As you may or may not know, interest rates are key to investment returns. When you have money tucked up in a savings account at a bank, you usually earn some interest on the account balance. At other times, interest rates are also applied when you take out a loan from the bank. In either likelihood, countless banks pay very little interest rates for savings accounts and very high-interest rates for loans. In fact, if you’re earning less than inflation, somewhere around 2%, with certain savings accounts, your money is actually losing its value.
This is both surprising and frustrating since we’re so used to earning more from a regular checking account. Since interest rates vary from one bank to another, we’re here to discuss the best way for you to navigate around bank interest rates for both savings and loan accounts. Take the time to read through this article and learn about which interest rate works best for you and where you can find these offers. Keeping an eye on your assets is vital, so you need a viable strategy for money matters like this.
Interest Rates on Savings Accounts
When you open a savings account in a financial institution or bank, you’ll find that there are different types of interest rates depending on the type of account you choose. For regular deposit accounts, the interest rates are usually on the lower side. For passbook accounts, it’s a tad higher than deposit accounts. Sometimes, banks offer a higher interest rate for accounts such as checking and corporate accounts. Interest on any type of savings account is paid by the bank to the depositor.
To put it simply, compound interest is earned based on the amount you deposit with the bank and your average daily balance. The most common interest rates in the Philippines for Savings Accounts are from 0.0625% to 2.5%. However, this is provided that you maintain your average daily balance. To earn an interest rate successfully, you must have your account in a stable and good standing condition.
General Summary of Bank Interest Rates for Corporate Saving Accounts
| Bank | Savings Interest Rate p.a. | Min. Deposit | Max. Deposit |
| RCBC Bank | 0.150% | 50,000 | 500,000 |
| GoTyme Bank | 5.00% | None | None |
| Tonik Bank | 1.00% – 6.00% | None | None |
| GCash (CIMB) | 2.6% – 4.00% | None | None |
| Maya Bank | 4.00% – 10.00% | None | 5,000,000.00 |
| Netbank | 4.00% | None | None |
| Uno Digital Bank | 4.25% | 5,000.00 | 5,000,000.00 |
| SeaBank | 5.00% | None | None |
| CIMB | 2.50% – 4.00% | None | None |
| Komo Bank | 6% | None | None |
| Security Bank | 0.10% | 5,000.00 | None |
| UnionBank | 00.10% | 100,000.00 | None |
| BPI | 0.0625% | 100,000.00 | None |
| BDO | 0.125% | 100,000.00 | None |
Introducing New Players in the Financial Industry
GoTyme Bank
One of the newest members in the banking industry, GoTyme is a multi-country digital bank by the Gokongwei Group. Access a whole new level of banking with GoTyme’s wide variety of services. You can open a savings account for free using their digital application and enjoy 5% interest per annum. Start a savings account with zero minimum deposit and no maximum deposit. With this bank’s new face, you can get loads of perks to get you started on your saving goals.
Tonik Bank
Tonik Bank is one of the financial technology companies revolutionizing the way money is saved throughout Southeast Asia. It is innovating the way Filipinos utilize digital banking systems by providing unbanked individuals with an equal opportunity to obtain the resources they need. Through savings, loans, and numerous tech-driven services, Tonik Bank is changing the DNA of finance.
Tonik Bank is among the financial institutions that offer the highest interest rates for savings accounts, from 1.00% to 6% interest rate per annum. Since this bank is fully-digital, you can increase your savings by using it more frequently for online payment transactions and top-ups. Save anywhere and anytime is a tagline for Tonik Bank because it allows you to conveniently store your money with zero minimum deposit.
This bank also offers an array of loan options, from quick loans, flex loans, big loans, and shop installments. One of the special features of their loan options is their quick approvals and low-interest rates. Enjoy zero hidden fees for life, a high chance to get your maximum loan amount and a secure and safe usage system. You can apply for a loan within minutes; no collaterals are needed. Quick loans have a fixed monthly interest rate of 7%. Discover the experience of using a fully-digital bank for savings or loans with Tonik Bank.
Netbank
Netbank is a financial institution that is more focused on empowering enterprises and companies across the country. More centered on serving the working population of individuals and companies combined, Netbank is motivated to provide an organized structure for mobile banking for employees, employers, and their clients. Netbank is accelerating Filipino Fintech through its solutions, such as Neobank wallets, payment channels, and fund loans. For savings accounts, you can earn as much as 5% per annum with zero minimum deposit and zero maximum deposit. The bank has also created a reliable system that helps new users manage the influx of their savings and the status of their loans.
Across the broad selection of solutions Nebank offers, their interest rates vary according to the amount of loan you intend to take. Company-centered solutions are also designed distinctly for different company sizes, budget amounts, and capabilities. All these factors are taken into consideration by the institution to ensure that the service they will be offering is designed according to the shape of your company and towards the same direction as your goals. Some of the perks you can enjoy from Netbank are their instant payment options and international payment systems.
Uno Digital Bank
UNO Digital Bank is a full-spectrum digital bank, the first in South East Asia. It is the first to elevate the banking system through simpler, more accessible, and improved solutions and security measures. UNO Digital Bank is committed to providing its clients with saving opportunities, transaction channels, borrowing options, and investment avenues. You can earn high-interest rates for your savings and pay low-interest rates for borrowed money with absolutely zero hidden fees.
This digital bank works conveniently with daily transactions from sending money, paying bills, and shopping online. You can elevate your savings through its 4.25% interest rate. You can also get free life insurance coverage of Php 50,000 and interest credited to your account on a daily. Say goodbye to transaction fees and over-the-counter cash-in fees when you use UNO Digital Bank. You can also open a time deposit account and earn a high-interest rate of 6.50%. Take your savings journey to the next level when you open an account with UNO Digital Bank.
UNO Digital Bank also offers loans up to Php 200,000.00. With UNO Digital Bank, you don’t need any collaterals, no guarantors, or other tedious loan requirements; everything begins with the basics. All you need to apply for a loan is to fill out their contact form, present a valid identification card, and take a selfie to confirm your identity.
SeaBank
Collaborating with one of the country’s largest eCommerce companies, SeaBank enables its users to experience a seamless mobile banking system anytime and anywhere. With SeaBank, you can earn as much as a 5% interest rate per annum credited daily. Open an account quickly with just one valid identification card, and enjoy no maintaining balance and lock-in period for life. Use your account to pay and transfer to different banks through InstaPay and PESONet channels with free weekly transactions.
CIMB Bank
CIMB Bank is a borrowing and savings-centered bank that helps its users gain more money through savings and obtain the best option for loans with low-interest rates. CIMB Bank identifies among the leading savings and loan banks in the country. When you join banking at CIMB, you’ll be part of the 6.5 million people who have already gained the trust of the financial institution.
With CIMB Bank, you can open a savings account with no minimum or maximum deposit and enjoy an interest of 2.6%. At CIMB Bank, you can open an account by accomplishing three steps. You can also enjoy the privileges of having life insurance coverage of up to Php 250,000.00 when you maintain a minimum average daily balance of Php 5,000.00. No extra fees, zero monthly premium, and no medical check-up required!
Getting loans at CIMB Bank can be applied digitally and can earn up to one million pesos within minutes. You can acquire a loan at CIMB Bank with a minimum amount of Php 30,000 to a maximum of Php 1,000,000.00. When you acquire a loan at CIMB Bank, you can get a tenure range of 12 to 60 months. Whether you need a personal loan or you need to borrow money for business, you can get instant disbursement of your approved amount.
Komo by EastWest Bank
Komo is an exclusive digital bank that helps its customers open an account through the convenience of their mobile devices and gadgets. This aids in providing their customers with an excellent spectrum of control over their accounts and enables them to pay bills and conduct transactions anywhere. Komo banking services is a product of EastWest Bank, one of the leading financial institutions in the Philippines.
At Komo, you can start saving and grow your money with interest up to 2.5% per annum. You can also avail of special services like insurance customized according to your preference. Buy load, pay bills, conduct fund transfers within the application, and use exclusive promotions offered to its users.
Big Banks and Institutions in the Financial Industry
RCBC DiskarTech
RCBC is one of the most trusted commercial banks in the country. You can enjoy a wide variety of services and accounts across countless branches throughout the archipelago. One of their most recently developed projects includes the RCBC DiskarTech service. This is an inclusive banking system that enables every Filipino to have access to financial services to build enterprises. The solution of RCBC’s DiskarTech program is anchored on providing innovative solutions for Filipino entrepreneurs who would like to expand their businesses.
The bank’s program is the country’s first multi-lingual financial inclusion service that was launched on the 1st of July 2020. With the digital wave monopolizing users’ daily transactions, RCBC’s DiskarTech service has earned global awards from acclaimed international organizations. For regular savings, you can open an account with Php 50,000 minimum deposit and a maximum deposit of 500,000, combined with a 0.150% interest rate. This interest rate is doubly special as it is the highest among most interest rates from banks and financial institutions in the country.
As for loans, you can apply for either a personal or corporate loan. Depending on the size of your loan from RCBC, you can visualize the range of interest rates from 0.15% to 6.88%. Looking at the bigger picture, bank interest rates are extremely dependent on your business size, industry, and existing records of credit and debit. All these factors will contribute to your application for a loan at RCBC or any bank and financial institution.
GCash Bank
Serving over 60 million customers across the country, GCash is moving faster and faster as each day goes by. Gcash is a crowd favorite among digital banking users. They offer all kinds of banking services, including savings and loans. Power up your savings with GSave, a digital account where you can secure your money to earn interest. GCash also partners with some of the country’s leading banks, including BPI and Maybank. Depending on which partner bank you choose, you can enjoy the benefits of earning interest from 2.6% to 4.00%.
GCash offers many services for individual bankers; however, they also offer services and financial products for MSMEs and Enterprises. Work with agile solutions such as their Ad and Voucher products, Disbursements, and loans. At GCash, you can borrow up to Php 120,000 in cash using GLoan. This safe and secure process is payable for up to 24 months and can easily be approved by the bank. With all these exciting features, you can also enjoy a low-interest rate of 1.59% per month.
Maya Bank
Maya Bank is a powerhouse for digital banking consumers and enterprises. With its new transformation, it has welcomed new services that aid in accommodating MSMEs through savings, credit, and loans. This fintech company uses end-to-end digital financing technology, which has been popular among Filipinos. With Maya Bank, you can level up your savings to enjoy up to 4.50% interest per annum. No minimum balance is required, and no hidden fees to worry about.
You can create an account with zero minimum deposit and a maximum amount of 5 million pesos. Use your Maya Bank wallet or deposit and transfer within the mobile app. Maya Bank also offers different loan products such as “Maya Credit” and “Maya Pay in 4.” For loans, you can pay as low as 3.99% of the service fee when using your Maya Credit. As for Maya Pay in 4, you can enjoy 0% interest and no hidden fees.
Security Bank
Whether you want to open an account for savings or you want to loan for your business, Security Bank lives up to its name. At Security Bank, you can open different types of accounts, from Peso, Dollar, and Chinese Yuan easily. Security Bank has received countless awards for its high-net-worth customers and has gained prestige after being awarded as one of the strongest banks in the country. Savings accounts at Security Bank give you up to 5% interest in savings.
Achieve your business goals faster when you take a loan with Security Bank. This bank offers competitive rates and fast approvals across all its loan options. With Security Bank, you can monitor the status of your loan through a mobile app, SMS, and online through its website. Take advantage of loaning from Php 10,000 to Php 2,000,000. Get flexible payment terms for up to 36 months with an annual interest rate of 0.10%.
UnionBank
A bank well known for its number of branches all over the country and its established brand, UnionBank is one of the go-to banks of Filipinos. Popular for its wide range of services for savings and online banking, you can open an account easily with UnionBank and enjoy exclusive discounts and promotions from its partner companies. Apart from their savings and regular solutions, you can also apply for a loan if you own a business belonging to the MSME ecosystem. UnionBank offers business loans as high as Php 1,000,000.00 with no collaterals needed and same-day approval.
At UnionBank, you can also discuss your financial business matters with their commercial finance professionals, who will guide you through taking out loans. Enjoy flexible payment terms throughout your loan journey. UnionBank offers a 5% interest rate with a minimum deposit of Php 100,000.00 for their corporate accounts. Feel free to exceed the minimum deposit, as there is no maximum deposit amount.
Bank of the Philippine Islands (BPI)
Known for its unparalleled history of bank security and range of services, BPI is a bank trusted by countless Filipinos, including companies of both private and public industries. Through the years, the bank has grown into creating more services to accommodate the needs of its customers. These include digital banking solutions, more flexible payment options, and various loan opportunities. To open a savings account at the Bank of the Philippine Islands (BPI), you can start with a minimum deposit of Php 5,000.00.
Corporations, enterprises, and individuals can also take advantage of their breathable loan opportunities. One of the bank’s solutions includes loans dedicated to SMEs. You can use their business loan with an interest rate of up to 0.625% per annum. The interest rates projected in this article are highly dependent on the size of your company and the bank’s evaluation of your business. Remember that there can be higher or lower interest rates for your business depending on how it is currently functioning. The bank personnel will evaluate all these factors and will provide you with an outlook on what type of loan suits your business best.
Banco de Oro (BDO)
Opening a savings account at BDO is simple; they find ways don’t they? One of their most popular services is their savings debit and passbook. Highlighting some of their services, when you open a passbook account with a minimum initial deposit of Php 5,000 and an average daily maintaining balance of Php 10,000, you can earn an interest of 0.0625% per annum. For corporate accounts, you can get as much as 0.125% interest with a minimum deposit of Php 100,000.
As for loans, BDO offers a broad range of loan options for different types of businesses. If you are part of the SME community, you can carry out a loan with BDO through their SME loan opportunities. Its benefits include funding options tailored specifically to your business. A few of their other loan options are Project Finance Loans, Term Loans, and Working Capital Loans.
The trick to making your money grow is to invest it. However, if you’re a business owner who is still navigating their way through the slopes of the funding cycle, you might find yourself confused. Bank interest rates are key in determining your savings and cash flow, whether in business or your personal life. This is because it determines how much income you will receive regarding how much investment or loan you’ve decided to take up. Bank interest rates can either make or break your savings and business as a whole, so you have to prioritize them over anything else before you begin your operations.
Bank interest rates can vary widely, and there’s no universal law that says all banks have to offer the same rate for any type of business. If you want more liquidity in your current savings account, whether it’s personal or business, then you have to consider a bank with a lower interest rate. However, if you are investing for the long-term proceeds or you intend to take out a loan for an investment property in your business, then take a higher interest rate. There will always be surprises and curveballs when it comes to how banks distribute their money, but we hope that this article will serve as a guide to help you prepare for your financial journey. Best of luck!
