Compare Savings Accounts in Philippines

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What is a savings account in the Philippines?

A savings account is a deposit account designed to hold money you don't need for day-to-day spending while earning interest on the balance. In the Philippines the market splits sharply between the passbook and ATM savings accounts offered by traditional banks such as BDO Unibank, BPI and PSBank, and the high-yield digital savings accounts from newer players like Maya Bank, Tonik, SeaBank, GoTyme Bank and CIMB Bank. Traditional accounts typically pay very little interest but come with branch access, cheque facilities and a familiar debit card; digital savings accounts pay far more and open in minutes from your phone. Both sit under the same regulatory umbrella, so the choice is largely about how much interest you want versus how much branch and cash service you need.

How the Philippine market works

Every institution offering peso savings deposits must hold a banking licence from the Bangko Sentral ng Pilipinas (BSP). Maya Bank, Tonik, GoTyme Bank, SeaBank and UnionDigital operate under BSP digital banking licences, which let them run entirely online without a branch network and pass the lower cost base back to depositors as higher rates. Money moves between banks and e-wallets in seconds through InstaPay for smaller real-time transfers and PESONet for larger batch transfers, both BSP-operated rails. This interoperability means a digital savings account can be funded instantly from GCash, Maya or a BDO or BPI account, so many Filipinos now keep their spending money in a traditional bank and park savings where the rate is highest.

Benefits

Higher promo rates on digital banks — where legacy passbook accounts pay around 0.1% a year, digital banks like Tonik and Maya Bank advertise headline rates reaching double digits on qualifying or promotional balances.

Low or zero maintaining balance — most digital savings accounts drop the maintaining balance entirely, so no dormancy penalty eats into small savings.

Instant funding and withdrawals — InstaPay lets you move money in and out in real time, so your savings stay liquid.

PDIC-insured — deposits are protected up to ₱1,000,000 per depositor per bank, giving the same safety net whether the bank is a branch giant or an app.

How to choose

Start by separating the headline promotional rate from the ongoing base rate — a bank may pay a high rate only on the first tier of your balance or only during a limited promo window, so read how the tiers work. Check whether the top rate needs conditions such as locking funds in a time deposit or maintaining a minimum. Confirm the maintaining balance and any dormancy fees. If you still rely on cash, weigh ATM access and withdrawal fees, since digital banks lean on partner ATMs. Finally, make sure the provider is a BSP-licensed bank and therefore PDIC-insured, rather than an unregulated investment scheme promising unrealistic returns.

Leading providers in the Philippines

Among digital banks, Maya Bank, Tonik, SeaBank, GoTyme Bank and CIMB Bank compete aggressively on interest and zero-maintaining-balance accounts, each opening fully through an app. On the traditional side, BDO Unibank and BPI dominate on branch and ATM footprint, while PSBank offers a mid-tier network with passbook and ATM options. Many savers combine the two: a BDO or BPI account for cash and payroll, and a Maya Bank, Tonik or SeaBank account for the interest. Rates and promotional terms change frequently, so compare current offers before moving a large balance.

What it costs

The most common cost is the maintaining balance — the amount you must keep to avoid a monthly below-balance fee. Traditional accounts often require several thousand pesos, while digital banks such as GoTyme Bank, Maya Bank and Tonik typically require nothing. Watch for dormancy fees if an account sits inactive for a long period, and for ATM withdrawal charges when you use another bank's machine or a partner network. Interest earned is subject to the standard 20% final withholding tax on peso deposits, deducted automatically. There are usually no fees to open or to receive InstaPay and PESONet transfers into a savings account, though sending may carry a small charge above certain amounts.

Protections and regulation

Savings deposits are regulated by the Bangko Sentral ng Pilipinas, which licenses every bank and sets rules on capital, conduct and consumer protection. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱1,000,000 per depositor per bank — a ceiling raised from the previous ₱500,000 — so even if a bank fails your covered balance is repaid. Digital banks carry the same PDIC coverage as branch banks because they hold full BSP banking licences. If you have more than ₱1,000,000, spreading it across separate banks keeps every peso within the insured limit.

Common questions

Are digital bank savings accounts safe? Yes, provided the bank holds a BSP licence, in which case deposits are PDIC-insured to ₱1,000,000. Do the double-digit rates apply to my whole balance? Often not — high rates may be tiered, promotional or require locking funds, so check the terms. Is interest taxed? Yes, a 20% final withholding tax is deducted from peso deposit interest. Can I move money out instantly? Yes, InstaPay supports real-time transfers to other banks and to GCash or Maya wallets. Do I need a maintaining balance? Many digital banks require none, while traditional passbook accounts usually do.

Savings Accounts in Philippines — FAQ