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Ultimate Guide: Philippines’ Time Deposit Accounts with High-Interest Rates

A savings account is like your financial GPS. Its goal is to keep you on the money-tracking road. You can maneuver it anytime you need to. But sometimes, your driving skills are not enough to make more for yourself and your family. You must race but with the minimum risk. You want to squeeze the most out of your hard-earned bucks with the assurance of bigger interests. One of the best options you can have is a time deposit accounts.

Now, a time deposit account is the golden ticket to investment success. Why? Time deposit accounts are worthwhile as they qualify as a sound investment. Your financial goals and preferred bank play a significant role in this money game. 

Before throwing your money into the time depositors, you must understand the ins and outs, interest rates, and charges that come with it. Know what you’re signing up for. After all, we’re here to watch our money grow. So, buckle up if you’re considering being part of the time deposit in the Philippines. 

Securing a time deposit can be a savvy move. But it becomes tacky once you break up with it sooner than planned. So, you must learn the dos and don’ts before opening an account. We discuss the significance of time deposit accounts in the Philippines and which is the best option suitable for your finances.

Ultimate Guide: Philippines’ Time Deposit Accounts with High-Interest Rates

Table of Contents 

What is Time Deposit?
How does Time Deposit Work?
Advantages of a Time Deposit
Disadvantages of a Time Deposit
How much is the Time Deposit Interest Rate?
Quick Tips in Computing Time Deposit Interest Rate
How does Time Deposit Philippines Charge?
What to look for the Best Time Deposit Philippines?
15 Best Time Deposit Philippines

How to Open a Time Deposit Philipines?
What are the Documents Needed for a Time Deposit Account
Frequently Asked Questions


What is Time Deposit?

A time deposit is often called a term deposit or fixed deposit. It is a distinctive banking product that accumulates a fixed interest rate throughout a specified term. But, during its term, withdrawal is restricted. While categorized as a deposit account akin to regular savings and checking accounts in the Philippines, time deposit accounts have a unique characteristic. It lies in its approach to interest accumulation.

Philippines’ Time Deposit Accounts

When contemplating the decision to open a time deposit account, you have three crucial factors come into play:

Interest Rate

The interest rate directly correlates with your earnings. It comes from entrusting your funds to the bank for a specific duration. However, this rate varies across different banks, holding periods, and the amount designated for deposit. That’s why you must be wise in choosing a time deposit bank you would trust.

Holding Period

The holding period denotes the duration for which you permit the bank to retain your funds until the maturity of the time deposit. It significantly influences the overall returns. During this period, you must keep your funds within the bank so you’ll gain more in the end. 

Deposit Amount

The amount you allocate for a Philippine time deposit requires careful consideration. You must ensure that a substantial sum keeps your other finances intact. Keep your regular savings, emergency funds, or monthly budget different from your time deposit accounts. You must balance the desire for increased returns with financial prudence, which is crucial in making a well-informed decision.

Sample scenario

Think of a time deposit as your money-making commitment. It is in for a fixed amount of time, with no takebacks. 

Now, why pick this over a regular savings account?

Well, time deposit accounts come with juicier interest rates. It is like the VIP section of the investment world. But the cool part is that the Philippine Deposit Insurance Corporation (PDIC) wraps your first half a million pesos in a security blanket.

So, a time deposit is like having money in a financial spa. You locked it in for a specific time, earning more than your average savings account. And the best part is it is covered with a money insurance policy in case life throws a curveball. 

Time deposits are like the chill bodyguards of your cash, ensuring it grows and stays safe while you kick back.

How does Time Deposit Work?

In the Philippines, diving into a time deposit is like letting the bank babysit your cash for a while.

Here’s the deal!

The bank takes your hard-earned money and lends it to other folks needing a financial boost. They charge those borrowers a higher interest rate. 

how time deposit account works?

Sample Scenario 1 

Imagine you have Php 50,000 in a time deposit for a one-year nap. The bank promises you a 3% interest rate. Fast forward 12 months. You’ve earned around Php 1,500. So, when your time deposit wakes up from its slumber, your bank balance is strutting around with roughly Php 51,500.

But, hold on, where does the bank fit into this money tango?

The bank takes your Php 50,000 time deposit. Then, lend it to others at 5% interest per month. Afterward, it rakes in around Php 2,500 monthly. That’s a sweet Php 30,000 in profits for the bank over the year.

Now, the net interest margin?

It’s the gap between the bank’s pockets and what they send you as your interest. This little financial dance compensates the bank for the risks it takes. That is loaning money to others and being the guardian of your stash. It’s like the bank’s saying, “Thanks for the trust. Here’s a little extra for letting us play with your money!”

Sample Scenario 2

Furthermore, time deposit depends on how much money you entrust to the bank. Picking the right bank for your time deposit adventure in the Philippines is like choosing toppings for your pizza. You must have several options. 

Here’s the deal!

The starting line is also known as the initial deposit or minimum placement. Depending on the bank’s policy, it can be a chill P1,000 or go up to a hefty P50,000.

Once you’ve thrown your initial deposit into the mix, it’s time to decide how long your money will stay at the bank. It is the lock-in period. Also, it is known in terms of placement, maturity, or tenor. In other words, it is how long your cash is on vacation with the bank. 

Most banks set a minimum lock-in period of 30 days. At the same time, others can go up to 5 years and one day. If you want something in between, you have other options, too. Take your pick from 60, 90, 180 days, one year, or even longer. Choosing your tenor is like building your time deposit playlist.

Quick tip!

The bigger the initial deposit and the longer the lock-in period, the more your money dances back to you in return. The longer you let the bank borrow your cash, the more you toss into the initial pot. Therefore, the fancier your interest becomes. 

Advantages of Time Deposit Accounts

With how the time deposit works, it sounds enticing to open an account. But before you commit your cash, understand the perks that must come with it. 

Advantages of Time Deposit Accounts

Minimum investment ranging from Php 1,000 to Php 100,000

Investing in time deposits in the Philippines is a budget-friendly venture. It is contingent on your chosen bank and its specific offerings. 

If you want to try the time deposit without breaking the bank, AUB, PBCOM, and LANDBANK are the thriftiest options. It allows a minimal placement of just Php 1,000. 

However, if you’re in it for the long haul and looking to maximize your returns, the high rollers in the time deposit game are what you need. Security Bank takes the crown for the loftiest minimum placement. It demands Php 100,000, but they offer a seven-year term in return. It is like a marathon compared to the sprint of shorter options. The top difference is the competitive interest rates. It ranges from 2.92% to 4.19%. Therefore, it ensures that your money does some heavy work over that extended period.

Your safe bet for stable investments

Time deposits emerge as the cool, calm, and collected player. It offers a lower-risk playground than rollercoaster stocks and real estate rides. 

Here’s the deal!

With time deposits, your return on investment is almost like a guaranteed high-five. Plus, it includes any interest that tags along.

In simpler terms, there’s zero jeopardy of your money doing a disappearing act in a time deposit. It is the ultimate comfort zone for cautious investors who want to avoid high risk but crave growth. It is like having a money mattress—you know it’s there, and it’s comfy.

In addition, a time deposit got your back in preserving capital. Think of the senior citizens who’ve worked hard for that pension or retirement fund. They can’t afford to play with their financial situation. But with a time deposit, it’s like wrapping your capital in a bubble wrap of financial security. So, if you’re all about stability and saying “no thanks” to money-related stress, time deposits might just be your financial BFF. 

Score bigger interest 

Most savings accounts out there are like introverts of the interest world. They offer less than a 1% return. In reality, the high-interest savings accounts in the Philippines barely tip over 1%.

Now, here’s the deal!

They can churn out interest rates up to a whopping 5%. It’s all about the term and deposit amount. The longer you let your money hang out in the time deposit world, the more you throw into the initial pot. As a result, your interest party gets fatter.

So, why the interest rate magic?

Your funds commit to a specific time frame in the time deposits. It’s like saying, “Hey, money, you’re staying put for a while.” Because of this loyalty, the interest rates get a major boost compared to traditional savings accounts.

Think of it as your money going from a slow crawl to a full-on sprint in the race for returns. Time deposit is where your hard-earned cash gets the VIP treatment it deserves.

Fixed and guaranteed interest rates

The golden ticket with time deposits is once you lock in that interest rate. If you seal it with a financial kiss, it doesn’t budge throughout the entire lock-in period. There are no surprises and no rollercoaster rides. It is just a rock-solid, unwavering interest rate commitment.

Here is an example!

You open a time deposit, and the interest rate sticks around, no matter what. Now, even if the market starts doing a limbo dance with rates dropping left and right, your time deposit stays true to its word. You signed up for the interest rate you get until your deposit wakes up from its financial beauty sleep.

This fixed and guaranteed setup is like having a financial crystal ball. You can calculate exactly how much interest your time deposit will rake in. It provides a comforting certainty in the unpredictable world of finance. So, regarding stability and predictability, time deposits bring the A-game. 

Available in foreign currencies 

Time deposits in the Philippines are more than just playing the Peso game. Most banks roll out the red carpet for time deposit aficionados in foreign currencies. The US Dollars is a popular pick. Moreover, BPI and Metrobank offer another currency lineup. It includes the Chinese Yuan, Japanese Yen, and the British Pound.

Now, why is a time deposit with international currency vital?

OFW families receive overseas remittances. With time deposits in foreign currencies, you can skip the hassle of converting your hard-earned money to Pesos. Also, you can dodge the foreign exchange fees. It’s like a direct flight to maximizing your returns without unnecessary detours.

Easy to understand and apply for time deposit accounts

Opening a time deposit account in the Philippines is a breeze. It is as simple as starting your regular savings or checking account. Just stroll into your bank of choice. Present at least one valid ID. Then, affix your best penmanship on the opening forms.

But there are no usual ATM cards or passbooks. In the world of time deposits, you get a Certificate of Time Deposit. This little document is your proof of deposit and shows all the essential details. For example, it has the account term, interest rate, and maturity date.

The beauty of time deposits is that they’re like the low-maintenance. Unlike the head-spinning complexities of stocks, real estate, or mutual funds, there is no need for a crash course with time deposits. Once your account runs, you can kick back, relax, and wait for the magic to happen. 

When it matures, you get to play the decision-making game. You either cash out or roll the dice for another round of investment funds. 

Time Deposits have insurance.

Time deposit accounts in the Philippines come with their form of insurance. The  PDIC is your guardian angel for every financial adventure.

Here is an example!

If heaven forbids, your chosen bank decides to close down. PDIC won’t leave you high and dry. It ensures that the comforting embrace of deposit insurance backs your hard-earned cash up to Php 500,000. It is like having a financial safety net ready to catch you if the unexpected ever comes knocking.

So, regarding your money’s well-being, think of time deposits and the PDIC as a dynamic duo. It ensures you won’t be left alone during financial blues, even in the worst-case scenario. Your investment is not just growing; it’s growing with a shield of security.

Disadvantages of Time Deposit Accounts

Like any investment, a time deposit account has downsides, just as follows. 

Disadvantages of Time Deposit Accounts

Locked-in funds 

Time deposits in the Philippines are all about that lock-in period or maturity. It can span from a quick 30 days to a more substantial seven years.

Here is an example!

You park your funds in a time deposit. They are like VIP guests at the bank’s exclusive party and stay put until the maturity period is up. Unlike regular savings and checking accounts, you can dance in and out whenever you fancy. 

Now, when the maturity date rolls around, you’ve got options. One, you can grab your funds and hit the financial road. Or, two, you let them ride the interest wave for another term. It can be shorter or longer than the first. You have a flexible financial roadmap tailored to your financial goals. So, whether you’re eyeing a quick financial pitstop or a more extended journey, time deposits in the Philippines have your back. 

Early withdrawals have penalty fees. 

Banks understand emergencies happen. However, a penalty fee follows if you withdraw before the maturity date.

Here is an example!

You need to dip into your time deposit before the planned financial schedule. Brace yourself because you’ll likely face a pre-termination penalty. It typically ranges in percentage from 10% to 50% of the interest earned. It is like a financial frown for breaking your commitment.

Now, some banks take it a step further. Instead of a straightforward penalty, they might switch you to their regular savings rate. It is a bit of a misfortune because it is lower than the rate you enjoyed with your time deposit.

So, before you break up with your time deposit early, ensure you’re prepared for the consequences. Emergencies happen. That’s why it is good to be aware of the financial fine print.

No ready cash 

When you save money in time deposit accounts, you stash it in a financial vault. It sounds secure, but there’s a trade-off. You might leave little cash at arm’s reach when unexpected curveballs life might throw your way.

The catch is if a sudden emergency arises, tapping into your time deposit does not offer a quick fix. You must set up a separate emergency fund for those immediate needs. It saves you from breaking the time deposit commitment and facing those pesky penalties.

So, while time deposits offer a cozy spot for your money to grow, keeping some readily available cash for those “uh-oh” moments is crucial. A little financial strategy goes a long way in ensuring your funds work for you without compromising your ability to handle unexpected bumps. 

The reality of the fixed-time deposit interest rates 

When it comes to time deposits, what you see is what you get. Once you initially lock in that interest rate, it’s like sealing it in a financial time capsule. It is fixed and unchanging until maturity. Although it sounds stable, there’s a trade-off.

Here is an example!

Unlike other dynamic investments, time deposit interest rates are immune to market changes. Your time-deposit interest rate remains steadfast whether the market throws favorable or unfavorable rates. 

But what’s the catch?

If the market starts serving higher interest rates during your lock-in period, you’re stuck with the rate you initially agreed upon.

So, while the stability is comforting, there’s no chance of riding the wave of better market conditions in time deposit. You cannot earn higher within your time deposit’s lock-in period. 

How much is the Time Deposit Interest Rate?

Understanding the computation of interest in a time deposit account is crucial. It is the best factor when selecting the appropriate bank for your investment.

td accounts rate

Sample Scenario

Suppose you open a time deposit with an initial deposit of Php 100,000. It is locked in for 60 days with a 3% interest rate. Both BPI and PSBank have time deposit calculators. It employs the same formula:

Interest rate = Deposit amount x 3% x (60 days/365 days) x 0.80%

It is important to note that the 0.80% is utilized due to the 20% withholding tax deduction imposed on time deposit accounts.

Interest rate = Php100,000 x 3% x (60 days/365 days) x 0.80%

= Php100,000 x 3% x (0.164) x 0.80%

= Php30,000 x 0.164 x 0.80%

= Php492 x 0.80%

Earned interest rate for 60 days = Php393.60

If you prefer other banking facilities for your time deposit, consider an online time deposit calculator in the Philippines. Security Bank offers a free tool on its official website.

Quick Tips in Computing Time Deposit Interest Rate

Calculating the interest on a time deposit involves an easy formula. Here’s what you need to do. 


Understand the Formula

The formula for calculating interest is: 

Interest = Principal Amount × Interest Rate × (Number of Days / 365 or 360) × (1 – Withholding Tax Rate)

Gather Information

Know your principal amount or initial deposit. Also, be aware of the interest rate provided by the bank. Most importantly, determine the number of days (tenor) your chosen bank will hold the money in the time deposit.

Consider Withholding Tax

In some cases, there may be a withholding tax on the interest earned. Subtract this percentage from 1 and use the result in the formula.

Apply the Formula

Plug the values into the formula to find the interest earned over the specified period.

Use Online Calculators

Many banks and financial websites offer online time deposit calculators. Input your details, and they’ll do the math for you. Be reminded that it only provides an estimate. Changes may apply. 

Check Compounding Frequency

Understand the compounding frequency if the interest is compounded. Sometimes, it is computed in a monthly or quarterly manner. Adjust the formula accordingly.

Factor in Renewals

If the time deposit is set to renew automatically, consider the interest earned from the previous period when calculating for a new term.

Remember, the key is consistency in the units of time. If the interest rate is annual, ensure the time is in years. But if the interest is compounded monthly, adjust the time accordingly. Always check for any specific terms or conditions provided by the bank.

How does Time Deposit Philippines Charge?

Time deposit accounts with high-interest rates are profitable rides. But there’s some fine print you ought to know. No worries. We’re breaking it down for you.


A time deposit can outshine your savings account in the profit game, but it’s not all sunshine and rainbows. Those perks come with charges. Here is a rundown of what comes along with your time deposit.

Documentary Stamp Tax (DST) – Think of it like a little ticket to the time deposit party. You pay Php 1.50 for every Php 200 you deposit.

Withholding Tax for Interest Earnings – For Peso accounts, it’s a 20% cut; for Dollar accounts, it’s a gentler 15%.

Pre-Termination Fees – A charge you might face if you bail out on a savings plan or investment before its supposed maturity period. It helps cover the bank’s back because your early termination messes with their game plan.

  • First half of the short-term time deposit – 25% of the agreed interest rate
  • Second half of the short-term time deposit – 50% of the agreed interest rate
  • Before five years (long-term deposit) – 5% final tax
  • Also, before four years (long-term deposit) – 12% final tax
  • Last, before three years (long-term deposit) – 10% final tax

Now, you know what costs you when you open time deposit accounts. Learning these tiny details encourages you to stay committed to your financial plans and not cut ties prematurely. 

Quick tip! 

Time deposit accounts in the Philippines often let you off the hook within the first seven days after opening. No fees, no penalties. 

What to Look for the Best Time Deposit Philippines?

Finding the best time deposit in the Philippines involves considering several key factors. Make sure you choose the one that aligns with your financial goals. 


Here are some aspects to look for:

Interest Rates

Compare the interest rates different banks offer. Shop around and choose the one with competitive interest rates. This way, you can optimize your returns.

Terms and Conditions

Check the lock-in period options. Some banks offer shorter-term flexibility. Meanwhile, others provide longer financial commitments. Choose a term that suits your financial plans.

Minimum Placement

Be aware of the minimum amount required to open a time deposit. Some banks allow lower initial deposits. As a result, it is more accessible to a broader range of investors.

Penalties for Early Withdrawal

Understand the penalties involved. Often, it applies when you withdraw your funds before it reaches maturity. Most banks charge a percentage of the interest earned. But sometimes, other banks impose other fees.

The Bank’s Credibility

Consider the bank’s reputation and stability. Review all your perspective bank options. Opt for well-established banks. But even though a bank is quite famous, a good track record ensures the safety of your investment.

Additional Features

Some banks offer additional features in their time deposit accounts. The best example is the automatic rollovers. It means the bank reinvests your money automatically when the term ends. You don’t have to update the bank now and then unless you have changes in mind. Explore these features to enhance the overall convenience and benefits.

Insurance Coverage

It is one of the most crucial factors in time deposit investment. Check if the bank is a member of the Philippine Deposit Insurance Corporation. PDIC provides insurance coverage on deposits. It offers protection up to a certain amount if the bank faces financial difficulties.

Ease of Application

Of course, convenience is a game-changer in the time deposit application process. Look for banks that offer straightforward and user-friendly procedures for opening a time deposit account. Nowadays, online application is the key.

With these factors, you can choose the best time deposit in the Philippines that suits your financial needs and preferences.

15 Best Time Deposit Philippines

With the various banks available in the Philippines, deciding which one you should apply for takes time. We listed down the top notches in the time deposit feature. Check out each bank’s required initial deposit amount, terms offered, and interest rates before you seal the deal of your account application. 

Philippines’ Best Time Deposit Accounts with High-Interest Rates

AUB Time Deposit

  • Initial Deposit Amount: Php 1,000
  • Term Offered: Minimum of 30 days
  • AUB Time Deposit Interest Rates: Depends on prevailing bank rates

BDO Time Deposit

  • Initial Deposit Amount: Php 1,000
  • Term Offered: 30, 60, 90, 180, 360 days
  • BDO Time Deposit Rates: 0.75% for a 1-year term

BPI Time Deposit

  • Initial Deposit Amount: Php 50,000
  • Term Offered: 35, 63, 91, 182, and 365 days
  • BPI Time Deposit Interest Rates: 0.25% to 0.75%

China Bank Time Deposit

  • Initial Deposit Amount: Php 5,000
  • Term Offered: 90 days
  • China Bank Time Deposit Rates: Visit the nearest branch for prevailing interest rates

EastWest Bank Time Deposit

  • Initial Deposit Amount: Php 10,000
  • Term Offered: 30, 60, 90, 180, 360 days, and up to 5 years
  • East West Bank Time Deposit Interest Rates: 3.125% for depositors with an initial deposit of P100,000

Landbank Time Deposit

  • Initial Deposit Amount: Php 1,000
  • Term Offered: Minimum of 30 days
  • Landbank Time Deposit Interest Rates: Based on the bank’s current rates, terms, and amount

Metrobank Time Deposit

  • Initial Deposit Amount: Php 10,000
  • Term Offered: One to 12 months
  • Metrobank Time Deposit Rates: Up to 3.5% per annum

PBCom Time Deposit

  • Initial Deposit Amount: Php 1,000 (Regular Time Deposit), Php 50,000 (Sure Earner Time Deposit), and US$ 1,000 (Dollar Time Deposit)
  • Term Offered: 30, 60, 90, 120, 180 or 360 days; 5 years and one month
  • PBCom Time Deposit Interest Rates: 3% to 3.875%

PNB Time Deposit

  • Initial Deposit Amount: Php 10,000
  • Term Offered: 29 days to 5 years
  • PNB Time Deposit Rates: 0.125% to 1.3%

PSBank Time Deposit

  • Initial Deposit Amount: Php 10,000 (Peso Time Deposit), Php 50,000 (Peso Prime Time Deposit), US$1,000 (FCDU Time Deposit)
  • Term Offered: Below 30 days, and 30, 60, 90, 180, and 365 days; Five years; One, two, three, six, and 12 months
  • PSBank Time Deposit Interest Rates: 2.125% to 3.75%, 4.5%

RCBC Time Deposit

  • Initial Deposit Amount: Php 5,000 or Php 100,000
  • Term Offered: 30 days to 1 year, 2-4 years, 5 years plus one day
  • RCBC Time Deposit Interest Rates: 0.5% to 1.375%, 1.625% to 2.25%, 2.25% to 2.5%

Security Bank Time Deposit

  • Initial Deposit Amount: Php 100,000
  • Term Offered: 30 days, 60 days, 90 days, 180 days, 360 days, 2 to 5 years and 7 years.
  • Security Bank Time Deposit Interest Rates: 2.92% to 4.19%

Tonik Bank Time Deposit

  • Initial Deposit Amount: Php 5,000
  • Term Offered: 6 months, 9 months, 12 months, 18 months, 24 months
  • Tonik Bank Time Deposit Interest Rates: 4.50% to 6% per annum

UCPB Time Deposit

  • Initial Deposit Amount: Php 10,000
  • Term Offered: 90, 180, and 360 days
  • UCPB Time Deposit Interest Rates: 0.75% (for a starting deposit of P100,000)

Unionbank Time Deposit

  • Initial Deposit Amount: Php 50,000
  • Term Offered: 30 to 360 days
  • Union Bank Time Deposit Rates: 0.625% to 1.25%

AMA Bank Time Deposit

AMA time deposit was once one of the top-notchers in the financial industry. However, it became a hot topic in 2019 as some violations warranted the PDIC’s closure. According to investigations, AMA bank time deposit granted irregular and questionable loans to borrowers. Also, it has some transactions that provide unwarranted benefits to higher officials and stockholders. In the long run, it resulted in a significant disadvantage to the bank—closure. 

How to Open a Time Deposit Philippines?

Now you know where the best time deposit banks are in the Philippines. For sure, you’re encouraged to open your own account. 


No worries. Getting time deposit accounts is a piece of cake. Pick a bank, sort the paperwork, and toss your initial deposit. 

But here’s the catch!

Consider it on a brief money holiday once your funds are in. No withdrawals are allowed for a bit.

Now, about opening your time deposit account. The initial deposit, or what some call the minimum placement, is what you need the most. It is a bank-to-bank dance-off. Often, the rules vary. It could be as low as Php 1,000, which is more pocket-friendly. Or it can crank up to Php 100,000 for those looking to make an entrance that turns heads.

Once your money’s mingling in the account, it’s decision time. You have to figure out how long you will park your money there. That’s the lock-in period. You can choose a quick 30-day or a year-long hangout. Anyways, it is your money, so it is your call.

Steps to Open a New Time Deposit Account

Opening a time deposit account for yourself is like a walk in the park. The steps are the same as those for regular savings accounts. Often, it differs from the required paperwork. Here’s what you need to do. 

Step 1. Prepare the minimum initial deposit amount needed for your chosen bank. 

Step 2. Secure at least two valid IDs.

Step 3. Visit your preferred time deposit bank where you want to set up an account.

Step 4. Talk to the bank personnel about all the features. Ask any questions first before you secure a whole deal. When all’s clear, fill out the necessary form.

Step 5. Submit the completed form and photocopies of your government-valid IDs.

Step 6. Hand over that minimum cash requirement to the bank’s representative.

Step 7. Go home with your very own Certificate of Deposit (CD). 


You may open a time deposit account for more than the initial amount they request. But make sure that you have studied your finances beforehand. Remember, you can’t withdraw your funds outside the maturity period. If you do, you might be lost because of the penalty fees. 

Keep your Certificate of Deposit safe, as it is essential when you reach the maturity date of your time deposit. 

Steps to Open an Online Time Deposit Account

Setting up online time deposit accounts is similar to opening an online savings or checking account. Here’s what you need to do. 

Step 1. Check your preferred bank’s official website. 

Step 2. Click on the bank’s time deposit option.

Step 3. The webpage will show you all the time deposit details of the bank’s time. It includes its features, requirements needed, fees, and charges to pay.

Step 4. Download the online application form. Complete all the necessary fields online.

Step 5. Print the online time deposit application form. 

Step 6. Visit the nearest bank’s branch and bring along all the requirements.

Step 7. Go home with your very own Certificate of Deposit (CD). 

What are the Documents Needed for a Time Deposit Account?

Opening an account for a time deposit is a lot like the same for a savings account. The specifics may differ depending on the bank and the number of account holders. But here’s the shortlist of the usual essential documents you must prepare. 



  • Two (2) valid IDs
  • Two (2) copies of your most recent 1×1 ID photo
  • TIN or Tax Identification Number

Sole Proprietor

  • Registration of Business Name through the DTI (Department of Trade and Industry)
  • Original Application for Registration
  • Two (2) valid IDs of the account holder


  • Association Agreement
  • Constitution


  • Two (2) valid IDs of account signatories
  • Certificate of Partnership
  • Registration Certificate from the SEC (Securities and Exchange Commission)


  • Articles of Cooperation and By-Laws
  • Authority to open a bank account
  • Certificate of Registration issued by the CDA (Cooperative Development Authority)
  • Authorized signatories and their extent of authority


  • Articles of Incorporation
  • Registration Certificate from the SEC (Securities and Exchange Commission)
  • Corporate By-Laws
  • Board Resolution duly notarized proofs — Authorization to open a bank account, list of signatories, and valid IDs of the signatories.

Frequently Asked Questions:

Is a time deposit worth it?

Time deposits present more favorable interest rates compared to typical banking products. Nevertheless, in determining its viability, consider the duration and penalties associated with premature agreement termination.

For individuals considering the initiation of a time deposit account, it is advisable to remember that this financial instrument is most suitable if you:

  • Possess multiple income streams to tap into, avoiding premature termination.
  • Have already established a reserve for unforeseen financial emergencies.
  • Refrain from assuming an immediate need to withdraw your funds.
  • Maintain sufficient liquid funds to meet your essential financial obligations.
  • Intend to allocate funds for a significant long-term financial objective.
  • Consent to the stipulations outlined in the time deposit agreement.
  • Acknowledge and consent to all accompanying fees associated with the account.

Time deposits cater to those in tune with their financial objectives. If these criteria align with your financial strategy, opting for a time deposit might be prudent.

Can I consider my time deposit an asset?

Yes. A time deposit falls into the long-term investment club. Despite the temporary lockdown in the bank vault, it’s like having a little money soldier who can march out and turn it into cash when it’s time. If you’re laying out your financial cards on a balance sheet, you will classify them under the “assets” section alongside the things that keep your financial ship sailing smoothly.

Is my time deposit just like cash?

Yes. You can withdraw from your time deposit accounts if cold, hard cash is needed. But you have to brace yourself for those penalty fees. In addition, you also have to bid farewell to the sweet interest rate. But if you can, still hang tight. Let your time deposit soak up all the interest before you even think about breaking the piggy bank.


Empower yourself with knowledge about savings and investment products like a time deposit account. It provides a solid kickoff for your investment journey. Grasping how time deposits manage your financial landscape and acquiring the know-how to compute them ensures you can make savvy and lucrative financial choices.

While time deposits offer more than just a secure spot for your cash, aligning your investment choices with your financial goals is essential. If the time deposit path doesn’t match your objectives, consider delving into other high-yield investment tools. You may choose stocks, bonds, mutual funds, or UITFs for a more tailored approach to wealth growth. It’s all about finding the right fit for your financial game plan.

But what’s most important is securing your finances for your plans. Cash Mart is open in all aspects of your money needs. You can trust them to support you for emergencies, business, or investments. Check out its salary loan and low-interest personal loan.