Time Deposit Rates in the Philippines (October 2026)
The best digital-bank time deposits pay up to 6% a year, about 4.8% net after the 20% tax. A typical branch time deposit pays around 1%. On ₱100,000 for a year, that's roughly ₱4,000 more in your pocket for the same PDIC-insured safety.
Indicative rates as of October 2026 · Interest shown before and after the 20% final tax · Promos and tiers change often, so confirm the live rate in the bank's app before depositing.
| Bank | 3 months | 6 months | 1 year | Minimum | Net on ₱100,000, 1 yr |
|---|---|---|---|---|---|
| Salmon | — | 6% | 6% | ₱5,000 | ₱4,800 |
| UNO Digital Bank | 5% | 5.5% | 5.75% | ₱5,000 | ₱4,600 |
| Maya Bank | 5.5% | 5.5% | 5.5% | ₱1,000 | ₱4,400 |
| Tonik | 4% | 5% | 5.5% | ₱5,000 | ₱4,400 |
| GoTyme Bank | 3.8% | 4.2% | 4.8% | ₱500 | ₱3,840 |
| CIMB Bank PH | 4% | 4.4% | 4.75% | ₱1,000 | ₱3,800 |
| Traditional bank (BDO / BPI / Metrobank class) | 0.5% | 0.75% | 1% | ₱25,000 | ₱800 |
Read the fine print on each rate
- Salmon (Time Deposit): Standard ~6% p.a. for placements under ₱500k (Salmon offers 6mo, 9mo, and 12–60mo terms — no 3-month TD). The 8% "Bank on Eight" promo (to Nov 30, 2026) needs ₱1,000,000+ at 12 months; ₱500k–₱1M earns 6.5% at 12 months.
- UNO Digital Bank (Booster Time Deposit): UNO TD (UNOEarn/UNOBoost) rates range ~4%–5.75% p.a. by tenure and channel; top rate on the longest term. Confirm the live promo.
- Maya Bank (Time Deposit Plus): For accounts opened from Oct 1, 2026: a guaranteed 3.5% p.a., boosted to up to 5.5% p.a. once you reach your target amount and complete the term (interest on up to ₱1M per account, up to 5 accounts). Shown at the boosted rate — confirm in the Maya app.
- Tonik (Time Deposit): After Tonik's June 5, 2026 cut, the 12-month TD is ~5.5% p.a. (down from 8%); 6-month ~5.0%. Confirm the live promo.
- GoTyme Bank (Time Deposit): Low minimum; confirm the current promo rate.
- CIMB Bank PH (Time Deposit): CIMB MaxSave TD ~4.75% p.a. at 12 months; flexible / upfront-interest options on some terms.
- Traditional bank (BDO / BPI / Metrobank class) (Regular Time Deposit): Branch TDs are convenient but the advertised rate is often far below digital banks — net after tax may barely beat inflation. Premium/HNW tiers can be higher.
Always compare net, not advertised
Banks withhold a 20% final tax on peso deposit interest before it reaches you, so a 6% time deposit is really about 4.8%. That's also why Pag-IBIG MP2, whose dividend is tax-free, often beats a time deposit for money you can lock for five years. See MP2 vs time deposit for the side-by-side.
Before you lock your money
- Emergency fund first. Keep 3–6 months of expenses liquid in a high-yield savings account, not in a time deposit.
- Check if savings pays almost the same. If a liquid account is within about 0.5% of the time deposit, liquidity usually wins.
- Stay within PDIC cover. Deposits are insured up to ₱1,000,000 per depositor, per bank. Split larger amounts across banks.
- Match the term to a date. Tuition, a down payment or a planned purchase: pick the term that matures just before it.
Frequently asked questions
What is the highest time deposit rate in the Philippines right now?
As of October 2026, the top digital-bank time deposit in PesoPilot's data pays up to 6% a year (Salmon), often with a promo, target or balance tier attached. Traditional branch time deposits often pay around 1% or less. Rates change often, so confirm the live rate in the bank's app before depositing.
Is time deposit interest taxed in the Philippines?
Yes. Peso time-deposit interest has a 20% final withholding tax, deducted by the bank automatically. A 6% time deposit really pays about 4.8% net. Pag-IBIG MP2 dividends, by contrast, are tax-free.
Are digital bank time deposits safe?
The banks listed are BSP-licensed and PDIC-insured up to ₱1,000,000 per depositor, per bank, which covers time deposits too. If you have more than that, split it across banks.
Can I withdraw a time deposit early?
Usually yes, but you give up most or all of the interest, and some banks charge a fee or the documentary stamp tax. Only lock money you will not need before maturity, and keep your emergency fund in a liquid savings account.
Time deposit or high-yield savings: which is better?
If a liquid digital savings account pays nearly the same rate, the savings account usually wins because you can withdraw anytime. A time deposit makes sense when it pays clearly more and the money has a known date, like tuition or a down payment.
Free PesoPilot tools
- Money Game Plans: rank time deposits for your amount and term, net of tax.
- High-yield savings by amount: what ₱10,000 to ₱1,000,000 earns liquid.
- MP2 calculator: tax-free dividends by monthly amount.
- Projection simulator: compare MP2, time deposits and funds over 20 years.
Educational only: not financial advice, not an offer, and not guaranteed. Rates are indicative as of October 2026 and vary by promo, tier, balance and channel. Confirm current rates and terms with the bank before depositing.
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