What is the best savings account in the Philippines?

The best savings account depends on your balance and goals. Maya Savings offers up to 12% p.a. gross (9.6% after tax) on the first PHP 100,000. For larger amounts, GoTyme and CIMB offer competitive rates. Truva shows all rates after the 20% Final Withholding Tax so you can compare true returns.

How much tax is charged on savings interest in the Philippines?

Philippine banks automatically deduct 20% Final Withholding Tax (FWT) on interest earned from peso savings and time deposits. For example, a 5% gross rate becomes 4% after tax. Truva shows all rates after this tax is applied.

Are T-Bills tax-exempt in the Philippines?

Yes. Treasury Bills (T-Bills), Retail Treasury Bonds (RTBs), and MP2 (Modified Pag-IBIG II) are tax-exempt for individual investors in the Philippines. This makes their effective yield higher than bank savings accounts with the same gross rate.

What is after-tax yield and why does it matter?

After-tax yield is the actual return you keep after the government deducts Final Withholding Tax. A 5% gross savings rate is only 4% after the 20% FWT. Truva is the only Philippine comparison platform that shows after-tax rates as the primary figure, making it easier to compare products fairly.

Is MP2 better than a digital bank savings account?

MP2 (Modified Pag-IBIG II) is tax-exempt and has historically paid 6-7% p.a. dividend rates, making it one of the highest-yielding safe investments in the Philippines. However, it has a 5-year lock-in period. Digital bank savings accounts offer lower rates but instant liquidity. Use Truva's calculator to compare both side by side.

Find the best savings rates in the Philippines

Rates last checked and verified on April 3, 2026

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✓Rates last checked and verified on April 3, 2026

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					Deposit Locked	Interest Paid	Insured By
	Maya Bank 5 products compared	12.00% gross	9.60% after tax	+₱9,600 in 12 months	Withdraw Anytime	Daily	PDIC
2	Tonik Digital Bank 8 products compared	8.00% gross	6.40% after tax	+₱6,400 in 12 months	Locked 1 year	At Maturity	PDIC
3	Salmon Bank 2 products compared	6.00% gross	4.80% after tax	+₱4,800 in 12 months	Locked 6 months	Monthly	PDIC
4	UNO Digital Bank 2 products compared	5.25% gross	4.20% after tax	+₱4,200 in 12 months	Locked 1 year	Monthly	PDIC
5	OwnBank 6 products compared	5.20% gross	4.16% after tax	+₱4,160 in 12 months	Locked 1 year	At Maturity	PDIC
6	Netbank 3 products compared	5.00% gross	4.00% after tax	+₱4,000 in 12 months	Locked 1 year	At Maturity	PDIC
7	BanKo (by BPI) 1 product compared	5.00% gross	4.00% after tax	+₱4,000 in 12 months	Withdraw Anytime	Daily	PDIC
8	CIMB Bank Philippines 4 products compared	4.25% gross	3.40% after tax	+₱3,400 in 12 months	Locked 3 months	At Maturity	PDIC
9	MariBank 2 products compared	3.75% gross	3.00% after tax	+₱3,000 in 12 months	Locked 3 months	At Maturity	PDIC
10	UnionDigital Bank 2 products compared	3.15% gross	2.52% after tax	+₱2,520 in 12 months	Locked 1 month	At Maturity	PDIC
11	GoTyme Bank 1 product compared	3.00% gross	2.40% after tax	+₱2,400 in 12 months	Withdraw Anytime	Daily	PDIC
12	CIMB / GCash 1 product compared	2.60% gross	2.08% after tax	+₱2,080 in 12 months	Withdraw Anytime	Monthly	PDIC
13	Komo by EastWest Bank 1 product compared	2.50% gross	2.00% after tax	+₱2,000 in 12 months	Withdraw Anytime	Daily	PDIC
14	DiskarTech by RCBC 1 product compared	4.00% gross	2.00% after tax	+₱2,000 in 12 months	Withdraw Anytime	Daily	PDIC
15	Development Bank of the Philippines 1 product compared	2.00% gross	1.60% after tax	+₱1,600 in 12 months	Withdraw Anytime	Monthly	PDIC
16	Landbank of the Philippines 1 product compared	1.75% gross	1.40% after tax	+₱1,400 in 12 months	Withdraw Anytime	Monthly	PDIC
17	Overseas Filipino Bank 1 product compared	0.05% gross	0.04% after tax	+₱40 in 12 months	Withdraw Anytime	Monthly	PDIC