The criteria I had in my research are the following:
* Interest Rate
* Credibility and Financial Standing of the bank
* Minimum Placement
* Duration of Time Deposit
I found a lot of banks which offered great interest rates but required a large minimum placement. Other banks which offered high interest rates and small minimum placements were also relatively new and had no large company as a major stockholder.
After hours of research I finally stumbled into a website which had a homepage with a huge ad saying save small earn big. I decided to read further on the site and found some details which made me interested on the bank. This morning I called up their branch here in Cebu and the branch manager confirmed that the product in their ads is in fact true and gave me the requirements.
After reading about their stockholders and researching about the background of the back I decided to invest a small amount in the bank. My confidence in the bank grew bigger after I saw most of their major stockholders were coming from big and trusted companies here in the Philippines.
here are the details of the Product.
Bank: Malayan Bank (not to be confused w/ maybank)
Product: Doble-Doble sa Power Saver
Take advantage of this unique high-yielding deposit! With a minimum monthly placement of Php 500, you can earn a guaranteed interest of 8.5%p.a.
The bank also offers other products asides from this. Just visit their website to know more about their other products.
Source: Malayan Bank