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CitySavings Bank (a subsidary of Unionbank) high time deposit interest rates

pjl3dm · 9 · 2242

pjl3dm

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Hello all,

Any feedback with CitySavings bank? They say they are a member of Aboitiz Group and a subsidiary of UnionBank. Is this a stable and safe?
Any feedback would be appreciated.


They are offering unusually high interest rates for their time deposit peso products:

https://citysavings.com.ph/deposits/time-deposit

They are offering as much as 6.75% for 5 years 1 day, tax free.


nightwatch

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^Several preferred shares on PSE are offering higher interest rate than that, interest is quarterly.  You can also check treasury bills/bonds offering. Safer than wondering and thinking about that banks stability.


pjl3dm

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^Several preferred shares on PSE are offering higher interest rate than that, interest is quarterly.  You can also check treasury bills/bonds offering. Safer than wondering and thinking about that banks stability.

Thanks for feedback. Which PSE shares are that? Im not really too familiar with stocks I just need a steady passive income for each month so thats why I opted for time deposits.
Whats the rate of Treasury bills now?


IGX

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^Several preferred shares on PSE are offering higher interest rate than that, interest is quarterly.  You can also check treasury bills/bonds offering. Safer than wondering and thinking about that banks stability.

May I know what preferred shares and also how to buy?


nightwatch

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@IGX, for peso denominated preferred shares, I believe you can use any of the PSE brokers.  However, the Dollar denominated preferred shares  (ex. Del Monte), there are a few accredited brokers.  Buy and Sell just like any other stocks.

For new preferred shares offering, you can inquire with your banks.  Normal Underwriters, based on my experience, are BDO, China Bank, and RCB.

Peso denominated preferred shares dividends are taxed at 10% while no tax for Dollar denominated shares. Interest ranges from 5 - 8% on peso denominated. Dollar denominated shares like Del Monte is at 6.5%. 

Bought a few dollars when it was doing around 45 - 50 Php and bought the Del Monte preferred shares from the bank. Dividend is paid semi annually. (For peso denominated, it is usually paid quarterly).

Cover na ung pang travel yearly courtesy of Del Monte  :D


BTW for corporate bonds, two new ones coming AFAIK.  SMC Global at around 6 -6.75% and Century Properties at 7 - 8%.
« Last Edit: Feb 20, 2019, 05:43 PM by nightwatch »


IGX

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Thanks @nightwatch maganda ung investment mo sa Del Monte a for it to cover your yearly travel.

I'll look into those you mentioned.


theEdge

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plan to invest in their 5yr tds but unfortunately the rate is suspended according to their website


rodeo

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Hello all,

Any feedback with CitySavings bank? They say they are a member of Aboitiz Group and a subsidiary of UnionBank. Is this a stable and safe?
Any feedback would be appreciated.


They are offering unusually high interest rates for their time deposit peso products:

https://citysavings.com.ph/deposits/time-deposit

They are offering as much as 6.75% for 5 years 1 day, tax free.
This is not unusual, even CD interest rates in America is starting to rise now.  In the phils., it's TD, in the USA, It's CD or Bank Certificate of deposit.  If you have the money to invest and just parked into your savings account, go for a 5-year TD with regular monthly tax free interest, just make sure your investment is within the PDIC insurance coverage limit.  Preferred shares and commercial bonds are also a good income source from investment, usually taxed at 20%, also checked if the credit agency rating of the bond is good, usually the highest rating is triple A.  If you have a big chunk of money to invest and looking for a passive income, diversify your funds....
« Last Edit: Mar 14, 2019, 11:14 PM by rodeo »


rodeo

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plan to invest in their 5yr tds but unfortunately the rate is suspended according to their website

Also planning to renew my 5-year TD placement into this bank comes May 2019, maybe it's oversubscribed that's why they suspended the 5-year TD offering...


 


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