Best Bank in the Philippines for Savings

The best bank in the Philippines for savings is a well-established bank that offers the biggest interest rate for savings accounts and is located near where you work or live. 

But since the interest rates for savings account deposits are now negligible, like 0.25% annually, the best savings account would be an account with incentives like free insurance or a chance to win a prize.


For me, the best Philippine bank for savings is BPI Family. It’s well-established. It’s the top thrift bank in the country and it has a lot of branches. Its ATM network is big as it’s integrated with the ATM network of its parent company, Bank of the Philippine Islands (BPI). And it offers BPI Pamana with free life insurance, as discussed below.
If you’re just starting in the working or business world, you can start with BPI Family’s zero-maintaining-balance Kaya account, or its 1,000-peso maintaining-balance-account.

Here below are several banks offering savings accounts with free insurance:

Banks Offering Savings Accounts with Free Life Insurance:


BPI (Bank of the Philippine Islands) and BPI Family

BPI Pamana Savings Account / BPI Family Pamana Savings Account

    • Available in peso or US dollar
    • Offered with passbook only, or with debit card only
  • US dollar account is offered only as a passbook account
  • For BPI Family peso debit card, maintaining balance is 5,000 pesos.
  • Minimum average daily balance per month to earn interest is 10,000 pesos.
  • For BPI Family passbook account, maintaining balance is 50,000 pesos.
  • For BPI Family US dollar passbook account, maintaining balance is $1,000.
  • For BPI peso debit card, maintaining balance is 25,000 pesos.
  • For BPI passbook account, maintaining balance is 75,000 pesos.
  • For BPI US dollar passbook account, maintaining balance is $1,000.
  •  Free Life Insurance
    • No premium payment
    • Insurance coverage from BPI-Philam Life Assurance Corp. worth
      3x the average account balance of the past three calendar months
      prior to the depositor’s death, up to 2 million pesos or US$40,000
    • Coverage maximum is per account owner, regardless of number of accounts opened
    • No medical check-ups required
    • Only one year contestability period
    • Insurance takes effect on the day of account opening
    • Offered to you if you’re a Pamana depositor aged 15 to 60 years old
    • See more information on this BPI Pamana savings account.

BDO (BDO Unibank)

Kabayan Savings Account Enrolled in Free Life Insurance

  • Available to you if you own a BDO Kabayan Savings account and you are a remitter, or a remitter’s spouse, child, parent or sibling
  • Remitters should be at least 18, up to 65 years old, and currently employed.
  • BDO Kabayan Savings account must be enrolled in Free Life and Accident Insurance.
  • Free Life and Accident Insurance information:
    • At least 6 remittance transactions within the past 12 months
    • Average daily balance of at least 25,000 pesos in the past 12 months
    • Insurance amount is equal to 50% of Average Daily Balance
      plus 50% of total remittance in the past 12 months, up to 1 million pesos per remitter.
    • Maximum benefit amount of 1 million pesos for natural death
      and up to 2 million pesos for accidental death
    • The insurance is given in the Philippines.
    • The insurance is underwritten by General Pilipinas Life Assurance Co. and not guaranteed by BDO.

– See more information on this BDO Kabayan savings account.


Security Bank All Access Savings and Checking Account in One

  • Account comes with a passbook, checkbook and a Mastercard debit/atm card
  • Maintaining balance is 25,000 pesos
  • Minimum balance to earn interest is 100,000 pesos
  • Free Life Insurance information:
    • Insurance coverage is a Free Group Life Insurance and Group Accidental Death Benefit
    • Account owner must be between 18 to 60 years old
    • Account owner has no adverse health reports
    • For those aged 18 to 50 years old, insurance amount is 3x the year-to-date Average Daily Balance for the past 3 months prior to the account owner’s death
    • For ages 51 to 60 years old, insurance amount is equal to the year-to-date Average Daily Balance for the past 3 months prior the account owner’s death
    • Maximum insurance coverage is 3 million pesos, regardless of number of accounts owned.
    • Group Insurance Policy is a Master Policy entered into by Security Bank Corp. with FWD Life Insurance Corp.
    • You must accomplish the insurance enrolment form when you open your AllAccess account.
    • Insurance takes effect on date of enrolment in the Master Policy.
    • For joint accounts, only the primary account owner can enroll for coverage.
    • Deadline for claiming insurance: The beneficiary must notify Security Bank and submit the required documents to FWD Life Insurance Corp. within 90 days from the date of Insured’s death.
    • See more information on this Security Bank’s savings and checking account 


In the provinces, your best bank in the Philippines for savings can also be a well-established rural bank near where you live or work. Most rural banks offer interest rates higher than those offered by commercial banks.

See the top rural banks in the Philippines.

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