Earn a Little Bit More than Your Savings Account with Peso Time Deposit for OFWs

One of the easiest and most convenient ways to keep your money is by opening a savings account. Unfortunately, you won’t be able to grow your money if you settle for this. Since you are not that familiar with other investment options such as stocks or UITF, your next option to grow your money that is higher than savings is time deposit.

Time deposit is an interest-bearing deposit account issued by banks, which is on hold for a fixed term and with no withdrawals allowed. When you apply for a time deposit, the bank will issue a certificate bearing the amount, term, interest rate, and maturity date. You have the option to withdraw the amount upon maturity or extend for another time with the earnings compounded.

Time deposit can be a good investment tool for OFWs, especially if you can’t decide where to invest money or you are still in the process of learning various investment options. To guide you on the best in the market, we listed the banks that offer time deposits with their corresponding rates per term.

BDO Time Deposit

  • Minimum initial placement of P1,000
  • 30, 60, 90, 180, and 360 days
  • With pre-termination penalty
  • Certificate of Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 360 days
1,000 to below 10,000 0.25% 0.25% 0.25% 0.5% 0.5%
10,000 to below 50,000 0.25% 0.25% 0.25% 0.5% 0.5%
50,000 to below 100,000 0.375% 0.375% 0.375% 0.625% 0.625%
100,000 to below 200,000 0.5% 0.5% 0.5% 0.75% 0.75%
200,000 to below 500,000 0.5% 0.5% 0.5% 0.75% 0.75%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 3 million 0.75% 0.75% 0.75% 1% 1%
3 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
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%
More than 20 million 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Time Deposit

  • Minimum initial placement of P50,000
  • Certificate of Deposit is issued as proof
  • Allowed in different currencies, although availability depends on the branch
Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.625% 0.625% 0.625% 0.875% 0.875%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
5 million and above 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Family Time Deposit (terms similar to BPI Time Deposit)

Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.875% 0.875% 0.875% 1.125% 1.125%
500,000 to below 1,000,000 0.875% 0.875% 0.875% 1.125% 1.125%
1 million to below 5 million 1% 1% 1% 1.25% 1.25%
5 million and above 1.125% 1.125% 1.125% 1.375% 1.375%

PSBank Time Deposit 

  • Minimum initial placement is P10,000
  • Confirmation advice is issued as proof
  • Choose between current or savings account as settlement account
  • Can be enrolled in electronic banking facilities to allow you to check your account anytime
Amount Below 30 days 30 days 60 days 90 days 1 year 2 years
10,000 to 24,999 0.25% 0.25% 0.25% 0.25% 0.25%
25,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 99,999 0.25% 0.25% 0.25% 0.25% 0.25%
100,000 to 499,999 0.25% 1.25% 1.25% 1.25% 1.25% 1.25%
500,000 to 999,999 0.75% 1.25% 1.25% 1.25% 1.25% 1.25%
1 million to 4,999,999 1% 1.5% 1.5% 1.625% 2% 2.25%
5 million to 9,999,999 1% 1.5% 1.5% 1.75% 2.25% 2.5%
Above 10 million 1% 1.75% 1.75% 2% 2.5% 2.75%

Metrobank Time Deposit

  • Minimum placement of P10,000
  • Certificate of Deposit will be issued as proof
  • Allowed in different currencies
Amount 1 day to 1 week 2 weeks 3 weeks 1 month 2 to 3 months 6 months to 1 year
10,000 to 49,999 0.25% 0.25% 0.5%
50,000 to 199,999 0.25% 0.5% 0.75%
200,000 to 499,999 0.375% 0.625% 0.875%
500,000 to 999,999 0.5% 0.75% 1%
1 million to 4,999,999 0.25% 0.25% 0.375% 0.5% 0.75% 1%
5 million to 9,999,999 0.25% 0.25% 0.375% 0.625% 0.875% 1.125%
10 million to 19,999,999 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%
Above 20 million 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%

Landbank Time Deposit

  • Minimum initial placement of P1,000
  • Certificate of Time Deposit will be issued as proof
  • Open to individuals at least seven years of age
Amount 30 to 60 days 61 to 90 days 91 to 180 days 181 to 364 days
1,000 to 49,999 0.25% 0.375% 0.375% 0.5%
50,000 to 299,999 0.375% 0.5% 0.5% 0.625%
300,000 to 499,999 0.5% 0.625% 0.625% 0.75%
500,000 to 999,999 0.75% 0.875% 0.875% 1%
1 million and above 1% 1% 1.125% 1.25%

Chinabank Regular Time Deposit

  • Minimum initial placement is P5,000
  • Certificate of Time Deposit is issued as proof
Amount 90 days
5,000 to 49,999 0.575%
50,000 to 299,999 0.7%
300,000 to 499,999 0.825%
500,000 to 999,999 0.950%
1 million to 4,999,999 1.075%
5 million and above 1.2%

Security Bank Time Deposit

  • Minimum initial placement is P100,000
  • Certificate of Time Deposit is issued as proof
  • Can be used as a collateral with the bank
  • Longer placement terms for up to seven years
Amount 1 to 6 days 1 week 2 weeks 3 weeks 1 month 2 months 3 months 6 months 12 months
100,000 to 299,999 0.975% 1.175% 1.350% 1.610% 1.730%
300,000 to 999,999 1.1% 1.3% 1.475% 1.735% 1.855%
1 million to 2,999,999 0.2% 0.7% 0.7% 1% 1.3% 1.5% 1.6% 1.7% 1.925%
3 million to 4,999,999 0.3% 0.8% 0.8% 1.1% 1.4% 1.6% 1.7% 1.925% 2.040%
5 million and above 0.3% 0.8% 0.8% 1.1% 1.5% 1.7% 1.8% 2% 2.1%

East West Bank Time Deposit

  • Minimum initial placement of P10,000
  • Placement terms of 30, 60, 90, 180, 360 days and up to five years
  • Certificate of Deposit is issued as proof
  • Interest rate is based on the prevailing market rate

RCBC Time Deposit

  • Minimum initial placement of P5,000
  • Placement terms available up to five years
  • Time Deposit Placement Confirmation is issued as proof
  • Available in other foreign currencies
Amount 30 to 45 days 46 to 60 days 61 to 90 days 91 to 180 days 181 to 365 days 2 years 3 years 5 years + 1 day
5,000 to 9,999 0.25% 0.375% 0.5% 0.625% 0.625%
10,000 to 39,999 0.375% 0.5% 0.625% 0.625% 0.75%
40,000 to 99,999 0.5% 0.5% 0.625% 0.625% 0.875%
100,000 to 499,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
500,000 to 999,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
1 million to 2,499,999 1% 1% 1.125% 1.125% 1.375% 1.5% 2.5% 3.5%
2.5 million to 5 million 1% 1% 1.125% 1.125% 1.375% 1.875% 2.750% 3.5%
More than 5 million 1.250% 1.250% 1.375% 1.375% 1.5% 2% 3% 3.6%
More than 10 million 1.375% 1.375% 1.375% 1.375% 1.5% 2% 3% 3.6%

PNB Regular Time Deposit

  • Minimum initial placement of P10,000
  • Also available in Euro currency for up to 100,000
  • Certificate of Time Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 1 year and up
10,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 249,000 0.375% 0.375% 0.375% 0.5% 0.5%
250,000 to 499,999 0.5% 0.5% 0.5% 0.625% 0.625%
500,000 to 999,999 0.625% 0.625% 0.625% 0.75% 0.75%
1 million to 4,999,999 0.75% 0.75% 0.75% 0.875% 0.875%
Above 5 million 0.875% 0.875% 0.875% 1% 1.125%

Note:

  • All rates are subject to 20% withholding tax and documentary stamp tax.
  • Rates may be subject to changes without prior notice from us, so make sure you inquire directly from the bank or check the bank’s website for the current rates offered.

Have you decided where to open a time deposit? We hope this post will help you choose the right bank for you to help you grow your money. 

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