craftbeerlover Posted February 17 Posted February 17 As I am sure you are all aware, the interest rates in the savings accounts here are really no better than putting your money under your bed. Most of my money is kept in my bank in the US, however, I do want to deposit money into my wifes savings account, especially with the exchange rate being so favorable right now. Currently she has a BDO account and I started looking into other avenues to save money and at least get some interest. GOTYME bank seems safe and legitimate (based on my research), has anybody used this, or other options (besides traditional savings accounts) to save money here? Link to comment Share on other sites More sharing options...
BrettGC Posted February 17 Posted February 17 Time/term deposits aren't really worth it anywhere anymore with lending interest rates being so low: The higher the average lending interest rate is, the higher the time/term deposit rates are. PI banks are only offering somewhere between 1.5-2.0% with some even lower at the moment. Surprisingly, this doesn't change even with significant deposits. According to most sources the year to date inflation rate is running around 6% so not even close to keeping up so by the time the financial institution takes the fees out, the mattress is looking like a viable alternative. PI banks still charge ridiculous fees that most other countries banks stopped charging years ago. 5 Link to comment Share on other sites More sharing options...
Gutenberg Posted February 17 Posted February 17 Check: https://www.maya.ph/ They have a promo at around 11%/year for first 100k PHP if 500 PHP is spent. 2 Link to comment Share on other sites More sharing options...
craftbeerlover Posted February 17 Author Posted February 17 2 hours ago, BrettGC said: PI banks are only offering somewhere between 1.5-2.0% BDO and BPI are at something like 0.04% insane. 2 Link to comment Share on other sites More sharing options...
OnMyWay Posted February 17 Posted February 17 45 minutes ago, Gutenberg said: Check: https://www.maya.ph/ They have a promo at around 11%/year for first 100k PHP if 500 PHP is spent. It mentions in the link that it ended July 31, 2023. Later it seems there is still some kind of promo, but so many caveats. Base rate is 4.0 % and then you earn higher interest by using Maya to pay bills, etc. Link to comment Share on other sites More sharing options...
Gutenberg Posted February 17 Posted February 17 4 minutes ago, OnMyWay said: It mentions in the link that it ended July 31, 2023. Later it seems there is still some kind of promo, but so many caveats. Base rate is 4.0 % and then you earn higher interest by using Maya to pay bills, etc. Promo seems to run to February 29, 2024. They probably will run more promos as their goal like all digital banks are to gain massive amount of users. "Many caveats" = Base rate is 3,5% after just opening the account, then spend 500 PHP by using the card or pay a bill or whatever and 8,5% will be added (to amounts up to 100k). Seems to be very easy to achieve and not an real caveat. Link to comment Share on other sites More sharing options...
OnMyWay Posted February 17 Posted February 17 4 hours ago, craftbeerlover said: GOTYME bank I looked at their website. Interesting concept. Might be worth risking some money but not too much. 5% interest but I assume that 20% tax will be deducted and gone forever. Link to comment Share on other sites More sharing options...
Jack Peterson Posted February 17 Posted February 17 1 minute ago, OnMyWay said: I looked at their website. Interesting concept. Might be worth risking some money but not too much. 5% interest but I assume that 20% tax will be deducted and gone forever. Apparently, Time locked accounts do not incur tax on Interest providing the Total investment remains in Time lock 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted February 17 Posted February 17 9 minutes ago, Gutenberg said: Promo seems to run to February 29, 2024. They probably will run more promos as their goal like all digital banks are to gain massive amount of users. "Many caveats" = Base rate is 3,5% after just opening the account, then spend 500 PHP by using the card or pay a bill or whatever and 8,5% will be added (to amounts up to 100k). Seems to be very easy to achieve and not an real caveat. It appears the bonus rates are only paid until February 29, and only paid up to 100k. However, the 3.5% base rate is the best I have heard of in the Philippines. https://www.maya.ph/deals/savings/boost-your-interest-up-to-14-pa-when-you-pay-with-maya-2023-november 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted February 17 Posted February 17 5 minutes ago, Jack Peterson said: Apparently, Time locked accounts do not incur tax on Interest providing the Total investment remains in Time lock That is good to know but the Gotyme is a regular savings account. I have looked at PH CD rates a while back and there was nothing interesting. Link to comment Share on other sites More sharing options...
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