There’s a good quote by writer William Arthur Ward about money habits: “Before you spend, earn. Before you invest, investigate. Before you retire, save. Before you die, give.”
This simple yet meaningful quote essentially captures the correct money mindset everyone should have.
It also summarizes the time-tested process of how a person can indeed make money and ultimately be wealthy: Earn, Save, Invest.
Here in PinoyMoneyTalk, we start our new section of articles that deals with the “Save” part.
This collection of useful articles will consolidate information about various savings and time deposit accounts offered by banks in the Philippines, to give Filipinos informed options about possible avenues where they can save their hard-earned money.
As a start, we summarize below the interest rates of Banco de Oro (BDO)’s Savings and Time Deposit accounts.
BDO Peso Savings Accounts – Interest Rates
BDO has different types of Peso Savings Accounts, with varying minimum initial deposit and annual interest rates, catering to various customer segments.
| Peso Savings Account (in PHP) | Minimum Initial Deposit | Minimum MADB to Earn Interest | Interest Rate (per annum) |
|---|---|---|---|
| Passbook Savings | Php5,000.00 | Php10,000.00 | 0.25% |
| ATM Savings | Php2,000.00 | Php5,000.00 | 0.25% |
| Optimum Savings: | |||
| * Personal | Php30,000.00 | Php30,000.00 | (contact BDO) |
| * Commercial | Php50,000.00 | Php50,000.00 | (contact BDO) |
| Junior Savers | Php100.00 | Php2,000.00 | 0.25% |
| Power Teens Club | Php2,000.00 | Php2,000.00 | 0.25% |
| Prime Savers | Php2,000.00 | Php5,000.00 | 0.25% |
| Direct Deposit | Php0.00 | Php5,000.00 | 0.25% |
* MADB = Monthly Average Daily Balance
BDO Dollar Savings Accounts – Interest Rates
Here are BDO’s Dollar Savings Accounts options.
| Dollar Savings Account (PHP amount) | Minimum Initial Deposit | Minimum MADB to Earn Interest | Interest Rate (per annum) |
|---|---|---|---|
| Dollar Savings | US$200.00 | US$500.00 | 0.25% |
| Prime Savers Dollar | US$200.00 | US$500.00 | 0.25% |
| Direct Deposit Dollar | 0 | US$500.00 | 0.25% |
* MADB = Monthly Average Daily Balance
BDO Peso Time Deposits – Interest Rates
BDO offers Time Deposits with various tenors, such as 30, 60, 90, 180, and 360 days.
Minimum initial placement is a low P1,000.
| Time Deposit (PHP amount) | 30 Days | 60 days | 90 days | 180 days | 360 days |
|---|---|---|---|---|---|
| P1,000 to below 10,000 | 0.25% | 0.25% | 0.25% | 0.50% | 0.50% |
| P10,000 to below 50,000 | 0.25% | 0.25% | 0.25% | 0.50% | 0.50% |
| P50,000 to below 100,000 | 0.375% | 0.375% | 0.375% | 0.625% | 0.625% |
| P100,000 to below 200,000 | 0.50% | 0.50% | 0.50% | 0.75% | 0.75% |
| P200,000 to below 500,000 | 0.50% | 0.50% | 0.50% | 0.75% | 0.75% |
| P500,000 to below 1,000,000 | 0.625% | 0.625% | 0.625% | 0.875% | 0.875% |
| P1 Million to below 3 Million | 0.75% | 0.75% | 0.75% | 1.00% | 1.00% |
| P3 Million to below 5 Million | 0.75% | 0.75% | 0.75% | 1.00% | 1.00% |
| P5 Million to below 10 Million | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
| P10 Million to below 20 Million | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
| P20 Million and over | 0.875% | 0.875% | 0.875% | 1.125% | 1.125% |
BDO Dollar Time Deposits – Interest Rates
For Dollar Time Deposits, minimum initial placement is $1,000. Holding period can be 30, 60, 90, 180, and 360 days.
| Time Deposit (US$ amount) | 30 Days | 60 days | 90 days | 180 days | 360 days |
|---|---|---|---|---|---|
| US$1,000 to below US$10,000 | 0.375% | 0.375% | 0.500% | 0.625% | 0.75% |
| US$10,000 to below US$50,000 | 0.375% | 0.375% | 0.500% | 0.75% | 0.875% |
| US$50,000 to below US$100,000 | 0.500% | 0.500% | 0.625% | 0.875% | 1.00% |
| US$100,000 to below US$500,000 | 0.625% | 0.625% | 0.75% | 1.00% | 1.125% |
| US$500,000 to below US$10 Million | 0.625% | 0.625% | 0.75% | 1.125% | 1.25% |
| US$10 Million and above | (contact BDO) |
BDO Long-Term Dollar Time Deposits – Interest Rates
BDO also offers higher interest rates for longer-term dollar time deposits, with the rate reaching as high as 3% for a 5-year Time Deposit for a minimum $50,000 placement.
| Long-Term Time Deposit (US$ amount) | Interest Rate |
|---|---|
| 2-Year Dollar Time Deposit | 1.75% |
| 3-Year Dollar Time Deposit | 2.00% |
| 5-Year Dollar Time Deposit | 2.75% |
Earn, save and invest to become wealthy and financially free!
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