You work hard for your money. The least it can do is work back.
Most savings accounts in the Philippines pay a laughably small interest rate. But a handful of banks take it a step further — they bundle free life insurance with your savings account, no monthly premium required. The more you save, the higher your coverage.
You save, and you’re covered. That said, these accounts aren’t a replacement for a proper life insurance policy; think of them as a free safety net while you build your savings. If you’re still figuring out where to start, our insurance guide can help.
Overview of the 10 best savings accounts with free life insurance in the Philippines
| Bank | Required ADB for Insurance | Insurance Coverage Highlight |
| BDO Kabayan Savings Account | ₱25,000 | 50% of ADB + 50% of 12-month remittances, up to ₱1M (natural death) / ₱2M (accidental) |
| BPI Pamana Savings | ₱25,000 | 3x average ADB of past 3 months, max ₱2M (PHP) / USD 40,000 (USD) |
| CIMB Bank UpSave | ₱5,000 | Up to ₱250,000 |
| Maybank Save n Protect | ₱50,000 | 2x previous month’s ADB, max ₱5M |
| PSBank Kiddie and Teens Savings | ₱1,000 (monthly ADB at time of claim) | 5x monthly ADB, max ₱500,000 (personal accident, via AXA) |
| RCBC iSave Savings Account | — | Insurance benefit not currently listed on product page — confirm with bank |
| RCBC eWoman Savings Account | ₱15,000 | Insurance benefit not currently listed on product page — confirm with bank |
| Security Bank All-Access Checking Account | ₱25,000 | Up to 3x ADB, max ₱3M (ages 18-50); 1x ADB (ages 51-60) via FWD Life |
| UnionBank Savings+ | ₱25,000 | 3x ADB, max ₱3M (ages 18-50); 1x ADB, max ₱1M (ages 51-65) |
| Veterans Bank Long-Term Time Deposit (Hyper Saver, Maxi Return, Advantage Plus) | ₱100,000 (min. deposit) | Accidental death up to ₱5M; Maxi Return and Advantage Plus add daily in-hospital income |
How Does a Savings Account with Free Life Insurance Work?
The concept is simple: maintain a minimum average daily balance (ADB) in your account, and the bank gives you free life or accident insurance — no monthly premiums, no annual renewals to stress about.
The coverage amount is usually tied to your ADB. Maybank, for example, gives you twice your previous month’s ADB as coverage, up to ₱5 million. BPI Pamana gives you three times your average balance for the past three months.
Keep in mind that these accounts still function as regular savings accounts. You still earn interest (though most rates are low — we’ll get to that). The insurance is just a bonus layered on top. Some banks, like BDO and Maybank, require you to actively enroll for the insurance; it doesn’t automatically apply just because you opened the account.
One more thing to note: as of March 2025, the Philippine Deposit Insurance Corporation (PDIC) increased its coverage to ₱1,000,000 per depositor across all banks. That’s separate from whatever life insurance benefit your account may offer.
BDO Kabayan Savings Account
If you’re an OFW — or if you’re the family member receiving remittances — the BDO Kabayan Savings Account is built for you. It’s one of the few accounts where your remittance history directly affects your insurance coverage amount.
Here are the features and key terms:
- Initial deposit: ₱100
- No maintaining balance required, as long as you receive at least one remittance every two years (otherwise it converts to a regular ATM savings account with a ₱2,000 maintaining balance)
- ADB to earn interest: ₱5,000 at 0.0625% p.a.
- Insurance coverage: 50% of your ADB plus 50% of total remittances received in the past 12 months
- Maximum coverage: ₱1 million (natural death) / ₱2 million (accidental death)
- Insurance provider: BDO Life Assurance Company, Inc.
- You must enroll for the insurance — it’s not automatic
- To qualify: must be 18–65 years old, employed abroad, with at least six remittances and a minimum ₱25,000 ADB over the past 12 months
The insurance formula here is unique. If you maintained ₱50,000 ADB and received ₱100,000 in remittances over the year, your coverage is ₱25,000 (50% of ADB) + ₱50,000 (50% of remittances) = ₱75,000. Not huge, but it grows with your activity.
For a deeper look at how BDO savings accounts compare, check out this BDO peso savings review.
Visit the BDO Kabayan Savings page for full details or visit your nearest branch to enroll.
BPI Pamana Savings
BPI Pamana Savings is designed for Filipinos who want a passbook savings account with built-in life insurance. No premium payments, no medical check-ups required — just maintain the balance and you’re covered.
Here are the features and key terms:
- Initial deposit: ₱25,000 (PHP) / USD 1,000 (USD)
- Maintaining balance: ₱25,000 monthly ADB (PHP) / USD 1,000 (USD)
- Interest rate: 0.0625% p.a. (ADB of at least ₱25,000 required to earn interest)
- Insurance coverage: 3x the average monthly ADB for the past three months, up to ₱2 million (PHP) or USD 40,000 (USD)
- Insurance provider: BPI-Philam Life Assurance Corp.
- Open to account holders aged 15–60 years old
- No monthly premium payments; no medical exam needed
- Available in both PHP and USD
The ₱25,000 entry point is manageable if you’re already keeping an emergency fund. And for a savings account that doubles as your life insurance coverage — no additional paperwork, no yearly renewals — it’s a pretty clean setup. Just note that, like most traditional bank accounts, the interest rate is low. If growing your money is the priority, pair this with a higher-yield account. Our BPI peso savings review has more details on BPI’s product lineup.
Visit the BPI Pamana Savings page or drop by any BPI branch to open an account.
CIMB Bank UpSave
CIMB UpSave stands out from the rest of this list for one reason: a 2.5% interest rate per year. That’s significantly higher than what most traditional banks offer, and you don’t need a minimum balance to start earning it. If you’re already familiar with digital banks in the Philippines, CIMB is one of the more established ones.
Here are the features and key terms:
- No initial deposit required
- No maintaining balance required
- No minimum balance to earn interest — earn 2.5% p.a. on any amount
- Insurance coverage: up to ₱250,000, provided you maintain a minimum ADB of ₱5,000
- Claims are based on the average daily balance for the past three calendar months, or the latest balance from the month before the insured event
- Open via the CIMB Bank PH app — fully digital, no branch visits needed
The ₱5,000 ADB threshold for insurance makes this one of the most accessible options on this list. Maintain five thousand pesos, and you’re insured. That’s it.
The tradeoff is coverage is capped at ₱250,000 — the lowest maximum on this list. But for the interest rate alone, UpSave is worth keeping even if you hold another account for insurance purposes. See our full CIMB Bank review for more.
Open an account on the CIMB Bank UpSave page.
Maybank Save n Protect Savings Account
Maybank’s Save n Protect account is one of the higher-ceiling options here — coverage up to ₱5 million with no monthly premiums. It comes with a passbook and a Visa debit card, so it functions like a full-featured savings account.
Here are the features and key terms:
- ADB to earn interest: ₱20,000
- Interest rate: 0.125% p.a. (down from 0.25% in 2023)
- Insurance coverage: 2x your previous month’s ADB, up to ₱5 million per account
- ADB required for insurance: ₱50,000
- Age eligibility: 18–65 years old
- Includes passbook and Visa debit card
The 0.125% interest rate has been cut in half since 2023, which is a downside. But the insurance coverage structure remains one of the strongest here. If you can comfortably maintain ₱50,000 and above, the multiplier kicks in fast — ₱2.5 million in coverage at a ₱1.25 million ADB, for instance.
For context on Maybank’s other products, our Maybank time deposit article gives you a good sense of their rate positioning.
Contact Maybank at (02) 8588-3888 or visit the Maybank Save n Protect page for full details.
PSBank Kiddie and Teens Savings
If you’re opening a savings account for your child, this one’s worth a close look. PSBank’s Kiddie and Teens Savings offers free personal accident insurance from AXA Philippines with a very low entry point — no initial deposit, no maintaining balance, and a multiplier of 5x the monthly ADB.
Here are the features and key terms:
- No initial deposit required
- No maintaining balance required
- ADB to earn interest: ₱2,000 at 0.10% p.a.
- Insurance: free personal accident insurance from AXA Philippines
- Coverage: 5x the monthly ADB, up to a maximum of ₱500,000
- Claim requirement: account must be active with at least ₱1,000 monthly ADB at the time of the accident
- Kiddie account: for ages 0–12 (In-Trust-For account setup)
- Teens account: for ages 13–17 (joint or individual account)
- Comes with passbook and ATM card
The 5x multiplier is the highest on this list. A ₱10,000 balance gives your child ₱50,000 in accident coverage — not a fortune, but it’s free and requires zero paperwork from your end. For more options on building good savings habits early, check out our roundup of the best kids savings account options in the Philippines.
Visit the PSBank Kiddie and Teens Savings page or visit your nearest PSBank branch.
RCBC iSave Savings Account
RCBC iSave is a fully virtual savings account — no branch visits, no initial deposit, no maintaining balance. The interest rate is tiered and comparatively decent among traditional banks.
Here are the features and key terms:
- No initial deposit required
- No maintaining balance required
- ADB to earn interest: ₱5,000
- Interest rate (tiered): 0.150% p.a. (below ₱100K) / 0.175% (₱100K–₱500K) / 0.200% (₱500K+)
- Account comes with a statement of account; no passbook
- Fully online application and management
Important update for 2026: The 2023 version of this account included free personal accident insurance and a hospitalization benefit. As of April 2026, this benefit is no longer listed on RCBC’s product page. Confirm with the bank before opening if insurance coverage is a factor in your decision.
Open or learn more at the RCBC iSave page.
RCBC eWoman Savings Account
RCBC eWoman is designed specifically for women. It comes with an ATM Mastercard, passbook, and historically offered free life insurance through Sun Life Grepa — but there’s an important caveat in 2026.
Here are the features and key terms:
- Initial deposit: ₱15,000
- Maintaining balance: ₱15,000
- ADB to earn interest: ₱25,000 at 0.15% p.a.
- Comes with ATM Mastercard and passbook
- Access to RCBC online and mobile banking
Important update for 2026: The 2023 version of this account listed life insurance coverage worth three times the 6-month ADB up to ₱2 million, provided by Sun Life Grepa Financial. As of April 2026, this benefit is no longer listed on RCBC’s product page. Confirm with the bank before opening.
Learn more on the RCBC eWoman Savings page or speak with an RCBC branch representative.
Security Bank All-Access Checking Account
Don’t let “checking account” in the name throw you off — this product functions as a combined savings and checking account. It comes with a passbook, checkbook, and rPVC Debit Mastercard, and the insurance setup is one of the cleaner ones on this list. Our Security Bank All Access review covers the account in depth.
Here are the features and key terms:
- No initial deposit required (changed from ₱5,000 in 2023)
- Maintaining balance: ₱25,000
- ADB to earn interest: ₱100,000 at 0.05% p.a. (down from 0.10% in 2023)
- Insurance coverage: up to 3x ADB, maximum ₱3 million (for ages 18–50)
- Ages 51–60: 1x ADB coverage applies
- Insurance provider: FWD Life Insurance
- No medical exam required — health declaration form only
- Includes passbook, checkbook, and rPVC Debit Mastercard
Two things changed since 2023: the initial deposit requirement was removed, and the interest rate dropped to 0.05%. On the plus side, you can now open the account without putting up ₱5,000 upfront. The insurance setup itself is unchanged — FWD Life covers up to ₱3 million for eligible account holders under 51.
If you want to explore other Security Bank options, they also offer the Money Builder Savings account for a more straightforward savings product.
Learn more on the Security Bank All-Access page.
UnionBank Savings+
UnionBank Savings+ is a solid all-in-one option — no initial deposit, free PESONet transfers, and group life insurance coverage up to ₱3 million. The digital experience is smooth, and the optional Visa debit card means you can keep it lean if you want a deposit-only account.
Here are the features and key terms:
- No initial deposit required
- Maintaining balance: ₱25,000 monthly ADB (required for insurance and to avoid a fall-below fee)
- ADB to earn interest: ₱100,000 at 0.10% p.a.
- Insurance coverage: 3x monthly ADB, max ₱3 million (ages 18–50); 1x ADB, max ₱1 million (ages 51–65)
- Free group life insurance — no medical exam, no monthly premium
- Optional Visa Debit Card
- Free PESONet transfers; InstaPay free up to ₱1,000
The ₱25,000 maintaining balance is the threshold to watch. Drop below it and you lose insurance coverage (and get charged a fall-below fee). Keep it topped up consistently and this account covers both your savings and your basic life insurance needs in one place.
Visit the UnionBank Savings+ page for current details or apply through the UnionBank app.
Veterans Bank Long-Term Time Deposit (Hyper Saver, Maxi Return, and Advantage Plus)
Veterans Bank offers three types of long-term time deposits with free insurance coverage. These aren’t your typical savings accounts — you’re locking in your money for five years and one day, with a minimum deposit of ₱100,000. In exchange, you get insurance benefits and a competitive (if unpublished) interest rate.
Here are the common features across all three:
- Term: 5 years and 1 day
- Minimum deposit: ₱100,000
- Interest rate: prevailing market rates (not publicly listed — contact the bank)
- Documentary Stamp Tax (DST): waived
- Withholding tax: 20%
Here’s how the insurance coverage breaks down across the three products:
| Benefit | Hyper Saver | Maxi Return | Advantage Plus |
| Accidental death | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M |
| Cash assistance (loss of life) | 25% of accidental death benefit, max ₱250K | 25% of accidental death benefit, max ₱250K | 25% of accidental death benefit, max ₱250K |
| Permanent disablement | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M |
| Unprovoked murder / assault | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M | 100% of TD amount, max ₱5M |
| Daily in-hospital income | Not included | 0.10% of accidental death benefit, max ₱5K/day (up to 30 days) | 0.10% of accidental death benefit, max ₱5K/day (up to 30 days) |
| Interest payout | At maturity | At maturity | Monthly to linked savings account |
The main difference between Hyper Saver and Maxi Return is the hospital income benefit. Advantage Plus matches Maxi Return on insurance — but pays out interest monthly to a linked savings account instead of waiting for maturity. If you want steady cash flow while your money is locked in, Advantage Plus is worth considering.
Since interest rates aren’t posted publicly, you’ll need to contact the bank directly. Visit the Veterans Bank Long-Term Time Deposit page or call your nearest Veterans Bank branch.
Which savings account with life insurance is for you?
It really comes down to what you’re optimizing for.
If you want the highest interest rate, CIMB UpSave wins at 2.5% p.a. — and the ₱5,000 ADB threshold for insurance is the lowest on this list. A good choice if you want to earn more while staying insured. If you’re new to saving, our guide on how to open a savings account in the Philippines walks you through the process.
If you want a checking + savings hybrid, Security Bank All-Access now has no initial deposit requirement — and gives you up to ₱3 million in FWD Life coverage if you’re under 51.
Have you opened any of these accounts? Which one ended up being the right fit — and what pushed you to decide?