The Best High-interest Deposit Accounts For 2015

Written by Marc Adrian

With the all the tips we’ve been giving you on how to spend wisely and save more money, your savings account should be brimming at the seams. Be it your emergency fund, money you plan to spend for your children’s future or simply a retirement fund, it’s not a good idea to leave that much cash in a savings account that earns you peanuts.

When your stash starts climbing to five to six figures, and you want to keep a portion of it aside for your contingency fund or just so you have access to it quickly, then it’s the perfect time to move it to a high-interest account.

We’ve narrowed down 8 of the highest yielding savings and checking accounts this year with added features you’d love as well, which for sure would earn the most out of your cash.

Peso Bonus Saver Account

Build your savings with a high interest savings account starting at Php 50,000, then increase your average balance by at least Php 5,000 per month for 12 consecutive months. Missing one month cuts the rate to 1.3%, and missing two consecutive months earns you the regular rate of 0.7%.

Why we love it: It has the highest starting interest among high-interest savings account and it’s not too difficult to hit the highest rate after one year of continuous deposits! (And free and unlimited withdrawals!) So if you have a minimum of P500,000 worth of deposits and investments with Citi, and looking for the best rate out there, then the Peso Bonus Saver Account is for you.

Premium Build Up Savings

Earn high interest with no lock in period. Access your funds 24/7 and manage your account anytime.

Why we love it: You don’t need six digits to hit the 1% interest rate per annum making Security Bank’s Premium Build Up Savings account one of the most accessible accounts on this list!

Bayani OFW Savings Account

The Bayani OFW Savings (“BOS”) account is an account intended to support the requirement and need of Overseas Filipino Workers (OFWs) for a special deposit product. It aims to facilitate and support OFWs in making preparations for their subsequent remittance from overseas since funds can be credited to the BOS account.

Why we love it: A high-interest account that needs very little to earn one of the highest interest rates in the Philippines. This is particularly useful for OFWs to help them save and build their wealth.

Advance Savings Account with Passbook

BPI Family’s Advance Savings account allows you to enjoy the interest of your deposit ahead of time. There’s no need to wait, you can reap the benefits of your account in advance every time you make a deposit.

Why we love it: It has a high interest rate given you’re able to meet the deposit requirements. If you want somewhere to leave a chunk of your wealth without having to worry about tiered and bonus rates while still earning big, then this account is for you.

eSaver

eSaver earn up to 1.10% interest with zero maintaining balances and no holding period. You can enjoy liquidity without sacrificing high rates with a minimum deposit of P1. You can open a Standard Chartered Bank regular checking account and transfer funds from eSaver through Online Banking and enjoy unlimited ATM withdrawals and checkbook use.

Why we love it: The low daily balance makes this a very accessible account paired with the interest rate which is higher than the industry average (which is around 0.1% to 0.3%). You are certain every peso you deposit earns you big.

Flexi Hi-Rate

Enjoy the flexibility of a savings account with the high interest rates of a time deposit, with no restrictions on the number of withdrawals. Choose the most convenient ATM from which to access your funds anywhere nationwide. 24-hour International access to your deposit account. With Standard Chartered Bank’s Visa Electron card, you get worldwide instant access to cash, international shopping convenience, and online banking facility

Why we love it: One of the services banks clip in exchange for high interest rates are withdrawals. Lower withdrawals usually reward you with bonus rates to earn more. Standard Chartered’s Flexi Hi-Rate savings account gives you both — a high interest rate and unlimited withdrawals! This is perfect for those who know they’ll access their funds frequently.

Premier 1 Checking Account

Earn higher interest rates when you have fewer withdrawals per month. Get free personal accident insurance valued at 5 times the previous month’s ADB or up to Php 1,000,000. And you receive a free regional ATM card which you can use at any Maybank ATMs in Malaysia, Singapore and Brunei free of charge!

Why we love it: If you’re someone who travels across Southeast Asia on a regular basis, you can save and earn at the same time with Maybank’s Premier 1 Checking Account. Aside from the high interest rate you can get for meeting the required deposit amount you also get accident insurance and a regional ATM which lets you withdraw for free at Maybank branches across the region, saving you hundreds of pesos worth of ATM fees.

PSBank Premium Checking

PSBank’s Premium Checking is a 3-in-1 account that gives you all the comforts of a record book, ATM card and checkbook while enjoying higher yields than the regular savings account. Earn more as your balance increases with the tiered interest rate.

Why we love it: For those who are looking for a checking account, passbook and ATM rolled into one should consider PSBank’s Premium checking. You can have the convenience of all three accounts and earn high in the process!

*Note: Figures are correct as of October 7, 2015.

 

What are you waiting for? Start making your money work for you quicker (and harder!)

 

Don’t have a savings account yet? Compare rates and choose the best one from the bunch.