Best Savings Account 2019

Marcus is already offering some of the best savings accounts and personal loans in the market, and further expansion is expected. The savings account has consistently been paying one of the highest rates in the market. With a 0.50% APY, you can get one of the highest rates in the market from a well-known brand. The maximum deposit is $1,000,000. Comenity Direct launched those savings products in 2019. The high-yield savings account. TD Bank Beyond Checking℠ – $300 Cash Bonus. Apply online for a new TD Bank Beyond Checking.

If you want to keep extra money safely, a savings account is a wise choice. For one, it’s very easy to get and maintain.

Sadly, Filipinos still have a long way to go when it comes to saving money, as findings from a recent Bangko Sentral ng Pilipinas (BSP) survey suggest. The latest National Baseline Survey on Financial Inclusion by the BSP revealed that only 4 out of 10 Filipinos have a savings account.

A savings account is perfect for individuals who have a steady income. It is always one of the easiest ways to invest and save without any type of risk. The interest rates for a Savings account ranges from 0.10% to 1.75%.

Also, if you need cash to pay for small emergencies, you can easily access the cash you placed in a savings account compared to other financial products like a time deposit or stocks.

In this article, you will find the following information as you look for banks in the Philippines with the best savings account:

  1. How to open a savings account

What is a Savings Account?

A savings account is the most basic type of bank account which earns a minimal interest.

This can be a single or a joint account/ that allows your money to grow in the bank every year. The interest is calculated based on the minimum balance stored on the account daily.

One advantage to a savings account is that it is also easy for an individual to access their money as compared to a checking account. With a savings account, the holder can easily withdraw money using an ATM card.

However, some banks have a maintaining balance, which is a minimum amount of money you need to have in your account otherwise you might be subject to certain fees. For example, the BPI Direct Express Teller Savings account requires you to have a minimum maintaining balance of P500.

(Read: Here’s How Much And How Long You Should Save Up For Anything)

How to open a savings account

  1. To open a Savings account, you may choose a bank and review their terms and conditions.
  2. Check the bank’s requirements and make sure to submit them. Requirements are usually 2 valid Government IDs like your passport, TIN, SSS, etc.
  3. Make sure you have prepared your initial deposit. Fill up an application form available at the “New Accounts” area.
  4. Wait for your Savings account to be activated. Account activation varies depending on the bank but it usually takes 1-2 days only
  5. You also have the option to enroll your Savings account via online banking so you may easily monitor your balance and withdraw or transfer money from your online account.

Requirements to open a savings account

  1. 2 government IDs (Passport, Driver’s License, SSS, TIN, etc.)
  2. 1×1 ID picture with white background
  3. Proof of billing or address

(Read: Bangko Sentral: Banks Must Provide Customers With Interbank Fund Transfer Channels)

Best Savings Accounts 2019 Martin Lewis

Below is a list of banks where you can open a Savings account:

1. Security Bank eSecure Savings Account

The eSecure Savings (eSS) is a higher-earning savings account for existing Peso Casa clients. This account is designed to get you more from your savings:


  • Higher interest rates to grow your savings faster.
  • Manage your accounts anywhere through Security Bank Online.
  • Open up to 10 accounts and monitor progress for each of your savings goals.

Shining crown demo. Interest rates: Maximum P5M and up, 1.2%

Minimum initial deposit: P500 Minimum maintaining balance: P5,000

2. BPI Advance Savings Account with Passbook


  • Faster returns on deposit.
  • Higher interest rates than a regular savings account.
  • Earn in advance for every deposit.
  • Convenient monitoring with a passbook or through BPI Online Banking.

Interest rates: Up to 1.25%

Minimum initial deposit: P100,000 Minimum maintaining balance: P100,000

3. BDO Unibank, Inc. (BDO) ATM Savings



  • It offers simple and convenient features like withdrawing cash and paying bills via ATMs,
  • Cashless shopping and dining and safe and secured fund transfer using BDO Online facility.

Interest rates: 0.25 Gross rate per annum.

Minimum initial deposit: P2,000 Minimum maintaining balance: P5,000

Fast Personal Loan approval

Increase your chances with 20+ banks and lenders

As low as 1.3% monthly interestApply Now

4. Citibank Peso High Rate Saver Account


  • It earns an interest of 0.70% for balances within the P100,000 to under P2 million range. As you increase the balance, so will the interest rates.
  • You can withdraw twice a month for free. Additional withdrawals cost P20 for ATM withdrawals and P50 for over-the-counter withdrawals.

Interest rates: 0.70% for balances within P100,000 to under P2 million range.

Minimum initial deposit: P100,000 Minimum maintaining balance: None

5. Security Bank Premium Build Up Savings Account


  • Has no locked-in period which means you can access the funds anytime.
  • Withdraw up to 3 times within a quarter.

Interest rates: 1%

Minimum initial deposit: P50,000 Minimum maintaining balance: P50,000

6. BPI Regular Maxi Saver Savings (ATM/Passbook)


  • You have the option to open either an ATM or a Passbook account.
  • It earns an interest rate of 0.25% to 0.75% depending on the balance you maintain.

Best Savings Account 2019 Bonus

Interest rates: Up to 0.75%

Minimum initial deposit: P100,000 Minimum maintaining balance: P50,000 (debit card) / P75,000 (passbook)

(Read: LANDBANK iAccess Enrollment And Services: A Quick Guide)

7. Landbank Early Savings Plus


  • PDIC Insurance
  • Two allowed Number of Withdrawals per month

Interest rates: Based on market rates

Minimum initial deposit: P10,000 Minimum maintaining balance: P20,000

8. PNB Prime Savings


  • Allows customers to enjoy higher interest rates on a tiered basis.
  • Two allowable maximum withdrawals per month.

Interest rates: 0.25% (P500,000.00 and up)

Minimum initial deposit: P50,000 Minimum maintaining balance: P100,000.00

9. Chinabank Money Plus Savings


  • An account that gives you flexibility
  • Build your account balance and get bonus earnings.

Interest rates: 0.125%

Minimum initial deposit: P5,000 Minimum maintaining balance: P50,000

(Read: BDO Online Banking and Mobile App: A How-to-Guide On Its Features And Services)

10. DBP (Development Bank of the Philippines) ATM and Passbook


  • Low minimum daily balance requirement.
  • Low initial deposit

Interest rates: No data available.

Minimum initial deposit: P5,000 Minimum maintaining balance: P5,000

11.UnionBank Regular Savings


  • Choice of passbook or UnionBank E-Wallet
  • Availability of Online banking access
  • Transact at Visa or Plus ATMs worldwide
  • Purchase at Visa establishments worldwide

Interest rates: 0.10%

Minimum initial deposit: P100,000 Minimum maintaining balance: P100,000

The purpose of saving is to prepare ourselves from unforeseen circumstances. From that standpoint, it may appear that opening a savings account may not be as important as investing in stocks or mutual funds, etc. However, we may never know beforehand when an urgent situation arrives. In this case, having some money stored in our savings account can help us deal with little emergencies.

Fast Personal Loan approval

Increase your chances with 20+ banks and lenders

As low as 1.3% monthly interestApply Now