A time deposit, or a certificate of time deposit, is an interest-bearing bank deposit that has a specified date of maturity. It is a bank account type option for customers who would like to deposit available.

What Is A Time Deposit?

The best CD rates tend to be at online banks and credit unions. Many banks dropped their rates on CDs in response to the Federal Reserve's emergency rate cuts in March 2020. Online submission for Time Deposit requests. Due to the COVID-19 outbreak, we will accept your online requests to withdraw or amend your Time Deposit instructions without visiting our branches. Plus, enjoy our promotional interest rate when you apply for a SGD Time Deposit. Foreign Exchange / Time Deposit New Fund Offers: Enjoy +1% p.a. Bonus rate on top of prevailing rates by converting and placing time deposit with HKD30,000 (or equivalent) or above with New Funds. (applicable to designated currency) Remark:The above interest rates. Compare US interest rates for consumer savings and lending products from banks in the USA. Find and compare rates for certificate of deposits (CD), checking, savings, credit cards, personal loans.

A time deposit, also referred to as certificates of deposit, is a fixed deposit at a bank, which you will not have access to during the agreed time period in exchange for a higher interest rate compared to a savings account. Identical to an investment account, you will be eligible to a higher premium rate as a return on your investment. Time deposit investment rates generally differ from interest range of 1.00% to 5.00%.

Time Deposit Tenure

Usually time deposit terms vary from 1, 2, 3, 6, 9 or 12 months. But with other banks, they can offer to an extent of five to six years. Regarding the maximum time deposit tenure, it would usually depend on the depositor who has full control on the tenure. In general, time deposit terms shift from 1 to 12 months. Whereas different banks can also offer to a degree of up to five to six years.

Time Deposit Fees And Charges

Are there any charges when I invest my money in a Time Deposit? Yes, there will be charges. Interest earned on time deposits is subject to a final tax of 20%. These are charged every month when an interest is earned on your account. Aside from taxes, it is also subject to stamp duties if the principal amount exceeds ₱250,000.00, in which you will be charged ₱1 for every ₱200 after it.

Time Deposit Requirements

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The only requirement for a time deposit is, that you have available funds which you will not need to access over a certain amount of time. Depending on the bank, there might be a minimum amount or limitations regarding the time period. But in exchange for all the copies of identification and initial amount you will give to the bank, the bank will give you a certificate of time deposit.

Is Time Deposit Worth Investing In?

Certainly! If you are a person who is risk-averse and have very little risk appetite, time deposit is definitely for you. What makes time deposit an ideal investment option is that the returns are continuous and predictable. It is pretty straightforward and there are certainties. You just have to wait for the waiting period to be finished and you'd expect a specific earnings at the end of it.

How To Find The Best Time Deposit Interest Rate?

There are various offers by banks in the Philippines. We have put all of them together and created a comparison tool, which presents you the best interest rates based on your available savings and the time period. Needless to say, the usage of our comparison tool is free of charge. Once you have found the most favorable bank you may apply for it online.

eCompareMo partners with the leading banks to provide you with impartial and up-to-date information on all financial products in the country. With our state-of-the-art time deposit calculator, you can compare and contrast all time deposit interest rates in the Philippines to find the best one that can give your investment a head start.

What is a time deposit?

A time deposit, or a certificate of time deposit, is an interest-bearing bank deposit that has a specified date of maturity. It is a bank account type option for customers who would like to deposit available excess funds in a high-interest account type. This is issued for a specified term, such as 30 days (minimum) up to five years. Funds can be withdrawn without prior notice, or before the maturity date, though there are penalties for early withdrawal.

Forms of deposit can be through cash, check (personal or managers check) and fund transfer from an existing account maintained at the same bank where the time deposit will be placed.

Why do I need to open a time deposit account?

The more money you invest in a time deposit, the more you'll earn. Also, with its better interest rates, one of the benefits of time deposit is it secures higher yields from your savings. Choose from any type of time deposits—traditional, mutual fund, fixed, term deposit with interim interest, flexible—and let your money grow.

How to open a time deposit account

Our advanced calculation engine allows users to make a fast and easy comparison of all time deposit interest rates offered by banks in the Philippines—guaranteed free. Applicants can get detailed information, such as minimum initial placement, placement term, withholding tax, rollover allowance, certificate of time deposit, and other requirements.

After doing a comparison using eCompareMo’s time deposit interest rate calculator, you can immediately invest for a time deposit online. By using our platform, you can save time and money in choosing the right time deposit account.

To open a time deposit account, all you need is a digitized ID, such as an SSS ID, Driver’s License, Voter’s ID, Company ID, and the like.

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Our customer helpdesk is more than willing to answer your questions regarding the product/s of your choice. Our highly trained agents also provide you with financial advice and other information that will help you make an informed decision about time deposit.

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With eCompareMo, opening a time deposit account in the Philippines has never been easier.