Best Bank Accounts and Services

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. They also offer a Peso Time Deposit of up to 7 years with interest rate of 4.43% and for 1 month period, the interest is 3.15% for a minimum deposit of 3 million pesos.

Veteran’s Bank Long Term Deposit accounts needs to be checkout. Metrobank’s Online Time Deposit has 4.25% interest rate with 1 month duration and minimum of 1 million pesos. Welcome Bank headquartered in South Korea offers a Short Term Time Deposit account with 4.5% interest in 1 month and minimum of 5 million pesos deposit. Sterling Bank of Asia’s Prima Plus Time Deposit increases a minimum 1 million pesos by 5.5% in just 1 year. UnionBank affiliated, City Saving’s Floating Rate Time Deposit account is providing a floating interest rate based on the RRP(Reverse Repurchase Rate) set by the Bangko Sentral ng Pilipinas, plus an additional 0.25%. The RRP is being reviewed regularly, check it here. Currently the interest rate totaling 6.75% can be earned after 2 years with a minimum deposit of 250,000 PHP.

OwnBank is formerly known as Rural Bank of Cavite City. They have been operating for more than 60 years. Though it may look like they are a digital bank, they are not. Same as other banks, it is regulated by the BSP(Banko Sentral ng Pilipinas) and deposits are insured by PDIC(Philippine Deposit Insurance Corp.) for up to 500,000 PHP. They are offering 6% annual  interest rate in their Own It account. And dig this, a whooping 8% in their 7-day Time Deposit account, buy of course its a promo. Free bank transfers.

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

BPI’s Banko offers a TODO Savings with 5% interest rate for deposits between 5,000 upto 1 million pesos. It has free bank transfers.

SeaBank gives 4.5% interest on a daily basis with no lock-up. Its like the deposit is compounded! Also they give up to 15 free bank transfer per week.

Similarly, GoTyme Digital Bank’s savings account dishes 5% interest with no lock-up and no minimum limit. They offer 3 free bank transfers per week. Get a free ATM debit card instantly when signing up in one of their kiosks. When signing up using the app, you can collect the card in any of their kiosks. When you use it to shop in any Go Rewards partner stores, you earn 3x Go Rewards points. Deposit or withdraw for free via designated cashiers in Robinsons Supermarket, Robinsons Department Store or at select Robinsons Retail brands. You can also use your debit card for free withdrawals from any Robinsons Bank ATM.

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. Free bank transfers.

Maya Bank offers interest rate of 6% using Goals with lock-in. You can transfer funds to CIMB and Tonik for free. CIMB is offering a MaxSave Time Deposit account that gives 6, 6.5, and 7% for 6, 12 and 24 months term duration respectively. Minimum deposit is 10,000 and max of 1 Million PHP.

NetBank Mobile offers 4% for savings account and 5% for time deposit with 6 months term and 6% if 12 months. Time deposits have a minimum amount of 10,000 PHP. The good thing about it? Free bank transfers with no limits, for now.

UNO Digital Bank’s UNOready savings account provides 4.25% per annum for deposits between 5,000 and 5,000,000 PHP and 3.50% if below 5,000 PHP. It comes with free life insurance with coverage up to 50,000 PHP. UNOboost time deposit earns a steady interest of 6.50% with minimum of 3 months tenure up to 12 months. Meanwhile, UNOearn also gives out 6.50% interest but with longer terms of 12 and 24 months. Free bank transfers.

Union Digital Bank provides 3% interest on savings account below 5 million pesos and 4% if more than. Time deposits between 10,000 to 10 million pesos earns 6.25% with term of 90 days, 6.5% if 180 days and 6.75% for 1 year. PESONet bank transfers are free.

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.

Lemoneyd has compiled a list of digital banks and their offers, its regularly updated.

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. 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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