Most savings accounts from major banks in the Philippines grow funds at a measly rate of 0.10% to 0.25% per year. This is good enough if you want to keep your money for daily expenses but not if you have other financial goals and need it to grow faster.
Good thing there are a handful of high-interest savings accounts, offered by both traditional and digital banks, that provide faster returns on deposits. These types of bank accounts earn seven to 10 times higher interest rates than the regular ones. You can even open a high-interest savings account in the Philippines from the comfort of your home.
High-Interest Savings Account in the Philippines: 13 High-Yield Options
Here are 13 of the highest-interest savings accounts in the Philippines to consider if you want to grow your funds faster.
1. DiskarTech
Interest rate: 6.5%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
Powered by RCBC, DiskarTech is the banking giant’s way of tapping into the mass market. It also has strong ties to payment channels such as 7-Eleven and Bayad Center.
Users can create a savings account using this app. This virtual banking platform also allows users to deposit, withdraw, and transfer money.
This doesn’t require an initial deposit or a maintaining balance. But there’s a maximum deposit of up to ₱49,700. Account holders can earn 6.5% interest per year.
If you’re wondering where your money will be kept, it’s deposited at RCBC. This is because DiskarTech accounts are essentially Basic Deposit Accounts (BDA) of RCBC.
2. GoTyme Bank Go Save
Interest rate: 5%
- Maintaining balance: None
- Interest-earning balance: None
GoTyme Bank is a new digital bank created by the Gokongwei Group and Singaporean digital banking group Tyme. GoTyme is fully licensed and regulated by the Bangko Sentral ng Pilipinas (BSP).
Through Go Save, its savings account, you can earn up to 5% in interest every year. The best part? No need to worry about minimum or maximum deposit balance requirements!
If you have various financial goals, you can create up to five separate Go Save accounts, each with customizable target amounts and timeframes.
3. Tonik Bank Stash
Interest rate: 4.50% (Group Stash) / 4% (Solo Stash)
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
Tonik is the first digital-only bank in Southeast Asia. Other than convenience, Tonik offers one of the highest-interest rate savings accounts in the Philippines with its Stashes. The bank describes Stashes as separate savings pockets for different goals and items.
Solo Stashes can yield 4% interest per year. But you can earn up to 4.50% interest when you start a Group Stash, which allows you to save money together with at least two of your family or friends.
When you open an account with Tonik, you’ll be given five Stashes. This means you can save up for multiple goals at a time. This is a perfect choice for avid savers.
4. SeaBank Philippines Savings
Interest rate: 4.5% (₱0 to ₱250,000 balance) / 3% (Above ₱250,000 balance)
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
One of the newest banks on this list, SeaBank offers one of the highest-interest savings accounts in the Philippines with up to 4.5% interest rate. As a bonus, you don't need to worry about an initial deposit and a maintaining balance.
Still unsure about putting your money in this new player's hands? This bank with the highest interest rate in the Philippines is part of Sea Limited (NYSE:SE), a global consumer internet company listed on the New York Stock Exchange. It also keeps safety measures, such as two-factor authentication, end-to-end encryption, and a one-time password, in place.
5. #UNOready Savings Account
Interest Rate: 4.25% (₱5,000 and up balance) / 3.50% (Below ₱5,000 balance)
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: ₱10,000
Newcomer UNO Digital Bank offers a competitive, high-interest-earning savings account with #UNOready. While you don't have to worry about an initial deposit and maintaining balance, you do need a minimum average daily balance of ₱10,000 to earn interest.
The #UNOready Savings Account comes with a Mastercard debit card for easy banking transactions. You also get to enjoy free life insurance with ₱50,000 worth of coverage.
No need to worry, by the way—UNO Digital Bank is licensed by the BSP.
6. Netbank Savings
Interest rate: 4%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: ₱1
Formerly known as the Community Bank of Romblon, Netbank is a rural bank regulated by the BSPs. Netbank offers a very attractive 4% interest rate for your savings. Plus, you need only a minimum balance of ₱1 to start earning interest.
It's a relatively new bank, but no need to worry since deposits are insured by PDIC up to ₱500,000 per depositor.
7. Maya Savings
Interest rate: 3.5%
- Initial deposit: None
- Maintaining balance: None
- Interest-earning balance: None
Maya, previously PayMaya, offers an already-high interest rate of 3.5% per annum. However, until January 31, 2024, you can enjoy up to 14% interest when you use Maya to pay via QR, pay online with Maya, pay with your Maya card abroad, or pay bills in the Maya app. Check Maya's website for more information.[1]
8. CIMB GSave
Interest rate: 2.6%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
GSave[2] was developed by CIMB and GCash. Through GSave, you get to earn 2.6% interest per year, which will be paid out monthly. You can already earn interest with no initial deposit or minimum balance required.
Until December 31, 2023, you can earn up to 15% interest per annum if you meet the required minimum Average Daily Balance (ADB) and the minimum spend requirement. Visit the CIMB website for the mechanics.[3]
If you also maintain a minimum average daily balance of ₱5,000 for one month, CIMB Bank will give you free life insurance with coverage of up to ₱250,000 (subject to terms and conditions).
You can conveniently fund your GSave savings account using your GCash account. Transfers between your GCash wallet and GSave account are also free!
9. CIMB Bank UpSave
Interest rate: Up to 2.5%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
CIMB Bank’s UpSave account is a high-interest savings account in the Philippines that you can easily open through the bank’s mobile app. The UpSave account doesn’t require an initial deposit, and you don’t have to maintain a balance just to keep the account active.
With an UpSave account, you’ll be able to enjoy a 2.5% interest rate per year for the deposited balances. You can earn interest with no minimum balance required. Similar to CIMB GSave, you can earn up to 15% interest per annum until December 31, 2023 if you follow the mechanics.
You can also enjoy free life insurance with coverage of up to ₱250,000 if you maintain a minimum average daily balance of ₱5,000 for one month. However, note that this perk is subject to certain terms and conditions.
10. CIMB Bank Fast Plus Account
Interest rate: Up to 0.75%
- Initial deposit: Not required
- Maintaining balance: None
- Interest-earning balance: None
With the CIMB Bank Fast Plus Account, another high-interest savings account in the Philippines, you’ll enjoy an annual interest rate of 0.75%. Your account earns interest with no minimum balance required.
Unlike other savings accounts, withdrawing your money from your Fast Plus Account anytime you want doesn’t incur a fee or a penalty. You can also get a Visa debit card.
11. Equicom Kiddie Builders
Interest rate: 0.50%
- Initial deposit: ₱500
- Maintaining balance: ₱500
- Interest-earning balance: ₱1,000
Equicom Savings Bank offers a high-interest savings account with a passbook for kids up to 13 years old. One of the best passbook savings accounts for children, Kiddie Builders offers an option for an automatic fund transfer arrangement. Withdrawal can be done up to three times within a month.
On top of the low opening and maintaining balance requirements, the Equicom Kiddie Builders Savings Account also provides free medical and dental benefits from Maxicare (for accounts with a minimum balance of ₱15,000).
Read more:
- Start Them Young: Open a Bank Account for Your Kid This 2023
- BPI Jumpstart Savings Account: Features, Requirements, and Other FAQs
12. PNB Top Saver
Interest rate: Up to 0.50%
- Initial deposit: ₱30,000
- Maintaining balance: ₱30,000
- Interest-earning balance: ₱30,000
PNB’s Top Saver Account has a tiered interest rate system. The more you save, the more interest your account will earn. Account holders can grow their interest rates from 0.125% to 0.50%.
When you open a PNB Top Saver Account, you can choose between a passbook or a PNB-PAL Mabuhay Miles debit card. PNB’s debit card has an edge over the passbook because it can be used at Mastercard and Maestro-accredited merchants and more than two million ATMs worldwide.
You can also use the card to earn points, which you can then redeem as Mabuhay Miles. When you book with PAL within the first three months of card issuance, you’ll receive a welcome gift worth 500 Mabuhay Miles.
13. Security Bank Money Builder Savings Account
Interest rate: Up to 0.50%
- Initial deposit: ₱10,000
- Maintaining balance: ₱10,000
- Interest-earning balance: ₱10,000
Looking for a high-yielding account with flexible terms? With Security Bank's Money Builder Savings Account, you can enjoy bonus monthly and quarterly interest rates of up to 1.5% on top of your account’s base interest—as long as no withdrawals are made in a certain period.
You can add cash to your account whenever you wish to. No need to worry about fixed schedules, penalties, and lock-in periods.
14. Sterling Bank of Asia Solo Savings Account
Interest rate: Up to 0.50%
- Initial deposit: Any amount
- Maintaining balance: ₱5,000
- Interest-earning balance: ₱5,000
With a Sterling Bank of Asia Solo Savings Account, your earned interest is credited monthly. Just note that you need to reach a balance of ₱5,000 to start earning interest.
Your account also offers features of both passbook and ATM savings accounts. Access your money over the counter, at ATMs, or via BancNet Online and Sterling Bank Online. Lastly, enjoy perks from Visa when you use your ShopNPay Visa debit card.
15. RCBC Dragon Peso Savings
Interest rate: Up to 0.450%
- Initial deposit: ₱25,000
- Maintaining balance: ₱25,000
- Interest-earning balance: ₱25,000
This premium account from RCBC helps you maximize your money through an interest rate that’s higher than that of other banks. With the RCBC Dragon Peso Savings Account,[4] you can earn interest up to 0.450%. Withdrawals are unlimited, and you also get a MyDebit ATM card.
Related article: What are the Top Commercial Banks in the Philippines?
Final Thoughts
A high-yield savings account is ideal for building an emergency fund and saving up for short-term goals such as overseas travel, a gadget or appliance purchase, or a wedding. Whatever your financial goal is, make sure to choose the best high-interest savings account in the Philippines with features and benefits that match your needs.
Aside from savings accounts, another useful tool for managing your finances is a credit card. If you're looking for your first card, here's a list of the best credit cards for beginners:
| Credit Card for First-Timers | Features and Benefits |
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UnionBank Rewards Credit Card
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Metrobank Titanium Mastercard®
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Security Bank Gold Mastercard
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BPI Rewards Card
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BPI Edge Card
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PNB Ze-Lo Mastercard
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AUB Easy Mastercard
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AUB Classic Mastercard
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Sources:
- [1] Boost your interest up to 14% p.a. when you pay with Maya
- [2] GSave Account
- [3] CIMB 5th Anniversary Deposit Promo
- [4] Dragon Peso Savings
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