Category Archive: Savings
Subcategories: No categories
Yesterday, while having lunch at Robinson’s Forum at Pioneer St., I saw the expanded office of GE Money Bank. After eating, I proceeded to the bank and inquired of the time deposit products of GE Money Bank.
Chona Agulto, a very nice lady who works at the bank, entertained me and informed me that for a minimum deposit of P50,000, I can get 4.5% interest rate. This is if I keep it for 180 days. GE Money Bank is also holding a raffle promo for those who will place a minimum of P50,000 in time deposit (180 days).
If you’re looking for a bank with a pretty high interest rate, you may want to try GE Money Bank. I know I am as I will go back tomorrow. Here are the rates Ms Chona gave me:
180 days and one-year time deposit
Interest: 4.5% pa
Minimum placement: P50,000
Two-year time deposit
Interest: 4.75% pa
Minimum placement: P50,000
For inquiries, you can also call GE Money Bank Head Office at (02) 777-85000 or GE Money Bank Pioneer Branch at (02) 687-9107.
Two days ago, I posted a Planters Bank advertisement published in the March 9, 2009 issue of the Philippine Daily Inquirer (see story). In the said advertisement, Planters Bank is promoting a 7% interest for Premium 5, its five-year time deposit.
Posting this information at Pinoy Money Talk, PMT member tokzz called up Planters Bank to verify if the interest rate still holds. Here’s what tokzz posted in PMT:
I called Planters Bank and they said na mali daw yung 7% sa Inquirer. That offer ended last February pa daw. Yung five-year is only 6.25%, monthly interest out. Yung one-year term naman is 5.75%…still better than other commercial or thirft bank offer.
I would like to thank tokzz for verifying this with Planters Bank. Admittedly, 6.25% interest rate is still a very good deal. But whoever is in charge of advertising in Planters Bank, please do your job effectively by making sure that what you advertise in the newspapers is real.
Here’s something for those who have some extra money to spare. Planters Bank is offering its five-year time deposit Premium 5. In the March 9, 2009 issue of Philippine Daily Inquirer, PlantersBank’s ad indicates that it is offering 7% fixed interest rate. Of course, this is tax free if you keep it with Planters Bank for five years.
I scanned through yesterday’s copy of the Daily Tribune (Feb. 10, 2009) and saw a very helpful table, showing the interest rates of the different Special Deposit Accounts (SDA) offered by different banks.
For everyone’s reference, I will be posting this table on a weekly basis. Here’s the interest rates as of Feb. 9, 2009.
I just checked Chinabank’s website and effective Jan. 30, 2009, the interest rates for its time deposit accounts went down again. This time, by 0.25%. The minimum interest rates for the Diamond Savings is now at 3.25%.
While Chinabank’s interest rates are still way better than the traditional banks like BDO, BPI and Metrobank, I wasn’t happy with what I was receiving (see related story). So last Monday, I went to Chinabank Fairview, Quezon City branch and pulled out all my money in the Diamond Savings. Instead, I placed everything in my employee savings plan, a savings program set up by the company I work for. On the average, I get to earn about 7 to 10%.
Meanwhile, I read Philippine Star and saw another ad for PSBank’s Prime Time Deposit. A few days back, it was at 5.5% interest rate for a minimum deposit of Php50,000. As of today, Feb. 4, 2009, the interest rate for the same product is 5%.
Looks like bank’s interest rates are going down…
Here’s the updated interest rates for PSBank’s Peso Time Deposit, as published in Philippine Star (Jan. 28, 2009).
If you weren’t able to place your money in PSBank’s Prime Time Deposit earlier (see related story), then it was your loss. As of Jan. 22, 2009, the interest rate went down by 0.5%.
Still, this is a pretty good deal if you have some money you don’t intend to use in the next five years. As it is, other traditional banks are lowering their interest rates like Chinabank. So if you’re interested to park your money, you can call PSBank at (02) 845-0025.
Just a few days ago, I posted that Chinabank lowered the interest rates for its time deposit accounts, effective Jan. 13, 2009 (see related story). In just a week, Chinabank again lowered the interest rates. This is the third time since the start of the year and the move is a disappointment for many of its time deposit account holders, including me.
Effective Jan. 20, 2009, the interest rates for the Diamond Time Deposit is posted below. Chinabank lowered its interest rates by 0.25%.
And here is the interest rate for the regular time deposit:
As it is, I’m already thinking of pulling out my money from Chinabank and place it in First Country Bank (see related story). At least, my money in FCB earns 5.75%. If Chinabank continues to lower the interest rates, I may just pull out everything.
You can find the new and updated website of First Country Financial Bank (FCB) in WordPress. The rates for its deposit products are also updated.
Earlier, I posted that Chinabank lowered its interest rates effective Jan. 6, 2009 (see related story). Now, Chinabank has lowered its interest rates again, effective Jan. 13, 2009.
This is the second time that Chinabank lowered its rates this year. Although the bank still offers higher interest rates compared to the traditional commercial banks like BPI, BDO and Metrobank, still, the decrease would be a little disappointing to its clients like me. Below is the current interest rates for the regular time deposit and for its Diamond Time Deposit: