Most people will agree that it is best to diversify when it comes to your investments and savings to minimize your risks and mazimize your returns.
Long Term Deposit Plans available in the Philippines is one of my favorite fixed income fund medium because it is readily available in local banks, it is flexible, it has variations and it can be insured by PDIC up to P500,000 of your investment.
What funds can you save in these Long Term Deposit Plans”
- Emergency Fund
- A portion of your Educational Fund for your Children for diversification purposes
- A portion of your Retirement Fund for diversification purposes.
- A portion of your Long Term Goals: Funds for Buying a House or any real estate property, funds for buying your car, funds for your international travels etc.
(These are just suggestions and you can adjust accordingly depending on your purpose, risk appetite and convenience.)
I created a list of available Long Term Time Deposit Plans available in Philippine Banks. All of these banks are insured by PDIC for our peace of mind. I trim down the list to:
-banks insured by PDIC only
-banks that offer interest rates of 3% and above
-banks with at least a branch within Metro Manila
Disclaimer: The terms and rates of deposits may vary depending on market conditions. It is best to call and confirm to the bank before making a visit to save on time and effort. The listed address and contact number is either the main branch of the bank or its branch within Metro Manila. (Updated November 2016)
Ama bank
Website: http://www.amabank.com.ph/
Address/Contact Number: No. 311, Shaw Blvd., Brgy. Hagdang Bato Libis , City of Mandaluyong, Metro Manila, NCR (02) 533-4051
Product Description:A non-negotiable certificate of Time Deposit with a maximum term of 5 years. Exempt from withholding tax.
Minimum Amount of Deposit: 50,000
Term:5 years
Interest Rate: 3-4%
BPI Family Savings Bank
Address/Contact Number: BPI Family Savings Bank Center Paseo de Roxas corner Dela Rosa St. Makati City 1200 Philippines Tel (632) 8185541-48 Express Phone 89-100
Product Description/Product Name:
- Plan Ahead Lump Sum- interest earnings are paid at the end of the 5-year term
- Plan Ahead Monthly Income TD- earnings are paid monthly via deposits to an ATM account
Minimum Amount of Deposit: 100k
Interest Rate: 3.25%
China Savings Bank
Website: http://www.cbs.com.ph/
Product Description/Product Name: Easi-Earn High-Five account -shall stay with the bank f or 5 years and 1 day to enjoy the tax-free privilege.
Minimum placement: P50,000
Interest Rate: up to 3.500% p.a
Maybank
Product Description/Product Name: ADDvantage 5-Year Time Deposit- Guaranteed fixed rate.Available term is 5 years plus 1 day.Interest credited to a Maybank Savings Account monthly or can be withdrawn upon maturity.Waived documentary stamp tax (unless pre-terminated by client).Individual accounts are exempted from 20% withholding tax
Minimum Amount of Deposit: Php 50,000.00
Interest Rate: 3.75%
Metro South Cooperative Bank
Address/contact number:IDC Bldg., Kalayaan Ave. corner Zapote Street, Makati City /(+63 2) 897-9046local 202 ; 203
Product Description/Product Name: 5 years time deposit
Minimum placement: 50,000
Interest rate: 4%-4.75% (depends on amount of placement)
MVSM Bank (A Rural Bank since 1953), Inc
Address/ Contact number: 389, J.P. Rizal St., Brgy. Sto. Nino , City of Marikina, Metro Manila, NCR / Tel. Nos. 681-0075, 681-6984
Product Description/Product Name:
- Megasavings – High interest rate five year time deposit. Earn interest monthlyMinimum Deposit Placement: 50,000Interest rate: 4% per annum
- Planigurado- Higher interest Rate. Can serve as a collateral for an emergency loan. Can be withdrawn anytime. Make a deposit on your account every month. On the due date of your plan, you will reveive the full amount of your deposit including the earned interest. You may close your Planigurado account but the interest will be equivalent to the interest of regular savings account. Easy to open You can choose from any of the four (4) Plans (P500/P1,000.00/P3,000/P5,000)Requirements: Any Valid ID, ID Picture
Minimum Deposit Amount: 500
Interest Rate: 6% p.a. compounded monthly
Optimum Bank- a Development Bank
Address/Contact Number: G/F Polar Center Building, EDSA cor. Cornell St., Brgy Wack- Wack, Mandaluyong City, Manila/+63 2 571-9131 Local 123, +63 2 571-9132, +63 2 584-1492, +63 2 584-1341. Email Address: customercare@optimumbank.com.ph
Product Description/Product Name:You Save Accounts- A 60 months Savings Deposit account that allow you to save for a minimum of P500.00 monthly and in multiples of P500.00thereafter. Your total contribution for 5 years (60 months) will have a corresponding future value computed on a compounded monthly interest rate of 5% net.
Minimum Amount:500/monthly
Interest Rate: 5% Net
PSBank
Website: http://www.psbank.com.ph/
Address/Contact Number: 777 Paseo de Roxas Avenue corner Sedeño Street, Makati City, Philippines 1226/(632) 885-8208 / 944-1753 / 944-1772
Product Description/Product Name: PS Bank Prime Time Deposit - A five-year tax-free placement guaranteeing high yields which you can use to fund your various long-term need for cash while providing cash flow for you to enjoy its monthly earnings. Monthly crediting of interest rate to a specific checking account
Minimum Amount of Deposit: 50,000
Interest Rate: 3.25%
Quezon Capital Rural Bank
Address/Contact Number: #140 FilGarcia Kalayaan Ave. cor. Mayaman St., Diliman Q.C./ (02) 709-9580
Product Description/Product Name: College Savers Deposit-the Fund shall be established by the agreed regular monthly deposit for the stated period until the target fund is reached or accumulated.
Minimum Amount of Deposit: 500/month
Interest Rate– 1.25% rate of interest every quarter of the year based on average daily balance. (potentially 4% per annum).
Premium Interest Rate– Upon maturity, the Fund shall earn a one-time premium interest of up to 10% of the target amount based on the regularity of contributions and with no withdrawals before maturity
Smart Bank (Rural Bank)
Address/Phone Number: Inc. GF Westgate Tower, 1708 Madrigal Business Park, Investment Drive, Brgy. New Alabang Village , City of Muntinlupa, Metro Manila, NCR (02) 842-4074
Product Description/ Product Name:
1.)Regular Time Deposit (1 Year but less than 5 years)
Interest Rate: 3.5%-4%
Initial deposit: Php100,000.00
2.) 5-Year Time Deposit - Tax Free* -
Interest Rate: 4%-5%
Initial deposit- Php100,000.00
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