If you’re looking for a traditional and reliable way of growing your money in the bank, you can place your money in a fixed deposit account (also referred to as time deposit).
It offers higher interest rates compared to a regular savings account. The bigger your deposit and the longer you keep your money in the bank, the higher your returns will be.
So whether you’re just a casual investor looking for the best available interest rates or simply want to start your long-term savings goals, you can choose from these options offered by the leading banks in the Philippines.
| Bank | Minimum Initial Deposit | Terms of Placement |
| BDO Peso Time Deposit | 1,000 PHP | 30, 60, 90, 180, 360 days |
| RCBC Time Deposit | 5,000 PHP | 30 days to 5 years |
| Chinabank Time Deposit | 5,000 PHP | 90, 180, 360 days |
| EastWest Time Deposit | 10,000 PHP | 30 days to 5 years |
| PSBank Time Deposit | 10,000 PHP | 30 days to 3 years |
| Metrobank Flexi-Ascend Time Deposit | 10,000 PHP | 1 month to 1 year |
| Maybank ADDvantage Flex Time Deposit | 50,000 PHP | 1 to 2 years |
| Security Bank Time Deposit | 100,000 PHP | 30 days to 7 years |
BDO Peso Time Deposit
You can make a short-term peso investment with BDO and enjoy high interests at a specified date in the future.
The minimum initial placement is only 1,000 PHP, and you can choose tenures of 30, 60, 90, 180, and 360 days.
Interest rates per annum can be viewed below (indicative only and may change without notice, so do confirm with your BDO branch before making your placements).
Metrobank
Metrobank’s Flexi-Ascend Time Deposit lets you enjoy short-term benefits and grow your money for the long-term by letting it roll over.
You can choose from 90, 180, or 360 days. Just sit back and relax while your money grows.
Should you wish to withdraw your money early, you either get 25% or 50% of the interest earned. This will depend on whether you make the withdrawal on the first-half or second-half of the term.
Time deposits in Metrobank are also available in foreign denominations.
EastWest Bank
Time deposits offer higher interest rates compared to regular savings accounts, as long as you keep the money in place for a specified period of maturity.
With EastWest Bank, you can choose from flexible terms of 30 days to 5 years, and 10,000 PHP is the minimum amount to book.
Check out the table of time deposit interest rates below for your reference. You can also contact any EastWest branch for the most updated rates.
As a 25th anniversary gift to existing clients, earn +0.5% on your new PHP time deposit placements and +0.25% on new USD time deposit placements.
This promo will run until March 16, 2020. It’s also open to new clients who will open a savings or checking account and enroll in EastWest Online Personal or EastWest Mobile.
A booking of at least 10,000 PHP is required in new PHP or USD Time Deposits. Find out more about this promo here.
Security Bank
The minimum placement for a Security Bank time deposit account is 100,000 PHP.
You can also choose from placement terms of 30, 60, 90, 180, or 360 days, or as long as 2 to 7 years. Check out the interest rates below.
RCBC
Thinking of placing your money in an RCBC Time Deposit? It’s another risk-free option for you that will give higher returns the longer you put your money with RCBC.
You can refer to this table below for their Peso time deposit rates.
RCBC also offers time deposits in USD, CAD, AUD.GBP, CHF, EUR, and JPY but in selected RCBC branches only.
Maybank
Maybank’s ADDvantage Flex Time Deposit helps you maximise your yield with a guaranteed base and increasing interest during placement.
Do note that interest rates may increase or decrease during the entire period of the placement, but it will not go lower than the rate given at the time of placement.
If you’re looking for the maximum yield in your investment, you may also consider the Maybank ADDvantage 5-Year Time Deposit.
It has a guaranteed fixed rate with a term of 5 years plus 1 day. The minimum placement is 50,000 PHP.
PSBank
For an initial placement of 10,000 PHP, you can put your money in a PSBank Time Deposit for 30, 60, or 90-day terms.
Apart from higher yields compared to a regular savings account, you have the option of an automatic roll-over of your placement when it matures.
You will also receive SMS reminders regarding your account maturity and enroll your account in PSBank Mobile and PSBank Online.
Here are the rates for the Peso Time Deposit for individual accounts:
You can also avail of the 5-Year Time Deposit for a minimum amount of 50,000 PHP for individual accounts. The rate is at 3.7500%.
Chinabank
This time deposit from Chinabank has an initial placement requirement of 5,000 PHP, and minimum tenor is 90 days.
Check out the corresponding interest rates below:
Other time deposit accounts available for you
| Bank | Minimum Initial Deposit | Terms of Placement |
| Land Bank Regular Time Deposit | 1,000 PHP | 30 to 360 days |
| China Bank Savings Easi-Earn Time Deposit | 5,000 PHP | 30, 60, 90 days |
| PNB Regular Time Deposit | 10,000 PHP | 30 to 360 days |
| BPI Regular Time Deposit | 50,000 PHP | 35, 63, 91, 182, 364 days |
| BPI Family Savings Bank Regular Time Deposit | 50,000 PHP | 35, 63, 91, 182, 364 days |
| UnionBank Peso Time Deposit | 50,000 PHP | 30 to 360 days |
How do you open a time deposit account?
Just like with opening a regular savings or checking account, proceed to the New Accounts section and choose your preferred time deposit product.
Fill out the necessary forms and present your valid IDs.
Once you deposit the required amount for your time deposit, you will be issued your Certificate of Time Deposit.
Conclusion
A time deposit is recommended for people who want higher interest rates compared to regular savings accounts and want to grow their money in a quick and safe way.
It’s perfect for people who have long-term savings goals. The bigger your placement and the longer you keep your money in your time deposit, the higher the returns will be.
But the great thing about time deposits is that you can still access your money in emergencies.
There will be charges if you withdraw your money before the holding period is over, of course. But the amount will not break the bank.
The time deposits mentioned above fit anyone’s budget, so you can have a time deposit account for as low as 1,000 PHP.
Terms are also flexible, and your money is insured for up to 500,000 PHP.
You also have the freedom to place your funds in just one time deposit or in several others.
If you’re not inclined to take on risky investments, a time deposit will work for you. So which time deposit product/s are you most likely to get? Let us know in the comments!