If you look at the interest rates offered by different banks, the differences in rates are not very significant, particularly for lower amounts. For higher amounts of deposits, of course, a difference of .01% matters a lot.
What we post here are the highest 5-year Time Deposit Plans that we have seen as of July 2011:
1. Maxi Return 5-Year Time Deposit of Philippine Veterans Bank:
- Annual interest rate of 6%, interest compounded monthly
- Free accident insurance amounting to100% of deposit up to 5 million, with cash assistance benefit for illness or accident-related hospitalization
Estimated interest amounts:
|Time deposit amount||Interest Amount after 5-year term|
Corporate accounts are subject to withholding tax and documentary stamps.
Tel No: 902-1700 local 6301 / 6302
2. PlantersBank Premium 5 of PlantersBank
- Minimum amount of 50,000
- Annual interest rate of 5.5%, compounded monthly
- Free insurance
- Tax free
- Withdrawable subject to pre-termination rules
- Available to depositors aged 18 to 65
- For joint accounts, only one is insured
3. Plan Ahead 5-Year Term of BPI Family
Annual interest rate for 100,000 and above is 4.5%, compounded monthly
Time deposits are insured by the PDIC for up to 500,000 for each depositor.
Will the PDIC cover all time deposits in case a member bank fails?
Yes, if the bank engaged in legal, safe and sound banking practices.
Certain deposits are not covered if the bank engaged in unsafe and unsound practices such as the following:
- offering interest rates higher by more than 50 percent than the prevailing market median rates for similar and comparable bank deposit categories despite suffering operating losses and negative impaired capital
- not complying with PDIC regulations