Compare Fixed-Rate Deposits in Philippines

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19 live offers compared from 15 providers, from ₱4.25. Updated daily.

What is a fixed-rate deposit in the Philippines?

A fixed-rate deposit, often called a time deposit or a term deposit, is a savings product where you lock a lump sum of pesos with a bank for a set period in exchange for a guaranteed interest rate. Unlike an ordinary savings account, you agree not to touch the money for the chosen term, which can range from 30 days to five years or longer. In return the bank pays a higher rate than a passbook account and confirms it in writing on your Certificate of Time Deposit. Filipino savers use them to park an emergency buffer, a house deposit, or retirement money where the return is predictable and the capital does not move with the stock market.

How the Philippine market works

Time deposits are offered by universal and commercial banks such as BDO Unibank, BPI, Metrobank and Security Bank, by thrift banks, and increasingly by digital banks like SeaBank, Maya Bank and UnionDigital that pay some of the highest advertised rates. Traditional banks quote tiered rates that rise with the amount and the term, and interest is subject to a 20% final withholding tax that the bank deducts automatically. Advertised rates in recent times have sat roughly between 4.25% and 5%-plus per annum for longer tenors, tracking the Bangko Sentral ng Pilipinas policy rate. Some banks also sell Long-Term Negotiable Certificates of Deposit (LTNCDs) with terms of five years and a day, which are tax-exempt if held to maturity.

Benefits

Guaranteed return — the rate is fixed the day you open the deposit, so you know exactly how much interest you will earn regardless of what happens to market rates afterwards.

Capital protection — your principal does not fluctuate; a time deposit is one of the safest peso instruments available to ordinary savers.

PDIC cover — deposits are insured by the Philippine Deposit Insurance Corporation up to ₱1,000,000 per depositor per bank, recently raised from ₱500,000.

Discipline — the lock-in discourages impulse spending, which suits people saving toward a specific goal such as tuition or a down payment.

Higher rates online — digital banks such as SeaBank and Maya Bank frequently beat brick-and-mortar rates because they carry lower overheads.

How to choose

Compare the net rate after the 20% withholding tax, not just the headline figure, and match the term to when you actually need the money since early withdrawal usually forfeits most or all of the interest. Check the minimum placement, which can be as low as ₱1,000 at a digital bank or ₱25,000 to ₱100,000 at a traditional bank for the best tiers. Decide whether you want interest paid monthly, at maturity, or rolled over automatically. Finally, confirm the bank is a PDIC member and keep your total per bank within the ₱1,000,000 insured ceiling by spreading larger sums across institutions.

Leading providers in the Philippines

BDO Unibank, BPI, Metrobank and Security Bank remain the mainstream choices for savers who value branch access and relationship banking. RCBC, PNB, UnionBank and CIMB Bank Philippines round out the commercial and digital offering, with CIMB and SeaBank often near the top of the rate tables. Among the pure digital banks, SeaBank and Maya Bank have drawn attention with promotional time-deposit and high-yield savings rates, while UnionDigital and Tonik also compete on yield. Government-owned Landbank and DBP are options for savers who prefer a state bank.

What it costs

There is no purchase fee to open a time deposit, but the economics turn on tax and penalties. Interest earned is reduced by the 20% final withholding tax deducted at source. Breaking the deposit before maturity typically means you lose the agreed rate and may earn only the regular savings rate, or nothing, on the funds withdrawn early. Minimum placements range from around ₱1,000 at digital banks to ₱50,000 or more for premium tiers at large banks. Longer tenors and larger balances earn the best rates, so a five-year LTNCD held to maturity can outperform a rolling 30-day deposit both on rate and on tax treatment.

Protections and regulation

Banks offering time deposits are supervised by the Bangko Sentral ng Pilipinas, which sets prudential standards and consumer-protection rules. Deposits are insured by the PDIC up to ₱1,000,000 per depositor per bank, so even if an institution fails your insured balance is repaid. Digital banks such as SeaBank, Maya Bank and UnionDigital hold full BSP digital banking licences and are covered by PDIC on the same terms as traditional banks. Always transact through official banking apps or branches and keep your Certificate of Time Deposit as proof of the placement.

Common questions

Can I withdraw early? Yes, but you will usually forfeit the agreed interest and may pay a small penalty, so only commit money you can leave untouched. Is the interest taxed? Yes, a 20% final withholding tax is deducted automatically, though LTNCDs held for the full five years and a day are exempt. Are digital-bank deposits safe? Those with a BSP licence and PDIC membership carry the same ₱1,000,000 insurance as any bank. How much do I need to start? As little as ₱1,000 at some digital banks, though the best rate tiers reward larger placements.

Fixed-Rate Deposits in Philippines — FAQ