Ang sa Iyo ay Akin November 20, 2020 Full Episode

Which bank in the Philippines is considered the best? You may be looking to open a savings account for yourself or for your kids. Whatever is the reason, the first thing that you’re surely going to look out for would be a bank that you can trust.

However, with so many institutions that are established in many parts of the country, it can be quite tricky guessing which one is a better choice. This is a difficult question too, and that’s because there is no one answer. There are so many factors to consider before coming up with a definitive list of the best banks to go with.

So instead of just determining the ultimate list of Philippine banks, it is way better to rank them according to different characteristics, products and services that they offer.

Article table of contents

 

The best Philippine banks
Biggest banks on asset
Best banks for savings account
Best banks for savings account for kids
Best bank offer prepaid card
Best bank offering gift cards
Best banks for checking accounts
Best banks for time deposit
Best bank for UITF investment
Best banks for PERA
Best bank for LTNCD
The best Philippine banks
Banking
Best PH banks
Best savings account
Best saving account for kids
Best checking account
Top time deposit accounts
Investing in UITF
Investing in LTNCD
Bank-issued cards
Top gift cards
Prepaid cards
According to Bangko Sentral ng Pilipinas (BSP), over 3/4 of Filipinos do not have bank accounts. It is a sobering fact that the government aims to improve in the next couple of years, since banks are a gateway to inclusion in the country’s financial system.

Thus, we’ve collected data and came up with the best list of the following categories:

Based on asset: BDO Unibank Inc for universal bank, BPI Family Savings Bank for thrift bank
High-yield savings accounts: ING and CIMB Bank on promotional interest, Citibank Peso Bonus Saver Account on regular interest
Savings account for kids: Equicom’s Kiddie Builders Savings Account
Cheapest prepaid card: PSBank Prepaid Mastercard and PNB Prepaid Mastercard
Cheapest gift cards: Development Bank of the Philippines
Checking account: East West Basic Checking and UCPB CheckStarter for lowest account opening (individual), MetroChecking Extra with highest interest
Time deposit: PBCom
UITF (unit investment trust fund): Development Bank of the Philippines for lowest account opening and lowest management fee, BPI and Security Bank for no holding period
PERA (Personal Equity and Retirement Account): Landbank PERA Money Market Fund for lowest management fee
High-yield LTNCD: Metrobank
Biggest banks on asset
According to the Bangko Sentral ng Pilipinas, the biggest universal bank in terms of asset is BDO Unibank Inc. The company is followed by Metropolitan Bank and Trust Company, Land Bank of the Philippines, Bank of the Philippine Islands, and Philippine National Bank. See below the top 10 banks based on their asset.

The data is updated as of December 2019. Amounts are in millions.

RANK NAME ASSETS
1 BDO UNIBANK INC 3,069,394.98
2 METROPOLITAN BANK & TCO 2,116,897.17
3 LAND BANK OF THE PHILIPPINESs 2,033,417.30
4 BANK OF THE PHIL ISLANDS 1,912,624.66
5 PHIL NATIONAL BANK 1,067,676.31
6 CHINA BANKING CORP 866,900.13
7 SECURITY BANK CORP 788,233.37
8 Rizal Commercial Banking Corporation 762,310.50
9 Development Bank of the Philippines 761,498.56
10 Union Bank of the Philippines 706,866.96
Per BSP latest report, the biggest thrift bank is the BPI Family Savings Bank. Philippine Savings Bank, Philippine Business Bank Inc., China Bank Savings Inc. and City Savings Bank Inc. complete the list of the top 5.

RANK NAME ASSET
1 BPI FAMILY SAVINGS BANK INC 284,212.91
2 PHILIPPINE SAVINGS BANK 224,108.13
3 PHILIPPINE BUSINESS BANK INC A SAVINGS BANK 113,977.87
4 CHINA BANK SAVINGS INC 102,836.11
5 CITY SAVINGS BANK INC 76,795.22
6 PNB SAVINGS BANK 59,871.27
7 STERLING BANK OF ASIA INC (A SAVINGS BANK) 43,984.46
8 BANK OF MAKATI (A SAVINGS BANK) INC 40,158.21
9 PRODUCERS SAVINGS BANK CORPORATION 25,452.26
10 UCPB SAVINGS BANK 20,977.08
Best banks for savings account
The best savings accounts as of 2019 are ING Philippines and CIMB Bank. Their promo of 4% interest have started since last year.

However if you’re looking to maximize your savings on accounts with interest that are not on promotion, then Citibank Peso Bonus Saver Account tops the list by offering a tiered interest anywhere between 0.6% to 1.56% per annum. The higher the balance available in your account, the higher the interest that the bank offers. You may also want to check out BDO Optimum Savings Account (1.25%) and Security Bank eSecure Savings Account (1.20%).

Best banks for savings account for kids
Equicom’s Kiddie Builders Savings Account is the best savings account for the kids, offering 1% interest rate per year on a deposit of at least ₱1,000. In addition, when the account reaches ₱15,000 the child can avail of medical and dental benefits. Other similar products with better interest rate is BPI Jumpstart Savings (1%) and PSBank Kiddie and Teen Savers Account (0.50%). These rates are actually higher than the prevailing interest given on deposit accounts, which is currently pegged at 0.25%.

One other important factor that you need to consider is the age requirement. Some of these bank products are only available for children of certain age. You may drop by the bank that you’re interested in or visit their website to get the latest list of requirements.

Best bank offer prepaid card
Prepaid cards has the convenience of a credit card without the hassle of opening and maintaining an account. They can be used for bills payment, cashless shopping, and as ATM card where funds can be withdrawn. Most importantly, unlike gift cards they can be reloaded multiple times until their expiry date.

The best banks that offer the cheapest prepaid cards, and which prepaid cards are free? The cost of getting PSBank Prepaid Mastercard and PNB Prepaid Mastercard is zero as it is waived when you load it up with at least ₱500 initial fund.

Best bank offering gift cards
Gift cards are plastic cards that you can use as payment mode when purchasing products and services. They either bear Visa, MasterCard, or BancNet logo that allows you to use them like cash in many business establishments that accept them. There is no need to open a bank account to purchase them. They’re great as a gift to a friend, family or colleague, as well as corporate giveaways, loyalty rewards program, thank-you gifts, etc.

For this category, the best bank for gift cards is Development Bank of the Philippines. You can buy them for only ₱40, and you are given four varieties: ₱500 or ₱1,000 or ₱2,000 or ₱5,000.

If you’re looking for flexibility in terms of the amount that you can load up your gift cards, then the ones sold by Bank of the Philippine Islands would be more suitable. For ₱200 when purchased at the branch or ₱150 when purchased online, you may load for as low as ₱300 up to the maximum amount of ₱10,000.

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