You can stay at home and still apply for a bank time deposit. Now, digital banks offer competitive rates simply by using your phone. See the latest time deposit interest rates of popular digital banks.
Time Deposit Rates
In the Philippines, you can choose the mobile digital bank of your choice and still get high interest rates from time deposits.
Maya Bank
| Duration | Interest in % per year |
|---|---|
| 3 months | 5.5 |
| 6 months | 6.0 |
| 12 months | 5.75 |
Tonik Bank
| Duration | Interest in % per year |
|---|---|
| 6 months | 6 |
| 9 months | 4.50 |
| 12 months | 4.75 |
| 18 months | 5.00 |
| 24 months | 5.25 |
| Bank | 1 month (30 days) | 3 months (90 days) | 6 months (180 days) | 12 months (360 days) |
|---|---|---|---|---|
| Maya | 5.5% | 6% | 5,75% | |
| Uno Digital Bank | 5% | 6% | 6.5% |
How To Compute Interest Per Day
Remember that most banks will use an interest rate per year. For example, a 5.5% interest means it is the rate for the whole year. To know how much you earn per day, you simply need to multiply the interest rate to your deposit amount.
Divide the result to 360 days (1 year in most bank standards). This will give you how much interest per day you are actually earning.
If you wish to know per month, then simply multiply by 30 days.
Example Interest Computation
Php 100,000 X 5.5% = Php 5,500 (this is your earnings for the whole year)
Php 5,500 / 360 days = Php 15. 28 (this is your earnings per day)
In a month, your Php 100,000 earns about (15.28 X 30 days) = Php 458.33
Tax and Fees
Taxes will be applied to any time deposit interest that the depositor will earn. A 20% withholding tax is applied.
Early Withdrawal
For early withdrawal of your time deposit, the bank may deduct a certain fee as indicated in the agreement. However, some digital banks with no early withdrawal fees are also available.
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