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Compare and find the best Savings Account in Philippines

Open a savings account today and start building up your credit score. Start saving for the future today!

Compare savings accounts

Name Product Annual interest rate Minimum deposit amount Online banking Documents needed
BPI Passbook Savings Account
BPI Passbook Savings Account
0.25%
PHP10,000
Yes via BPI Online Banking
Local:

Valid ID with photo and signature
1x1 ID picture
Utility bill reflecting address

PR and Foreigner:

Valid ID with photo and signature
1x1 ID picture
​Utility bill reflecting address
Landbank Regular Passbook Savings Account
Landbank Regular Passbook Savings Account
0.1%
PHP10,000
No
Local:

Presentation of at least one (1) original valid photo-bearing ID
Two (2) recent ID photos

PR and Foreigner:

Passport
ACR/Diplomatic Identification Card
RCBC Super Earner Savings Account
RCBC Super Earner Savings Account
0.2%
PHP25,000
Yes via RCBC AccessOne
Local:

One (1) valid photo-bearing government issued identification card

PR and Foreigner:

One (1) valid photo-bearing government issued identification card
Alien Certificate of Registration (ACR)
Immigrant Certificate of Registration (ICR)
Security Bank Money Builder Savings Account
Security Bank Money Builder Savings Account
0.5%
PHP10,000
Yes via Security Bank Online
Local:

One (1) primary valid ID

PR and Foreigner:

One (1) primary valid ID
Alien Certificate of Registration (ACR)
Immigrant Certificate of Registration (ICR)
UnionBank Regular Savings Account
UnionBank Regular Savings Account
0.1%
PHP10,000
Yes via Unionbank Online Banking
Local:

One (1) primary valid ID
Two (2) secondary ID's

PR and Foreigner:

One (1) primary valid ID
Alien Certificate of Registration (ACR)
Immigrant Certificate of Registration (ICR)
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Q: What is a savings account?

“A penny saved is a penny earned.” So goes the famous maxim, but it’s also important to think about where to save that penny. A savings account is a place where you can store money securely while it earns interest. Savings accounts in the Philippines are also insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of ₱500,000.

Q: What is PDIC?

PDIC is the Philippine Deposit Insurance Corporation. It insures your savings account up to a maximum of ₱500,000.

Q: How does money in a savings account earn interest?

Your money’s interest in a savings account is computed annually. For most banks, interest is paid quarterly. Different banks may have different interest rates and range from 0.10% to 1.75%.

Q: Why does money in a savings account earn interest?

When you open a savings account, you’re essentially “lending” a bank money that they can use to offer loans to other customers. Online-only banks offer higher interest rates because they don’t have to shoulder overhead costs and other fees involved with maintaining a brick-and-mortar branch.

Q: Why do I need a savings account?

A savings account will help keep you from spending your money, especially if you’re saving that money for use at a later time, e.g., for a vacation or as an emergency fund.

Q: What are the requirements when opening a savings account?

Most banks simply ask for two (2) valid ID’s, an accomplished application form, and an initial deposit (usually ranging from ₱100 to ₱2,000). You will also have to visit the branch nearest you to sign the necessary documents.

Q: How do I deposit and withdraw money into and from a saving account?

Withdrawals can be done over the counter or via ATM machines. Deposits can be done over the counter or via cash deposit machines.
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