Let’s face it. The reality of Philippine banking made us settle for low interest rates. Just 0.1% to 0.25%, and no other alternatives. Well, that was before. Nowadays, there are several new banks that offer interest rates that go beyond 1%. Most of them are digital banks, but you only need to do some research to know if it would be a good fit for you or not. Well, we can help you with this list of banks with the highest interest rates to help you increase your savings faster.
Tonik Bank Stash Account
As the first digital-only bank in SouthEast Asia, Tonik has a lot to offer digital-savvy Filipinos, including a savings account where you can earn much more than you do in other banks. Tonik calls their highest-interest rate accounts “Stashes,” which are described as separate accounts you can dedicate for different goals and purchases. A Solo Stash already yields 4%, with only you contributing, but when you save up money together with at least two other trusted people, you can earn as much as 4.5% interest.
Interest rate: 4% (solo stash) or 4.5% (group stash)
Maintaining balance: none
Interest-earning balance: none
ING Save Account
Hailing from the Netherlands, ING is another digital bank, like Tonik, that offers high-interest rates for your savings. You can open your account through their app or website and it’ll only take you 10 to 15 minutes.
Interest rate: up to 2.5%
Maintaining balance: none
Interest-earning balance: none
CIMB GSave Account
If you already have a GCash account, you’re just a few clicks away from opening your very own GSave savings account with CIMB. This collaboration between CIMB and GCash allows you to conveniently manage your funds through one mobile wallet and account. Plus, if you can maintain a minimum average daily balance of PHP 5,000 for one month, you can get free life insurance worth as much as PHP 250,000.
Interest rate: up to 2.6%
Maintaining balance: none
Interest-earning balance: none
RCBC’s DiskarTech Savings Account
To target the mass market, RCBC introduced DiskarTech, which is a virtual banking platform that allows users to use it much like a bank with deposit, withdrawal, and transfer features. You can use payment channels like 7-Eleven or Bayad Center to encash or deposit, while getting to save as much as you can with its high interest rate. Unfortunately, it has a maximum deposit amount of PHP 48,000, which may limit your savings capacity.
Interest rate: up to 3.25%
Maintaining balance: none
Interest-earning balance: none
Komo Savings Account
Another digital bank, Komo is developed and operated by EastWest Bank, and like the other digital banks, it doesn’t require a maintaining balance to keep your account active and earn interest. But the process of earning interest do have caveats, depending on how much your savings in the bank are. For the first PHP 500,000, you can earn as much as 2.5% interest. When you have more than PHP 500,000 but less than PHP 2 million, you can only earn up to 1.5% interest. And the remaining balance you have going over PHP 2 million will only give you 1% interest.
Interest rate: up to 2.5%
Maintaining balance: none
Interest-earning balance: none
RCBC Dragon Peso Savings Account
Compared to other banks, RCBC’s Dragon Peso Savings gives you a much higher interest rate that can allow you to make the most out of your savings. You can get a debit ATM card to go with it and withdraw as much as you like, as long as you maintain a balance of PHP 25,000.
Interest rate: up to 0.5625%
Maintaining balance: PHP 25,000
Interest-earning balance: PHP 25,000
PNB Top Saver Account
The Philippine National Bank offers a tiered system for their Top Saver account, so if you want to earn more with your interest, you need to save a larger amount of money. The interest starts at 0.125% and can go up to 0.5%. You can also choose between getting a passbook or a PNB-PAL Mabuhay Miles debit card, but we suggest getting the debit card, since you can use it for emergencies as needed. You just need to deposit an initial amount of PHP 30,000 and maintain that to continue enjoying these benefits.
Interest rate: up to 0.50%
Maintaining balance: PHP 30,000
Interest-earning balance: PHP 30,000
Citibank Peso Bonus Saver Account
If you’re not a fan of digital-only banks, you can still opt for traditional banks with physical branches, like Citibank. Offering the highest interest rate in the country, their Peso Bonus Saver is for people who want to increase their savings. But they have quite the steep maintaining balance, though it is determined by combining the average daily balance of all your accounts (deposit and investment).
Interest rate: up to 1.66%
Maintaining balance: PHP 50,000*
Interest-earning balance: PHP 50,000
Do you have an account with any of these banks? Any other recommendations?
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