Security Bank Time Deposit
If no depositor’s instruction is given at the time of the opening of the time deposit or at any time during the term of the deposit, the Bank shall automatically credit the deposit proceeds to the settlement account on the stipulated maturity date. A time deposit, also referred to as certificates of deposit, is a fixed deposit at a bank, which you will not have access to during the agreed time period in exchange for a higher interest rate compared to a savings account. Identical to an investment account, you will be eligible to a higher premium rate as a return on your investment.
Deposit Account Rates
Effective as of 10/01/2020. eRewards effective 11/01/2020, and all rates subject to change daily.
| * APY = Annual Percentage Yield * APY figured for longest term * APY figured for daily balance ( the amount of principal in the account each day) * Fees could reduce earnings * The interest rate and annual percentage yield may change after account opening ** Specific qualifications must be met. Contact financial institution for details. | |||
| Account Name | Minimum Balance Required to obtain APY* | Interest Rate | APY* |
|---|---|---|---|
| SaveUp Savings | .11% | .11% | |
| Bump-up Rate : | Earn a higher interest rate when you set up a $10 minimum transfer each statement cycle from your ID Secure, eRewards, or ReBuild Checking account. | .21% | .21% |
| eRewards Checking ** | |||
| Tier One: | If your average monthly balance is $10,000 or less, the interest rate paid on the entire balance in your account will be 1.00% with an Annual Percentage Yield (APY) of 1.00%. | 1.00% | 1.00%** |
| Tier Two: | The interest rate that will be paid for only that portion of your balance that is greater than $10,000 will be 0.16%. The APY for this tier will range from 1.00% to 0.24%. If qualifications are not met within a statement cycle, you will earn an interest rate of 0.07% with an APY of 0.07% on the entire balance. | .16% | .16% |
| Advantage Money Market Investment | |||
| Daily Balance of: | 0.00 to 9,999.99 | .11% | .11% |
| 10,000.00 to 24,999.99 | .16% | .16% | |
| 25,000.00 to 49,999.99 | .26% | .26% | |
| 50,000.00 to 99,999.99 | .36% | .36% | |
| 100,000.00 and above | .41% | .41% | |
| Health Savings Account | |||
| Daily Balance of: | 0.00 to 9,999.99 | .24% | .24% |
| 10,000.00 to 24,999.99 | .42% | .42% | |
| 25,000.00 to 49,999.99 | .46% | .46% | |
| 50,000.00 and above | .53% | .53% | |
Business Account Rates
Effective as of 10/01/2020 and all rates subject to change daily.
What Is Time Deposit
| * APY = Annual Percentage Yield * APY figured for longest term * APY figured for daily balance ( the amount of principal in the account each day) * Fees could reduce earnings * The interest rate and annual percentage yield may change after account opening ** Specific qualifications must be met. Contact financial institution for details. | ||||
| Account Name | Minimum Balance Required to obtain APY* | Interest Rate | APY* | Learn More About : |
|---|---|---|---|---|
| Business Savings | .11% | .11% | ||
| Business Money Market Account | ||||
| Daily Balance of: | 0.00 to 999.99 | .11% | .11% | |
| 1,000 to 9,999.99 | .11% | .11% | ||
| 10,000.00 to 24,999.99 | .16% | .16% | ||
| 25,000.00 to 49,999.99 | .21% | .21% | ||
| 50,000.00 and above | .31% | .31% | ||
| Security Interest Business Checking | .11% | .11% | ||
| Security Platinum Business Investment Account | ||||
| Daily Balance of: | 0.00 to 24,999.99 | .11% | .11% | |
| 25,000.00 to 49,999.99 | .26% | .26% | ||
| 50,000.00 to 99,999.99 | .36% | .36% | ||
| 100,000.00 and above | .41% | .41% | ||
IRA Savings Account Rates
IRA Rate Effective 10/01/2020. All rates subject to change daily.
| Individual Retirement Account | Minimum Balance Required to Obtain APY* | Interest Rate | APY* |
|---|---|---|---|
| IRA | $1,000.00 | .69% | .69% |
Certifcate of Deposit Rates
Certificates of Deposit Rates Effective as of 10/19/2020. All rates subject to change daily.
| Certificates of Deposit & IRA | Minimum Balance Required to Obtain APY* | Interest Rate | APY* |
|---|---|---|---|
| 31-90 Days CD | $1,000.00 | 0.14% | 0.14% |
| 91-181 Days CD | $1,000.00 | 0.18% | 0.18% |
| 182-364 Days CD | $1,000.00 | 0.29% | 0.29% |
| 12-17 Months CD | $1,000.00 | 0.41% | 0.41% |
| 18-23 Months CD | $1,000.00 | 0.44% | 0.44% |
| 24-35 Months CD | $1,000.00 | 0.57% | 0.57% |
| 36-47 Months CD | $1,000.00 | 0.91% | 0.91% |
| 48-60 Months CD | $1,000.00 | 1.04% | 1.04% |
| * APY = Annual Percentage Yield * APY figured for longest term * APY figured for daily balance ( the amount of principal in the account each day) * A penalty will be imposed for early withdrawal | |||
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What Is A Time Deposit?
A time deposit, also referred to as certificates of deposit, is a fixed deposit at a bank, which you will not have access to during the agreed time period in exchange for a higher interest rate compared to a savings account. Identical to an investment account, you will be eligible to a higher premium rate as a return on your investment. Time deposit investment rates generally differ from interest range of 1.00% to 5.00%.
Time Deposit Tenure
Usually time deposit terms vary from 1, 2, 3, 6, 9 or 12 months. But with other banks, they can offer to an extent of five to six years. Regarding the maximum time deposit tenure, it would usually depend on the depositor who has full control on the tenure. In general, time deposit terms shift from 1 to 12 months. Whereas different banks can also offer to a degree of up to five to six years.
Security Bank Time Deposit Interest
Time Deposit Fees And Charges
Are there any charges when I invest my money in a Time Deposit? Yes, there will be charges. Interest earned on time deposits is subject to a final tax of 20%. These are charged every month when an interest is earned on your account. Aside from taxes, it is also subject to stamp duties if the principal amount exceeds ₱250,000.00, in which you will be charged ₱1 for every ₱200 after it.
Time Deposit Requirements
The only requirement for a time deposit is, that you have available funds which you will not need to access over a certain amount of time. Depending on the bank, there might be a minimum amount or limitations regarding the time period. But in exchange for all the copies of identification and initial amount you will give to the bank, the bank will give you a certificate of time deposit.
Is Time Deposit Worth Investing In?
Certainly! If you are a person who is risk-averse and have very little risk appetite, time deposit is definitely for you. What makes time deposit an ideal investment option is that the returns are continuous and predictable. It is pretty straightforward and there are certainties. You just have to wait for the waiting period to be finished and you'd expect a specific earnings at the end of it.
How To Find The Best Time Deposit Interest Rate?
There are various offers by banks in the Philippines. We have put all of them together and created a comparison tool, which presents you the best interest rates based on your available savings and the time period. Needless to say, the usage of our comparison tool is free of charge. Once you have found the most favorable bank you may apply for it online.