Reviewed Banks with the Top 5 Time Deposits in the Philippines 2022
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Reviewed: Banks with the Top 5 Time Deposits in the Philippines 2022

Our Criteria for the Best Time Deposit Rates in the Philippines

Interest Rate

We looked at the different interest rates that these banks have to offer, including some of their terms and conditions.

Initial Deposit Requirement

We compared the initial deposits required by each bank to let consumers know which ones fall within their budget.

Additional Offers

Certain banks also offer additional offers and services to sweeten the deal, and we checked these out for you as well.

Lack of Penalties

We also checked out the time deposit rates that would have possible penalties so that you’ll know which time deposit accounts should you watch out for.

1. Tonik Bank

Tonik Bank Homepage


Main Office: Unit 605B, 6/F West Wing, The Offices at Estancia, 1605 Meralco Ave, Pasig

Contact Details: (02) 5322 2645

Operating Hours: Monday – Friday: 8:00 AM – 5:00 PM

Interest Rate5/5
Initial Deposit Requirement5/5
Additional Offers5/5
Lack of Penalties5/5


  • Has a very high interest rate
  • Can still earn a 1% interest despite early withdrawal after 5 days
  • Time Deposits accounts not locked
  • No minimum amount is required
  • No penalties


  • Maximum limit of P100,000 only per Time Deposit account
  • Might tempt people to withdraw funds unnecessarily due to the no lockdown policy
  • Purely digital platform

For those who are unfamiliar with Tonik, it is the first digital-only neobank in the Philippines. The digital bank license of this neobank was issued by Bangko Sentral ng Pilipinas (BSP).

To start off, Tonik offers a whopping 6% interest rate on their time deposit accounts. This is the highest time deposit interest rate in the Philippines right now.

Their website states that no minimum amount is required to let you earn, however, they do recommend starting with Php 5,000 for 6 months. This will yield Php 148.77 before taxes.

Unlike the time deposit accounts of other banks, they also offer no lockdowns, meaning you can withdraw funds anytime, which is great for emergencies. In fact, you can still earn a 1% interest despite early withdrawal after five days.

Since they offer no lockdowns, they do not impose penalties unlike other banks.

However, Tonik’s lack of a lockdown is a bit perplexing since the whole point of a time deposit is its lockdown feature. Thus, it can also be a con if it can deter people from actually saving their money.

Also, the maximum limit for a time deposit is P100,000 per account. A customer can open up to five different time deposit accounts, but this might not be ideal for those who want only one account to maintain.

Finally, while Tonik does have a main office, it does not have brick-and-mortar bank branches. Thus, they cater mostly to customers from younger generations since older people might not feel like neobanks like Tonik are secure or reliable.

All in all, by far, Tonik offers the best time deposit rates and terms in the Philippines.

2. Security Bank

Security Bank Homepage


Main Office: 7/F, Security Bank Centre, 6776 Ayala Avenue, Makati City, Metro Manila

Contact Details: (02) 8867-6788 local 8830

Operating Hours: Monday – Friday: 9:00 AM – 4:-30 PM

Interest Rate4.5/5
Initial Deposit Requirement3/5
Additional Offers4/5
Lack of Penalties4/5


  • High interest rate
  • Maximum of Php 500,000 deposit
  • Offers a wide variety of terms


  • Minimum of Php 100,000 initial deposit
  • Penalty when there is a withdrawal before the maturity date

Security Bank, previously known as Security Bank and Trust Company, was established in 1951, and it is the first private and Filipino-controlled bank after World War II. To this day, it is still one of the most trusted banks in the Philippines. 

In terms of their time deposit account, Security Bank also offers an attractive interest rate of 5%, just 1% shy of Tonik’s 6%. However, their initial deposit requirement of Php100,000 is higher than the initial deposit required by other Philippine banks.

Customers can choose from a wide variety of term options: 30, 60, 90, 180, 360 days, 2-5 years, and 7 years. These options will allow customers to really think about which option would be best for them, in terms of their varying goals and lifestyles.

Another great feature of Security Bank’s Peso Time Deposit is that it offers tax exemptions for accounts that have 5-year terms or more. This is certainly one of the huge draws of their time deposit account.

The bank’s maximum deposit amount for a single account is also quite high (Php 500,000) when compared to Tonik’s Php 100,000 limit for a single time deposit account. 

A downside is its high initial deposit amount requirement which is Php 100,000. Thus, the time deposit account of this bank might not be for people who are just starting to save.

Also, early withdrawals are subject to penalty charges, depending on the time deposit term you’ve chosen.

For those who are a bit wary of opening a time deposit with Tonik, due to Tonik being a neobank and being relatively new, they can simply opt for Security Bank’s solid time deposit rates and terms.


PBCOM Homepage


Address: PBCom Tower, 6795 Ayala Avenue corner V.A. Rufino Street, Makati City, Metro Manila

Contact Details: (+632) 8777-2266

Operating Hours: Monday – Sunday: 8:00 AM – 4:-00 PM

Interest Rate3/5
Initial Deposit Requirement5/5
Additional Offers3/5
Lack of Penalties3/5


  • Minimum of Php 1000 for a Regular Time Deposit account
  • Offers different types of deposit accounts with short, medium, and long terms


  • Comparatively lower interest rates
  • Penalty charges for pre-termination

Established in 1939, the Philippine Bank of Communications (PBCOM) was one of the first non-American foreign commercial banks in the Philippines. Since then, PBCOM has been offering several solid financial products for their customers.

One of these products is the Peso Time Deposit. According to their latest rate sheet dated November 3, 2022, PBCOM offers five different types of Peso Time Deposits. 

First, there are two short term deposits: Regular and Passbook. They both yield interest rates ranging from 0.875% to 1.625%. 

The minimum deposit required for the Regular Time Deposit  is only Php 1000, and the minimum deposit required for the Passbook Time Deposit is Php 50,000.

They also offer three types of medium to long term Peso Time Deposits: Premium 2, Premium 3, and Sure Earner TD. 

The minimum deposit required for these three accounts is Php 50,000, and the interest rates range from 2.375% to 3%.

These various options are advantageous for PBCOM since they will be able to expand their customer base. However, their comparatively lower rates might also put them at a disadvantage by driving away potential customers.

Another disadvantage is their penalty rates. For early withdrawals/pre-termination during the 1st half of the term, 25% of interest will be paid. 

If it is during the 2nd half, 50% of interest will be paid and the client will shoulder the documentary stamp tax.

In terms of their time deposit rates, while not as high as the others, PBCOM’s offerings are still worth considering.

4. EastWest 

EastWest Homepage


Address: The Beaufort, 5th Avenue corner 23rd Street, Bonifacio Global City, Taguig 1634

Contact Details: (+632) 8888-1700

Operating Hours: Monday – Sunday: 8:00 AM – 5:00 PM

Interest Rate4/5
Initial Deposit Requirement4/5
Additional Offers4/5
Lack of Penalties4/5


  • High interest rates
  • Flexible terms
  • Offers online enrollment


  • Php 10,000 minimum requirement
  • Penalties for early withdrawals

Backed by the Filinvest Group of Companies, EastWest Bank was established in 1994, and its commercial banking license was granted by Bangko Sentral ng Pilipinas (BSP). This shows that PBCOM is one of the most credible banks in the Philippines.

In terms of its time deposit account, EastWest offers competitive interest rates, ranging from 4% to 4.250%. EastWest Bank also offers flexible terms, from 30, 60, 90, 180, 270, or 360 days, up to five years. 

Like Tonik, you can also open an account online, which makes it convenient for busy consumers. Simply download their account opening form online, email the completed form, and visit your preferred store after receiving an email confirmation.

However, the minimum deposit amount required is Php 10,000 which could seem pricey for some, especially since Tonik does not have a minimum deposit amount and PBCOM has a Regular Time Deposit account which requires only a deposit of Php 1000.

Also, there are penalties for early withdrawals. For a term of 1 year or less, the penalty will be 90 days simple interest on the principal withdrawn, and for a term over 1 year, the penalty will be 180 days simple interest on the principal withdrawn.

If you are looking for a fairly high interest-yielding time deposit account but are still not sold on Tonik or are not willing to deposit an initial of Php 100,000 at Security Bank, then EastWest Bank’s time deposit account might be the answer for you.


RCBC Homepage


Address: 7/F Yuchengco Tower, 6819 Ayala Avenue, Rcbc Plaza 727, Makati City, Metro Manila

Contact Details: (+632) 8949000

Operating Hours: Monday – Sunday: 9:00 AM – 5:00 PM

Interest Rate3/5
Initial Deposit Requirement4/5
Additional Offers3/5
Lack of Penalties3/5


  • Only has a Php 5,000 minimum deposit
  • Offers a wide range of terms


  • Comparatively lower interest rates
  • Fees for early withdrawal
  • Possible documentary stamp tax if closed before its maturity date

The Rizal Commercial Banking Corporation (RCBC), owned by the Yuchengco Group of Companies, was created in 1960. Since then, it has developed into one of the leaders of the Philippine banking industry, offering solid and unique financial services to the public.

The minimum deposit amount required to open an RCBC’s PHP Time Deposit account is only Php 5,000. They offer one of the lower deposit amounts compared to Security Bank’s required deposit amount of Php 100,000 or EastWest’s minimum of Php 10,000.

RCBC also has a wide range of time deposit account terms. You can choose from various terms such as 30, 60, 90, 180, 360 days, and up to 5 years. 

However, the range of their interest rates is fairly lower than its competitors: it starts from 0.500% up to 2.5%. These rates are a far cry from Tonik’s 6% or EastWest Bank’s 4%.

If you do decide to open an account with RCBC, do avoid closing it before its maturity date. Otherwise, aside from the corresponding penalty charges, you would need to pay the documentary stamp tax (Php 1.00 for every Php 200 of your deposit amount).

While RCBC’s rates are comparatively lower than its competitors, those who are already existing RCBC customers might want to open a time deposit here in order to consolidate their accounts in one bank.

FAQs about Time Deposits

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