I’ll be the first to admit, I’m not a banker.
What I am, however, is an enthusiastic saver who enjoys exploring different savings options and finding the best ways to make my money work for me. Over the years, I’ve realised that choosing where to save is just as crucial as the act of saving itself.
A good savings strategy isn’t just about setting money aside. For me at least, it’s about maximising returns while ensuring accessibility and security.
For those of us who prioritise saving, the real question isn’t whether we should save, it’s how and where we should do it. With so many banks and financial institutions offering different deposit accounts, each with varying interest rates, fees, and conditions, navigating the landscape can be overwhelming.
That’s where this article comes in. We’ll break down the fundamentals of deposit interest rates in the Philippines, discuss what makes a rate truly “the best”, compare offerings from leading banks, and ultimately determine which one stands out.
By the end, you’ll have a clearer understanding of your options and be better prepared to make an informed decision that helps you grow your savings efficiently.
What is a Deposit Interest Rate?
A deposit interest rate is the percentage a bank pays to account holders for keeping their money in a savings or time deposit account. The higher the interest rate, the more your money grows over time. Banks offer different rates depending on the type of account, market conditions, and internal policies.
What Makes It the “Best Deposit Rate”?
While a high-interest rate is desirable whether you’re in the Philippines or any other part of the globe, the best deposit interest rates are subjective and depend on several factors. The primary consideration is the interest rate itself, as higher rates mean greater returns.
However, it is also important to look at the minimum deposit requirement, as some accounts require a specific amount to qualify for better rates. Account fees should also be taken into account since monthly or annual fees can reduce earnings.
Accessibility is another factor to consider, as some accounts may restrict how easily you can withdraw your funds when needed.
Finally, terms and conditions should always be reviewed, as high-interest accounts may come with withdrawal limits or penalties for early withdrawals in the case of time deposits.
Best Banks in the Philippines with High Deposit Interest Rates
If you’re looking for the highest returns on your savings and time deposits, several digital banks in the Philippines offer competitive interest rates.
Last Updated: 19 February 2025
CIMB Bank PH
CIMB Bank Philippines is one of the top contenders, offering a base interest rate between 2.5% (UpSave account) and 2.6% (GSave account) per annum. For time deposits, they provide up to 7.5% per annum for deposits starting at PHP 10,000.
Additionally, they have an ongoing promotion, allowing users to earn up to an impressive 15% per annum on both the UpSave and GSave accounts by completing certain tasks. This promo runs until February 28, 2025.
Maya Bank
Maya Bank is another strong competitor, featuring a base interest rate of 3.5% per annum. Their savings account offers up to 15% per annum through promotional deals, and their time deposit accounts provide up to 5.75% per annum.
They also have a business deposit account that is capped at 2.5% per annum and a personal goals account at 4% per annum (now at 6% per annum, limited-time offer until 28th February 2025).
One of the key benefits of Maya Bank is its free transfers via PESONet and InstaPay for qualified transactions, making it a user-friendly option for digital banking.
UNOBank
UNObank offers more stable high returns. Their UNOReady savings account earns 4% per annum. Their UNOEarn time deposit rates go up to 5.5% per annum for 2 years, whereas the UNOBoost time deposit provides a rate of 5.25% per annum.
In my opinion, UNOBank is well-suited for savers seeking a reliable high-yield account without any existing promotional conditions as of now.
GoTyme Bank
GoTyme Bank provides an interest rate of 4% per annum on its savings account (Go Save) and up to 5% per annum for USD time deposits. One of its best features is the ability to make free withdrawals at Robinsons-affiliated stores, which adds a layer of convenience for its users.
Tonik Bank
Tonik Bank offers multiple flexible savings options, with savings account interest rates ranging from 1% per annum for regular Tonik Accounts to 4% per annum for Solo Stash accounts and up to 4.5% per annum for Group Stash accounts. Their time deposit rates can go up to 6% per annum, making them another great choice for high returns.
Comparison Table of Deposit Rates
Our Top Pick
When it comes to finding the bank with the best deposit interest rates, especially here in the Philippines, we must first keep in mind that different banks cater to various financial needs.
So, if you’re seeking the highest interest rates available through promotional offers, CIMB and Maya stand out by offering an impressive 15% per annum. However, these rates often come with specific conditions that must be met to qualify.
Savers who prefer more stable and consistently high returns without worrying about promotional requirements will find UNObank and Tonik to be solid choices, providing deposit rates ranging from 5.5% to 6% per annum. These banks ensure steady growth in savings without additional conditions or promotional tasks.
For individuals who value accessibility and additional perks, GoTyme seems like an option. Currently, the bank provides seamless banking with added benefits at Robinsons-affiliated stores, making transactions more convenient.
Ultimately, the best deposit account depends on individual needs. If you are willing to meet promotional requirements for the highest possible return, CIMB and Maya offer unmatched interest rates.
However, if you value stability and ease, UNObank and Tonik remain strong contenders for consistent savings growth.
Frequently Asked Questions (FAQs)
Are digital banks better than traditional banks for savings?
Digital banks generally offer higher interest rates, lower fees, and greater convenience compared to traditional banks. However, traditional banks may offer additional financial services and in-person support, which some customers prefer.
Are high-interest savings accounts safe?
Yes, high-interest savings accounts in the Philippines are monitored by the Bangko Sentral ng Pilipinas (BSP) and are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000 per depositor.
Can I withdraw my money anytime from a high-interest savings account?
It depends on the type of account. Regular savings accounts typically allow withdrawals at any time, while time deposits require you to keep your money in the account for a fixed period to earn the stated interest rate.
Do high-interest accounts have hidden fees?
Some banks may have conditions such as maintaining a minimum balance or fees for early withdrawal from time deposits. Always check the bank’s terms and conditions before opening an account.
By carefully evaluating deposit rates and choosing the best option, you can make the most of your savings and grow your money effectively.
Featured image credit: Edited from Freepik
