EastWest recently launched a promo wherein new depositors can earn as much as twice the interest rate on their time deposit (TD) placements.
With the prevailing low interest environment, EastWest's "Up to Double the Interest Promo" is a welcome treat exclusively for customers who are new to EastWest—without any savings, current, or time deposit account with the bank as of April 30, 2017.
"It's the best time to start banking with EastWest. With an EastWest time deposit, you can invest and grow your money with the certainty of fixed interest rate that's up to two times the current rate and your choice of terms," said EastWest Bank SEVP & Retail Banking Head Gerry Susmerano.
The interest rate is double for TD placements of P50,000 to less than P500,000—1.25% p.a. for 30 to 60 days and 1.5% for 90 days compared to the current rates of 0.625% for 30 to 60 days and 0.75% for 90 days.
The promo rates for the other tiers and tenors are also higher than current rates and are applicable for rollovers on or before August 31, 2017, and until maturity date.
A Time deposit is ideal for people who are looking into saving for a fixed term and for a fixed rate but still want to maintain a low-risk tolerance. It earns higher interest than a regular savings account with significantly less risk than an investment. It is also insured by the Philippine Deposit Insurance Corporation.
Money placed in a time deposit are locked-in for a certain period and cannot be withdrawn until maturity, unless the depositor is willing to pay the pre-termination fee.
EastWest offers time deposits with terms of 30, 60, 90, 180, and 360 days, as well as long-term variants, from 2 years to 5 years, making it more flexible for customers to choose the term aligned to their financial needs.
Click here for the Up to Double the Interest promo mechanics.