- Choosing the best bank in the Philippines to save money will be significant in your financing decisions in the long run.
- There are different banks for different purposes and you must determine your goals before applying for one.
- Some of the top banks in the Philippines for savings accounts and time deposits.
- In terms of loans, Robocash is very much recommended because of its ease in usage and application.
Top Banks in the Philippines
We are not getting any younger. Sooner, later, or even right at this moment, we have to be knowledgeable about grown-up topics and integrate new practices in our lives. Financial assets are probably what will welcome you.
Today, we will focus on banks and their roles in our daily matters. To be more specific, we will concentrate on what are the best banks in the Philippines for savings and other purposes.
The Banking Sector in the Philippines
In a nutshell, the banking sector can be defined as a national economic section that is responsible for handling, managing, and monitoring the people’s assets. This may be in terms of investments, savings, deposits, withdrawals, etc.
The assets to be managed by the said sector are not limited to just money and other financial currencies. They may also involve real estate properties and others that have enough value to be used as insurance and/or guarantee.
During a financial crisis, the country’s bank sector will also be responsible for financing shortages and finding solutions on how they can be eradicated.
How to Choose the Best Bank for You
Now that we are already aware of the importance of the banking sector in the Philippines, we can move on to discussing the best savings account in the Philippines, along with time deposits, loans, and whatever you may need. Of course, you can sign up and register up to how many banking institutions you like, but having one or two as your major platforms can help you in organizing your assets.
Below are some criteria you can use as a reference in picking out the bank that will best suit your goals:
Terms entail the rates offered by a bank like the interest. This has both positive and negative denotations depending on the purpose. For example, if you are applying for a savings account, the higher the rates, the better. On the other hand, loans will be best if it has a low rate. This may also include payment terms and compensations.
Proximity or location should also be considered as you have to go back multiple times especially in the processing stage. Choose those banks that have branches available in your area so that travelling won’t be too much of a bother.
3. Presence and Availability
In addition to proximity, you should also look into the presence and availability of the bank in other platforms such as in telecommunication and online. Search for banks’ social media, desktop and mobile applications, etc., and take a look at their response rate if possible.
More often than not, the money will be involved in your transactions. This means that you have to look at an institution’s corporation to ensure that your assets are in good hands. Refrain from those banks that have histories in fraud, corruption, unethical matters, and others.
Each bank has its forte or the field that they most excel in. Once you determine your goals, you can search for banks that focus on the same so you and your partner institution will be on the same path. As such, if you prefer savings, you can simply look up “the best bank for savings account”, or “the best savings account in the Philippines”. For deposits, you can enter keywords like “the best bank in the Philippines for time deposits”. Running to search engines can be a good start.
All banks will require you for documentations before you can set up your account. This applies, although with different terms, no matter what your goal is. Even so, it is still best to opt for an institution that will not require you to have a two-page set of requirements as that will be too much work. Compare every list that you can access to come up with the most efficient one.
Basically, your decision will revolve around the factors stated above. All of these will play a big part in your experience as a bank consumer.
Best Banks for a Savings Account
A savings account is comparable to a regular money-saving method. What makes this beneficial in a bank, however, is the fact that it can earn annual interests which will add to your money’s value. This will be more beneficial to short-term needs, however, as it will serve more like parking for your cash.
Here are some of the best banks in the Philippines to open a savings account along with their interest rates:
- CIMB Philippines (Through GSave) – 4%
- Citibank Philippines – 1.66%
- Security Bank – 1% to 1.20%
- BDO Unibank – 0.75%
- RCBC – 0.56%
What makes savings accounts more distinct is the limit in withdrawals and its lack of integration with credit and debit cards. This is an essential account that you should have so you have a platform where you can safely store your money.
Best Banks for a Time Deposit
A time deposit account is quite similar to a savings account considering that you will also be storing your money for future withdrawals. This also earns a fixed interest. What makes this different, however, is that this cannot be withdrawn within a specific period.
Below are the best bank in the Philippines for a time deposit with the interest rates offered:
- City Savings Bank – 4%
- PBCOM – 2.50%
- Robinsons Bank – 2.50%
- Sterling Bank of Asia – 2.375%
- RCBC – 2.125%
Although not being able to withdraw whenever you want sounds like a disadvantage, this is an efficient account that you can use to restrict your access to your money. This will prevent you from unnecessary expenses that will reflect badly on your bank statement.
Top Banks in the Philippines 2020
There are hundreds, even thousands of banks in the Philippines but not all of them are eligible for providing you with your needs. To help you in making a decision, we have listed below the top 10 banks in the Philippines 2020.
1. BDO Unibank, Inc.
In terms of assets, Banco de Oro or BDO Unibank Inc. is the largest universal bank. Based on the December 2019 data, the assets gathered by this institution comes up to PHP 3,069,394.98. The bank was founded in 1968. Currently, they have 1,200 branches operating nationwide.
2. Metropolitan Bank & Tco
This is more commonly known as Metrobank. This is the second-largest bank with assets valued at PHP 1,788,686.32. The bank was founded in early 1962. This institution has managed to establish 950 branches within the country and 30 foreign ones.
3. Land Bank of the Philippines
Land Bank of the Philippines, or LBP, owns PHP 1,771,990.65 worth of assets. Established in 1963, they have 395 branches available for transactions in the whole country.
4. Bank of the Philippine Islands
Moving on, we have the Bank of the Philippine Islands, or simply BPI. Their assets total PHP 1,701,049.95. They are the very first bank in the country which was founded in 1851. At the present, they have more than 800 branches that are up and running for financing matters.
5. Philippine National Bank
Philippine National Bank is a government-owned banking sector with PHP 843,332.89 worth of assets. They started offering their services in 1916, and are currently equipped with 63 branches all over the Philippines.
6. Security Bank Corporation
This current banking institution is an independent bank. Security Bank Corp. has total assets of PHP 736,019.32. It was founded in 1951. Currently, they have 302 branches nationwide.
7. China Banking Corporation
China Banking Corporation, or Chinabank for short, has an asset value of PHP 727,706.14. The first branch was built in 1920, and in the present, a total of 620 branches are operating.
8. Development Bank of the Philippines
The asset value of DBP accounts for PHP 632,603.68. They were established in 1947, and are currently building their community through their 127 branches in the country.
9. Union Bank of the Philippines
The Union Bank of the Philippines, which was founded in 1968, has recorded its latest asset data that came up to PHP 567,696.64. They have 316 branches nationwide.
10. Rizal Commercial Banking Corporation
Lastly, we have Rizal Commercial Banking Corporation with an asset value of PHP 500,845.83. They have been around since 1960, and have been establishing their presence with their 500 branches as of the present.
What is the best bank in the Philippines? The banks above are the top banks in the Philippines as of 2020. They can be one of the best banks for savings accounts in the Philippines, for time deposits, investments, loans, etc. Conducting additional research can be a big help on your side.
Alternatives for Banks in terms of Personal Loan for Filipinos
There are common cases wherein your loan application may not be approved by the bank. This may be due to your social status, bad credit score, unreliable reputation, and a lot of other reasons that may not even make sense to the applicant.
If this is the case, then you can consider using Robocash. This is a more efficient and guaranteed process of application that won’t even require you to leave the comfort of your own home. Here, you don’t have to prepare your guarantors, various documentation, or even deposits. All you have to do is to go to their official site, create an account, enter the required information, and you’re all set.
Robocash also claims that you will be able to get a hold of your loan within 4 minutes of application. This is also integrated with flexible offers concerning payment terms, amount, and interest rates. Robocash acts just like a bank but it’s digital and more convenient.
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