HSBC Philippines savings and time deposit rates
HSBC Philippines's best account for ₱100,000 is High Yield Time Deposit (12 months) at 0.70% a year (HSBC Philippines rate page, as listed on October 2, 2026). Left for a year, ₱100,000 earns ₱560.00 after the 20% final tax, 13th of the 18 banks on this site.
Our take: keep only your day-to-day money at HSBC Philippines. For money you can set aside, UNOBank's #UNOboost Time Deposit leaves ₱3,840.00 more on the same ₱100,000 a year after tax (see UNOBank). Choose the High Yield Time Deposit if you will not need the money for 12 months: it pays ₱556.00 more than Savings account. If you might, stay in Savings account.
No bank pays to appear here or to change its position.
Licensed by the BSP as a universal and commercial bankThe Hongkong & Shanghai Banking Corporation (BSP short name HSBC) is on the BSP's list of supervised institutions as a universal and commercial bank with 6 offices, and its deposits are insured by the PDIC up to ₱1,000,000 per depositor. BSP Verifier, Institutions list updated September 28, 2026
Next: see what you need to open an account, then open High Yield Time Deposit from HSBC Philippines's own High Yield Time Deposit page or the bank’s official app.
Interest calculator, after tax
- Interest you keep, after 20% final tax
- ₱560.00
- Gross interest
- ₱700.00
- Final tax withheld (20%)
- ₱140.00
- Rate used
- 0.70%
- Balance at the end
- ₱100,560.00
Time deposit: simple interest for 12 months (365 days over 365), paid at maturity.
Worked example, High Yield Time Deposit, 12 months: ₱100,000 × 0.70% (HSBC Philippines rate page, as listed on October 2, 2026) × 365 days ÷ 365 = ₱700.00 gross. Less the 20% final tax (₱140.00; RA 12214, BIR RR 21-2025 from July 1, 2025) = ₱560.00 you keep. Compare it with every bank's rate for the same term in time deposit rates.
The 20% final tax applies from July 1, 2025 under Sections 24(B)(1) and 25(A)(1) of the Tax Code, as amended by RA 12214 (Capital Markets Efficiency Promotion Act) (BIR, RR 21-2025). It replaced the old exemption for deposits of five years or more; see the final withholding tax and time deposit vs MP2 after tax.
What you need to open an account
When to skip it
- High Yield Time Deposit: the top rate needs ₱5,000,000 or more; smaller placements earn less.
- High Yield Time Deposit via app (Premier customers): only for HSBC Premier customers who open the account in the HSBC Philippines app, so a standard customer cannot get this rate.
Published rates, account by account
Savings account
0.005% a year, grossSavings account: no minimum balance required, 0.005% per annum.
As listed on HSBC Philippines's rate page on October 2, 2026. HSBC Philippines
Regular Time Deposit
0.125% a year, gross0.125% p.a. for 1, 2, 3, 4, 6 and 12 months.
| Term | Any amount |
|---|---|
| 1 month | 0.125% |
| 3 months | 0.125% |
| 6 months | 0.125% |
| 12 months | 0.125% |
High Yield Time Deposit
0.125% to 1.20% a year, grossFrom 0.125% to 1.20% p.a. depending on amount and term.
| Term | ₱100,000 to ₱499,999 | ₱500,000 to ₱999,999 | ₱1,000,000 to ₱4,999,999 | ₱5,000,000 to ₱10,000,000 |
|---|---|---|---|---|
| 1 month | 0.125% | 0.125% | 0.375% | 0.625% |
| 2 months | 0.125% | 0.125% | 0.375% | 0.625% |
| 3 months | 0.25% | 0.25% | 0.50% | 0.75% |
| 4 months | 0.375% | 0.375% | 0.625% | 0.875% |
| 6 months | 0.50% | 0.50% | 0.75% | 1.00% |
| 12 months | 0.70% | 0.70% | 0.95% | 1.20% |
High Yield Time Deposit via app (Premier customers)
2.25% to 2.70% a year, grossThese interest rates are exclusive to Premier customers who open a High Yield Time Deposit account via the HSBC Philippines app.
Only for HSBC Premier customers who open the account in the HSBC Philippines app. Indicative; confirmed before opening.
| Term | ₱100,000 to ₱499,999 | ₱500,000 to ₱10,000,000 |
|---|---|---|
| 1 month | 2.25% | 2.35% |
| 2 months | 2.30% | 2.40% |
| 3 months | 2.35% | 2.45% |
| 4 months | 2.50% | 2.60% |
| 6 months | 2.55% | 2.65% |
| 12 months | 2.60% | 2.70% |
Every bank's time deposit rates side by side: time deposit rates.
Maintaining balance, interest and fees
| Account | Opening deposit | Maintaining balance | Earns interest from |
|---|---|---|---|
| Savings account | Not on HSBC Philippines's rate page | Not on HSBC Philippines's rate page | The first peso |
| Regular Time Deposit | Not on HSBC Philippines's rate page | Not applicable | The first peso |
| High Yield Time Deposit | ₱100,000 | Not applicable | ₱100,000 |
- When interest is paidInterest is calculated daily and credited monthly or quarterly on savings accounts, and at maturity on time deposits. bank page
- MinimumsThe Regular Time Deposit needs at least ₱25,000 and the High Yield Time Deposit at least ₱100,000. The peso savings account has no minimum balance. bank page
- TaxHSBC Philippines withholds 20% of the gross interest each time it credits interest, so the amount you see is already net. Since July 1, 2025 (RA 12214; BIR RR 21-2025) this applies to every deposit term and to dollar deposits too. The deposit itself is not taxed.
Transfer fees
HSBC Philippines is not in the BSP's summary of transfer fees, so check the fee shown in its app before you confirm. Moving money in or out: compare InstaPay and PESONet fees across banks.
Is your money insured?
The PDIC insures deposits up to ₱1,000,000 per depositor, per bank, effective March 15, 2025, set by the PDIC Board under the PDIC Charter (RA 3591, as amended by RA 11840). All your HSBC Philippines accounts in your own name are added together; anything above ₱1,000,000 there would not be insured if the bank closed. ₱1,500,000 kept as ₱1,000,000 at HSBC Philippines and ₱500,000 at another bank is fully insured; the same ₱1,500,000 at HSBC Philippines alone leaves ₱500,000 uninsured. PDIC
- Your single accounts and accounts held "by", "in trust for" or "for the account of" you at the same bank are added together as one.
- A joint account is insured separately from your single accounts, whether it uses "and", "or" or "and/or".
- Unless the account documents say otherwise, a joint account's insured amount is split equally among the co-owners.
- Your shares across several joint accounts at the same bank are added together and insured up to the maximum.
- Any loan you owe the closed bank is deducted from your deposits there.
- Investment products such as bonds, securities and trust accounts are not deposits and are not insured.
Rules from the PDIC deposit insurance brochure. Work out your own cover, joint accounts included, in the PDIC deposit insurance calculator.
On the BSP register
- Registered name
- The Hongkong & Shanghai Banking Corporation
- BSP category
- Universal and commercial bank
- Head office
- HSBC Centre, 3058 Fifth Avenue West, Bonifacio Global City, Taguig City 1634
- Offices
- 6
- President and Chief Executive Officer
- Mr. Sandeep Uppal
- Website
- hsbc.com.ph
Not covered here: business, joint-trust and dollar accounts, and loans. For a problem with a HSBC Philippines account, complain to HSBC Philippines first, then to the BSP (BOB chatbot on bsp.gov.ph or consumeraffairs@bsp.gov.ph) under RA 11765; if the bank closes, claims go to the PDIC.
What to do next
- Open or check the account on HSBC Philippines's own site, and confirm the rate on your amount there before you deposit; banks change rates without notice.
- Compare the same amount across all 18 banks and 50 accounts in the time deposit and savings calculator.
- Holding more than ₱1,000,000? Split it across banks and check the result in the PDIC deposit insurance calculator.
Questions
Is HSBC Philippines safe?
The BSP Verifier list updated September 28, 2026 has The Hongkong & Shanghai Banking Corporation as a universal and commercial bank, so its deposits are PDIC-insured up to ₱1,000,000 per depositor, per bank, effective March 15, 2025. BSP Verifier
Do I declare HSBC Philippines interest on my income tax return?
No. Since July 1, 2025, the 20% that HSBC Philippines withholds is a final tax under RA 12214 and BIR RR 21-2025, so the interest is not added to your taxable income. BIR, Revenue Regulations No. 21-2025 digest
What if HSBC Philippines closes?
File your deposit insurance claim with the PDIC within 2 years (24 months) of its takeover of the bank; its hotline is (02) 8841-4141 or (02) 8841-4000; toll free 1-800-1-888-7342 (1-800-1-888-PDIC); pad@pdic.gov.ph. source