Which bank has the highest savings interest rate in the Philippines in 2026?

As of 2026, digital banks tend to offer the highest savings interest rates in the Philippines. Maya currently offers the highest promotional rate, while Tonik, GoTyme, and SeaBank offer competitive standard rates between 5%–6% p.a. Traditional banks like BDO, BPI, and Metrobank typically offer much lower rates of 0.10%–0.25% p.a. for regular savings accounts. Rates change frequently, so always verify directly with the bank.

What is a good savings interest rate in the Philippines?

A good savings interest rate in the Philippines is generally anything above 3% p.a. for a standard (non-promotional) rate. Traditional banks offer 0.10%–0.25% p.a., which barely keeps up with inflation. Digital banks offering 4%–6% p.a. are considered strong, especially if the rate is standard rather than promotional. For higher fixed returns, consider time deposits or Pag-IBIG MP2.

What is the best savings interest rate in the Philippines?

The best advertised savings rate can change depending on promotions, conditions, and bank updates. That is why it is better to compare both the headline rate and the actual account requirements instead of choosing based on percentage alone.

Are higher savings rates always better?

Not always. A higher rate may be promotional, conditional, or harder to maintain. It is important to compare access, stability, minimum balance requirements, and account conditions too.

What is the difference between a promo rate and a regular rate?

A promo rate is usually temporary or tied to conditions such as spending, balance tiers, or limited campaigns. A regular rate is typically more stable and easier to compare over time.

Do I need a minimum balance to earn interest?

That depends on the account. Some accounts require a maintaining or qualifying balance, while others are more flexible. Always check the product rules before opening the account.

Are savings interest rates taxed in the Philippines?

Savings interest is generally subject to withholding tax, so the actual return you receive may be lower than the gross advertised rate.

Should I choose a savings account or a time deposit?

A savings account is usually better if you want easier access to your funds. A time deposit may be better if you can lock in your money for a fixed term and are comfortable with lower liquidity.

Best Savings Accounts Philippines 2026

Q: What is a savings rate?

A savings rate (or savings interest rate) is the annual percentage a bank pays you for keeping money in a savings account. In the Philippines, rates are expressed as a percentage per annum (p.a.). For example, a 5% p.a. rate means you earn approximately ₱5,000 per year on a ₱100,000 balance. Advertised rates are usually gross — meaning the actual return is lower after the 20% withholding tax on interest income.

Compare savings account interest rates across Philippine banks for 2026. Find the highest interest savings accounts, check minimum balance requirements, and discover which bank offers the best savings rate for your needs — whether you prefer digital banks or traditional banks.

Updated April 16, 2026

What Is a Savings Rate?

A savings rate is the annual interest a bank pays you for keeping money in a savings account. In the Philippines, savings rates are expressed as a percentage per annum (p.a.) — for example, a 5% p.a. rate means you earn roughly ₱5,000 per year on a ₱100,000 deposit. Rates vary widely between banks: traditional banks typically offer 0.10%–0.25% p.a., while digital banks may offer 3%–6% p.a. or higher through promotional rates.

The table below compares savings interest rates from both traditional and digital banks in the Philippines so you can find the best savings account for your situation.

Highest Interest Rate Savings Accounts in the Philippines

These are not universal winners. They are starting points based on the highest advertised yield.

Maya

15.00%

per annum

Personal Savings

Promo rate · No min. balance

Tonik Bank

6.00%

per annum

Tonik Account

Standard rate · No min. balance

GoTyme

5.00%

per annum

Regular Savings

Standard rate · No min. balance

Savings Account Comparison Table

Compare savings account options using the factors that matter most in real use, not just the highest advertised yield.

Use this table to compare both the advertised return and the practical tradeoffs of each account. A higher rate may come with promo conditions, limited duration, or account requirements.

Bank	Product	Headline Rate	Promo or Standard	Min. Balance	Liquidity / Access	Best For	Notes
Maya	Personal Savings	15.00%	Promo	None	App-based transfers	Highest promo rate	Promo rate; subject to change. Formerly PayMaya.
Tonik Bank	Tonik Account	6.00%	Standard	None	App-based transfers		Main savings account with up to 6% interest p.a.
GoTyme	Regular Savings	5.00%	Standard	None	App + kiosk withdrawals	Low minimum balance	Joint venture of Gokongwei Group and Tyme Group.
SeaBank	Regular Savings	5.00%	Standard	None	App-based transfers	Everyday digital savings	Backed by Sea Group (Shopee). BSP-licensed digital bank.
Tonik Bank	Solo Stash	4.00%	Standard	None	App-based transfers		Individual stash savings account with 4% annual interest rate.
Tonik Bank	Group Stash	4.00%	Standard	None	App-based transfers		Group savings stash account. Interest rate not explicitly stated; implied same as Solo Stash based on page context.
CIMB	GSave / UpSave	3.50%	Standard	None	App + GCash integration	Low minimum balance	GCash partner bank. UpSave account offers higher rate.
ING Philippines	Savings Account	2.50%	Standard	None	App-based transfers	Parked short-term cash	Verify availability; ING has scaled back operations in some markets.
BDO	Regular Savings	0.25%	Standard	₱10,000	Branch + ATM + app	Traditional bank users	Largest bank in the Philippines by assets.
BPI	Regular Savings	0.25%	Standard	₱3,000	Branch + ATM + app	Traditional bank users	One of the oldest banks in the Philippines.
Metrobank	Regular Savings	0.25%	Standard	₱10,000	Branch + ATM + app	Traditional bank users	Major universal bank with nationwide coverage.

Rates, terms, and product details may change. Always verify the latest information directly with the bank before opening an account or moving funds.

Promo Rates vs Standard Rates

Some banks advertise high promotional yields that may depend on spending activity, time-limited offers, balance tiers, or other conditions. Others offer lower but simpler rates that are easier to understand and maintain.

If you want a simpler savings setup, do not compare headline rates alone. Check whether the rate is promotional, conditional, or more stable over time.

A promo rate may be useful if:

you are willing to track changing requirements
you actively use the bank's app or ecosystem
you are comfortable moving funds when promos change

A more standard rate may be better if:

you prefer a simpler long-term setup
you do not want to monitor promo mechanics often
you value consistency more than headline yield

Savings Interest Is Usually Shown Before Tax

Savings interest rates are often shown as gross rates. In the Philippines, interest income from deposit accounts is generally subject to withholding tax, which means your effective return may be lower than the advertised figure.

5.00%

gross rate

≈ 4.00%

after 20% withholding tax

6.00%

gross rate

≈ 4.80%

after 20% withholding tax

10.00%

gross rate

≈ 8.00%

after 20% withholding tax

Use gross rates for comparison, but keep after-tax return in mind when deciding where to park your money.

Digital Banks vs Traditional Banks

Digital banks may offer higher advertised savings rates, app-first convenience, and lower minimum balance requirements. Traditional banks may offer broader branch access, more familiar service models, and easier integration with existing accounts.

Digital banks may suit you if:

you want stronger headline savings rates
you are comfortable managing money through an app
you prefer quick account setup and digital transfers

Traditional banks may suit you if:

you value branch access and in-person service
you already keep your main accounts with a traditional bank
you want a more familiar savings setup

The better option depends on how you plan to use the account, not just which one advertises the highest rate.

How to Choose the Right Savings Account

The right account depends on how you plan to use the money. A strong savings rate matters, but it should be considered together with access, requirements, and account purpose.

Before choosing an account:

choose flexibility for emergency funds
compare stable rates versus temporary promos
check minimum balance rules
confirm BSP licensing and PDIC coverage
avoid chasing yield if the account is hard to use
match the product to your savings goal

If the money is for emergencies or everyday use, easy access may matter more than the highest possible yield. If the funds are parked for a short period, a stronger promotional rate may be worth considering if the conditions are manageable.

Savings Accounts with Low Maintaining Balance

Many digital banks in the Philippines now offer savings accounts with zero maintaining balance, making them accessible even for first-time savers. If you are looking for the cheapest savings account to open in the Philippines, digital banks like Maya, Tonik, GoTyme, and SeaBank all allow you to start with no minimum deposit and no maintaining balance requirement.

Traditional banks like BDO, BPI, and Metrobank typically require a maintaining balance of ₱2,000–₱10,000, with fees charged if your balance falls below. Check the comparison table above for the exact minimum balance for each bank.

Best Savings Account Options by Need

Start with the type of savings experience you want, not just the highest percentage.

Best for Highest Promo Rate

Best for users willing to track promo mechanics, qualifying conditions, and changing offers in exchange for a higher advertised yield.

Best for Everyday Digital Savings

Best for users who want a competitive savings rate with easy app-based access and fewer branch-related steps.

Best for Traditional Bank Users

Best for users who prefer established banks, branch access, or more familiar account structures.

Best for Low Minimum Balance

Best for users who want to start small, keep flexibility, or avoid maintaining a large balance.

Best for Parked Short-Term Cash

Best for users comparing where to place idle funds while keeping money relatively liquid.

How we compare savings accounts

PesoHub compares savings accounts using publicly available product information such as advertised interest rates, account type, minimum balance, access method, and notes about promo conditions. Rates and account details may change, so always verify the latest information with the bank directly.

Frequently Asked Questions

Related rates and guides

Time Deposit Rates

Digital Banks Comparison

Savings Goal Calculator

Rates Hub

Guides Hub

Source & Freshness

Source

Individual bank websites

Updated

April 16, 2026

Review cycle

Every 2 weeks

Interest rates shown are subject to change without prior notice. Rates are gross (before the 20% final withholding tax on interest income). Promotional rates may expire. Always verify the current rate directly with the bank before opening an account. This page is not affiliated with any bank listed.