Last Tuesday, SeaBank announced that it’s adjusting its high-interest rate to 4.5% per annum for the first Php250,000, which will be effective come July 13, 2023.
This is lower than SeaBank’s previous offering that can go as high as 6%, which was then dropped to 5% effective March 15. SeaBank is a rural bank that’s a sister company of Shopee.
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SeaBank reiterated its 3% per annum interest rate in excess of the Php250,000 cap. They also highlighted their free transfers to other banks, e-wallet, 24/7 customer service, and offers discounts on reloading.
This could be a way for the financial institution to remain competitive — albeit they still are the highest. Maya Bank announced a month ago that their 4% per annum interest for savings will be down to 3.5%. Meanwhile, UnionDigirtal Bank offers an unconditional interest rate of 3%, and UNO Bank at 4.25%.