Metropolitan Bank & Trust Co. (Metrobank) has raised the rates of its online time deposit product to as high as five percent per annum, giving customers a higher-yield option for growing their savings digitally.
“The higher rate comes as more people look for secure and practical ways to make their money work harder amid rising costs and growing financial responsibilities,” the bank said.
The revised rates, effective May 15, vary depending on the placement amount and tenor. Deposits of P10,000 to P199,999 earn 4.125 percent for terms of 30 to 179 days and 4.25 percent for terms of 180 to 364 days.
Placements of P200,000 to P999,999 earn 4.25 percent for terms of up to 179 days and 4.5 percent for longer tenors, while deposits of P1 million to P9.99 million can earn as much as 4.75 percent.
The top rate of five percent applies to placements of at least P10 million held for 180 to 364 days. The same deposit tier earns 4.5 percent for 30 to 59 days and 4.75 percent for 60 to 179 days.
Metrobank said its Online Time Deposit allows clients to set aside funds through the Metrobank App and Metrobank Online while separating longer-term savings from everyday spending.
Customers without an existing Metrobank account may open an eSavings account to access the digital time deposit product.
