If you are looking for the latest and updated time deposit rates in the Philippines per bank as of 2020, we have listed them here. Time deposits are very helpful to save more money and to earn higher interest rates compared to regular savings account.
If you love banking with the top and best banks in the Philippines like BDO, BPI, Metrobank, Landbank, Chinabank, UnionBank, EastWest Bank and other commercial banks, you must always be updated to the current and latest interest rates for your accounts. Some rural banks also offer these types of bank accounts.
Time Deposits include pesos and foreign currency like US dollar, Euro, Yen, Pounds and the like. We’re going to compile the foreign currencies in another page. Some accounts have their minimum holding period and minimum amounts requirements. You can choose to place your money on your account on 30, 60, 90, 180, 360 days.
No matter how busy we are, we must have extra time in managing our money by investing and saving so we can have abundant money in the future.
Time Deposit vs Savings Deposit Account
The differences and benefits of time deposit between a regular savings or deposit bank accounts are the interest rates and holding period. In savings, ATM, and deposit accounts, you can withdraw your money anytime while you cannot in time deposits until the maturity date you have chosen.
In case you really need to withdraw your funds before the maturity date, you’ll be charged with penalty fee. You can also renew or extend your maturity time, again if you want.
In a nutshell, the higher your deposit and the longer you keep them, the higher your money will earn.
Read more about Time Value of Money at “How to be a millionaire in the Philippines in 5 years.”
How to Open Time Deposit Account in the Philippines?
- Proceed to the New Account’s Section of the bank
- Select your Time Deposit Product
- Fill out bank account forms
- Submit a copy of your valid ID
- Fund your deposit account
- Claim your Certificate of Time Deposit
Time Deposit Rates in the Philippines in 2020:
Updated as of 2020, the following are the latest rates for time deposit in the country. Note that interests earned are subject to 20% Withholding Tax for regular TD accounts. Some banks allow tax exempt time deposits like those placed for longer period – 5 years and up. You better ask your bank if they allow such time deposit features.
We consider the list as the best time deposits in the Philippines too. Before your earnings computation, know the rates first for your account. All time deposits here are under PDIC with maximum 500,000 insurance for each depositor.
BDO (Banco de Oro) Time Deposit Rates
| Deposit | 30 Days | 60 Days | 90 Days | 180 Days | 360 Days |
|---|---|---|---|---|---|
| 1K to below 10K | 0.500% | 0.500% | 0.500% | 0.750% | 0.750% |
| 10K to below 50K | 0.500% | 0.500% | 0.500% | 0.750% | 0.750% |
| 50K to below 100K | 0.500% | 0.500% | 0.500% | 0.750% | 0.750% |
| 100K to below 200K | 0.500% | 0.500% | 0.500% | 0.750% | 0.750% |
| 200K to below 500K | 0.625% | 0.625% | 0.625% | 0.875% | 0.875% |
| 500K to below 1 Million | 0.625% | 0.625% | 0.625% | 0.875% | 0.875% |
| 1 Million to below 3 Million | 0.750% | 0.750% | 0.750% | 1.000% | 1.000% |
| 3 Million to below 5 Million | 0.750% | 0.750% | 0.750% | 1.000% | 1.000% |
| 5 Million to below 10 Million | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
| 10 Million to below 20 Million | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
| 20 Million and over | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
BDO has also Premier Flexi Earner under their Time Deposit accounts which requires a minimum of P10,000 and 5 year maturity period. Rates are subject to monthly reprising for this premier account. This type of time deposit is tax free. Visit BDO to know more.
BPI Time Deposit Rates
| Deposit | 35 Days | 63 Days | 91 Days | 182 Days | 364 Days |
|---|---|---|---|---|---|
| 50K to below 500K | 1.00000 | 1.00000 | 1.00000 | 1.12500 | 1.12500 |
| 500K to below 1 Million | 1.00000 | 1.00000 | 1.00000 | 1.12500 | 1.12500 |
| 1 Million to below 5 Million | 1.12500 | 1.12500 | 1.12500 | 1.25000 | 1.25000 |
| 5 Million and above | 1.25000 | 1.25000 | 1.25000 | 1.37500 | 1.37500 |
BPI has amazing options for time deposits – BPI Regular Time Deposit, BPI Family Savings Bank and BPI Direct Savings Bank. The rates for the BPI Regular TD are almost the same as other banks. BPI Family Savings Bank TD rates are higher than their Regular TD while BPI Direct Savings has the highest rates of the 3. So it’s the one I am sharing here.
BPI Direct Savings Bank Time Deposit by the way, lets your time deposit to automatically renew at maturity unless you asked the bank not to. Application and banking is done online. I love this one since it’s so accessible and more convenient. Plus rates are higher! You can apply at BPI Online and check the other BPI products.
Metrobank Time Deposit Rates
| Deposit | 1 Day - 1 Week | 2 Weeks | 3 Weeks | 1 Month | 2 - 3 Months | 6 Months - 1 Year |
|---|---|---|---|---|---|---|
| 10K - 49,999 | - | - | - | 0.250 | 0.250 | 0.500 |
| 50K - 199,999 | - | - | - | 0.250 | 0.500 | 0.750 |
| 200K - 499,999 | - | - | - | 0.375 | 0.625 | 0.875 |
| 500K - 999,999 | - | - | - | 0.500 | 0.750 | 1.000 |
| 1M - 4,999,999 | 0.250 | 0.250 | 0.375 | 0.500 | 0.750 | 1.000 |
| 5M - 9,999,999 | 0.250 | 0.250 | 0.375 | 0.625 | 0.875 | 1.125 |
| 10M - 19,999,999 | 0.250 | 0.500 | 0.625 | 0.750 | 0.875 | 1.125 |
| 20M and up | 0.250 | 0.500 | 0.625 | 0.750 | 0.875 | 1.125 |
Minimum deposit for Metrobank is 10,000 unlike BDO and BPI. Rates are close to BDO’s. You can opt to their automatic roll-over feature so you don’t have to go to the bank and renew your time deposit again. For more info about their TD, visit metrobank.com.ph.
Other Time Deposits Offered By Commercial Banks:
| Bank | Minimum Deposit Required | Placement Term |
|---|---|---|
| Landbank | 1,000 | 30 days and over |
| UnionBank | 50,000 | 30 days and over |
| Chinabank | 5,000 | 30 days and over |
| EastWest Bank | 10,000 | 30 days and over |
Are there Time Deposit Accounts without Withholding Tax?
Majority of the banks listed offer time deposits without withholding taxes – require at least 5 years of term placement. Interest earned will not be subject to final tax if the fund was held until the maturity of 5 years. You must inquire about this upon placement of your account.
Now that you know the latest time deposit rates in the Philippines, it’s time you start saving and investing your money.
Share your views about Time Deposits in the Philippines. Comment now!
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- Best Banks in the Philippines 2020
