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Savings Account Interest Rate

Last Updated on September 10, 2024 by Admin

I know you are looking for a savings account with the highest interest rate. That’s why it’s important to compare banks products. Find out how much each bank is offering.

List of Savings Account Interest Rates

You can simply have the initial deposit and open an account at any branch. But since you are busy to research, I have compiled the latest rates for this year.

Asia United Bank

Savings Account TypeInterest (%)Minimum Requirement to Earn Interest (Php)
Preferred Peso Savings PlusBased on market100,000
Preferred Peso Savings0.10500,000
Starter Savings0.101,000
Asia United Bank interest rate for savings account

BDO

Savings Account TypeInterest (%)Minimum Requirement to Earn Interest (Php)
Passbook Savings0.062510,000
ATM Savings0.06255,000
Optimum Savingsavailable at the branch30,000 (personal), 50,000 (business)
BDO interest rates for savings account

Source: https://www.bdo.com.ph

BPI

Savings Account TypeInterest (%)Minimum Requirement to Earn Interest (Php)
Regular Savings0.06255,000
Saver-Plus0.062550,000
Pamana Savings0.062525,000
#Saveup0.09255,000
Maxi Saver0.1252,000,000
Padala Moneyger0.06255,000
Pamana Padala0.06255,000
#Mysaveup0.09255,000
BPI Interest rates for savings account

Source: https://www.bpi.com.ph/

Metrobank

Savings Account TypeInterest (%)Minimum Requirement to Earn Interest (Php)
Regular Savings Card0.062510,000
Passbook Regular Savings Account0.062510,000
Spark Savings Account0.06254,000
Metrobank savings account interest rates

How Much is the Monthly Interest

Is does not work that way. You see, banks put the interest rate but it is for annual computation. It means that the rate is per year not per month. It will also be based on your average daily balance.

Is it Taxable? Yes, interests earned by your savings account is applied with 20% withholding tax. It is deducted by the bank itself. You can view the transaction either in your passbook or website and app.

When is it Credited? They differ among Philippine banks. Some of them apply the interest monthly while others every quarter (3months). You will still be able to monitor it in your transaction history.


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