Savings accounts these days offer more than just competitive interest rates. Some also come with extra features that protect you and your family from the unexpected and for free.
One of the most underrated perks you can get from a savings account is free life insurance. You’re already setting money aside, so why not let that same account give you coverage on the side?
We’ve already compared BDO time deposit rates and Maybank time deposit promos. But if you’d rather keep your funds flexible and still earn more than a basic peso savings account, here are five options worth considering.
Security Bank All Access Account
| Initial Deposit | None |
| Minimum Maintaining Balance | ₱25,000 |
| Average Daily Balance to Earn Interest | ₱100,000 |
| Interest Rate Per Annum | 0.05% |
The Security Bank All Access Account gives you a savings and checking account in one, along with a passbook, checkbook, and an rPVC Debit Mastercard.
One notable update: Security Bank no longer requires an initial deposit to open this account. That’s a change from the ₱5,000 requirement back in 2020, which makes it a lot easier to get started.
The account comes with free life insurance from FWD Life Insurance. No medical exam is needed — you just need to fill out an FWD Insurance Group Life Enrolment Form and a health declaration.
If you’re between 18 and 50 years old, your coverage can be up to 3x your Average Daily Balance over the past three months, with a maximum of ₱3 million. For those between 51 and 60, coverage drops to 1x your ADB.
To earn interest, you need an ADB of at least ₱100,000. The rate is 0.05% per annum, and like all savings account interest in the Philippines, it’s subject to 20% withholding tax. If you’re looking for a no-deposit, all-in-one account with solid insurance coverage, this one is worth a look.
BPI Pamana Savings
| Initial Deposit | ₱25,000 |
| Minimum Maintaining Balance | ₱25,000 (monthly ADB) |
| Average Daily Balance to Earn Interest | ₱25,000 |
| Interest Rate Per Annum | 0.0625% |
The BPI Pamana Savings is designed with your family in mind. The word “pamana” means inheritance in Filipino, and the account lives up to that name by bundling free life insurance with your savings.
Insurance coverage is provided by BPI-Philam Life Assurance Corp. and can go up to ₱2 million, calculated as 3x the average month-to-date ADB of your past three months. There are no premium payments and no medical check-ups required. This feature is available to account holders between 15 and 60 years old.
You can choose between a debit card or passbook option, depending on how you prefer to manage your account. The account is also available in USD, with an initial deposit of USD 1,000 and insurance coverage of up to USD 40,000.
One thing to keep in mind: the interest rate has dropped significantly since 2020. It’s now at 0.0625% per annum, down from 0.250% a few years ago. The interest is what it is, but the free insurance coverage is still a compelling reason to consider this account — especially if you already bank with BPI.
If you’re 15 to 60 years old and want a savings account that automatically comes with life insurance, the BPI Pamana Savings is a straightforward option.
Maybank Save n Protect
| Initial Deposit | Contact Maybank for details |
| Minimum Maintaining Balance | Contact Maybank for details |
| Average Daily Balance to Earn Interest | ₱20,000 |
| Interest Rate Per Annum | 0.125% |
The Maybank Save n Protect comes with one of the most significant upgrades among the accounts on this list: the maximum insurance coverage has increased from ₱1 million to ₱5 million.
Coverage is calculated at 2x your previous month’s ADB. To qualify for the free insurance, you need to maintain an ADB of at least ₱50,000. The higher your balance, the higher your coverage — up to that ₱5 million cap.
The account includes a passbook and a Visa debit card that works at ATMs worldwide, not just locally. That makes it useful if you travel frequently or need access to your funds while abroad.
The interest rate is currently 0.125% per annum, which is a step down from the 0.25% it offered in 2020, but still slightly better than some of the other accounts on this list. You need an ADB of ₱20,000 to start earning interest.
For initial deposit and maintaining balance details, it’s best to contact Maybank directly at (02) 8588-3888 or visit their website, as those figures aren’t prominently listed on their page. If you’re looking for an account with a high insurance ceiling and worldwide ATM access, the Maybank Save n Protect is worth a conversation.
LANDBANK OptiSaver Plus
| Initial Deposit | ₱50,000 |
| Minimum Maintaining Balance | ₱50,000 (ADB) |
| Average Daily Balance to Earn Interest | ₱50,000 |
| Interest Rate Per Annum | 0.05% (₱50K–below ₱500K); 1.00%–4.00% (₱500K and above) |
If you’re wondering what happened to the PNB Power Saver that was on this list back in 2020, PNB has since discontinued it. Their current savings products no longer include free life insurance. The LANDBANK OptiSaver Plus steps in as a strong alternative — and it launched in March 2025, so it’s a relatively new offering worth knowing about.
What makes this account stand out is its tiered interest rate structure. If your ADB stays between ₱50,000 and below ₱500,000, you earn 0.05% per annum. But once your balance reaches ₱500,000 and above, the rate jumps to anywhere from 1.00% to 4.00% per annum — that’s a significant difference compared to the other accounts on this list.
On the insurance side, you get free life insurance or personal accident insurance when your ADB is at ₱50,000 or more. The coverage scales with your balance tier. If your ADB reaches ₱20 million or above, you actually get both life and personal accident insurance at the same time.
The account comes with a passbook and a LANDBANK Visa Debit Card, and you also have digital access through LANDBANK’s cardless options. There’s no fixed tenor, so you can deposit and withdraw whenever you need to. Just keep your ADB above ₱50,000 — if you fall below the minimum for two or more consecutive months, a ₱200 monthly service charge applies.
This account is best suited for those with larger balances who want to earn meaningful interest while also getting free insurance coverage. As a government bank, LANDBANK also carries an added layer of confidence for depositors. You can read more about the launch from Business World and the Philippine News Agency.
BDO Kabayan Savings
| Initial Deposit | ₱100 |
| Minimum Maintaining Balance | None (if at least 1 remittance within 2 years) |
| Average Daily Balance to Earn Interest | ₱5,000 |
| Interest Rate Per Annum | 0.0625% |
The BDO Kabayan Savings is built for Overseas Filipino Workers. If you’re working abroad and regularly sending money home, this account is designed with your situation in mind.
Opening the account requires just ₱100. As long as you send at least one remittance within a two-year period, you don’t need to worry about a maintaining balance. The account comes with an ATM debit card, a passbook, and access to BDO Pay, Cash Agad, and BDO Online Banking. There are also ongoing promos in 2026, including discounts at SM Kabayan First Tuesday events, and deals on 2GO Travel and 2GO Shipping.
To qualify for free life and accident insurance, you need to be between 18 and 65 years old, have at least 6 remittance transactions in the past 12 months, and maintain an ADB of ₱25,000. Coverage is calculated as 50% of your ADB plus 50% of your total remittances over the past 12 months, up to ₱1 million for natural death and ₱2 million for accidental death. The insurer is BDO Life Assurance Company, Inc., and you can enroll at bdoremit.com.ph.
Like BPI, the interest rate here has also dropped since 2020 — from 0.25% down to 0.0625% per annum. You’ll need at least ₱5,000 in ADB to start earning interest. If you reach ₱100,000 in balance, you also qualify for BDO Rewards, earning 1 point for every ₱5,000 in remittances.
If you’re an OFW looking for a savings account that covers you and your family while you’re abroad, the BDO Kabayan Savings remains one of the most practical choices available.
Which account should you open?
A quick reminder before you decide: since March 15, 2025, PDIC coverage has increased to ₱1 million per depositor, per bank. That’s double the ₱500,000 limit that was in place in 2020.
Life insurance premiums are not cheap. Getting free coverage just by keeping money in a savings account is one of the smarter financial moves you can make — especially when that coverage can reach ₱2 million, ₱3 million, or even ₱5 million depending on the account you choose.
Each account on this list has a different profile. The Security Bank All Access Account is great if you want no initial deposit and decent insurance coverage. BPI Pamana Savings is a solid pick if you’re already a BPI customer and want built-in family protection. Maybank Save n Protect works well for those who can maintain a higher balance and want the highest insurance ceiling. LANDBANK OptiSaver Plus is the standout if you have ₱500,000 or more and want to earn real interest alongside your insurance. And BDO Kabayan Savings is the go-to for OFWs who want an account that works around their remittance habits.
So which of these accounts makes the most sense for you? Are you already using one, or are you thinking of switching? Share your thoughts in the comments below.