|Not all savings accounts are created equal.|
The simplest and most common way is a piggy bank. It's a fun way of saving, and it can give us a sense of accomplishment to see our piggy bank fill up.It's also a great tool for teaching kids the concept of saving.
Another popular way is the paluwagan system. Saving along with our friends can be a great experience.
But in my opinion, the best place to put our savings is still in a bank - in a savings account. For one, our money earns interest and can grow faster. Second, the money is more secure. Our deposit is guaranteed by the PDIC for up to Php 500,000 (much lower than the 9m in Australia). So no matter what happens to the bank, we can get our money back. (If you're fortunate enough to have more than 500K, simply open an account with a different bank.) What's more, regularly going to the bank to deposit our savings can possibly expose us to other savings or investment opportunities later on.
However, how do we choose the right bank to open a savings account with? There are several factors to consider: