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 the deposit account.
Below we have compiled the information for the 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 the savings account. The longer the term of your time deposits 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
| |
---|---|---|---|---|
PSBank 1 Year Fixed Term Deposit | 1.50% | 1 year | ||
Metrobank 1 Year Time Deposit | 1.375% | 1 year | ||
LANDBANK 1 Year Time Deposit | 1.25% | 1 year | ||
UnionBank 1 Year Time Deposit | 1.1250% | 1 year | ||
BDO 1 Year Time Deposit | 1.125% | 1 year | ||
BPI 1 Year Time Deposit | 1.125% | 1 year | ||
Allied Bank 1 Year Term deposit | 1.125% | 1 year | ||
PNB 1 Year Time Deposit | 1.10% | 1 year | ||
Allied Bank 1 Year EUR Foreign Currency Account Term Deposit | 0.25% | 1 year |
6 Months Time Deposit
Here are the banks that give the highest interest rate for 6 months term time deposit.
Bank
|
Account
|
Annual
Interest rate |
Term
| |
---|---|---|---|---|
Metrobank 6 Month Time Deposit | 1.375% | 6 month | ||
BPI 6 Month Time Deposit | 1.125% | 6 month | ||
BDO 6 Month Time Deposit | 1.125% | 6 month | ||
China Bank 6 month Time Deposit | 1.125% | 6 month | ||
LANDBANK 6 Month Time Deposit | 1.125% | 6 month | ||
PNB 6 Month Time Deposit | 1.000% | 6 month | ||
Allied Bank 6 Month Term deposit | 1.000% | 6 month |
2 Months Time Deposit
Compared to a savings account, 2 months time deposit has more than twice the interest rate compared to a 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 tasty but your interest earned will also be doubled.
Bank
|
Account
|
Annual
Interest rate |
Term
| |
---|---|---|---|---|
Metrobank 2 Month Time Deposit | 1.125% | 2 month | ||
LANDBANK 2 Month Time Deposit | 1.000% | 2 month | ||
BDO 2 Month Time Deposit | 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 the savings account, and checking account.
Bank
|
Account
|
Annual Interest rate
|
Specific
| |
---|---|---|---|---|
BPI Business Savings Account | 0.50% | |||
PSBank Savings Account | 0.50% | |||
BPI Business Checking Account | 0.350% | |||
Banco De Oro Savings Account | 0.250% | |||
BDO Checking Account | 0.250% | |||
Metrobank Savings Account | 0.250% | |||
RCBC Savings Account | 0.250% | |||
PSBank USD Foreign Currency Savings Account | 0.25% | Foreign Currency Account | ||
BPI Checking Account | 0.25% | |||
Landbank Savings Account | 0.25% | |||
Allied Bank Savings Account | 0.125% | |||
Allied Bank USD Foreign Currency Savings Account | 0.125% | Foreign Currency Account | ||
PSBank EUR Foreign Currency Savings Account | 0.025% | Foreign Currency Account | ||
Metrobank Checking 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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