Do you still stash your savings in a piggy bank or a shoebox at the back of your closet? It’s high time you get into the habit of putting your savings in the bank.
What can you read in this article?
- A word on savings accounts
- What to look for when choosing your savings account?
- 7 best savings accounts in the Philippines
Here, you can deposit your money and it will be kept safely. At the same time, if you need it for an emergency, you can easily withdraw.
If you are looking to start building up your savings and are overwhelmed by the myriad of choices out there, this article is for you. We’re here to give you the lowdown on the 7 best savings accounts in the Philippines.
A word on savings accounts
Before we go any further, we should clarify what savings accounts are for. You may still think of it as your piggy bank because it lets you save your spare cash.
It’s also good for keeping your emergency funds because your money won’t be tied up and you can just withdraw it should a need to do so arise.
Furthermore, it’s insured by the Philippine Deposit Insurance Corporation or PDIC for up to P500,000. The beauty of having a savings account is that you have a place to store your money securely and let it earn a modest interest.
However, if you’re looking for long-term investments, you should look into other investment vehicles like mutual funds, UITF, or VUL.
What to look for when choosing your savings account?
Now that you know what a savings account is for, you’re ready to pick out the savings account for yourself. We encourage you to consider these attributes before you put your hard-earned money into your account.
- initial deposit – How much is required for you to shell out so you can make your first deposit?
- maintaining balance – How much do you need to keep in your account?
- balance to earn interest – You earn interest when you maintain a specific amount in your savings account.
- requirements – What do you need to submit to open an account?
7 best savings accounts in the Philippines
RCBC iSave
Image from RCBC Facebook page
If you want to have a savings account right away, then RCBC’s iSave might be the one for you. This is a virtual savings account that doesn’t require a minimum initial deposit and maintaining balance.
You can access your funds through online banking or RCBC branches nationwide. The best part is it comes with free personal accident insurance and hospitalization benefits. For these reasons, RCBC’s iSave makes it to our list of best savings accounts in the Philippines.
What you should know?
- Initial deposit
- no initial deposit required
- Maintaining balance
- no minimum balance required
- Balance to earn interest
- P5,000 to < P100,000 gets 0.150%
- P100,000 to P<P500,000 gets 0.175%
- P500,000 and above gets 0.200%
- Requirements
- RCBC account opening form
- 1 valid government-issued ID
BDO Passbook Savings
Image from BDO Facebook page
Now if you’re the type who prefers having a physical log of your savings, then you may opt for BDO Passbook Savings. For some, a passbook encourages the habit of saving. If that’s you, go ahead and open a BDO Passbook Savings account. BDO is one of the most ubiquitous banks in the country so you can easily find a branch near you.
What you should know?
- Initial deposit
- P5,000
- Monthly average daily balance (MADB)
- P10,000
- Balance to earn interest
- P10,000 at 0.125% per annum
- Requirements
- minimum initial deposit
- two of the valid IDs below
- passport
- Philippine postal ID
- TIN ID
- New SSS ID
- GSIS e-Card
- PhilHealth card
- Driver’s license
- Senior citizen ID
- Voter’s ID
- School ID (for minors)
- PRC ID
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Metrobank Card Regular Savings Account
Photo from Metrobank Facebook page
Metrobank’s network of branches is also one of the most popular in the country. As its name suggests, its Card Regular Savings Account comes with an ATM card for your convenience. This way, you can easily withdraw money from your savings should you need to.
What you should know?
- Initial deposit
- P2,000
- Maintaining balance
- P2,000
- Balance to earn interest
- P10,000
- Requirements
- 1 valid photo-bearing ID with your signature
- Choose from one of these:
- passport
- driver’s license
- PRC ID
- postal ID
- voter’s ID
- GSIS e-Card
- SSS card
- OFW ID or e-Card
- Seaman’s book
- Persons with Disabilities ID
- Integrated Bar of the Philippines ID
ING Save Account
Image from ING website
Digital-savvy moms would appreciate the ING Save Account. ING is an international blank with Dutch roots. In the Philippines, it’s the first all-digital bank in the Philippines.
Now this product from ING is purely digital, meaning absolutely no lines, papers, and fees. All you have to do is open an account in its mobile app. ING also claims they have the highest interest rates. Interested? Here’s a guide to help you get started.
What you should know?
- Initial deposit
- no minimum deposit required
- Maintaining balance
- no maintaining balance required
- Balance to earn interest
- for daily balance of P20M or lower, get 2.5% per annum
- Requirements
- for 18 years old and above
- Filipino citizen or resident of the Philippines
- 1 of the following IDs:
- Philippine passport
- Driver’s licencse
- Unified multipurpose ID
- Valid mobile number and email address
- Valid proof of address
BPI Regular Savings
Image from BPI Facebook page
Ayala-owned BPI offers various savings account products. Its Regular Savings account lets you withdraw from Bancnet ATMs and lets you pay bills to over 200 merchants.
You can also reload cellphones and prepaid accounts through it. If you want an account that earns more as you save more, you can opt for BPI’s Maxi Saver. However, that one requires a higher initial deposit and MADB.
What you should know?
- Initial deposit
- P3,000
- Monthly average daily balance (MADB)
- P3,000
- Balance to earn interest
- P5,000 at 0.125% per annum
UnionBank Personal Saving Account
Image from Unionbank website
This one from UnionBank does not require an initial deposit and MADB, so that’s helpful for those who cannot commit to having a monthly average daily balance.
You’ll also be amazed with UnionBank’s app, which will make saving money that much easier. It’s arguably one of the best mobile banking apps out there.
What you should know?
- Initial deposit
- no initial deposit required
- Maintaining balance
- no maintaining balance required
- Balance to earn interest
- P10,000 at .10%
- Requirements
- valid ID
- You can also download the app to apply digitally to open an account. Learn more here
CIMB UpSave Account
Image from Cimbbank website
CIMB may not be as well-known as the other banks on this list, but its UpSave account makes a compelling case. For one, it requires zero initial deposit and minimum balance.
If you have a minimum average daily balance of P5,000, you also get a free life insurance coverage of up to P250,000. Aside from that, it lets you grow your savings at 2.5% interest per annum. Because of these, CIMB’s UpSave Account joins our list of the best savings accounts in the Philippines.
What you should know?
- Initial deposit
- no minimum initial deposit
- Maintaining balance
- no maintaining balance required
- Balance to earn interest
- P5,000 MADB for 2.5% interest rate per annum
- Requirements
- 18 and above
- Philippine citizen
- Philippine mailing address and active mobile number
- one valid primary ID