Are you planning to open a savings account? There are so many banks in the Philippines and it can be hard to choose which is the best one to open an account. Here, we have created a list of banks where you can start your savings while getting the best benefits from them.
How to Choose The Best Bank?
The best bank will depend on your needs. If you want to maximize your money, then you may open an account with a bank that gives high interest rate per year. If you usually transfer money for your business, then pick one that has free money transfer features so you can save on fees.
Here, you can see the different features of savings accounts offered by banks to help you decide which one is the best for your needs.
Best Bank for Savings in the Philippines
If you are choosing a bank to deposit your money, it is important to note your personal needs. It does not help if you will simply rely on each bank’s promise as all of them will claim they are the best.
To simplify your decision making, choose a bank that can meet your expectations and your capacity to save money.
Criterion
Low initial deposit
High interest rate
Low Maintaining Balance
Low interest for loans
Lowest Initial Deposit to Open An Account
Here is a comparison of banks with low initial deposits for peso savings account. Compare the initial deposit of each bank and you may choose the one with the lowest required amount for opening and account.
Of course, the lower the initial required deposit, the better especially those with minimal budget. Remember, some banks may have low initial deposit requirements but may also have advantages and disadvantages.
| Initial deposit to open an account | |
| BDO Pesos ATM Savings Account | Php 2,000.00 |
| BDO Power Teens Club | Php 2,000.00 |
| BDO Prime Savers | Php 2,000.00 |
| BPI Kaya Savings | Php 200.00 |
| BPI Express Teller Savings | Php 500.00 |
| BPI Easy Saver | Php 200.00 |
| BPI Passbook Savings | Php 10,000.00 |
| BPI Family Savings Express Teller | Php 500.00 |
| Landbank ATM Savings Account | Php 500.00 |
| Security Bank eSecure Savings Account | Php 500.00 |
| PNB Superteller ATM | Php 3,000.00 |
| PNB Debit Mastercard | Php 3,000.00 |
| DBP Savings Account ATM or Passbook | Php 500.00 |
| Metrobank Passbook Savings Account | Php 10,000.00 |
| Metrobank Debit ATM Card Savings | Php 2,000.00 |
| Unionbank Regular Savings Account | Php 100,000.00 |
| RCBC Savings Bank Personal | Php 10,000.00 |
| RCBC Savings Bank ATM | Php 3,000.00 |
| UCPB Regular Peso Savings Account | Php 10,000.00 |
| UCPB Regular Peso Savings Account ATM | Php 2,000.00 |
| Chinabank ATM Savings | Php 2,000.00 |
| Chinabank Passbook Savings Account | Php 5,000.00 |
| Eastwest Bank Basic Savings Account | Php 100.00 |
| Eastwest Passbook Savings Account | Php 5,000.00 |
Highest Interest Rate Per Month or Per Year
Bank interest rates for savings account will also help you decide which one to choose. The higher the interest rates per year, the better. Here, you can compare the best banks in the Philippines based on interest rate earnings per year for peso savings accounts.
| Interest Rate Earnings per year (%) | |
| BDO Optimum Savings Account Personal | 1.25 |
| Metrobank Passbook Savings Account | 0.25 |
| Metrobank Debit ATM Account | 0.25 |
| BPI Advance Savings Account | 0.75 |
| BPI Family Savings Maxi Saver ATM | 0.5 |
| Landbank ATM Savings Account | 0.1 |
| Landbank Easy Savings Plus | 0.1 |
| Security Bank esecure Savings Account | 1.2 |
| PNB Super Teller ATM | 0.1 |
| DBP Savings Account ATM and Passbook | weekly changes |
| RCBC All in One Personal Savings | 0.38 |
| UCPB Regular Peso Savings Account | 0.25 |
| Unionbank Regular Savings Account | 0.1 |
| Eastwest Bank Savings Account | 0.125 |
| Chinabank Money Plus Savings Account | 0.25 |
Take note that some of these accounts have requirements that you need to fulfill first. For example, the higher the interest earnings are, the higher the requirements for account opening and maintaining balance. As of 2020, the usual average of interest rates in banks in the Philippines is around 0.25%.
List of Banks With Low Maintaining Balance
What bank in the Philippines has no maintaining balance? This could be a tricky question but there are some savings account with no maintaining balance that you can avail.
While many banks have maintaining balance, there are accounts offered to Filipinos with affordable rates. Here is the list of banks with low maintaining balance
No Maintaining Balance Savings Account
It is true that you can find a bank that offers no maintaining balance accounts. However, you may incur some fees if you will withdraw from an ATM. On the other hand, there is a fixed amount of deposit wherein you can earn interest. Those with no maintaining balance tend to earn no interest per month if the minimum balance is not achieved.
Lowest Interest Rate for Loans (Car, House, Business, Personal)
Bank loans are among the most sought after services. However, not all banks have the same interest rates when it comes to housing, business, personal or car loans.
To pick the best bank for loans application, make sure that you compare the interest rates and the requirements for your convenience.
Lowest Withdrawal Fees from ATM
The latest ATM fees and charges released by the banks range from Php 1 to Php 15 depending on your kind of transaction. Usually, you can have Free ATM withdrawals if you are going to use machines from your own bank. However, there are banks that still charge at least Php 1.00 for balance inquiry and withdrawal.
No Withdrawal Limit on ATM
Banks that offer no withdrawal limit per day provides convenience to its clients. This way, you can withdraw any amount from your ATM account without having to incur charges. Choose a bank with no withdrawal limit using ATM.
Most of the banks offer no maximum withdrawal limit per day through the over the counter transaction with a teller.
Low Remittance Fee for Fund Transfers
If you need to do fund transfers, it is quite easier if you will simply do it using the bank’s mobile app. They are usually free of charge when you do transfers with the same bank. However, transfers using ATM or third party companies may charge a little more.
Highest Interest Rate for Checking Account
Checking accounts provide you with a little higher interest rate. If you want to open a new account, make sure to see the charges implemented by the bank.
Banks With Only 1 ID Requirement for Account Opening
What banks have 1 valid ID requirement? Many people would like to open a bank account with only one ID. This is very convenient for them to get started with savings. However, some banks still require at least 2 valid IDs even though the BSP already encouraged them to require only one ID. Here is a list of banks in the Philippines that require only 1 valid ID.
Here are the accepted valid IDs per bank
Banks With Branches Inside Malls (SM, Ayala Malls, Robinsons)
We know how convenient it is to find a bank inside malls. That’s why it could be a factor that you must consider when choosing the right bank for your needs. If you always go to the malls like SM, Ayala Malls and Robinsons, you need to consider a bank with branches inside these establishments.
Banks With Saturday Schedule (Weekends like Saturday and Sunday)
The best bank should have flexible banking days and hours. For people who are busy during weekdays, having a bank with Saturday schedule is a big plus. This enables the depositors to do their money transactions during weekends.
Choose the bank that offers you this flexibility if you have a busy schedule.
Banks Open During Holidays
Banks With Free Interbranch Banking
We hate fees. However, some banks may charge you a fee if you are going to deposit money to another branch even if it is under the same bank. For example, you may be charge an interbranch bank fee if you are going to deposit money to an account outside of Metro Manila in the provinces.
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