Bank of the Philippine Islands (BPI) offers the lowest initial deposit available with their Jumpstart savings account. You can start saving with as low as P100. However, to earn 0.250% per annum, you have to maintain at least P2,000 on your account.
With BDO, you can have ATM savings account for the
initial deposit of P2,000 which could earn the usual 0.250% per annum.
Among the banks in the list, PNB could be the least interest earner of only 0.100% per annum out of the P10,000 required balance.
Landbank, on the other hand, offers 0.250% out of the lowest required balance of only P500 for the regular savings account.
Planters Bank could give you double the usual interest rate at 0.50% per annum with any of their savings accounts.
At Metrobank, they require P10,000 initial deposit for savings passbook account. For ATM account, you can initially deposit P2,000. Both with earnings of the norm 0.250% per annum.
For P500, you could earn 0.250% with RCBC ATM savings account. If you want a passbook savings account, you may need to have P25,000 for the initial deposit.
Among the banks above, Chinabank has the least required initial deposit, maintaining balance and required balance for your money to earn the biggest interest rate of 0.750% per annum for ATM savings account and 0.50% for easi-save with passbook. For easi-save basic, you only need P100, no maintaining balance and your P1,000 could already earn 0.50% per annum.
We hope that this article could help you decide where to put your money and start saving may it be for your future or you are saving it for something else. Saving for the future is a good virtue.
*You can verify the rates and savings packages at the bank branches near you.