If you’re not satisfied with the interest rates you’re getting from your savings account, you may want to explore interest rates from time deposits. We have already compared BDO and Maybank’s time deposit promotions and rates.
Whether you’re a short-term or long-term investor and wouldn’t mind holding off your money for a year or so, check out what China Bank Time Deposits have to offer:
| Product | Minimum Initial Placement | Terms of Placement | Withholding Tax on Interest Earned |
| Regular Time Deposit | P5,000 | 90, 180, 360 days | 20% |
| Diamond Savings Account | P50,000 | 1, 2, 3, 6 months, and 1 year | 20% |
| MoneyLift Plus | P50,000 | 5 years and 1 day | 0%
(applicable only to no pre-termination) |
China Bank has three types of peso time deposit accounts which offer different terms of placements, allowing you to compare rates and initial placement amounts.
The longer you hold your money in a time deposit account, the higher the interest rates you earn.
You’ll also have a certificate of your time deposit as proof of ownership.
But if you withdraw your money before the maturity date, the total amount is subject to a pre-termination fee on top of the 20% withholding tax.
The 5-year time deposit, however, is exempted from this 20% withholding tax if you hold it until the maturity date.
Note: Rates and placements as of 20 February 2020
What are the key features of the China Bank Regular Peso Time Deposit?
With the China Bank Regular Peso Time Deposit, you can start for as low as P5,000.
If you’re into short-term peso investments and would like to earn higher interest rates with low risks, you can choose from 90, 180, and 360 days.
You’ll also have a certificate of your time deposit as proof of ownership.
Keep in mind that if you open this type of account, you have the option to automatically roll over your principal and interest at the maturity date.
The placement is also subject to documentary stamps tax (P 1.50 for every P 200 multiplied by the term, divided by 365 days).
Here are the interest rates per annum. You can visit your nearest China Bank branch for the most updated rates and information.
| Amount | 90 Days | 180 days | 360 days |
| P5,000 – P49,999 | 0.700% | 0.825% | 0.950% |
| P50,000 – P299,000 | 0.825% | 0.950% | 1.075% |
| P300,000 – P499,999 | 0.950% | 1.075% | 1.200% |
| P500,000 – P999,999 | 1.075% | 1.200% | 1.325% |
| P1,000,000 – P4,999,999 | 1.575% | 1.700% | 1.825% |
| P5,000,000 & up | 1.700% | 1.825% | 1.950% |
What are the key features of the China Bank Diamond Savings Account?
It’s a term savings account but offers higher interest rates if you hold off your money for 1 month to 1 year.
It comes with a passbook instead of a certificate of time deposit. You can choose from 1-month, 2-month, 3-month, 6-month, and 1-year holding periods.
Just like the Regular Peso Time Deposit, you also have the option to automatically roll over your principal and interest at the maturity date.
The placement is also subject to documentary stamps tax (P1.50 for every P200 multiplied by the term, divided by 365 days).
Here are interest rates per annum. Visit your nearest China Bank branch for the updated rates and information.
What are the key features of the China Bank MoneyLift Plus Account?
Now if you don’t mind holding your money off for 5 years and 1 day, the MoneyLife Plus is a good option for you.
This is a long-term peso investment that offers tax-free interest earnings if you maintain your funds for a 5-year term period.
However, if you withdraw your money before its maturity date, it’s subject to withholding tax rates:
| Remaining Term | Withholding Tax Rate |
| Less than 3 years | 20% |
| 3 years to less than 4 years | 12% |
| 4 years to less than 5 years | 5% |
| 5th year | 0% |
China Bank offers interest rates per annum based on the three months (3M) Bloomberg Valuation Service (BVAL) of the last business day of the preceding month minus an applicable spread.
The interest rates are updated every first business day of the month, and they are credited to your account automatically on a quarterly basis. For updated interest rates, it’s recommended to call or visit your nearest China Bank.
This is for long-term placement, so there’s a pre-termination penalty fee (50% of interest).
You’ll also have a certificate of your time deposit as proof of ownership.
China Bank Time Deposit Rates
China Bank time deposit rates range from 0.375% to 1.950%. For a placement of P50,000 with a holding period of 360 days, you can earn an interest rate of 1.075%.
Not bad for less than a year, which is higher than any regular China Bank peso savings account offers.
However, if you put a P50,000 initial placement in a Regular or Peso Classic Time Deposit with Maybank, the interest rate is 1.250% for a term of 91-359 days.
Maybank has a higher rate for the same tenure of up to 359 days.
Putting P50,000 at Eastwest Bank with a term of 360 days, the interest rate is 1.500% (as of 20 February 2020).
China Bank vs Maybank and other time deposit promo rates in the Philippines
China Bank time deposit rates are lower compared to time deposit rates of other banks such as Maybank and Eastwest Bank.
Let’s say you have P50,000 as placement for a short-term period of more than 350 days. Click the links to see the duration of the promo rates per bank. Keep in mind that the rates are subject to change.
| Bank | Placement of P50,000 | Period | Promotional Rate |
| China Bank | Regular Time Deposit | 360 days | 1.075% |
| RCBC Bank | Peso Time Deposit | 181-364 days | 2.000% |
| Security Bank | N/A minimum is P100,0000 | ||
| Eastwest Bank | Peso Time Deposit | 360 days | 1.500% |
| Maybank | Classic Time Deposit | 91-359 days | 1.250% |
| BPI Family Savings | Regular Time Deposit | 364 days | 1.125% |
| Bank of Philippine Islands | Regular Time Deposit | 364 days | 0.875% |
| UnionBank | Peso Time Deposit | 180 – 359 days | 0.825% |
| Metrobank | Regular Time Deposit | 6 months – 1 year | 0.750% |
| BDO | Regular Peso Time Deposit | 360 days | 0.750% |
| PSBank | Peso Time Deposit | 180 days – 1 year | 0.7500% |
| Landbank | Peso Time Deposit | 181 – 364 days | 0.6250% |
For peso time deposits ranging from 91 days to 12 months, RCBC Bank offers the highest rate at 2.000%. Their minimum placement is P50,000.
The same placement of P50,000 and tenure of over 350 days is lower in China Bank compared to putting it in RCBC, Eastwest Bank, Maybank, and BPI Family Savings.
But for as low as P10,000, you can enjoy a higher interest rate of 1.500% at Eastwest Bank.
BDO still offers one of the lowest time deposit placements in the market for just P1,000.
Whether it’s a P1,000, P5,000, or P50,000 investment, what matters is you start growing your funds while you’re able to work and save more.
China Bank time deposit vs China Bank regular savings account
With minimum risks and higher interest rates, time deposit accounts can be your starting point in growing your savings.
China Bank’s Regular Peso Savings Account offers 0.125% interest rate per annum, which is lower than BDO’s Regular Peso Savings Account’s 0.25%.
You may have some misgivings about putting all your funds in one China Bank Time Deposit, especially if there are better interest rates and more flexible terms being offered by other banks. But what do you think of China Bank’s Time Deposit products? Are you satisfied with the interest rates? Let us know in the comments!