Best Bank Interest Rate?

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Posted

What's the HIGHEST interest rate you have seen CUSTOMERS can GET in Banks in Phils?   Including when they demand the capital is locked X years. 

(Please tell if it's other currency than Peso because of different inflations and expected future values.)

 

 

 

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Instead of interest rates, I would be more concerned with reliable service and convinience of transactions. In other words, how fast can they convert my US dollars into pesos...

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My money draws interest in my US bank. I don't keep much in Philippine banks to wonder.  

 

Shop around and you can do it online. Check various Philippine banks and various types of savings accounts. Interest rates will vary one from another depending on amount. Some require more money initially deposited than other savings accounts.

I closed my 2 passbook accounts preferring to keep my money in the US.

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Posted

consider a smaller "rural bank" they may have a slightly better rate,

 #2. some BIG banks have a sub bank. example BPI has BPI FAMILY SAVINGS BANK..

 china bank has china savings bank.. RCBC has their own savings bank, thou the savings bank locations are limited, they do offer a slightly.... higher rate and the service  that the BIG bank offers

 , hope this can be of help.

since i dont know your exact location i can be more specific for banks

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I wonder what's the best PERCENTAGE you have seen.

I wonder because some Investment adds say "better than bank" and I asume that's NOT good  yield  :mocking:

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Posted

I wonder what's the best PERCENTAGE you have seen.

I wonder because some Investment adds say "better than bank" and I asume that's NOT good  yield  :mocking:

Thomas, there was an Expat on this forum but mostly another one who very actively promoted a Filipino Rural bank that provided a return that seemed too good to be true. My memory is not so good on the details some other members here may remember. Long story short a number of Epats did get some great returns for about a year then the bank (banks?) closed suddenly. The Epat who was pimping the scheme had a bunch of excuses and is still lying low. Come to find out his wife was working for that bank?

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Posted

I have had dealings with 3 banks here and 1 credit union. Over all, it seems to me that the interest rates were on par with those in the states. Like credit unions in the states, the one we belong to here has slightly higher than the banks. How ever I have notice that time deposits are pretty good here compared to those in the states when I moved. 18 months at 4.5% at one bpi and 5.5 at our credit union.

 

I am afraid in todays global community that things are pretty much the same all over.

did get some great returns for about a year
unless your willing take risks (just like anywhere)

 

In todays climate IMO if a expat is hoping to supplement his income through investments and interest rates he might as well stay home where his income earning potential is greater. The time for nest egg building is prior to the move. I am mainly referring to fellow retirees naturally. :cheersty:

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Instead of interest rates, I would be more concerned with reliable service and convinience of transactions. In other words, how fast can they convert my US dollars into pesos...

 

I have great service at my BPI branch and dollars to pesos is instant, with a good rate.  I will not be leaving them anytime soon.

 

However, the savings interest rates are low, so I might look for another bank for a savings / investment account of some kind.  I would like to set up some long term accounts for my kids.  I would only use one of the major banks with a long track record.

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I would like to set up some long term accounts for my kids

 

I am sure that I am insulting your intelligence OMW :1 (103): , I am sure that you have noticed from time to time BPI run specials on time deposits, only disadvantage that I have seen with these they have a pretty large minimum deposit. P100,000 springs to mind but I am just going by memory.

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I would like to set up some long term accounts for my kids

 

I am sure that I am insulting your intelligence OMW :1 (103): , I am sure that you have noticed from time to time BPI run specials on time deposits, only disadvantage that I have seen with these they have a pretty large minimum deposit. P100,000 springs to mind but I am just going by memory.

 

 

Actually I have not completely ruled out BPI but I have not looked closely at some of the products other than the standard savings accounts.  We have a maxi there and it pays a lot better than the $ accounts, which is almost nothing, like in the U.S.  We have an acquaintance there who sells the higher earning investment type accounts and I should give her some of my time.

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