10 High-Yield Savings Accounts: Safe Places to Park Your Cash

High-yield savings accounts (HYSAs) are an excellent way to grow your money safely. Unlike traditional savings accounts, HYSAs offer significantly higher interest rates, allowing your savings to accumulate faster. They provide a secure and accessible place to store your cash while earning a competitive return. This is particularly important in an environment where you want to protect your savings from inflation.

Benefits of High-Yield Savings Accounts

• Higher Interest Rates: Earn more on your deposits compared to standard savings accounts.
• Safety and Security: Funds are typically insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor, per bank.
• Liquidity: Easy access to your funds when you need them, usually through ATMs, online banking, or mobile apps.
• Low Risk: Savings accounts are considered a very low-risk investment.

Top 10 High-Yield Savings Accounts in the Philippines (2024)

This list provides a selection of high-yield savings accounts offered by various banks and financial institutions in the Philippines. Interest rates and features can change, so it’s always best to check the bank’s website for the most up-to-date information.

(Note: The order does not necessarily represent a ranking; it’s a list of options.)

1. CIMB Bank Philippines – GSave Account

• Key Features: High interest rate, no minimum balance requirement, fully digital account management.
• Accessibility: Managed through the GCash app (a widely used mobile wallet in the Philippines), making it incredibly convenient for existing GCash users.
• Ideal For: Tech-savvy savers who prefer mobile banking and want a simple, high-yield option.
• Website: CIMB Bank

2. ING Philippines – ING Save Account

• Key Features: High interest rate, no maintaining balance, monthly interest crediting, fully digital account.
• Accessibility: Managed via the ING mobile app.
• Ideal For: Individuals seeking a fully digital banking experience with a strong emphasis on high returns.
• Website: ING Philippines

3. UnionBank – Savings+ Account

• Key Features: Competitive interest rate, convenient access through UnionBank’s online banking platform.
• Accessibility: Includes a UnionBank ATM card for withdrawals.
• Ideal For: Customers who prefer a traditional bank with robust online banking capabilities.
• Website: UnionBank

4. EastWest Bank – Basic Savings Account

• Key Features: High interest rate with a low minimum balance requirement.
• Accessibility: Comes with an ATM card and online banking access.
• Ideal For: Savers who want a balance between high returns and a relatively low initial deposit.
• Website: EastWest Bank

5. RCBC – Regular Savings Account

• Key Features: Competitive interest rate, online and mobile banking features.
• Accessibility: Offers both digital and traditional banking options.
• Ideal For: Individuals who want a blend of high returns and convenient account management through multiple channels.
• Website: RCBC

6. BPI Family Savings Bank – Advance Savings Account

• Key Features: High interest rate, additional perks like free insurance coverage (subject to terms and conditions).
• Accessibility: Access through BPI’s extensive branch and ATM network.
• Ideal For: Savers who prefer the stability of a large, established bank and value additional benefits.
• Website: BPI Family Savings Bank (Note: BPI and BPI Family Savings Bank have merged. Check the BPI website for current offerings.)

7. Security Bank – All Access Account

• Key Features: Competitive interest rate, includes a debit card and checkbook.
• Accessibility: Offers flexibility and easy access through online and mobile banking.
• Ideal For: Individuals who need a full-service account with options for both saving and transacting.
• Website: Security Bank

8. Maybank Philippines – iSave Account

• Key Features: High interest rate, no initial deposit, no maintaining balance, fully digital account.
• Accessibility: Managed entirely through the Maybank2U PH app.
• Ideal For: Individuals who prefer a completely digital banking experience and want to avoid fees.
• Website: Maybank Philippines

9. PNB – Savings Account

• Key Features: Competitive interest rate, wide network of branches and ATMs.
• Accessibility: Includes online and mobile banking services.
• Ideal For: Customers who value the accessibility and convenience of a traditional bank with a large physical presence.
• Website: PNB

10. Tonik Digital Bank – Stash Account

• Key Features: One of the highest interest rates in the market, no minimum balance requirement, fully digital account.
• Accessibility: Managed through the Tonik app.
• Ideal For: Tech-savvy savers seeking maximum returns and comfortable with a purely digital banking experience.
• Special Note: Tonik offers options to create “Stashes” within the account, allowing you to set savings goals and potentially earn even higher interest on those specific amounts.
• Website: Tonik Digital Bank

Choosing the Right High-Yield Savings Account

Consider these factors when selecting a HYSA:

• Interest Rate: Compare the Annual Percentage Yield (APY) offered by different banks.
• Minimum Balance Requirements: Some accounts may require a minimum deposit or maintaining balance to earn the advertised interest rate or avoid fees.
• Fees: Look for accounts with low or no monthly maintenance fees, transaction fees, or other charges.
• Accessibility: Consider how you prefer to manage your account – online, mobile app, or in-person at a branch.
• Digital vs. Traditional Bank: Decide if you prefer a fully digital bank or a traditional bank with physical branches.
• Additional Features: Some accounts offer extra benefits like insurance coverage, debit cards, or checkbooks.

Conclusion: Start Growing Your Savings Today

High-yield savings accounts are a powerful tool for growing your savings securely and efficiently. By comparing the options available in the Philippines and considering your individual needs and preferences, you can choose the account that best helps you achieve your financial goals. Don’t let your money sit idle – start earning more with a high-yield savings account today!

READ MORE RELATED BLOGS!

READ MORE AND SHARE!

TSOK Chronicles: Unleashing Passion, Dedication, and Excellence in 2024

2023 Your Practical Wedding Guide

Investments and Finance Ultimate Guide

Poetry Books: Anthology

Shop By DiaryNiGracia

If you like this article please share and love my page DIARYNIGRACIA PAGE Questions, suggestions send me at diarynigracia@gmail.com

You may also follow my Instagram account featuring microliterature #microlit. For more of my artworks, visit DIARYNIGRACIA INSTAGRAM