Luckily, nowadays, even with the high prices, hard-working Filipinos can still keep some extra cash for savings. Aside from that, Filipinos are now financially literate and we know that we need to have an emergency fund with also the hope that we can grow the money even when it’s kept in the bank. Therefore, here are 5 saving apps in the Philippines with high interest rates.
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1. Diskartech
DiskarTech is actually a strong contender for your top savings app spot! It boasts a 6.5% interest rate on savings, which is actually among the highest in the Philippines. It’s also easy to open an account with just one valid ID! We Filipinos know how hard it is to get even just one valid ID and usually, when we loan, we need two valid IDs. So, if you only have one valid ID, Diskartech is the key.
There’s no minimum deposit required to open the account, and you don’t need to maintain a certain balance to avoid fees. Maintaining balance is a bank trick to charge you fees and get your hard-earned money so don’t fall for that! With Diskartech, you can pay bills, transfer funds, buy prepaid loads, and even avail of micro-insurance and loans – all within the same app. However, though DiskarTech is backed by the reputable RCBC bank and regulated by government agencies, it’s still a relatively new player in the market so be sure to familiarize yourself with their security features to ensure you’re comfortable.
2. Seabank
SeaBank is another great choice for a high-interest savings account in the Philippines. SeaBank offers a tiered interest rate. You can earn up to 4.5% p.a. on balances up to PHP 350,000, which is still highly competitive. However, the rate drops to 3% p.a. for any amount exceeding PHP 350,000. Similar to DiskarTech, opening a SeaBank account is done entirely online and requires just one valid ID. There’s no minimum deposit to open a SeaBank account, and you don’t need to maintain a specific balance to avoid fees.
SeaBank is part of the broader SeaMoney ecosystem, allowing for easy integration with ShopeePay for transfers and transactions. Compared to DiskarTech’s flat 6.5% rate, SeaBank’s tiered structure might mean slightly lower interest earned depending on your average balance. SeaBank is a rural bank regulated by the Bangko Sentral ng Pilipinas (BSP) so deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000 per depositor. If you value a larger, established financial ecosystem and are comfortable with a tiered interest rate structure, SeaBank could be the way to go.
3. Gotyme
Gotyme Bank offers a compelling savings option with their GoSave account. It offers a 4% p.a. interest rate on your GoSave account balance. This is a respectable rate compared to traditional banks in the Philippines. What’s great about Gotyme is that you can open up to 5 separate GoSave accounts within the app. This allows you to categorize your savings goals and track them individually.
Gotyme provides tools to help you save smarter. You can set target amounts and timeframes for your GoSave accounts to stay motivated. They also offer auto-save and “save the change” features to help your savings grow passively. Aside from that, you can enjoy free transfers to other Gotyme accounts and 3 free interbank transfers per week! You can really save on transfer fees with Gotyme. You’ll also get a free virtual Visa debit card or a physical card from their kiosks, allowing you to easily access your funds. There are many kiosks in Robinson malls near the supermarkets.
4. Maya savings
Maya Savings is offered by Maya Bank which is another strong contender in the Philippines’ high-interest savings app arena. Its base interest rate of 3.5% p.a., which is credited daily! Daily! Not monthly, not annually! But what truly sets it apart is the ability to boost your interest rate up to 14% p.a.! You can unlock these interest rate increases by using your Maya app for everyday transactions like buying prepaid loads, paying bills, or using Maya QR, PayWave (PWM), or card payments.
Maya Bank is a regulated bank, and your deposits are insured by the PDIC for up to PHP 500,000 per depositor. Plus, it’s part of the Maya ecosystem, a well-established financial platform in the Philippines. Please note that the 14% interest rate applies only to the first PHP 100,000 of your deposit balance. The base rate of 3.5% applies to the remaining balance up to PHP 5 million. To consistently enjoy the boosted rates, you’ll need to maintain a certain level of activity using the Maya app for transactions so for those who get tired of chasing for boosts, you might feel tired with this. Maya Savings shines with its potential for a much higher interest rate, but it requires active use of the app. If maximizing your interest earnings is a priority and you’re comfortable using the Maya app regularly, Maya Savings could be a great fit.
5. CIMB
CIMB (GSave) is a high-interest savings account offered through the GCash mobile app, partnered with CIMB Bank Philippines. It offers a competitive but fixed interest rate of 2.6% p.a. This might be lower than some of the other options we’ve considered. Opening a GSave account is very convenient. You can do it entirely within the GCash app, which many Filipinos already use for mobile payments and other financial transactions. There’s no minimum deposit required to open a GSave account. However, it has limitations. The account is valid for 1 year only and you can only have a maximum cumulative deposit of PHP 50,000 within that year. To remove these limitations and potentially earn higher interest rates on bigger balances, you can link your GSave account to a CIMB Bank PH account via their app.
What’s best about CIMb is that GSave offers free life insurance coverage of up to PHP 250,000, as long as you maintain a minimum average daily balance of PHP 5,000.
Conclusion
The Philippine financial landscape offers a variety of high-interest savings apps to suit different needs. DiskarTech stands out for its unbeatable flat rate of 6.5% p.a., while Maya Savings allows you to potentially earn up to 14% p.a. through active app usage.
If convenience is key, SeaBank and Gotyme offer smooth online account opening and management. Gotyme even provides multiple savings accounts and goal-setting tools.
For users who value additional features like bill payments and debit cards, CIMB regular savings accounts offer a wider range but require a separate application process compared to their GSave option within the GCash app.
Overall, the best app depends on your priorities so consider how much interest you want to earn, how important convenience is, and what features best suit your needs. By researching each app’s details like minimum deposits and fees, you can make a good decision and pick the perfect app to jumpstart your savings journey in the Philippines.
