Metrobank offers yields of up to 5% per annum on online time deposits

METROPOLITAN Bank & Trust Co. (Metrobank) is offering higher yields on its online time deposit product, letting customers earn up to 5% per annum to grow their savings.

Customers can choose from different savings amount and tenors to take advantage of the revised rates that took effect on May 15.

The bank’s online time deposit product offers four placement tiers: P10,000 to P199,999; P200,000 to P999,999; P1 million to P9.999 million; and P10 million and up.

Yields depend on the term length or how long funds are kept with the bank, with the bank offering terms of one to 12 months. Rates per annum range from 4.125% to 5%.

“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,” Metrobank said.

“Designed for convenience and discipline, Metrobank’s Online Time Deposit allows customers to set aside funds digitally through the Metrobank App and Metrobank Online, helping them stay committed to their savings goals while earning higher returns.”

This is meant to encourage long-term saving as these funds are separated from those used for daily expenses, it added.

Those who want to open an online time deposit must have Metrobank Online access and an eligible deposit account to serve as the settlement account for their placements.

Customers can manage their investment digitally and make placements at their convenience. — BVR