Savings account or time deposit?

A time deposit pays a fixed rate for a fixed term, say 6 or 12 months, and you agree not to touch the money. A savings account lets you withdraw any time, and the bank can change the rate whenever it wants.

The usual trade is simple: give up access, get a higher rate. In October 2026 that trade isn’t always on offer.

What the numbers say right now

From the rates we checked on 19 October 2026:

• The best 12-month time deposit we verified pays 5.50% (UNO #UNOboost).
• The best savings base rate we verified pays 5.00% (BanKo TODO Savings, on ₱5,000 to ₱1 million), with no lock.
• Several time deposits pay less than the best savings accounts: CIMB’s MaxSave is 3.25% for 12 months, and Tonik’s 12-month time deposit is 3.50% before its conditional bonus.

Check the current tables before you decide; these move.

When a time deposit makes sense

• You want the rate locked. Savings rates can drop with little notice; a time deposit rate holds for its term. When CIMB cut its Prime rates on 1 August 2026, existing MaxSave placements kept their contracted rates until maturity.
• You won’t need the money. Money for a goal that’s 6 to 12 months out is a good fit.
• The gap is worth it. If a time deposit pays 5.5% and your savings account pays 3.25%, locking ₱200,000 for a year earns about ₱3,600 more after tax.

When savings wins

• It’s your emergency fund. Keep it where you can reach it today.
• The rates are close. If the time deposit pays only a little more, the lock isn’t worth it.

Read the early-withdrawal terms

Banks handle it differently:

• Netbank: end it early and you keep the interest earned so far, but you pay the documentary stamp tax.
• Maya Time Deposit Plus: you set your own target amount and date; Maya says minimal cancellation fees apply.
• Tonik: the extra 1% is paid at payout only if you keep at least ₱10,000 average daily balance in your Tonik savings account every month of the term.

Each bank’s page on this site lists the terms we found.