List of banks offering double-your-money or high-interest accounts
January 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 P500,000 ($10,400) 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)
Disclaimer: PMT is not, in any way, related to the banks mentioned above. Although time deposit accounts are covered up to P500,000, these products still have inherent risks. Invest at your own risk.
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