Digital-only banking institution CIMB Bank Philippines has introduced a new product, the MaxSave Time Deposit, offering interest rates of up to 7.5% per annum.
With options of 6, 12, or 24 months, time deposit accounts under MaxSave feature annual rates of 6.5%, 7.0%, and 7.5%, respectively. Ankur Sehgal, the chief business and strategy officer at CIMB Bank Philippines, recently shared with reporters that this would be the highest time deposit rate being offered in the Philippine market to date.
Customers need only deposit at least Php10,000 to open and maintain an account. Up to five MaxSave accounts can be opened easily via the bank’s mobile app, with each process taking no longer than five minutes for active, fully-verified deposit account holders. Each account is limited to a maximum balance of Php1 million.

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By launching this product, CIMB aims to broaden its customer reach. The bank reportedly attracted 7.6 million customers by the end of 2023, just four years since it began its all-digital operations in the Philippines. According to Sehgal, the objective now is to acquire at least a million time-deposit customers within the first year of the product’s launch. The bank expects more than half of its customer base to opt for time deposits in the next three years.
Sehgal added that the new time deposit customers might be subject to adjusted rates, based on a quarterly review influenced by the policy rates of the Bangko Sentral ng Pilipinas and prevailing market conditions. Existing customers will enjoy the 7.5% flat rate.