Searching for Good Bank to save money
By syoti20
@syoti20 (5292)
Philippines
February 23, 2011 6:05pm CST
My brother and I planning to save up money for our future plans together with our mom. We are scouting for Banks that gives interest when depositing a money. We have experienced this when we are open an account in Rural Bank when we are still in province.
But since we are already here in Manila - Las Pinas. We don't know where we could possible find one that Banks who are offering interest when depositing.
Is there someone here mylot who are in Manila - Las Pinas could help us in our problem.
1 person likes this
10 responses
@Ingkingderders (3832)
• Philippines
24 Feb 11
All the banks now offer interest in their deposit plans. although I must say, the interest in deposit accounts is quite minimal, and it's really not material.. if you really want to earn interest through deposit, I think BPI Family bank has a higher rate since it caters to more individual accounts.. You might also want to check out other deposit accounts that have a higher interest rate, but also needs a higher minimum deposit.. Check out maxisaver product of BPI. You can check this all out at their site -- www.bpiexpressonline.com
By the way, I can only give you details regarding BPI / BFB, because I am an employee there.. hehehe. Not sure about other banks, I think the data would also be available in their websites, you just check it out and then compare notes.
@Ingkingderders (3832)
• Philippines
27 Feb 11
Hi! sorry for the late reply.. I'm not really sure how it works, you can the personnel in the branch if you want the complete details..as far as I know, they give you additional interest income from your savings if you don't do any withdrawal from your account. I myself have just opened a maxisaver account last month.. hopefully my interest credit will be this march.
@syoti20 (5292)
• Philippines
25 Feb 11
I was checking BPI at this very moment. And I saw this phrase " With 1% BONUS p.a. if no withdrawal within a month" under Maxi-Saver4 Savings with ATM. I was wondering if you could explain further how this will apply or take effect. I can consider the bracket of 50,000 - 299,999 - 1.375%
Please explain further.
1 person likes this
@annateresa (107)
• Philippines
24 Feb 11
Yes, we are in the same place (Las Piñas). All existing banks in the Philippines are giving interest of our deposits (time deposits, savings acct deposits, etc.) savings bank, commercial bank even the rural bank is giving interest. Me, I'm not shopping for a higher interest, what I'm looking for is a convenient place, near my residence area and a better service of the bank personnels, that's what I'm looking for. We have a lot of bank in Las Piñas, in the mall, every corner has a bank. I'm happy that you have a lot of money and you are looking for a good bank.
@kun2349 (23381)
• Singapore
28 Feb 11
Dun most banks offer interest while one deposit their money with it?? haha =D I find it surprising because all the banks in singapore do offer interest, only difference is that, how high is the interest being offered.. haha =D Maybe u should look for overseas bank over there, because it allows high earning interest, though minimum deposit might be much higher than local banks too.. haha
@kingparker (9673)
• United States
8 Mar 11
Sorry, if you are in the United States, I can recommend some online banks that would give a higher interest rate than those giant mega banks though. So, since you are living somewhere else, I couldn't advise you anything else.
@rameshchow (4426)
• India
25 Feb 11
I am from india, so i don't know the banks in manila.
I can provide how to choose a good bank to save money url:
http://www.ehow.com/how_14013_choose-bank.html
http://banking.about.com/od/savings/a/chooseabank.htm
And some banks list in manila;
http://www.mojopages.com/banks/manila/ar
@daydreamer2004007325 (393)
• Philippines
24 Feb 11
Hoping my limited knowledge could help...
When it comes to saving money, bank deposit is not that bad. Problem is, there is this thing called "inflation" meaning your 100 pesos now would cost less in a few years. Bank deposit rates do not beat inflation, this implies that you are virtually losing money by just depositing to banks. While these banks make more money by lending your deposit to loaners you are virtually losing money due to inflation. The best thing to do would be to invest this money in either a business or mutual funds. The only problem with these is that there is no security in them. There are no risk investments that give small returns and high risk investments that give high returns. But as for the opening topic, perhaps the best bank would be BDO since they are also open in weekends. If you are looking for the highest rate(this still doesnt beat inflation) I have heard somewhere that Citibank gives a pretty generous rate but the maintaining balance would have to be 100k pesos.
@staria (2780)
• Philippines
24 Feb 11
I am not from that area, but I am w/ BPI and I think their service is okay. They do put interest in your money (all banks do, IMO). Maintaining balance for ATM accounts is P3000. And they also offer a save up account along w/ your regular ATM account for only P1000 maintaining balance. I also utilize their online banking w/c is very helpful because I can pay my bills online, no waiting and no falling in line.
@hemlockspruce25 (501)
• Philippines
24 Feb 11
For me, Bangko de Oro is a great bank. Don't know about other banks but it's nice because it's open until 5 when the others are already closed on 3 o'clock. It is also open on Saturdays and in the mall it's open until Sunday. It's very convenient. Also love the interest on my savings.. :)