Do you have extra cash that you want to put in the bank? Still can’t decide which universal bank to place your savings or emergency fund? If interest rates matter to you, check this list of the prevailing savings account interest rates offered by the big banks in the country.
iSensey got the details from the respective banks official website, and this is accurate as of writing this post this April 2017. We will try out best to update this post once we are aware of changes to the prevailing interest rates being given on deposit accounts.
Time Deposit interest rates for 2017 will also be published soon.
For this article we will focus on these four big banks namely, Banco de Oro, Bank of the Philippine Islands, Metropolitan Bank and Trust Company, and Security Bank and their basic savings account interest rates for both passbook and atm.
These banks also offers US Denominated savings accounts, some even offers Foreign Currency deposit accounts.Kindly visit or call your bank of choice for further details on their other bank products.
2017 Interest Rate Savings Account Philippines- ATM / Passbook
|BANK||Product Name||Interest Rate|
|BDO||Peso ATM Debit Card (without passbook)||0.250%|
|BDO||Peso Passbook Savings (with or without ATM)||0.250%|
|BPI||Express Teller Savings||0.250%|
|BPI||BPI Advance Savings Account with Passbook*||0.750% to 1.250%|
|BPI||Maxi-Saver(4) Savings with Debit Card (ATM Card)*||0.250% to 0.750%|
|Metrobank||Passbook Savings Regular||0.250%|
|Metrobank||Debit / ATM Card Savings||0.250%|
|Metrobank||Passbook Savings SSS Pensioner||0.250%|
|Security Bank||All Access Savings and Checking||0.10%|
|Security Bank||Easy Savings Account||0.10%|
|Security Bank||eSecure Savings*||0.50% to 1.20%|
|Security Bank||Build Up Savings Regular*||0.50%|
|Security Bank||Build Up Savings Premium*||1.00%|
Example: For the BPI product “BPI Advance Savings Account with Passbook”, this is the rule on the interest rates:
- The interest rate per annum for accounts with less than P100,000 monthly ADB is “0.00%” or no interest.
- The interest rate per annum for accounts with monthly ADB of 100,000 – 999,999 is 0.75%.
- The interest rate per annum for accounts with monthly ADB of 1M and above is 1.250%.
In case you are more concern about beating inflation, then putting your money in the bank may not be the best financial and investment strategy for you; you may want to explore and research more about Mutual Funds, RTBs, Real Estate Investments, Stock Market Investments, and others.
However, if you are building an emergency fund, we recommend that you go for banking products like savings and time deposits since this generally a liquid investment, which you can easily cash-out or withdraw if the need arises.
iSensey has other articles that shared details on bank’s opening requirements and maintaining balance as well as penalties, you can read more on this by checking the Banking categories on this website. Thanks!
Open a savings account ATM or Passbook today! Build up your savings for the future!