Monday, October 8, 2007

Chinabank Saving Opportunities

I just opened a normal ATM account in Chinabank two months ago. From my fellows, i learned that they have an online banking system which really works. There you can check your balances and pay bills. As i was surfing their website, I saw several saving opportunities that can earn savers like you and me higher interest rates.

You can check their website http://chinabank.ph and click on savings. I am keen on opening a Diamond Savings which is just like time deposit but it's called another name. The interest rate is around 4% for 3 months but my mom, who is an accountant says that its per year.

Here is the chart from their website:

Diamond Savings

Get better value for your savings with the Diamond Savings Account - a special deposit account that earns interest comparable to investment rates.

Key Benefits

Initial Placement Requirement P 50,000
Amount in Peso Interest Rate
1 Month 2 Months 3 Months
50,000 – 199,999 3.500% 3.750% 4.000%
200,000 – 499,999 3.750% 4.000% 4.250%
500,000 – 999,999 4.000% 4.250% 4.500%
1 Million & Up 4.250% 4.500% 4.750%

(subject to 20% withholding tax)
Effective October 5, 2007



I am not really sure so I am going there with my mom sometime this week. This will be my first time to open such account and I hope this experience will shed some light on us soon.

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