Was checking Philippine banks Interest rates for savers. And they are so bad then uk. Did anyone manage to find any bank which gives good return on savings? Where do all the expat save their money?
How safe are Rural banks? Found this on google : Deposit is guaranteed by the PDIC for up to Php 500,000. So no matter what happens to the bank, we can get our money back.
Yep your money is insured up too 500k. None of us safe. We buy land and sell it at inflated prices to other foreigners
Don't be silly. A mate of mine lost a lot of money deposited with a rural bank that had been paying an excellent rate. Don't know the full details, but I believe that Philippine officials found a reason to declare the bank illegal on a technicality, and confiscated all the money.
PDIC does not cover all types of deposit accounts offered by rural banks and you should also be aware that it covers the depositor rather than the account. That means that PDIC takes into account all other accounts held in your name and apportions any pay-out accordingly. A lot of foreigners, mainly Americans, lost significant amounts of money investing in rural banks towards the end of the last decade. Remember: there's no such thing as a free lunch and if something looks too good to be true then it probably is.
There was a (rather disreputable) Brit living in Cebu back in the middle of the last decade. He had contacts in Cebu Rural Bank and became an agent who was paid a hefty finder's fee for every Expat he got to deposit money in that bank. He also was tempted and had a sizeable investment. When the bank collapsed at the end of 2007, those who had invested were reassured that they'd get up to Php250,000 in compensation. The only Expats who did get some compensation - but nowhere as much as the maximum - just happened to be permanent residents and included the Brit agent. All those he introduced to the scheme scam were long-stay visitors on Tourist Visas for whom coverage under PDIC wasn't - and still isn't - available.
