Chinabank raises its interest rates again!

October 28, 2008 at 12:17 am 4 comments


I just love Chinabank!!!

Since I first opened a Diamond Time Deposit in Chinabank last May 2008, I have seen the bank raise its interest rates three times already! When I first started, the interest rate (30-day period) is at 3.75%. As of Oct. 27, the interest rate (30-day period) is now at 4.75%! Here’s the current interest rate table for the Diamond Time Deposit.

 

Amount (Peso)

Interest Rate

 

30 days

60 days

90 days

50,000 – 199,999

4.750%

5.000%

5.000%

200,000 – 499,999

5.000%

5.250%

5.250%

500,000 – 999,999

5.250%

5.500%

5.500%

1 Million & Up

5.500%

5.750%

5.750%

(subject to 20% withholding tax)
Effective October 27, 2008

 

The Diamond Time Deposit requires an initial PhP50,000 deposit. If you don’t have that much money, the regular time deposit of Chinabank only requires an initial PhP5,000 deposit. Here’s the interest rate table for the regular time deposit.

 

Amount (Peso) Interest Rate
  30 days 60 days 90 days
5,000 – 49,999 4.250% 4.500% 4.500%
50,000 – 199,999 4.750% 5.000% 5.000%
200,000 – 499,999 5.000% 5.250% 5.250%
500,000 – 999,999 5.250% 5.500% 5.500%
1 Million & Up 5.500% 5.750% 5.750%
(subject to 20% withholding tax)
Effective October 27, 2008

Entry filed under: Savings. Tags: , , .

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4 Comments Add your own

  • 1. sliplss  |  November 18, 2008 at 11:17 am

    noob po ako..

    ano po ba meaning ng 30days tenor..?

    pg may 1M ako, may 55k ako na pwede kung pa withdraw..?

  • 2. pinayandmoney  |  November 19, 2008 at 3:42 am

    hi, sliplss, if you have 1M and you put it in a time deposit (30-day), your money will earn P3,667 in a month. this is the formula to compute the interest rate.

    (balance) x (interest rate) x (maturity period) x 0.8
    ——————————————————————-
    360

  • 3. sliplss  |  November 20, 2008 at 11:37 am

    hi po.. hehe.. ang liit po pla.. salamat sa formula.. pano po ba mapapawork ang 500k nang wang ginagawa.. kasi mama ko matanda na hindi kayang mgwork.. nahihirapan na mga kapatid ko.. thanks po ulit.. ok po ba ang mutual fund?

  • 4. pinayandmoney  |  November 22, 2008 at 11:03 am

    Hi, sliplss,

    I just have some questions so that I can help answer your inquiry.

    1. Is your mom receiving any monthly pension from SSS? How much?
    2. How much is her monthly expenses every month?
    3. How much are you contributing to give to your mom? How much is the contribution of your siblings?
    4. How much money do you have right now? Is this in the bank?

    Initially, I highly discourage you from investing in mutual funds. Mutual funds work best if they are kept there for at least 10 years. We, in Pinay and Money, follow Suze Orman’s rule that the money you need in the next 9 years should stay liquid and be kept in risk-free investments. If you don’t need the money for the next 10 years, then that’s the time you can invest in stocks and mutual funds.

    Currently, I encourage you to place your money in time deposits. You can withdraw the interest earned every month. But I’ll be waiting for your reply so that I can give you some other options.

    Thanks!

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