5 thoughts on “15 BEST High Interest Savings Accounts (2021)

  1. I am an American moving to the Philippines to my wife. And will be transferring money.
    Is the tax to the Philippine government?
    How is the tax applied, for the 20% withholding tax by CIMB and ING? Would that be monthly as the interest is paid.? So would it be like 4% would only add 3.2% / 12 to your account for the interest?

    What about Tanay Rural Bank?

    1. Hi sir James,
      Yes, the tax goes to the PH government. If you want to know more about this, you can read the the banking law of the Philippines. The 20% withholding tax applies to all banks in the Philippines and yes, this is charged monthly once the interest is paid to your savings account/s. So it would be like this: 4% interest minus the 20% withholding tax. The money after tax will then be added to your savings account. I don’t know much about Tanay Rural Bank and you can learn more about them by visiting their website: https://www.trb.com.ph/

      Thank you and have a great day sir James!

Leave a Reply

Your email address will not be published. Required fields are marked *