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Sunday, July 12, 2015

Banks With Highest Interest Rate For Time Deposit and Savings Accounts In Philippines



As an OFW we all wanted a safe and  risk free investment. Although there are many wise OFWs now who would take great risk to start a business or invest their money in the stock market or investing in money market instruments like bonds and treasury bills, still a lot more would rather save their money in banks.  However if you are torn between placing your money in a time deposit or savings account, you may compare and choose which one gives the highest interest rate on deposit account.


























Below we have compiled the information for savings account and time deposit so you could compare which bank offers the highest interest rate for your savings account as well as the bank that offers the highest interest rates for time deposits  to help you decide where to put your money.

1 Year Fixed Term Deposit

In comparison, time deposit account offers  higher interest rate than savings account. The longer the term of your time deposit the higher the interest rate too. 

*Rates may vary depending on deposit amount. For more information about the base deposit amount please click on the corresponding account type linked for each bank
Bank
Account
Annual
Interest rate
Term
1.50%1 year
1.375%1 year
1.25%1 year
1.1250%1 year
1.125%1 year
1.125%1 year
1.125%1 year
1.10%1 year
0.25%1 year

6 Months Time Deposit

Here are the banks that give highest interest rate for 6 months term time deposit.  

Bank
Account
Annual
Interest rate
Term
1.375%6 month
1.125%6 month
1.125%6 month
1.125%6 month
1.125%6 month
1.000%6 month
1.000%6 month




2 Months Time Deposit

Compared to savings account, 2 months time deposit has more than twice interest rate compared to regular savings account. The good thing about this, is that your money would be available for your use after 2 months and then you can simply renew it every time it matures. Quite tasky but your interest earned will also be doubled. 

Bank
Account
Annual
Interest rate
Term
1.125%2 month
1.000%2 month
0.875%2 month


We can see that time deposits offer a higher interest rate compared to savings accounts:

This table below, will show you the interest rate offered by different banks for savings account, and checking account . 

Bank
Account
Annual Interest rate
Specific
0.50%
0.50%
0.350%
0.250%
0.250%
0.250%
0.250%

0.25%Foreign Currency Account
0.25%
0.25%

0.125%
0.125%Foreign Currency Account
0.025%Foreign Currency Account
N/A

This information is published  for comparison purposes only, we are not affiliated to any of these banks nor do we endorse them. 

Please also note that although time deposits offer higher interest yield, some banks impose fee if you withdraw your fund before the maturity date. The interest is also subject to withholding tax. We recommend that you still keep savings account in case of emergency, or place your time deposits on short terms (like 2 months)  and simply renew it every time it matures. 


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