What is the Best Savings Account in the Philippines?

For your millions, a cash box under the bed is now an unsafe option. If you want to save up for your future, banks are indeed essential for wealth building. These financial institutions give security and potential appreciation for your hard earned money.


But with so many banks in the Philippines, how do you know which ones are the best for your needs?


Do Your Research


Comparing different interest rates is certainly essential in your decision. It may take some time. But worry not; we have compiled them for you.


These are the compiled account types and interest rates for savings accounts of most banks in the Philippines as of today.

  Philippine Banks Savings Account Infographic  

Generally, the higher the interest rate, the better. But for those just starting, it is important to check the Initial Deposit Column and Minimum Average Maintaining Balance (MADB) that fits your budget.


Saving on a relatively lower interest account is better than saving none.


Also, ask your banks for service fees that you may incur. Generally, going below the MADB for two (2) consecutive months will penalize you between 200-300 PHP per month.


Moreover, there is a dormancy fee levied on depositors with no deposits or withdrawals within a certain number of years. This may vary per bank, but your bank will notify you within sixty (60) days prior to the account dormancy.


Other Things to Consider


It is not necessary that interest rates will be your sole consideration. Some qualitative factors might also affect your choice.


For example, the number of branches might be a factor in relation to where you live especially if you are in the province.


Moreover, it may be the perks and luxuries from maintaining a higher balance like Union Bank’s Business Class.


OFWs and Insurance      


Another example is for Overseas Filipino Workers (OFW). Do you want a zero maintaining balance remittance account? Here is the list of most OFW related accounts.

  OFW Philippine Bank Accounts Infographic  

Some OFW accounts like BDO’s Kababayan Savings Account and BPI’s Pamana Savings Account even offer life insurance perks based on your MADBs.


If you’re not an OFW, security bank also offers free life insurance with their All Access Checking Account.


Building your savings while getting your family protected for the future, how cool is that!




Interests from our savings account might not be enough for our financial freedom. Coupled with other investment options like UITFs, paper assets, real estate, and businesses, we should start with saving up for these to be available options.


The “Best Savings Account” might be different for individuals. But for sure, knowing how to choose your bank depending on your needs is surely a step towards our financial goals. Let us start saving wisely!

Leandro Eclipse

Leandro Eclipse is an entrepreneur who loves to travel. He believes in building multiple Location-Independent Sources of Income. Because if you are going to work anyway, might as well do it while exploring the world. Self-proclaimed foodie and tech geek. Follow him on IG @mikoeclipse.


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