Savings Acct

[roy2cebu]

If you wanted to have a savings account for emergencies..ie a funeral...leaving money in there for a long time...is there a good savings account at any of the banks that pay a decent interest?

[Mr Lee]

If you wanted to have a savings account for emergencies..ie a funeral...leaving money in there for a long time...is there a good savings account at any of the banks that pay a decent interest?

You might have to shop around because most banks pay pretty low interest rates. but I have found that BPI Savings has a decent rate and is a very secure bank which is unlikely to go under. Some of the smaller banks will pay more interest, but not be as safe. In recent months and years, we have seen many rural banks that were paying high interest rates go under, and while PDIC does pay the money back to some customers, it is a slow and tedious process, and they have usually started paying the smallest account holders first, and may or may not get around to the larger account holders eventually. PDIC insures up to p500,000 per person, but I am told they have a lot of red tape to get your money back, so I only use larger banks, and then comes the other problem, most larger banks in the Philippines will not open an account for anyone who does not have legal status in the Philippines, or have at the least utility bills. I do know of a smaller, but still a safe bank that will open an account for foreigners in Cebu, and I made a post about it HERE.

[Call me bubba]

BPI family savings is slightly higher than BPI bank. To get the best rate,

why not open various TIME DEPOSIT Accounts.like a CD. so that every 30.60 days that the money is available if not then it is renewed, that is a better rate,

http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/TimeDepositRates2