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馃 Best High Interest Savings Account Philippines (Komo, ING, CIMB, Diskartech) | Digital Banks 2020 - YouTube
Channel: Nicole Alba
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[Music]
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yo what's up friends welcome back to
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this week's video if you're new here
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what's up my name is nicole and i make
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weekly videos on personal finance
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investing self-development and other fun
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and interesting stuff a few months ago i
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talked about the best hunter savings
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accounts some things have changed since
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then for this video i'm only going to be
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talking about the best hybrid savings
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accounts offered by digital banks so
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none of the traditional dinosaur bdo bpi
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0.5 high interest account
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now
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we're talking about banks of the future
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this is how i'm going to structure this
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video
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first we're going to talk about the
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difference between high interest savings
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accounts and regular savings accounts
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if you already have a regular savings
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account what's the use of opening a high
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interest savings account what's the
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difference
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then we're going to talk about digital
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banks like what are digital banks and
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how come they can afford to give higher
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interest rates
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and then we'll talk about the digital
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banks available here in the philippines
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so that includes ing cimb como discard
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tech and then i'm also going to share
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some of my thoughts about these bank
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accounts my experiences so hopefully
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that can guide you guys with picking
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your own digital ban
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sounds good gg let's get started
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for those interested i'm also making a
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video about cryptocurrency interest
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accounts in the future which i'll link
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here once available earning interest
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with your cryptocurrency
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yeah stay tuned
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alright so high interest savings
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accounts versus regular savings accounts
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before we can talk about all of these
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things we first need to get some idea of
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how banks actually work
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when you keep your money in the bank for
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those of you guys who already have bank
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accounts you might notice that you
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receive some free money every month
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so depending on your bank you might
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receive the free money at either at the
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start of the month or at the end of the
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month this is what's called the interest
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that you earn from keeping your money in
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the bank
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banks are still businesses businesses
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need to make money and one of the main
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ways they make money is through loans
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they lend money to people
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depositors like you and me we keep our
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money in the bank right so the bank uses
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the money of the depositors like your
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money my money they use it and loan it
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out to other people so the people who
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borrow money from the bank for example
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have to pay back that loan plus interest
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my pato
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that patton is the income of the bank
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and as a reward for you at the poster
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letting them use your money they give a
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portion of that interest back to you
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and that's where the free money the
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interest that you earn every month in
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your bank account comes from
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okay goods goods you guys get that
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regular savings accounts mob the ones
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given by traditional banks give about
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0.1 to 0.25 interest per year
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while the digital banks that we're about
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to talk about they give about 2.5 to 4
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interest per year okay so how much of a
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difference does this actually make
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so i shared this calculator in a
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previous video it's by a guy named
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michael ignacio i found him on reddit
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let's calculate the interest okay
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so you guys can access it at cimb.com
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all right let's say you have 10 000
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pesos you put 10 000 pesos in an account
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that gives you 0.25 interest per month
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and withholding taxes 20 because all
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interest that you receive are taxed at
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the rate of 20
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the estimated net interest that you
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receive is 1.72 pesos per month
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okay 1.72 pesos if you put 10 000 pesos
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in an account that gives you 4
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that's a net interest of 27 pesos point
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56
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27 pesos versus one pesos do you see how
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much of a difference that makes if you
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keep your money in a high interest
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savings account
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ten thousand let's make it bigger so you
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put one hundred thousand in the zero
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point twenty five percent interest
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account that gives you a monthly
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interest of about 17.22 pesos
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if you put it in an account that gives
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you four percent that's 275
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pesos
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275 versus
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17 pesos
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all right so just take note that this
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calculator is just an estimate of how
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much interest you'll be receiving it
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doesn't mean that this is the interest
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you'll receive in your account it will
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depend on your average daily balance
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when you deposit it blah blah blah if
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you want to be like manual computation
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this is how you compete for the interest
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that you receive in your bank account
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essentially what you do is that you
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calculate the interest per day let's say
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your balance today was one hundred
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thousand pesos and the interest of the
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bank gives you three percent then you
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put one hundred thousand times three
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percent
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divided by 365 charan you earned 8.21
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pesos today and then that just needs
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just gonna do that every single day so
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essentially the interest is calculated
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per day and at the end of the month
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that's how much you receive
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all right
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now what are digital banks so you guys
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have heard of online banking right
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online banking is essentially
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traditional banks like bdo bpi metrobank
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anything that has a physical branch that
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offers their customers their clients the
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option to do banking transactions online
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like fund transfer paying bills etc with
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digital banks they don't have any
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physical branch all of the banking
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transactions happen online so from the
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sign ups all the way to like transacting
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everything is done online and this is
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primarily the reason why digital banks
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can afford to give much higher interest
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because they don't have to spend money
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they don't have the cost that goes into
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running a physical branch
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ah gets all right now let's start with
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the digital back showdown
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just some reminders most of the
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requirements to open an account with
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these digital banks are the same
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usually they require you to have one
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valid id
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they need you to be at least 18 years
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old a filipino citizen or at least
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someone who resides here in the
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philippines which means that ofws are
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allowed
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all of these accounts are safe because
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they're pdic insured up to 500 000 pesos
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so don't worry
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also interest rates can change so some
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of these rates are promotional rates
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which means that in the future they can
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change it like they can make it higher
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or lower so remember to check their
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websites along to keep updated of the
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latest promos yeah
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all right so let's go through each of
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the banks in no particular order number
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one ing
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so ing is one of the first few digital
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banks here in the philippines i
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personally have an ing account and i can
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vouch for it
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so ing has a base interest rate of 2.5
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percent but currently they have an
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ongoing promo for new clients so if you
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create a new account anytime from
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september 1 to december 31 2020 you'll
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be receiving an interest rate of four
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percent per annum for the first four
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months
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afterwards it will go back to the 2.5
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but we'll see if they have new promos
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so for existing clients like me we earn
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a base interest rate of 2.5
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but they have a ongoing promo where if
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you put any additional deposits from
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september to december then that
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additional will earn at a rate of four
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percent
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ing doesn't require a minimum
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maintaining balance and it there's also
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no minimum balance to earn interest so
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you can get that two point five percent
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even if it's just one person account ten
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pesos yeah no minimum maintaining
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balance
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in order to deposit to your ing account
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you can either take a picture of a check
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or you can fund transfer from other
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banks so you need to have an existing
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bank account in order to deposit to ing
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there's no cash deposits currently
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transferring money out of ing is also
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free via peso net
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ing also gives you the option to
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generate electronic bank statements from
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within the app so you don't need to go
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to the bank to get the bank statement
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you can just do it from the app
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so the requirements to open an ing
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account is that you need to be at least
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18 years old you need to be a filipino
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citizen or at least a resident of the
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philippines which means ofws you're
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allowed to open an ing account if you
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guys are interested
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as for ids they only accept philippine
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passport a driver's license or a umid
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card
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next we have discard tech
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so this card tech is by rcbc and they
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offer an interest rate of 3.25 interest
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it's it's like a mobile e-wallet param
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gcash payment except you can earn
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interest with it
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but something that i find interesting
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about it is that there's a referral code
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system so the way for you to create an
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account is that you need to get a
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referral code from someone else
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and
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you're the person who referred you will
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get 30 pesos and you will get 10 pesos
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yeah and once you have an account you
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can also start referring other people
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into discard tech
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i personally do not have any experience
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with this card tech nor do i have any
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referral codes so you guys can just
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search this card tech videos there's a
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lot
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i don't like it so much because people
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spam their referral codes so if you have
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this card tech don't spam the codes in
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the comment section below i will delete
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it
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but
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don't spam
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as usual the requirements to open a
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discarded account is that you need to be
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a filipino citizen you need to be at
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least 18 years old and you need to
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submit at least one valid id
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number three
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cimb so camb is also like ing it's one
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of the first few digital banks here in
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the philippines camb is a bank based in
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malaysia they're one of the largest
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banks in southeast asia
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for cimb there's g save and up save
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g save you can access the g save account
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through g cash so you can access it
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under the save money option
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so for g save you can earn an interest
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of up to four percent depending on the
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promo so currently they have an ongoing
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promo where if your balance is below one
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hundred thousand then you earn an
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interest rate of three percent but if
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you have at least one hundred thousand
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in your account then you can earn an
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interest rate of about four percent per
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annum
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so when you first open a gsave account
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through the gcash app you only have the
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g-save lite account this has limits it's
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only valid for 12 months and your money
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you can only deposit up to 100 000 into
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the account in order to get those limits
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removed you need to link your g save
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account to the cimb app and once you do
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that mata tango demand limits
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next we have upsave it's mostly the same
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as g-save except this one you open it
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directly in the cimb mobile app same
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interest rates for balances below one
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hundred thousand you earn three percent
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and if you have at least one hundred
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thousand then you earn an interest rate
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of four percent per year
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what's cool about upsave and gsave is
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that they offer free life insurance
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coverage up to one million pesos if you
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have at least one hundred thousand pesos
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in your account you're automatically
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qualified for free life insurance
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if you're wondering if you can have both
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a g save account and an upsave the
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answer is yes i have both accounts but
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if ever you want to have both accounts
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you need to open g save first before
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opening an up save because they have
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this rule that once you have an existing
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cimb account you won't be able to open a
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gsave
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i don't know why
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and if you're wondering if there's a
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debit card yes there is you need to open
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the ca m fast or fastplus account
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in order to receive the cimb debit card
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you get the atm card once you are able
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to deposit 5000 pesos in your fast
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account
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they'll deliver it to your house
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next we have como
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so como is a new entrant to the digital
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banking space and it's probably the
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first digital bank ever to be offered by
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a local bank it's by east west
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just for context i opened an account
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last september 15 and i got verified
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yesterday september 18.
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let me just say that the account opening
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process was so smooth i was so surprised
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i did it at night and i just finished in
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like 10 minutes so seamless
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so your com account earns you an
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interest of three percent per annum
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and you can deposit into the account
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with instapay and you need to deposit it
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to east west rural bank for como like
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ing you also have the option of
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generating e-statements within the app
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fun fact why if ever you're wondering
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why it's called combo it says on their
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website that it's called como because
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it stands for control no money mod they
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want to give people back the control
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over their money
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what's also cool with como unlike the
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fast or fast bus account they
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automatically issue you a debit card no
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minimum maintaining balance like once
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you sign up and you get verified they're
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automatically going to process you the
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debit card and you need to wait about a
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week and they'll deliver it to your
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house how cool is that
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now for some of my thoughts i can
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personally vouch for cimb ing and como
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because i have accounts with all three
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this car tech i'm not so sure i haven't
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experimented with it i haven't
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encountered any security issues with
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these apps yet so i can personally vouch
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for
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these banks
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if you want to learn more about how i
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personally organize and use my accounts
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you can check out this video here that i
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made previously
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it's how i manage my money as a 20 year
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old
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if you're stressing out on which account
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to open i would just say to pick one
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all of these bank accounts are pretty
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solid they give much higher interest
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rates than the regular savings accounts
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that traditional banks offer my biggest
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advice is not to stress so much about
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the 0.5 to 1 interest difference between
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these accounts
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i think a better use of your time is
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investing in yourself to invest in your
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skills so you can find more ways to
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generate more income and then that
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income you can invest and save to grow
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you more money
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all right these are savings accounts
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they're not so much a way to grow your
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money they're just a place for you to
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park your money while you're not using
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them
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a better way to grow your money is
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really by investing them i have a lot of
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videos about investing if you guys are
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interested
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if you're curious to find out what i
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personally invest in i made a video
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about the things i'm investing in you
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can check it out here
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but yeah something to remember
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a five percent gain on a one million
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peso investment is a lot larger than a
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50
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gain on the 1 000 peso investment so
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yeah work to increase your capital and
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you'll be better off in the long run
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so the featured comment for this video
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is by f the rents i'm just 15 years old
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and
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investigative habits and focusing on
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improving myself every day
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that's so solid like 15 years old i also
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remember that i was trying to better
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myself at 15. really focusing on
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yourself developing in yourself to
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become the best person you can be is the
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best investment of your time and effort
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and yeah
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nice job estebans i don't know your
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actual name but thank you so much you
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guys can follow me on instagram i post
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stories there almost every day like the
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facebook page join the discord server to
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talk with other members of the bread fam
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community
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share your thoughts in the comments
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below like comment subscribe do all of
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those things
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yeah thank you guys so much for watching
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i'll see you guys next week bye
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what's the use of opening a hi
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the light
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[Music]
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there we go
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[Music]
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