Looking to start saving money? Don’t stash your money anywhere else. Open a savings account online today! Check out our comparison of the best savings accounts in the Philippines below based on interest rates, minimum balance required, and transfer fees.

Online Savings Accounts FAQs

What is a savings account?

A savings account is a type of bank account that allows you to deposit money and withdraw funds. It is the ideal place to keep your savings, extra cash, or emergency funds because a savings account generates interest, which means your deposit grows the longer it stays in the bank.

You can choose to open an account for as low as ₱100 and maintain it with at least ₱1,000 balance. This is why savings accounts are usually the first bank accounts that Filipinos open because of their low initial deposit and maintaining balance requirement.

Am I eligible to open a bank account online?

Probably. You must meet the following eligibility criteria if you want to open a savings account online:

• At least 18 to 65 years old
• Filipino citizen or foreigner with local residence
• Active email address and mobile number
• Must have a stable internet connection
• Must have a computer or smartphone

What requirements do I need to open a savings account online?

The requirements for opening a bank account are usually the same when opening an account at your nearest bank. Traditional banks and digital banks usually require the following valid IDs:

• Passport
• Driver’s License
• UMID
• Postal ID
• SSS ID
• PRC ID
• TIN ID
• Voter ID

Here are the requirements needed from some of the best savings accounts in the Philippines:

BANK	REQUIREMENTS
	1 photo-bearing government-issued ID
	1 photo-bearing government-issued ID
	1 photo-bearing government-issued ID
	1 photo-bearing government-issued ID
	1 photo-bearing government-issued ID
	1 primary valid ID or 2 secondary valid IDs
	1 photo-bearing government-issued ID
	2 photo-bearing government-issued IDs

 

Why should I open a savings account?

You should open a savings account if you’re planning to save your money because you can simply grow your money just by keeping it in the bank through compound interest. The more frequently you deposit to your account, the more interest you earn with your regular savings. Always keep a maintaining balance to earn interest.

Why should I open a bank account online?

For convenience! Whether there’s a global health crisis or not, isn’t it great that you don’t need to go outside to start organizing your finances? Plus, you don’t need to wait for hours inside the bank for tellers to process your application. Opening a bank account online usually takes at least 10 minutes or less.

What is the difference between a current and savings account?

A current account, also known as a checking account, has similarities with a savings account. But their main difference is that a current account lets you make over-the-counter deposits and withdraw funds through issuing checks.

Also, savings accounts typically have higher interest rates than current accounts. This is why the former is ideal for saving money, while the latter is better for making financial transactions. 

How do I deposit money into my savings account?

Here are the various ways you can top up your savings account either online or over-the-counter: 

BANK	CASH-IN OPTIONS
	BPI Online UnionBank Online GCash 7-Eleven via CLiQQ kiosks Cebuana Lhuillier M Lhuillier SM Payments
	Online fund transfer Mobile wallets (GCash, PayMaya) 7-Eleven via CLiQQ kiosks Bayad Center outlets ECPay merchants H Lhuillier Pawnshop RD Pawnshop Tambunting Pawnshop eBiz
	Any banks or e-wallets that use InstaPay or PESONet Over-the-counter deposit at any EastWest Bank branch
	7-Eleven via CLiQQ kiosks Over-the-counter partner banks (via Dragonpay) such as BDO, BPI, Metrobank, Landbank, PNB, RCBC, Security Bank, Eastwest Bank, etc. Payment centers (via Dragonpay) such as SM Retail, Cebuana, LBC, Robinsons, ECPay, M. Lhuillier, etc. Online fund transfer (via Dragonpay)
	Any banks or e-wallets that use InstaPay or PESONet Over-the-counter deposit at any RCBC branch
	Any banks or e-wallets that use InstaPay or PESONet Over-the-counter deposit at any Security Bank branch
	Any banks or e-wallets that use InstaPay or PESONet Over-the-counter deposit at any BPI branch
	Any banks or e-wallets that use InstaPay or PESONet Over-the-counter deposit at any UnionBank branch

 

What is the best bank for savings?

If you’re looking to grow your savings, you have two options. You can choose to open a account with a traditional bank online using your computer. Or, you can open an account with a digital bank using your smartphone.

If you’re looking for a more trusted banking system, go with traditional banks. If you don’t mind trusting technology and you want a higher interest rate for your savings account, go with digital banks.

How do I open a savings account online with a traditional bank?

Currently, only the top banks in the Philippines are offering online bank account applications. Once you’re done comparing savings accounts, the process of opening an account online usually involves the following steps:

1. Fill up the bank application form online.
2. Prepare digital formats of your documents.
3. Submit your application to your preferred bank.
4. Wait for the bank to set up a video call to verify your identity.
5. After the interview, wait for at least five business days for your bank account.

What is digital banking?

Digital banking allows you to do all banking transactions with a few taps on your smartphone. Download the bank’s app, open a savings account, deposit money, and manage your account at the comfort of your home. By containing the entire banking process on a single app, digital banking aims to make banking more accessible than ever.

What are the advantages of digital banks?

• Digital Processing – no documents or forms to sign
• Paperless Transactions – no receipts, invoices, paper products
• 24/7 Customer Service – no banking hours, call anytime
• High-Interest Savings – save more money when banking online
• Mobile Deposit – just take a picture of your check
• Easy Banking – no hidden fees, just do your thing
• Secure Banking – prevent hackers from snooping around

How high are the interest rates of digital banks?

If you’re looking for the highest interest rate for a savings account in the Philippines, you should look at digital banks. Interest rates range from 2.5% to as high as 6% per annum, compared to traditional banks that only offer interest rates below 1% per annum.

How do I open a savings account with a digital bank?

The process for opening an account with digital banks is a lot easier. Just prepare your smartphone and make sure you have a stable internet connection to do the following steps:

1. Download the digital banking app of your choice. 
2. Set up your account by filling out the application form. 
3. Prepare to take pictures of your documents using your phone’s camera.
4. You’ll also need to take a selfie to confirm your identity.
5. Wait for at least five minutes for the digital bank to process your application.

Learn More About Savings Accounts in the Philippines:

 

Still can’t decide on the best savings account for you? Below are some guides to help you make the right decision.