List of banks offering double-your-money or high-interest accounts
Januar 18, 2008
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
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)
Januar 18th, 2008 at %H:%M
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.
Januar 18th, 2008 at %H:%M
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.
Januar 18th, 2008 at %H:%M
Very helpful article.
Januar 18th, 2008 at %H:%M
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!
Mai 27th, 2008 at %H:%M
tutuo ba ito? owwwssss?
November 3rd, 2008 at %H:%M
The safest place to place your money is in BANCO FILIPINO. They have Double Your Money in 6 years !!! ask them about it. SUBOK NA MATIBAY !!! SUBOK NA MATATAG !!!!
November 3rd, 2008 at %H:%M
If you have a 100 thousand and you want to DOUBLE IT IN 6 YEARS. Well all you have to do is to look for the more than 50 branches of BANCO FILIPINO in your place and open a 6 year time deposit. Unlike the obscure rural banks which who knows might not be there at the end of your 5 year time deposit, BANCO FILIPINO will be there in your entire lifetime and the lives of your children.BANCO FILIPINO is the only BIG BANK offering this DOUBLE YOUR MONEY so you get the benefits of the stability of BIG LEAGUE BANK and the RATES OF A RURAL BANK. Best of both worlds. I assure you im not connected with this bank but is merely researching where to place some of my money after I have already exceeded the PDIC coverage for myself, my wife and ITF account for my 4 kids. In other words I already have more than 1.5 million in BANCO PARANAQUE and am looking for banks that will be a safe heaven for my money less the risk that I have to experience nightly with my favorite rural bank.
August 14th, 2009 at %H:%M
hello,
I’m a newbie and I earned 80 thousand pesos to my savings account and this is all the money I have saved for the past 7 years of working. I’m already 34 years old and I have family. And for sure I have only one shot deal if I mess with it, I’m finish with all my saving gone my family would probably kill me with pleasure. PLEASE HELP ME how will I managed my money, How I can double it in a very short time?
Oktober 15th, 2009 at %H:%M
The best investment is only having your own business. The fact is only few people are really good in handling business.Bank will give you higher interest if you give them bigger and long term investment, by the time you reach it your age already catch on you,if that is you do not brake any agreement in your bank (but who knows when emergency situation will come). we have also option for bonds and stocks the catch is “the probability earning rate in going to casino is much higher” only brokers earn on this unless you are expert in this field and got so much money to invest. Don not be scared to start doing your small business. There is always risk for everything but unless you try it you will never learn. start first for something you could do and what are your target market. You only need a strong dedication and interest to make it grow. Start training our self to be a managers and leaders. Build your self good attitude and knowledge. The best investment comes in you.
Januar 21st, 2010 at %H:%M
Can We double the investment amount other than Post office Savings such as SBI, Canara Bank,Etc.