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Security Tips

Benefits that Come with a Savings Account

A savings account is more than just a safe place to keep your hard-earned money. It gives you security, protection, the opportunity to earn and make your money grow, along with other perks that you can enjoy. All these advantages can certainly help you in your journey towards your financial goals. Here are some benefits that you can take advantage of when you open a savings account. 

Interest

Your savings can turn into earnings when they are placed in a bank. Through interest, your savings grow as the bank pays you when you deposit your money in your savings account. Since the interest rate differs per bank, it is important to know where you can earn the most. In traditional banks, your savings can typically grow as low as 0.01% per annum (p.a.) and as high as 1% p.a., whereas the interest rates in all-digital banking platforms are usually higher ranging from 2% p.a. to 4% p.a.  

Promos and Perks

In line with the interest that banks give, many also offer special and exclusive promos that give you a chance to earn more. When you fit a certain criteria, banks can offer you an even higher interest for your money. Imagine how much you can earn because of a 5% p.a. special promo instead of the usual amount. Your savings account can also lead to the bank offering you more products you’re eligible for, such as credit. Additionally, you can also get a debit card to be able to access your money through ATMs and make purchases easily.     

Life Insurance

With changing times must come new innovations. Many banks don’t only provide a safe place to keep your savings, but also offer extra protection in the form of life insurance. While some banks sell insurance, others tie it up with their savings products for free. This certainly raises awareness on the importance of being protected with basic insurance and helps more people in their quest for better financial planning.

 

With CIMB Bank, you can get FREE Life Insurance coverage that's worth your average daily balance up to PHP 250,000. Just maintain an average daily balance of PHP 5,000 on your UpSave or GSave account to qualify. Enjoy zero monthly premium, with no medical check-up required! Not only can you enjoy safe and secure banking, but you can live life with fewer worries. 

You can also enjoy the best-in-market interest rate conveniently! Your savings can grow with the yearly base interest rate of 2.5% p.a. for UpSave accounts and 2.6% p.a. for GSave accounts. You may open an account right on your mobile phone is as fast as 10 minutes with fewer fees. Plus, you have three ways to enjoy a higher interest of 4% p.a. on your savings. First, is to maintain minimum balance of PHP 100,000 in your UpSave and/or GSave account. Your second option is to grow your Average Daily Balance (ADB) by PHP 1,000 each month in your UpSave and/or GSave account to enjoy a higher rate on your savings.

 

If you’re a student or a fresh grad aged 18-25 years old as of March 1, 2022, the CIMB Savings Starter Pack lets you enjoy a higher interest in your UpSave and/or fully verified GSave account. You only need to deposit at least PHP 500 each month and you can even get a Personal Accident Insurance coverage worth PHP 50,000 for FREE.

 

Find out how to get 4% p.a. interest when you maintain PHP 100,000 in your savings account with CIMB Bank here:

Click the link below to know how you can increase your ADB by PHP 1,000 to get 4% p.a. interest:

Learn more about the CIMB Savings Starter Pack when you visit the link below: 

Seize your life’s goals with CIMB Bank. Download the CIMB App and apply now!

Deposits are insured by PDIC up to P500,000 per depositor.

 

CIMB Bank Philippines, Inc. is regulated by the Bangko Sentral ng Pilipinas as a Commercial Bank. You may contact the BSP Financial Consumer Protection Department at (+632)8708-7087 or consumeraffairs@bsp.gov.ph.