Career Tips
How to Open a High-Interest Savings Account in the Philippines
Date Posted: 05/14/2026
A regular savings account is safe, but it earns very little interest. OFWs should consider high-interest savings accounts (HISAs) that grow money faster without added risk.
To open a HISA, start by researching banks—both traditional and digital—that offer competitive interest rates. Many digital banks, like CIMB, Tonik, and Maya, offer rates of up to 6% annually, compared to less than 1% in regular accounts.
The steps are straightforward:
1. Check eligibility and requirements. Most banks require valid IDs, proof of address, and an initial deposit.
2. Consider opening accounts online if available. Many OFW-friendly banks now allow account opening without needing to return home.
3. Look for accounts with no maintaining balance or minimal fees to avoid unnecessary charges.
Digital banks are particularly convenient for OFWs because you can manage your accounts from anywhere. They also offer better interest rates since they have lower operational costs.
With a HISA, your savings can earn passive income while remaining accessible and safe