List of banks offering double-your-money or high-interest accounts
A popular discussion among members of the PMT Forum is the one on high-interest accounts or double-your-money offers.
What makes these types of products attractive is the fact that they are offered by banks and, as such, the deposit is protected up to P250,000 ($6,250) per account holder, following the rules of the deposit insurance agency Philippine Deposit Insurance Corporation (PDIC).
The credibility of these banks and the genuineness of their offers have been the subject of a lot of discussion in the past and, in this article, we just post a list of known banks with high-interest account offerings.
For more details about the banks, please contact them or join the discussion in the Peso Time Deposit Rates thread.
We will update this post to reflect new information but please be reminded that we do not endorse or guarantee any of the offers or banks mentioned here. We are not related to any of these institutions and we get no monetary compensation whatsoever by mentioning them in this article. Transact at your own risk.
1. Rural Bank of Paranaque - 5-years, 16% per annum (p.a.), interest paid monthly
2. G7 Bank - 8.25% p.a. gross for a P200,000 30-day time deposit
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3. Rural Bank of Makati - 5-years, 10.5% p.a., interest paid at the end of term; 5.0% if interest is paid monthly
4. Philippine Rural Banking Corp. in Jollibee, Ortigas - 5-years, 10% p.a., interest paid monthly; double your money in 6 years, locked-in
5. People’s Bank Inc. along Alabang Zapote, near South Mall - double your money in 5 years, locked-in
6. Accord Bank in Ortigas Ext. near Antiopolo - double your money in 6 years, interest paid every 6 months
7. Grower’s Bank in Angono Rizal - double your money in 6 years, interest paid every 6 months
8. Banco San Juan in JP Rizal, near ABC Mall - 5-years, 8.25% p.a., locked-in
9. Planters Bank - 5.5% p.a. gross for 1-year placement; 6.5% p.a. tax-free for 5-year placement
10. First Country Bank - 5-years, 14% p.a., interest paid monthly
11. Rural Bank of Norzagaray (Bulacan) - double your money in 6 years
12. Finman Rural Bank of Pasig - deposit P27 for 6 days a week for 5 years, total cash out is P42,120, lump sum to be paid at the end of term is P50,000
13. University Savings and Loan Bank - 8% net p.a., paid lump sum (term to be confirmed)14. Producers Rural Bank - 6% net p.a. (term to be confirmed)
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January 18th, 2008 at 2:18 pm
This is a good post and the intention is very good.
However, let us not forget that in economics, we have a saying that
..the higher the risk, the higher the returns..
Please look into the track record of the institution before investing in it. If you have classmates, relatives or friends who are now bank managers or bank officers in known firms that are NOT included in the list, I recommend that your first ask them if the bank you are planning to invest in is safe. Finance experts have a better way of doing it but asking around is the most simple for everybody.
Good luck!
January 18th, 2008 at 11:55 am
Very helpful article.
January 18th, 2008 at 11:09 am
Oks, I’ve now updated the post to reflect the latest info from the forum. Mukhang kelangan ngang i-merge na yung redundant threads dahil pare-pareho lang naman sila ng pinag-uusapan. If you have time, please do it. Otherwise, ako na lang mamyang gabi or bukas.
January 18th, 2008 at 10:33 am
Di na ata na-update yung first post ng thread na yon as the threadstarter hoped to do. Mas accurate na ata yung posts don sa sticky thread on time deposit rates. Dapat na rin sigurong i-merge kasi medyo redundant na rin. Palagay ko kahit anong uri naman ng bangko na nag-o-offer ng mataas na interes, pagkakainteresan. Hindi whether rural bank o hindi. Yung iba ngang nakalista sa thread na yon savings bank ata.
May mga nagbabanggit na nag-reduce na ata ng interest rate ang Rural Bank of Parañaque and other Legacy owned banks. 16% ba o 18%? Nabanggit don sa isang thread ang Philippine Rural Banking Corporation, 6 years ata ang DYM nila pero locked-in.
Plantersbank, 6.5% p.a., 5 yr. term, interest out.