List of Thrift Banks in the Philippines

The Philippines’ banking industry is composed of different types of banks, including thrift banks that cater to the financial needs of individuals and small and medium enterprises. Thrift banks offer a wide range of financial services, such as savings and deposit accounts, loans, and other investment products.

We will provide you with a comprehensive list of thrift banks operating in the Philippines. Whether you’re looking to open a savings account, apply for a loan, or simply want to know more about the different thrift banks in the country, this list will serve as a useful resource.

Table of Contents

What are thrift banks?

Thrift banks (or savings banks) are financial institutions that provide banking services primarily to individuals and small and medium-sized businesses. These banks accept deposits from customers and use these funds to offer various types of loans, such as home loans, car loans, and personal loans.

Thrift banks also offer other services, such as checking and savings accounts, time deposits, and other investment products. Unlike commercial banks, thrift banks focus on providing basic financial services to local communities and are subject to different regulations.

47+ Philippine Thrift Banks

1st Valley Bank, Inc. – A development bank based in Cagayan de Oro, offering banking services to local communities.

AllBank (A Thrift Bank), Inc. – Located in Mandaluyong City, offers various banking products, including savings accounts and loans.
Bangko Kabayan, Inc. – Based in Batangas, offers deposit accounts, loans, and other banking services.
Bank of Makati, A Savings Bank, Inc. – Located in Makati City, provides financial products to individuals and businesses.

Bank One Savings and Trust Corp. – Based in Manila, offers deposit accounts and loans.
Bataan Development Bank– Located in Bataan, offers savings accounts, loans, and other financial services.
BPI Direct BanKO, Inc., A Savings Bank – Located in San Juan City, offers digital banking services and financial products.

BPI Family Savings Bank – Located in Makati City, offers personal and business banking services, including loans and savings accounts.
Card SME Bank, Inc. A Thrift Bank – Based in San Pablo City, offers loans and other financial services to small and medium-sized enterprises.
Century Savings Bank Corp. – Based in Pasig City, offers deposit accounts, loans, and other financial services.

China Bank Savings, Inc. – Located in Makati City, offers banking services to individuals and businesses.
City Savings Bank, Inc.– Based in Cebu City, offers various banking products, including deposit accounts and loans.
Citystate Savings Bank, Inc.– Located in Pasig City, offers savings accounts, loans, and other financial services.

Cordillera Savings Bank, Inc. – Located in Nueva Vizcaya, offers deposit accounts and loans.
Dumaguete City Development Bank, Inc. – Based in Dumaguete City, offers savings accounts and loans.
Equicom Savings Bank, Inc. – Located in Makati City, offers banking services to individuals and businesses.

Farmers Savings and Loan Bank, Inc. – Based in Bocaue, Bulacan, offers savings accounts and loans.
First Consolidated Bank, Inc. – Located in Tagbilaran City, offers banking services to individuals and businesses.
Hiyas Banking Corp. – Based in Sta. Maria, Bulacan, offers deposit accounts and loans.

HSBC Savings Bank (Phils), Inc. – Located in Muntinlupa City, offers banking services to individuals and businesses.
Isla Bank, A Thrift Bank, Inc. – Located in Makati City, offers deposit accounts and loans.
Legazpi Savings Bank, Inc. – Based in Legazpi City, offers banking services to individuals and businesses.

Lemery Savings and Loan Bank, Inc. – Located in Lemery, Batangas, offers savings accounts and loans.
Life Savings Bank, Inc. – Based in Cainta, Rizal, offers savings accounts and loans.
LOLC Bank Phils. – Located in Tagaytay City, offers various banking products, including deposit accounts and loans.

Luzon Development Bank -Based in Calamba City, Laguna, offers banking services to individuals and businesses.
Makiling Development Bank – Located in Calamba City, Laguna, offers banking services to individuals and businesses.
Malayan Savings Bank – Located in Makati City, offers deposit accounts, loans, and other financial services.

Metro-Cebu Public Savings Bank – Based in Cebu City, offers savings accounts and loans.
Northpoint Development Bank, Inc. – Located in San Pedro City, Laguna, offers banking services including loans and microfinancing programs.
Overseas Filipino Bank, Inc. – Located in Liwasang Bonifacio, Manila, this bank is designed to cater to the needs of overseas Filipino workers and their families.

Pacific Ace Savings Bank – This bank is located in Subic Bay FZ, Olongapo City, and offers a range of financial products and services.
Pampanga Development Bank – Located in San Fernando City, Pampanga, this bank has four branches and provides banking services to the local community.
Penbank, Inc. – A private development bank located in General Santos City, South Cotabato, Penbank offers a range of financial products and services to its customers.

Phil Star Development Bank, Inc. – This bank is located in Batangas City and offers a range of savings and loan products to its customers.
Philippine Business Bank, Inc. – With 164 branches across the country, this bank is one of the largest in the Philippines, offering a wide range of financial services to its customers.
Philippine Savings Bank – Located in Paseo de Roxas, Makati City, this bank has 250 branches nationwide and offers a range of savings, loans, and other financial products.

Producers Savings Bank Corp. – With 269 branches nationwide, this bank is one of the largest thrift banks in the Philippines, offering a range of financial services to its customers.
Queen City Development Bank (Queenbank) – Located in Iloilo City, this bank has 17 branches and provides banking services to the local community.
Quezon Coconut Bank, Inc. – A thrift bank located in Lucena City, Quezon, this bank offers a range of financial products and services to its customers.

Rizal Microbank – With 23 branches across the country, this bank provides microfinance services to its customers, particularly small business owners and entrepreneurs.
Sterling Bank of Asia – This bank is located in Greenhills, San Juan City, and offers a range of financial products and services to its customers.
Sun Savings Bank – Located in Cebu City, this bank has seven branches and offers a range of savings and loan products to its customers.

UCPB Savings Bank – This bank is located in Makati City and has 64 branches nationwide, offering a range of savings and loan products to its customers.
University Savings Bank – With five branches located in Biñan, Laguna, this bank offers a range of savings and loan products to its customers.
Wealth Development Bank Corp. – Located in Cebu City, this bank has 26 branches and offers a range of financial products and services to its customers.

Yuanta Savings Bank Philippines, Inc. – This bank is located in Salcedo Village, Makati City, and offers a range of savings and loan products to its customers.

These banks offer a range of financial products and services, so it is important to choose one that meets your needs. You may want to consider factors such as location, fees, interest rates, and customer service when choosing a bank.

Factors to Consider when Choosing a Thrift Bank

Location: Consider the location of the thrift bank branches. Are they conveniently located near your home or workplace? It is important to choose a thrift bank that is easily accessible.

Products and Services: Look at the products and services offered by the thrift bank. Do they offer the financial products and services that you need? This can include savings accounts, checking accounts, loans, credit cards, and investment products.
Fees and Charges: Compare the fees and charges of different thrift banks. Some banks may have lower fees or offer fee waivers for certain account types or customers. Be sure to read the fine print and understand the fees associated with each account.
Interest Rates: Compare the interest rates offered by different thrift banks. Higher interest rates can mean more earnings on your savings, while lower interest rates can mean lower borrowing costs. Look at both deposit and loan rates when comparing banks.

Customer Service: Consider the quality of customer service provided by the thrift bank. Are the bank employees friendly, knowledgeable, and responsive? Do they offer convenient hours for customer service and support?
Reputation: Look at the reputation of the thrift bank. Do they have a good track record of financial stability and customer satisfaction? Check online reviews and ratings to get an idea of how other customers have experienced the bank.

Frequently Asked Questions

1. What is a thrift bank, and how is it different from a commercial bank?

A thrift bank is a financial institution that primarily focuses on savings and loans. Unlike commercial banks that offer a wide range of financial services, thrift banks typically offer savings accounts, time deposits, and consumer loans such as housing loans, car loans, and salary loans. Thrift banks are regulated by the Bangko Sentral ng Pilipinas (BSP) and cater to individuals and small businesses.

2. Are thrift banks safe and reliable?

Yes, thrift banks in the Philippines are regulated by the BSP, which sets strict guidelines for their operations, capitalization, and risk management. The BSP conducts regular inspections and audits of thrift banks to ensure compliance with these guidelines. Additionally, deposit accounts in thrift banks are insured by the Philippine Deposit Insurance Corporation (PDIC), which means that depositors are protected up to a certain amount in case of bank failure.

3. Can I open a savings account with a thrift bank even if I don’t have a regular job?

Yes, thrift banks offer savings accounts to individuals, regardless of their employment status. Some thrift banks may require a minimum initial deposit or maintaining balance, but they usually offer low fees and charges for savings accounts compared to commercial banks.

4. Can I apply for a loan with a thrift bank even if I have a bad credit history?

It depends on the thrift bank’s lending policies and credit assessment criteria. Generally, thrift banks are more lenient than commercial banks when it comes to loan approvals and interest rates, but they still conduct credit investigations to evaluate the borrower’s ability to repay the loan. If you have a bad credit history, you may need to provide additional collateral or a co-maker to increase your chances of loan approval.

5. What is the minimum deposit required to open an account in a thrift bank?

The minimum deposit requirement can vary depending on the thrift bank and the type of account. Some thrift banks offer accounts with no minimum deposit, while others may require a minimum deposit of Php 500 or more. It is important to check with the bank to determine the minimum deposit requirement for the account you are interested in.

6. How can I access my account in a thrift bank?

Thrift banks typically offer a variety of ways to access your account, including online banking, mobile banking, ATM withdrawals, and over-the-counter transactions at bank branches. Some banks may also offer telephone banking or SMS banking services. Be sure to check with the bank to determine the available options for accessing your account.

7. Can I transfer money between different thrift banks in the Philippines?

Yes, it is possible to transfer money between different thrift banks in the Philippines using the InstaPay or PESONet transfer services. InstaPay is a real-time electronic fund transfer service that allows you to transfer up to Php 50,000 per transaction, while PESONet is a batch electronic fund transfer service that allows you to transfer up to Php 200,000 per transaction. Be sure to check with your bank for the applicable fees and transaction limits for these services.

8. What are the advantages of opening an account with a thrift bank in the Philippines?

There are several advantages to opening an account with a thrift bank in the Philippines. These include:

Lower account fees: Thrift banks often have lower fees compared to traditional banks, making them an affordable option for individuals who are looking to save on banking costs.
Higher interest rates: Thrift banks often offer higher interest rates on savings accounts and time deposits compared to traditional banks, allowing customers to earn more on their deposits.

Personalized service: Thrift banks are typically smaller than traditional banks, which means that they can offer more personalized service to their customers. This can include more personalized financial advice and tailored financial solutions.
Easy accessibility: Thrift banks often have branches located in more rural areas and smaller towns, making them a more accessible option for customers who live outside of major cities.
Strong community ties: Thrift banks often have strong ties to their local communities, which means that they are often involved in community events and initiatives. This can help customers feel more connected to their bank and their community.

Summary

In conclusion, the thriving banking industry in the Philippines provides individuals and small and medium enterprises with a wide range of financial services through various types of banks, including thrift banks. These banks offer numerous financial products and services that cater to the specific needs of their customers.

With this comprehensive list of thrift banks, Filipinos can make informed decisions when choosing the right thrift bank that meets their financial goals and objectives. It is essential to consider the factors mentioned above, such as location, products and services, fees and charges, interest rates, customer service, and reputation, to make a sound decision that suits their needs.