Best Bank Accounts And Services In The Philippines

Start them young as they say. The following are some of the best savings accounts for kids. Some banks require an ITF(in-trust-for) account for children below a certain age.

MayBank’s Yippie Savings Account is specially made for children aged 12 years old and below. You can open as low as 500.00 PHP and comes with a passbook and ATM card. Maintaining a minimum balance of 5,000.00 PHP earns 0.25% interest per year.

But the best thing about it is the free personal accident insurance that has coverage equal to 5 times the previous month’s ADB or up to a maximum of 500,000.00 PHP. If the situation arises, you can also avail of free medical reimbursements equal to 10% of the personal accident insurance coverage.

Here’s a list of savings account with life insurance.

Equicom’s Kiddie Builders Savings Account offers a 0.50% interest rate per annum for balances 1,000.00 PHP and up. Kids 0-13 years old, can open an account for just 500.00 PHP. Account-holders are entitled to free dental and medical benefits from Maxicare when the account balance reaches Php15,000.00

As kids grow, upgrade to Metrobank’s Fun Savers Club. For age 0 to below 17. Deposit 4,000 to earn an interest rate of 0.0625%. The rate is negligible, but it comes with a personal accident insurance worth 2x the average daily balance but not more than 1 million pesos, when the account monthly average daily balance is at least 4,000. In addition, it grants an educational trust benefits to the child in the event of the accidental death of the parent/guardian.

Security Bank’s All Access Checking Account is both a savings and checking account with free life insurance. It provides a passbook, checkbook and ATM card. Opening balance is 5,000 PHP, with maintaining a balance of 25,000 and needs at least 100,000 to earn an annual interest of 0.10%. Life insurance is 3x the ADB up to a maximum of 3M.

The bank also offer a tiered interest rate starting at 4.61% in their Peso Time Deposit account for deposits between 100,000 and 299,999, locked in for 7 years. Earn higher rates with higher deposits.

UCPB CheckStarter is a non interest-bearing checking account with a low initial deposit and maintaining balance of just 1,000 PHP. Checkbook will cost 250 pesos and the Debit Card additional 200 PHP.

Digital banks are the rave right now, as they offer more competitive interest rates of 2% and higher.

The CIMB Bank UpSave account offers a yearly base interest rate of 2.5% p.a. But, if growing the average daily balance by at least 1,000 PHP monthly, it goes up to 4%. This rate is promotional and time limited. Get the same extra rate, by maintaining at least 100,000 monthly up to a maximum of 200,000. Any amount higher than that, base rate kicks in. Plus, if you maintain an average daily balance of 5,000, the account comes with free life insurance with a coverage of 1x the balance up to a maximum of 250,000.

Tonik Bank, gives 4% on their Solo Stash and 4.5% for Group Stash. The Long Term deposit is giving out 6% with 6 months lock-in. These rates are not promotional.

Maya Bank offers interest rate of 6% using Goals with lock-in. You can transfer funds to CIMB and Tonik for free. SeaBank gives 5% interest on a daily basis, its like the deposit is compounded!

UnoBank and Go Tyme Bank are two more digital banks set to launch.

Here’s a little dirty secret, you can do bank transfers for free and even earn extra. ShopeePay offers free cash in via InstaPay and 25PHP cashback, for the first 2 transactions of the month.

Take note that PDIC insurance is only 500,000 per bank depositor.

Wise provides US bank details you can transfer to and from with cheaper fees and exchange rates. The exchange rate is real-time. You can use it to transfer funds to and from PayPal. It has a Jar feature where you can keep the money but it doesn’t earn interest. It also supports fast fund transfers to e-wallets like Maya and GCash.

Banks are not the only ones providing interest on deposits. Checkout Bitcoin and other crypto currencies.

The Philippine Peso actively fluctuates against the US Dollar and its very important to be updated of the latest exchange rate, especially if you are an OFW(Overseas Filipino Worker) or in my case a home-based Web Developer with overseas clients.

To know the latest rates, not just the USD/PHP but on other currencies, I use Google.Com. I bet you’re surprised, but Google is more than just a search page. Check out the current USD/PHP exchange rate.

How did I do that? Easy, search for “1 US Dollar = Philippine Peso” like you normally would. Google is smart enough to understand human language, try “1,000 Yen = Philippine Peso” for example.

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