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Review the eligibility criteria before deciding to deposit. Select a deposit that aligns with your preferences and needs.
Complete a deposit application form. Make sure to provide accurate and up-to-date information.
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During times of economic uncertainty, in addition to monthly income from salary and work, many people often seek for additional avenues to increase their income. One of them is term deposit, a type of savings that many Fillippinos trust and choose. Term deposits have higher interest rates compared to standard savings accounts, helping depositors optimize profits on their idle money. Let's learn about this type of savings, as well as which banks have the best interest rates for savings deposits for people to choose from.
Savings deposits, also known as term deposits, are a type of finance offered by banks that caters to savers and investors alike. This is a type of savings where you deposit a fixed amount of money into a bank account for a specified duration, ranging from several months to a year or more. During the deposit period, the bank will pay you based on the fixed interest rate of the deposit.
Term deposits are considered as low-risk savings and investment options. Compared to stocks and investment funds, term deposits guarantee you will receive interest upon completion of the deposit period. Additionally, in the Philippines, term deposits enjoy an added layer of security as being guaranteed by the Philippine Deposit Insurance Corporation (PDIC) that their savings are insured up to PHP 500,000, giving depositors peace of mind about their savings.
To discover a secure haven for your term deposit in the Philippines, you need to consider the interest rate factor. Each bank will have a different interest rate, depending on the deposit time as well as changes in the financial market. Below, we've curated a compilation of banks offering the most enticing deposit interest rates in the Philippines.
Security Bank: 3.69%
PBCom: 3.875%
EastWest: 4.2%
PSBank: 4.5%
Metrobank: 4.25%
To be called the top-tier bank bank for term deposits, a financial institution needs to meet criteria such as offering competitive interest rates, providing a diverse range of deposit term options and maintaining flexibility in terms of minimum deposit requirements. Below is a list of the best banks for you to consider when it comes to term deposits.
BPI
Term: 35, 63, 91, 182 and 365 days
Interest rate: 0.25% - 0.75%
Minimum placement amount: PHP 50,000
Metrobank
Term: One to 12 months
Interest rate: Up to 4.25% for online time deposit
Minimum placement amount: PHP 10,000
PBCom
Term: 30, 60, 90, 120, 180 and 360 days
Interest rate: 3% to 3.875%
Minimum placement amount: PHP 1,000 for regular time deposit; PHP 50,000 for sure earner time deposit
PSBank
Term: Below 30 days, 30, 60, 90, 180, 365 days to 5 years
Interest rate: 2.125% to 3.75%, or 4.5%
Minimum placement amount: PHP 10,000 for Peso time deposit; PHP 50,000 for Peso prime time deposit
RCBC
Term: 30 days to 5 years
Interest rate: 0.5% to 2.5%
Minimum placement amount: PHP 5,000 - PHP 100,000
Security Bank
Term: 30 days to 7 years
Interest rate: 2.92% to 4.19%
Minimum placement amount: PHP 100,000
finmerkado.ph is not a loan provider and does not issue loans from its own account. finmerkado..ph 's service helps to evaluate verified/trusted lenders in real time with diversified financial products, flexible repayment from 91 to 180 days with minimum APR interest rate of 0% and up to 427%. For example, you apply for PHP 20,000 and choose repayment over 6 months, your monthly payment will be only PHP 5,000 per month, your total cost of the loan will be PHP 2,383 per month (APR = 143%). finmerkado will not charge for using our service. The exact cost of each loan depends on the individual application. You will always receive complete accurate information about the APR and all fees before signing a loan agreement.
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