High-Yield Savings Accounts in the Philippines

October 17, 2020

Most of us are in the hunt for high-yield savings accounts.


And I cannot blame you.


Nowadays it’s important to maximize whatever money we have. And if we can get a decent interest rate from the money we save, that would be amazing.


The typical savings accounts in the Philippines only provide 0.125% to 0.50% interest. With the fees involved maintaining the account, talo ka pa kapag mawala ka lang sa minimum.


So the fact that there are high-yield savings accounts available out there is a blessing. And in today’s post I will be sharing a helpful list of savings account with higher yields than usual.


But first let’s talk about the basics.



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What is a high-yield savings account

A High-Yield Savings Account is a type of savings account that pays higher interest rate than what traditional savings accounts offer.


The difference is almost 20 to 25 times higher sometimes. Given the difference between the returns of high-yield savings account and the known average, your money will not be in stale.


Here’s a comparison between a high-yield savings account and normal savings account.


For example you want to save your Php 10,000 for a year. With a normal savings account of 0.125% yield your money at the end of one year will be 10,012.50. With a high-yield savings account that earns 2%, your money would have grow to Php 10,200.00.


What to put in your high-yield savings account?

High-Yield Savings Accounts have plenty of uses.


First, this can be a good place for your short-term saving goals. Short-term saving goals are things you want to achieve in the near future. The near future can mean less than a year to three years max.


Here are examples of short-term saving goals:

Saving up for a condo/house downpayment. Similarly this could mean saving up for a one month cash advance, one month security deposit for an apartment.


Saving up for a dream vacation. 2020 turned out to be a not so great year for travel but maybe in one to two years times you want to take a one-in-a-life vacation for yourself and/or your family. A high-yield savings account is a great way to hide your savings with.


Saving up to start investing. Sometimes we feel that our money is not enough to get started investing. It can be an intimidating topic especially for those who are only used to savings accounts. Putting your money on a high-yield savings account can be your first step tp investing. As you learn the basics, you can save up money for your initial investment.


Another use is for storing your emergency fund. An emergency fund is 3 to 6 months worth of your monthly expenses. This amount is intended for emergency purposes only such as job loss, medical emergency, unexpected home or car repairs, and/or death in the family.


Lastly is for opportunity fund. According to Get Rich Slowly, opportunity funds are money on hand to take advantage of unexpected opportunities. Joe of Retireby40, one of my favorite personal finance bloggers to read, says once in a while you’ll come across a good opportunity and you need money to take advantage of it.


That’s Opportunity Fund in a nutshell.


Sometimes life opens opportunities to us that can cost money. Opportunity like a seat sale to your dream destination, a presale house and lot within your budget, a new stock on its IPO stage or an even a new business idea.


There’s no really minimum or maximum amount to have in your opportunity fund.


As your finances improve, you can increase your opportunity fund as well. Opening more opportunities for you in return.




What to look for in a High-Yield Savings Account

If you are shopping for a high-yield savings account to open it’s important to compare your options. It’s not just about rates, everyone. You want to be think as well of the following:


Is the bank legit? Can you save money knowing you are not taking on any added risk? Conduct due diligence before you open an account.



Is the bank insured under the Philippine Deposit Insurance Corporation (PDIC)? PDIC is a government instrumentality created to insure the deposits of all banks. PDIC insures up to Php 500,000 per depositor. This protects you in case the bank fails.



Is your money easily available when you need it? Can you transfer fund to another account? Can you make withdrawal at any time? Can you make multiple deposits without incurring fees?


Required Initial Deposit

How much money do you need to successfully open an account? Is your money enough for it?


Minimum Balance Required to Earn Interest

How much money do you need to maintain in order to earn the higher interest rate? You want to make sure you are meeting the minimum threshold not just to earn the interest rate but also to not incur any fees.

High-Yield Savings Accounts in the Philippines

Now let’s list down the different high-yield savings accounts available in the Philippines. For this list I only included those with 1.25% interest rate and above. Note that I am not affiliated to any of th banks listed in this post. This is for information and educational purposes only.


CIMBBank UpSave

CIMBBank UpSave is the newest digital banking provider in the Philippines. They offer digital savings accounts and loans.


The CIMBBank UpSave Account is one of their flagship products which promises 3% per annum interest rate. Aside from higher interest rate, you also get free life insurance coverage of up to Php 1Million as long as your minimum average balance is Php 100,000. There is also no initial deposit required and no minimum maintaining balance required.


Interest RateInitial DepositMaintaining BalanceBalance to Earn Interest
3%Php 0.00Php 0.00Php 0.00

Currently, UpSave has an ongoing promo of 4% interest rate per annum until November 30. To qualify, account holders must have at least Php 100,000 on their UpSave accounts at the end of each month until November 30, 2020.


To know more, visit –


ING Philippines

ING Philippines is another digital banking solution that quickly grew following in the country. They introduced the cardless savings account. You can transact by simply downloading the app.


ING Save lest your earn more interest than any other local savings account. The current interest rate they offer is 2.5% per annum.


Interest RateInitial DepositMaintaining BalanceBalance to Earn Interest
2.5%Php 0.00Php 0.00Php 0.00

Same with CIMBBank, ING has an ongoing promo that let's you earn 4% interest rate per annum. 


To know more, visit –




Citibank Peso Bonus Saver Account

Citibank Peso Bonus Saver Account is a savings account that pays a base amount of 0.70% per annum and bonus interest rate should you make a minimum of Php 20,000 additional deposits month-on-month. The total interest rate you can earn after 12 consecutive months of saving money is up to 1.66%.


Unlike CIMB and ING, the way for you to earn higher interest in this high-yield savings account is a bit complicated and costly.


First you need a minimum initial deposit of Php 50,000. This initial deposit will earn 0.70% up front. When you increase your average balance consecutively by at least P20,000 per month, starting from month 2 to month 12, you qualify for the bonus interest rate.

Interest RateInitial DepositMaintaining BalanceBalance to Earn Interest
1.65%Php 50,000.00Php 50,000.00Increase your average balance consecutively by P20,000 monthly, or maintain an account balance of P5,000,000.

To know more, visit-


Security Bank eSecure Online

Now let’s move on to a more familiar bank, Security Bank. Security Bank eSecure Savings is a higher-earning savings account for existing Peso Casa clients. As I don’t have a Security Bank account I can only assume that the Peso Casa clients means existing Security Bank account holders.


The Security Bank eSecure Savings provides up to 1.2% interest rate per annum depending on how much your savings are. You can manage your accounts anywhere through Security Bank Online. You can also open up to 10 accounts to easily monitor the progress of each of you saving goals.


Security Bank follows a tiering same as below:

PHP 5,000 to PHP 49,999 – 0.25%

PHP 50,000 to PHP 99,999 – 1%

PHP 100,000 to PHP 999,999 – 1.10%

PHP 1,000,000 and above – 1.25%



To know more, visit –


Final Notes from SavingsPinay

The above are the only high-yield savings account I can find that promises above 1% interest rate per annum. If I missed one, please let me know. You can comment below or send me an email at


High-Yield Savings Accounts are crucial now more than ever. You don’t want your money to sit in the bank without any opportunity for it to accumulate some decent interest.


To wrap up this post allow me to share with you a great lesson I learned when it comes to saving money.


First, figure out your savings rate. How much of your income are you ready to set aside fro savings? Then, find out a vehicle whether it be a normal savings account, a high-yield savings account or an beginner investment vehicle where you can store it every single month.


When it comes to saving money, consistency matters so you can take advantage of compound interest in the long run.


I hope this post helps you.


Are you into high-yield savings account? Which account from the list interests you?

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Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at, a beauty and lifestyle blog for frugal Pinays and manages,, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at

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