Top 5 Savings Accounts in The Philippines (2020)
The Philippines has many decent savings accounts, however they don’t earn large amounts of interest due to the low interest the government offers. The ones we cover here are the highest yielding accounts that we consider safe in the Philippines.
Ultimately due to the low yield all savings accounts in the Philippines offer we’d personally only keep a few months of our expenses in a savings account, if that, and invest the rest of our savings in Real estate or Equities (stocks) through a brokerage such as Etoro where we can diversify away from the Peso and increase our yearly yield and return more purchasing power over the long-term.
Our Personal Choice: Security Bank's Time Deposit Account
This is the account we’d personally use for the savings we need access to quickly, as it provides one of the highest yields without as many restrictions as the account with a higher yield on this list. The only downside to this account is it requires you to lock up your money for 1 month or more at a time, meaning if you need to get access to your savings you must wait until the term period is finished.
Due to that restriction we opt for the 1 month term deposits — for this they offer 1.35% to 1.7% per year paid every month depending on how much money you hold within the account. It requires a minimum of 100k Pesos or about $2000 USD to open and maintain the account, so if you don’t have this much saved already you’ll have to opt for one of the accounts below.
You can sign up for this account online through this page on their website as well as check the current interest rates they offer (they change it weekly — we try to keep the rate accurate but if they just changed it the quoted rate above may be slightly off).
Best for High-Income Individuals: Citibank's Bonus Saver Account
If you can save at least 20,000 Pesos (PHP) per month or about $400 US dollars then this account is by far the best — coming in at a 2% interest rate if you save every month for a year straight. This account is only really a good choice if you can meet those requirements, as if not the rate they provide is only around 0.6% per year, which isn’t better than any regular account, or others accounts we mention here.
Overall this wouldn’t be our first choice, as we personally wouldn’t want to have to continuously deposit money and grow our savings after we saved a few months of our living expenses — instead we’d prefer to invest. But if you don’t mind meeting the requirements, and have the income to do so, then this account is the best choice over the long-term.
You can apply for this account online through their website or visiting any physical branch/location in the Philippines.
Best for Rural Customers: BDO's Regular Peso Savings Account
This isn’t that great of an account — I’m not going to sugar-coat it. They only offer 0.3% interest per year, which is just not good at all compared to the other options listed here. However we’re including them as the other banks listed here are online-only or generally only available in big cities s such as Manilla.
If you live outside Manilla and don’t want an online-only bank then this is unfortunately your best option, as BDO is the only bank that offers interest on savings that’s throughout all of the Philippines. If you can go with one of the other options in this list, we’d definitely opt for going with them.
You must open this account in a physical BDO location with a minimum deposit of $2 USD or 100 Pesos as they don’t have an up-to-date website that allows for online applications quite yet.
An Overall Great Account: Security Bank's Online Savings Account
If you don’t have the income for the citibank account, or the capital to start using Security Bank’s term deposit account, then this is a great alternative — as it offers 0.5% -> 1.2% per year on deposits with no fees whatsoever and a moderate 5000 peso initial deposit to start earning interest with this account.
This is the account we believe would be best for most people, as while it’s not the absolute best in anything it’s great in everything with no real restrictions, an overall competitive interest rate, and an overall high level of safety with the account being insured and through one of the safest banks in the Philippines.
You can apply for this account online through this page on their website.
Best for Non-Peso Savings: Etoro's Investment Account
Unfortunately all the savings accounts that offer USD or other foreign currency in the Philippines offer <0.25% and just are a complete waste. Because of this we’d say it’s smarter to just open a brokerage account with Etoro and buy either equities (stocks), bonds, cryptocurrency, or even just buying foreign currency through their FX markets, as we consider this a safer option and more profitable than trusting a local bank and earning nearly nothing for banking with them.
This is what we personally do for all of our savings above a couple months of living expenses — we hold about 20% in US stocks, 30% in International stocks, 20% in real estate, 20% in Gold/Silver, and 10% in cryptocurrency, as we believe this will preserve our savings in the long-term better than a simple savings account.
You can sign up for Etoro’s Investment Account on their website.