the number 1 digital bank in the Philippines- Maya.
Your money can earn up to a 14% interest rate from the Maya Savings Account. Aside from the high interest rates, opening a Maya Savings account is easy. You just have to download and install the Maya app on your device and then follow the three easy steps in creating a Maya Savings account:
- Open the Maya app and click ‘Savings’
- Tap ‘Start Maya Savings’
- Top up your Maya Savings fund using your Maya Wallet
Maya Savings’ base interest rate is actually 3.5% interest p.a., but it will go as high as 14% if you use your Maya Savings to pay your bills, purchase airtime load, or frequently use your Maya Wallet or Maya Credit to pay via card, QR, or PWM.
Reasons why you should open a Maya Savings include:
- BSP-regulated
- PDIC- insured
- Get a free Maya Savings card with your @username printed (plus ₱200 cashback)
- No minimum balance
- Only 1 ID is needed
Interest Rate Per Annum: 3.5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- Installed Maya app
- Valid Maya app account
2. SeaBank Philippines Savings
The SeaBank Philippines Savings is one account that will take care of all your financial needs!
With SeaBank Philippines Savings, your money can earn as high as 4.5% interest per annum, which is credited daily.
Opening a SeaBank Philippines Savings is absolutely free and requires no initial deposit and maintaining a balance.
Interest Rate Per Annum: 4.5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- At least 18 years old
- A Filipino citizen. Foreign nationals are required to present supporting documents such as SSN, iTIN, or ACR I-Card
- Can present an original copy of any of the following valid IDs:
- Driver’s License
- Unified Multi-purpose ID (UMID)
- National ID
- Philippine Passport
- SSS ID
- Postal ID
- Alien Certificate of Registration Identity Card (ACR I-Card)
- Declared income of ₱10,000 or below
3. GoTyme Bank Go Save
The GoTyme Bank Go Save is by far the savings account offering the highest base interest rate in our list.
GoTyme Bank Go Save depositors can earn a whopping 5% interest rate on their deposits. Additionally, GoTyme Bank Go Save accounts are insured by the PDIC, so depositors are guaranteed a dependable cash fallback no matter what happens.
When it comes to account opening, you don’t have a problem. The GoTyme Bank app allows you to open a GoTyme Bank Go Save account instantly. But if you want to apply in person, you can also visit one of the GoTyme Bank kiosks located in Robinsons Malls. A friendly staff is on standby to assist with your application, including releasing your personalized Visa debit card within five minutes.
Interest Rate Per Annum: 5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online or Branch
Requirements:
- At least 18 years old
- Active Philippine mobile number
- Can present any of the following valid IDs:
- Driver’s License
- Voter’s ID
- UMID
- PRC
- PhilSys/ National ID
- Postal ID
- SS ID
4. Tonik Bank Stash
When you think of a high-interest bank account, you would probably think of opening a time deposit account, but it’s not always the case. If you want to earn high interest without being barred from a certain lock-in period, open a Tonik Bank Stash today.
With the Tonik Bank Stash, you can earn as high as 4.5% interest rates on your deposit. Again, the best thing about Tonik Bank Stash is that it is a ‘savings’ account, not a ‘time deposit.’ Therefore, you can deposit anytime and withdraw funds immediately, especially during emergencies.
Interest Rate Per Annum: 4.5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- Tonik App
- Valid ID (for verification)
5. Diskartech Savings
RCBC’s Diskartech is the Philippines’ first and only Taglish—Cebuano app. Its wide array of services includes overseas and local remittances, deposit and withdrawal, e-load, bill payment, microloans, and savings accounts.
Apart from providing Filipinos with cutting-edge and seamless mobile banking app services, the Diskartech app allows users to open high-interest savings accounts.
Diskartech Savings account is open to pre-qualified and verified Diskartech users.
There are two Basic Deposit Account categories in Diskartech savings account:
- Full Basic Deposit Account—With the Full Basic Deposit Account, you can earn as much as 6.5% interest rate per annum. Opening a Full Basic Deposit Account is very easy, as you only have to present 1 valid ID. The Full Basic Deposit Account has a ₱50,000 account limit and can be utilized in various Diskartech Savings features and services.
- Community Basic Deposit Account—This is the former Basic Deposit Account, now considered a “restricted” account, as it only requires secondary IDs. Secondary IDs pertain to IDs that indirectly prove someone’s identity by linking personal information to government records. The account limit for a Community Basic Deposit Account is ₱10,000, including deposits, claims, crediting, inward fund transfers, and withdrawals.
Interest Rate Per Annum: 6.5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- A Filipino citizen
- Can present any of the following valid IDs:
- Driver’s License
- Voter’s ID
- SSS ID
- UMID
- Passport
- PRC ID
- Postal ID
6. Netbank Savings
This is an online savings account that is perfect for people who want to save and invest in the future.
You can open a Netbank Savings account to fund future investments, pay for large purchases, generate funds for marriage, and finance unexpected expenses.
Among the pros of opening a Netbank Savings account is the easy application process. Also, Netbank Savings’ features and add-on services are 100% available on mobile devices- no hassle at all!
Interest Rate Per Annum: 2.35% p.a. (standard variable rate)
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements (any of the following):
- PRC Card
- Police Clearance
- National ID
- Passport
- Driver’s License
- OFW ID
- Seafarer’s Identity Document (SID)
- Philippines Passport
7. #UNOready Savings Account
The #UNOready Savings Account is a leading high-interest savings account in the Philippines.
Why #UNOready Savings Account is a hit to the public?
First and foremost, the #UNOready Savings Account provides a high-interest rate in a tiered configuration. This means you can earn a specific interest rate relevant to the balance you maintain.
Moreover, the #UNOready Savings Account also comes with a Mastercard ATM and debit card for more convenient bank transactions, online shopping, bill payments, and the like.
Last but not least, you will also be entitled to FREE insurance covering up to ₱50,000.00 if you open a #UNOready Savings Account.
Interest Rate Per Annum:
- 3.50% (accounts with end-of-day balance below ₱5,000.00)
- 4.25% (accounts with a balance from ₱5,000.00- ₱4,999,999.99)
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- At least 18 years old
- A Filipino citizen
- Resides in the Philippines
- Fully verified GCash user
- Active Philippine mobile number
8. CIMB Bank UpSave
Aside from one of the high-interest savings accounts in the Philippines, what people love about CIMB Bank UpSave is its all-digital mechanism. In fact, you can open a CIMB Bank UpSave anytime, anywhere, and instantly enjoy the perks, features, and services of CIMB Bank UpSave. Just download and install the CIMB Bank PH app to get started and follow the easy instructions on how to open a CIMB Bank UpSave account.
Interest Rate Per Annum: 2.5%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- A Filipino citizen
- At least 18 years old
- Own a mobile phone compatible with the CIMB Bank app
- Can present any of the following IDs:
- Driver’s License
- National ID
- Voter’s ID card
- PRC-issued professional card
- SSS ID
- Postal ID
- Passport
- UMID
9. GSave by CIMB
GSave is the result of CIMB Bank and GCash’s cooperation in providing Filipinos with an easy-to-access and ever-dependable savings account.
GSave is the only savings bank account in the Philippines that can be opened and maintained using the GCash app.
The best thing about GSave is that it does not require an initial deposit or maintaining balance. Moreover, it employs a user-friendly mobile interface to ensure Filipinos, especially the masses, can open a GSave account.
Interest Rate Per Annum: 2.6%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
- At least 18 years old
- Philippine citizen (non-US person)
- A fully- verified GCash user
- Can provide at least 1 valid government-issued ID
10. PNB Top Saver
It’s another high-interest savings account in the Philippines that will let you earn more as you save more.
If you open a PNB Top Saver account, you can choose whether to have your account accompanied by a passbook or debit card.
With a PNB Top Saver card, you can shop online and in-store hassle-free!
Interest Rate Per Annum: 0.500%
Maintaining Balance: ₱30,000.00
Initial Deposit Requirement: ₱30,000.00
Online/Branch Application: Online and branch
Requirements:
- Can present a valid ID (primary or secondary)
- Duly accomplished Application Form
- TIN and SSS numbers (if applicable)
- ₱30,000.00 initial deposit
11. Equicom Kiddie Builders
If you want your ‘precious’ kids to have a dependable savings account, open an Equicom Kiddie Builders savings account today!
Equicom Kiddie Builders is a passbook savings account especially developed for children from 0-13 years old.
A child with an Equicom Kiddie Builders savings account is entitled to Free Maxicare dental and medical benefits, provided that the account balance meets the ₱15,000 minimum deposit threshold.
Interest Rate Per Annum: 0.50%
Maintaining Balance: ₱1,000
Initial Deposit Requirement: ₱500
Online/Branch Application: Online
Requirements:
- Children must be between 0- 13 years old
- ₱500 initial deposit
- ₱500 minimum maintaining balance
12. Security Bank Easy Savings Account
The Security Bank Easy Savings Account is the perfect savings account for beginners.
Aside from its easy application process, the Security Bank Easy Savings Account is also a feature-rich savings account.
Security Bank Easy Savings Account combined the perks of having an ATM MasterCard and debit card.
With your Security Bank Easy Savings Account, paying bills, shopping, dining, and other cashless transactions become more convenient and easy.
Interest Rate Per Annum: 0.0675%
Maintaining Balance: None
Initial Deposit Requirement: None
Online/Branch Application: Online
Requirements:
Can submit any of the following IDs:
- Driver’s License
- Passport
- National ID
- School ID
- Postal ID
- MARINA ID
- IBP ID
- Senior Citizen Card
- PRC ID
- SSS ID
- Special Resident Retiree’s Visa (SRRV) ID
- UMID
- ACR / ICR
- Digitized Persons with Disabilities (PWD) ID
13. RCBC Dragon Peso Savings
Are you looking for a savings account that allows unlimited withdrawals? The RCBC Dragon Peso Savings account is for you!
Yes, you read it right! RCBC Dragon Peso Savings offers unlimited withdrawals, which is beneficial since we don’t know when an emergency will strike.
Interest Rate Per Annum: 0.15%- 0.45%
Maintaining Balance: ₱25,000
Initial Deposit Requirement: ₱25,000
Online/Branch Application: Branch
Requirements:
- Duly filled out Application Form
- 1 valid ID
- Articles of Incorporation/Partnerships or Association and By-Laws
- Proof of Address
- Certificate of Registration issued by DTI, SEC, BSP
- Board or Partner’s Resolution
- Updated General Information Sheet
14. Sterling Bank of Asia Solo Savings Account
The Sterling Bank of Asia Solo Savings Account is also a high-interest savings account in the Philippines.
Opening a Sterling Bank of Asia Solo Savings Account will entitle you to an ATM and a passbook.
Sterling Bank of Asia streamlined the process of opening a savings account. Just present 1 valid ID, and you’re eligible to apply. However, this high-interest-rate savings account in the Philippines requires an initial deposit of ₱100. I believe that’s not too high, right?
Interest Rate Per Annum: 0.50%
Maintaining Balance: ₱5,000
Initial Deposit Requirement: ₱100
Online/Branch Application: Online
Requirements:
- 1 valid ID
- Selfie
- E-signature
- ₱100 deposit within 30 days from the approval of an account
Takeaway
The top 14 high-interest savings accounts in the Philippines are right before you!
We have already discussed the essential features and aspects to consider when choosing the best high-interest savings account in the Philippines.
Kabayan, carefully weigh each option and pick one that aligns with your needs and capability.
Just take the extra effort to read every detail to ensure you’ll open nothing but the best high-interest savings account in the Philippines!