The best savings account for you depends on your individual needs and priorities. However, here are some of the top savings account options in the Philippines for 2024, categorized by what they’re best for:
High Interest Rates (Digital Banks):
- CIMB Bank Philippines (GSave, UpSave, Fast Plus):
- Pros: Currently offering some of the highest interest rates in the market, going up to a promotional 8% p.a. (as of February 2024) in partnership with GCash, regularly offers promotional rates, fully digital, no maintaining balance.
- Cons: Interest rates are tiered and subject to change; higher rates are usually time-bound promotions.
- Best for: Maximizing returns with a high-interest, digital-first experience.
- Maya Bank (Maya Savings, Personal Goals, Time Deposit Plus):
- Pros: Competitive interest rates up to 6% p.a. (as of February 2024), often runs promotional rates, integrated with the Maya e-wallet, offers goal-based savings features and time deposit.
- Cons: Base rates can be lower than promotional rates.
- Best for: Earning high interest and managing finances through a popular e-wallet platform.
- SeaBank Philippines:
- Pros: Offers a decent interest rate (4.5% p.a. as of February 2024), daily interest crediting, no maintaining balance, linked with Shopee for easy transfers.
- Cons: Relatively newer player in the market.
- Best for: High daily interest earnings and convenience for Shopee users.
- GoTyme Bank:
- Pros: Consistent interest rate of 5% p.a. (as of February 2024) with no minimum or maximum deposit, no maintaining balance, can open up to 5 savings accounts.
- Cons: Fewer features compared to some other digital banks.
- Best for: Simple, no-frills savings with a solid interest rate.
- Tonik Digital Bank (Solo Stash, Group Stash, Time Deposit):
- Pros: Offers competitive interest rates, with time deposits potentially reaching up to 6% p.a. (as of February 2024), innovative features like “stashes” for goal-based savings.
- Cons: Lower rates for regular savings accounts compared to time deposits.
- Best for: High-interest time deposits and organized savings management.
- UnionDigital Bank:
- Pros: Known for competitive rates and regular promotions.
- Cons: Less established compared to other digital banks on this list.
- Best for: High interest rates, if you’re open to a newer digital bank option.
- Overseas Filipino Bank:
- Pros: High interest rates.
- Cons: Lower interest for accounts with more than 500,000 PHP.
- Best for: People who want to save less than 500,000 PHP.
Traditional Banks with Decent Rates and Features:
- BPI (Pamana Savings, Save-Up):
- Pros: Offers good interest rates for its premium savings accounts like Pamana Savings with insurance, free life insurance coverage (for Pamana Savings), wide branch network, strong reputation.
- Cons: Higher maintaining balance requirements for premium accounts, base rates for regular savings accounts are lower.
- Best for: Those seeking stability, a wide branch network, and insurance along with their savings.
- UnionBank (Personal Savings Account):
- Pros: Reputable bank with various savings account options, decent interest rates, user-friendly mobile app and online banking.
- Cons: Base rates might not be as competitive as digital banks.
- Best for: Blending traditional banking with some digital convenience.
- RCBC (OneAccount):
- Pros: Interest rates on par with other traditional banks (and can beat them if you opt for a checking account option, too), can be used as a payroll account.
- Cons: Still not as high as digital banks’ interest rates, requires a high initial deposit and maintaining balance.
- Best for: Those who want the option of a combined savings and checking account.
Things to Consider When Choosing:
- Interest Rates: Compare base rates and promotional rates. Remember that promotional rates are often temporary.
- Maintaining Balance: Some accounts require a minimum balance to earn interest or avoid fees.
- Fees: Check for monthly maintenance fees, withdrawal fees, or other charges.
- Accessibility: Consider branch network, ATM availability, and online/mobile banking features.
- Security: Choose a bank that is PDIC-insured (up to PHP 500,000 per depositor per bank) and has strong security measures.
- Features: Look for features that fit your needs, such as linked debit cards, online bill payments, goal-based savings tools, etc.
- Promotions: Keep an eye out for introductory offers and promotional interest rates.
Important Reminder:
- Rates and offers are subject to change. Always verify the latest information directly with the bank before opening an account.
- Do your own research. Don’t solely rely on one source. Compare different banks and read reviews to find the best option for you.
By carefully considering these factors and comparing the offerings of different banks, you can find the best savings account in the Philippines to help you achieve your financial goals in 2024. Good luck!
