Savings interest rates?

Duder Active member

34POSTS

13 years ago

I looked at a couple bank web sites and did not see what they pay on savings deposits. Anyone know off hand what the rates are?
Are deposits insured at all like the FDIC in the US?
I think they also off something similar to CD's?

Thanks duder

I found this but would still like to hear from anyone if they know of something better but safe. If its current, just over 3%, better than 1/2%
we get now in the US.

http://philippines.deposits.org/1-year- … posit.html

duder

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Duder Active member

34POSTS

13 years ago

Pretty much a CD in the us, 3 months 6 months 1 2 or 3 years. My wife's is a 1 year cd with 1/2%, inflation is eating it up. Just wondering what the interest rates are there and if they are insured?

mugtech ViP

4733POSTS

13 years ago

insured to 500,000 pesos

Duder Active member

34POSTS

13 years ago

Thanks again Mugtech.
Any idea what the rates are? Does 3% sound correct?

mugtech ViP

4733POSTS

13 years ago

Duder wrote:
Thanks again Mugtech.
Any idea what the rates are? Does 3% sound correct?

Last time I did research was when I visited a few banks in October 2008. The interest rates are always a few percentage points higher than the USA, but I was told 30% of my interest income would be withheld as income tax. As an American citizen I most report and pay taxes on my world wide income, so the gross amount of interest would be taxable but I could take a foreign tax credit on the taxes withheld. I have no idea what kind of 1099 INT is issued in the Philippines. Many ex-pats prefer to have pensions and/or SS deposited directly into a USA bank with easy access in the Philippines, such as Wells Fargo.

Duder Active member

34POSTS

13 years ago

Hum, the dreaded tax deal. OK, they are catching on to the US ways to extract money from people! HA! I was thinking to squirrel away some money and if they paid good interest maybe open an account over there, but maybe not.

I've heard just to use a US debit card to live off of.

thanks!

pinaymentor ViP

160POSTS

13 years ago

do you want a savings account? less 2% :a time deposit? a TD (same as CD)less than 6%? a mutual fund?higher but subject to capital gains and other taxes...
do you want to have one that would beat the inflation rate?
do you want to pay taxes?
or do you want to earn higher interest rates, no taxes to be paid, and stable historical returns but no guarantees from reputable, stable financial institutions outside of the banking industry?

Pinaymentor

mugtech ViP

4733POSTS

13 years ago

pinaymentor wrote:
do you want a savings account? less 2% :a time deposit? a TD (same as CD)less than 6%? a mutual fund?higher but subject to capital gains and other taxes...
do you want to have one that would beat the inflation rate?
do you want to pay taxes?
or do you want to earn higher interest rates, no taxes to be paid, and stable historical returns but no guarantees from reputable, stable financial institutions outside of the banking industry?

Pinaymentor

Sounds like someone is selling annuities.