A savings account is an essential tool for building financial resilience and creating a secure future. People typically open savings account with the intention of working toward important goals or preparing for unexpected situations. But with the growing number of financial institutions offering a range of savings products today, many individuals are left with the question: Which bank is best for savings account in Philippines?
From traditional financial institutions to digital banks, choosing the best bank for savings account can become overwhelming, especially for individuals who are unfamiliar with what to look for. That said, the decision often boils down to determining how well a bank’s products and services align with your lifestyle, goals, preferences, and financial habits. A fully digital bank like Maya, the #1 digital bank in the Philippines, for example, may be suited to modern Filipinos who value convenience and accessibility. Whether you’re just starting your savings journey or simply looking for a savings bank account that provides greater opportunities for growing your hard-earned money, Maya’s savings offerings can be a practical choice.
To guide you in making an informed decision and help you answer the question of what is the best bank for savings, here are some key criteria to evaluate before choosing where to save.
Bank Legitimacy and Deposit Protection
Beyond having competitive account features, the best bank in the Philippines for savings is one that is fully legitimate and duly authorized to operate in the country. You can check a financial institution’s status through official resources rather than relying random information on the internet. Because Maya is a Bangko Sentral ng Pilipinas (BSP)-supervised financial institution (BSFI), you have reassurance that the bank adheres to the BSP’s strict financial, operational, and security standards.
Deposit insurance is another critical consideration when choosing a suitable bank for savings. This type of insurance provides protection when an insured bank closes, subject to its coverage rules. That said, it shouldn’t be confused with protection against every financial loss, including scams or unauthorized transactions. Eligible deposits in the country are currently insured up to PHP 1 million per depositor, per bank. This policy applies to BSFIs that are members of the Philippine Deposit Insurance Corporation (PDIC), which include Maya.
Interest Rates and Conditions for Earning Them
Interest allows your savings to earn additional money while remaining in the account. It’s a key consideration for selecting the best bank account for savings Philippines consumers can grow their money with because it directly affects how much their deposits can earn over time. When comparing interest rates, determine the rate you can realistically earn, rather than simply looking at the largest number in an advertisement.
Maya Savings not only offers a competitive base interest rate but also provides opportunities for greater earnings. Your Maya Savings account starts with a base interest rate of 3% p.a., which can be further boosted to 15% p.a.* if you actively use Maya services for everyday transactions. Activities like buying mobile load, paying bills, completing QR Ph transactions, using Maya Easy Credit, using a Maya Card, or paying with Maya online can help unlock higher interest tiers on balances of up to PHP 100,000. The more you use these services, the higher your potential earnings.
You can also open separate Maya Personal Goals accounts for different targets, whether that’s a new gadget, a dream vacation, or a special occasion. Each Maya Personal Goals account earns tiered interest rates that start at 4% p.a. for the first PHP 20,000 and then gradually increase up to 8% p.a. for amounts between PHP 80,000 and PHP 100,000.
For bigger, longer-term goals like buying a new car or saving up for a home down payment, you can set up individual Maya Time Deposit Plus accounts. All Maya Time Deposit Plus accounts start with a guaranteed 3% p.a. interest rate that you can boost up to 5.5% p.a. when you reach your target amount and date. You gain predictable returns of 5% p.a., 5.5% p.a., or 5.25% p.a. for the 3-, 6-, or 12-month term, respectively.
Minimum Balance Requirements and Account Fees
A suitable savings account should remain manageable even when your balance is modest. Start by distinguishing the opening deposit from the maintaining balance. The opening deposit refers to the amount needed to establish the account, while the maintaining balance is the amount you must keep under the account’s conditions. There may also be a separate minimum balance required to earn interest.
Also, look into whether the bank charges other fees, such as below-maintaining-balance fee, closure charges, or dormancy fees. Maya Savings, for one, comes with zero or waived fees for standard maintenance, account opening, and fund transfers to Maya accounts, with no minimum balance required, making it a strong option for customers who want to grow their money without worrying about additional charges.
Digital Banking Features and Reliability
The best bank account for savings should make everyday account management straightforward. Digital banking apps that offer clear balance information and transaction records allow you to confirm deposits without unnecessary steps. Being able to review past activity helps you check whether transfers arrived and monitor your progress toward a savings target. Consider whether the app makes it easy to distinguish money reserved for savings from money available for daily spending. If you regularly need account statements, check how to obtain them and whether the available format meets your needs.
As the country’s leading digital bank Maya provides the convenience and accessibility today’s consumers regularly rely on. With your Maya app, you can access your account 24/7, as long as you have an internet connection. This round-the-clock access lets you check your balances, transfer money, pay bills, track your spending, or perform other banking tasks anytime, anywhere. Also, within the app, you can easily organize and categorize your savings with Maya Personal Goals and Maya Time Deposit Plus. With the Maya app’s practical features and reliable accessibility, managing your savings becomes more convenient.
Account Security and Fraud Support
Security should influence your choice of bank from the beginning. Review the safeguards provided for account access and fraud mitigation. Additionally, check whether you can adjust transaction limits or temporarily block a linked card where those options are offered. Your own habits matter too. Use a strong password and protect the device associated with the account. Never share a one-time password with someone claiming to provide assistance and always verify communications through the bank’s official channels.
Maya leverages advanced cybersecurity tools that help ensure your savings are always protected. Using AI-driven technology, these tools assess and flag suspicious activities in real time, mitigating both known and emerging cyber threats. Furthermore, in-app security features, including face and fingerprint biometric identification for authentication, one-time passwords (OTPs) for transactions, and real-time transaction updates let you know if your account is being accessed elsewhere. You can also immediately freeze your accounts through the app if a suspicious transaction occurs. For any account concerns, you can reach out to Maya’s 24/7 in-app support chatbot, send a message to the Maya Support Chat, or call the Maya hotline.
Account Opening Requirements and Eligibility
An appealing savings product is only useful if you qualify for it and can complete its application requirements. When considering your options, check the minimum age and residency conditions. Review the accepted identification documents, since not every bank accepts the same forms of ID through every application channel. Requirements can vary by product, so follow the instructions for the specific account you intend to open. Consider the application process as well. A bank that offers online account opening can be a convenient choice for individuals who prefer to complete their application without having to visit a branch.
Opening a bank account with Maya is as easy as it gets. Start by downloading the app and registering for a Maya account. To qualify for Maya Savings, verify your identity and upgrade your account with just 1 valid ID and by providing the required information. With your upgraded Maya account, you finally have access to Maya Savings and Maya’s other savings products. By simplifying the application process, Maya lowers the barriers to banking, making it the best bank to open savings account for students in Philippines as well as for other unbanked and underbanked sectors in the country.
The best bank for savings should offer more than just an appealing interest rate. Importantly, it should provide the convenience, flexibility, and accessibility that support consistent savings progress and make financial management easier. Moreover, it should offer a level of security that allows you to grow your money with confidence and peace of mind. By carefully evaluating the legitimacy, features, fees, and requirements of each banking option, you can find a reliable savings partner that helps you get closer to your goals and build a secure future.
*Bonus interest applies to deposit balances of up to PHP 100,000.