SeaBank, a rural bank that is under the same umbrella that owns Shopee, announced that it will be adjusting its interest rates for savings accounts. From initially offering as much as 6% interest and later on adjusting it to 5%, SeaBank said in a post that effective July 13, their updated interest rates will be 4.5% for the first Php 250,000 and 3% for any amount in excess of Php 250,000.

For comparison, GoTyme offers an unconditional 5% interest rate, while Maya Bank currently offers a base 3.5% interest rate that can be increased depending on the transactions you make within the Maya platform. UnionDigital Bank, on the other hand, offers an unconditional 3% interest rate, while UNO Bank offers a 4.25% interest rate if your savings is Php 5,000 and above.

While SeaBank’s updated interest rates may not be as competitive as before, the rural bank insists that they still have a good line of value-added services that include load discounts, free transfers to other banks and E-wallets, 24/7 customer service, and a reliable mobile banking platform. “We remain committed to providing you with personalized support and innovative financial solutions,” SeaBank said in their post.

SeaBank’s move to update its interest rates follows a month after Maya Bank adjusted its base interest rate from 4% to 3.5% last June 2.