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Savings Account (PHP)

Strong7PowerStrong7Power Member PEx Moderator
edited March 2019 in Banking and Finance
Banking | PHP Savings Account 
«134567131

Comments

  • Hey guys,
    I heard that some banks here are offering 15-16% interest rates in money market placements. Is this true? Which banks are these? How much should we invest? and more importantly, is it safe?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Those were the rates for the Cash Management Bills (CMB) sold by the Philippine Treasury several weeks ago. CMBs are not always available. In fact, they're not available today.

    Today's placement rates were hovering around the 12-14 range (gross of taxes, P1.0 million and up investment).
  • 15% (gross) was the best rate (30-90 days) offered by both UCPB and Security this morning. Other major banks were paying less.

    Best rate usually applies to placements over P1.0 million.
  • Sa tingin nyo anong bangko ang pinakamaganda magservice? may pinakamataas na interest?
  • Ms.UMs.U PExer
    pag magta-time deposit ba ko do i have to open another bank acct. for that?

    for ex. i'd go for a time deposit acct., pera ko is 2000 US, how much wld. it profit for a yr?

    my acct. is at PNB.

    thanks peeps!:)
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    A time deposit is an account. You don't need to open a savings or current account along with it, if that is what you are asking.

    I don't know what rate PNB will pay you, but interest rates for 360-day TDs range from 3.0-6.0% per annum, depending on which bank you talk to. These rates are subject to 7.5% withholding tax.
  • KuyaDanny, tanong ko din...

    Do you think it would be wiser to divide the money and (time) deposit in different banks?
    Would it earn less? Mas mababa ba yung rate pag ganon?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    In general, the bigger your balance, the higher your rate.

    BUT

    Banks tend to set their rates in tiers, e g:

    P1-P999 2%
    P1000-P4999 2.25%
    P5000-P9999 2.5%
    P10000-P24999 2.75%

    and so on.

    So if your total balance amounts to P4000, for example, it might not matter if you placed it in one bank or two. You must go through the numbers.

    There is also another important consideration, and that is PDIC insurance. Every depositor is covered by PDIC for up to P100,000. So if this coverage is important to you, and your money is more than P100,000 it might make sense to keep at most P100,000 in any one bank.
  • oyiioyii PExer
    anong bank ang pinakamataas ang interest pero secured naman ang money mo? let's say i have a 100K san ko sya dapat ilagay..
  • oyiioyii PExer
    ah clarification sa previous post ko.. INTEREST FOR TIME DEPOSIT po ang kailangan ko.. :) thanks..
  • Pinakamataas ang interest sa mga rural bank. Kung P100,000 lang naman ilalagay mo secured yan dahil protektado ng PDIC kahit saang bangko.
  • Originally posted by Ms.U
    pag magta-time deposit ba ko do i have to open another bank acct. for that?

    for ex. i'd go for a time deposit acct., pera ko is 2000 US, how much wld. it profit for a yr?

    my acct. is at PNB.

    thanks peeps!:)

    I recently opened a time deposit account at PNB. Yes it's another account aside from your regular savings account or what have you and they give you a separate booklet for it.

    I don't have the exact rates but I can tell you that for P100K time deposited for say six months you get a 10.5% interest. The interest goes to your savings account and the original amount is "rolled" again on maturity if you decide not to touch it. They also give you 8.5% interest for the same amount range but the interest is entered in your time deposit account. For exact interest rates, etc. you can get an actual list at your nearest branch.
  • Ms.UMs.U PExer
    thank you sa mga replies nyo.

    Simonsez, pwede kayang ipa-open ko sa mom ko yung time deposits acct., kase wala ako dyan sa Pinas eh.

    meron pa kong isang acct, sa Maybank naman, anybody na may alam kung mas mataas ang interest nila dun compared to PNB?

    salamat ulit.
    :)
  • I'm not sure pero... malamang under her name, not yours, since they'd need signatures and all. :)
  • Originally posted by Ms.U
    pag magta-time deposit ba ko do i have to open another bank acct. for that?

    for ex. i'd go for a time deposit acct., pera ko is 2000 US, how much wld. it profit for a yr?

    my acct. is at PNB.

    thanks peeps!:)

    Used to work with PNB. :D

    To compute interes for 1 month its:
    PxRxT/360 x witholding tax

    As of April 10, 2001 the FCD rate is 5%, for Peso it was 9.5%
  • Originally posted by PUGSLY


    Used to work with PNB. :D

    To compute interes for 1 month its:
    PxRxT/360 x witholding tax

    As of April 10, 2001 the FCD rate is 5%, for Peso it was 9.5%

    Using that formula:
    P is principal (the money you deposited)
    R is rate (the per annum interest rate)
    T is term (no. of days deposited)

    If P is 100,000
    R is 9.5%
    T is 30 days
    use .8 for the withholding tax factor of 20%

    (100000 x .095 x 30 x .8) / 360 = 633.33 interest earned for the month

    Plantersbank has pretty good interest rates and they seem stable enough. It's best to shop around for best rates though.
  • Originally posted by jdelac80


    Using that formula:
    P is principal (the money you deposited)
    R is rate (the per annum interest rate)
    T is term (no. of days deposited)

    If P is 100,000
    R is 9.5%
    T is 30 days
    use .8 for the withholding tax factor of 20%

    (100000 x .095 x 30 x .8) / 360 = 633.33 interest earned for the month

    Plantersbank has pretty good interest rates and they seem stable enough. It's best to shop around for best rates though.

    Right you are there, except with the witholding tax rate.

    Dollar rate witholding tax is 7.5%
    Peso witholding tax is 20%

    :D
  • There are some other "products" that banks sell aside from time deposits that will give you a higher yield. However, your money is not insured with PDIC...meaning kapag bumagsak ang bangko, bye bye din sa pera mo. Higher yield, higher risk. But you can always get a good and stable bank.

    I know banco de oro offers good rates for their dollar account. Meron silang tinatawag na SMDF whichi is different from their time deposits. Para siyang "stocks".

    If you get the time, go to a bank, sit down with the personnel in-charge and you can learn a lot. Iba na siyempre kapag chummy kayo nung bank personnel. Special treatment ka pa!
  • dekra3dekra3 PEx Veteran ⭐⭐
    I have a time deposit at UCPB and for me they give the biggest interest among the other banks.
  • Ms.UMs.U PExer
    Originally posted by Lianne Ysabel
    There are some other "products" that banks sell aside from time deposits that will give you a higher yield. However, your money is not insured with PDIC...meaning kapag bumagsak ang bangko, bye bye din sa pera mo. Higher yield, higher risk. But you can always get a good and stable bank.

    I know banco de oro offers good rates for their dollar account. Meron silang tinatawag na SMDF whichi is different from their time deposits. Para siyang "stocks".

    If you get the time, go to a bank, sit down with the personnel in-charge and you can learn a lot. Iba na siyempre kapag chummy kayo nung bank personnel. Special treatment ka pa!

    so what does SMDF means? I don't really have a chance to go to a bank, siguro sa mom ko na lang kase nga wala ako dyan sa pinas kaya lang gusto ko syempre under my name bale i have an authorization letter sa PNB and MAybank nga, so if ever mas maganda ang offer sa Banco de oro I'll ask her to open another pero siguro joint kami, kase di yata pwede pag wala ako. Coul do explain further abt sa SMDF?
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