Landbank offers new savings product

MANILA, Philippines — State-run Land Bank of the Philippines is offering a new savings product with a tiered interest rate scheme to encourage customers to save up resources.

Landbank yesterday launched its OptiSaver product, a premium savings account with optimal interest rate based on one’s average daily balance.

Landbank president and CEO Lynette Ortiz said OptiSaver stands as one of the most financially rewarding products in the industry.

“Unlike time deposits, clients have access to their liquidity any time and the tiering of interest rate would be dependent on the balance that they maintain,” she said.

For accounts with average daily balance of P50,000 up to less than 500,000, it will have a regular interest rate of 0.05 percent.

For those with P500,000 and above, there will be a tiered interest rate of one to four percent depending on the average daily balance.

Marilou Villafranca, senior vice president for North NCR Branches Group, said the new deposit product is focused on three things namely, to provide optimal interest rate to savers, to allow for convenient opening, monitoring and access to the account, and to have the full benefits and features of a regular savings account.

“We understand that our clients want their savings to grow as they keep them safe, with the funds still accessible and available,” Villafranca said.

Landbank executive vice president for branch banking sector Ludovino Geron, for his part, emphasized that the latest offering aims to grow customers’ savings at a faster way.

“This OptiSaver expands Landbank’s portfolio of savings and financial products tailor fitted to the requirement of our diverse set of clients, both the private sector and the government,” Geron said.

“We are promoting the habit of saving. The more you save, the more you earn,” he said.

Landbank said its depositors with accounts enrolled in iAccess can open an OptiSaver account through its mobile banking application.

As of end-September, Landbank’s net income jumped by 24 percent to P31.85 billion, driven by the aggressive expansion of its developmental loan portfolio, coupled with robust yields from loans and investments.

Landbank remains among the top universal banks in the country in terms of assets, deposits, loans and capital.