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 Type | Interest (%) | Minimum Requirement to Earn Interest (Php) |
| Preferred Peso Savings Plus | Based on market | 100,000 |
| Preferred Peso Savings | 0.10 | 500,000 |
| Starter Savings | 0.10 | 1,000 |
BDO
| Savings Account Type | Interest (%) | Minimum Requirement to Earn Interest (Php) |
| Passbook Savings | 0.0625 | 10,000 |
| ATM Savings | 0.0625 | 5,000 |
| Optimum Savings | available at the branch | 30,000 (personal), 50,000 (business) |
Source: https://www.bdo.com.ph
BPI
| Savings Account Type | Interest (%) | Minimum Requirement to Earn Interest (Php) |
| Regular Savings | 0.0625 | 5,000 |
| Saver-Plus | 0.0625 | 50,000 |
| Pamana Savings | 0.0625 | 25,000 |
| #Saveup | 0.0925 | 5,000 |
| Maxi Saver | 0.125 | 2,000,000 |
| Padala Moneyger | 0.0625 | 5,000 |
| Pamana Padala | 0.0625 | 5,000 |
| #Mysaveup | 0.0925 | 5,000 |
Source: https://www.bpi.com.ph/
Metrobank
| Savings Account Type | Interest (%) | Minimum Requirement to Earn Interest (Php) |
| Regular Savings Card | 0.0625 | 10,000 |
| Passbook Regular Savings Account | 0.0625 | 10,000 |
| Spark Savings Account | 0.0625 | 4,000 |
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.
Leave a Reply