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Metro Cebu Public Savings Bank

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About bank

Metro Cebu Public Savings Bank (MCPSB) is a financial institution registered in the Philippines to provide savings and loan services to customers. The bank ensures that Filipinos ‌access loans while saving. Ideally, the company provides two main products: Deposits and loan products. It also assists parents in saving for their children under the age of 17.

Metro CEBU has been operating in the Philippines since 1980. On March 14, 1987, the Talisay Public Savings and Loan Association, Inc. changed its name to Metro Cebu Public Savings Bank after the Central Bank of the Philippines amended its charter. The financial institution has branches at Tabunok, Lapu Lapu, and Bacalso Avenue, Cebu City, which is also the corporate office. The company offers deposit products such as regular savings deposit, special savings deposit and time deposits. It also offers loan products such as personal loans, auto loans and housing loans.

Pros and cons

Metro Cebu Public Savings Bank may assist Filipinos in saving as well as saving for their children under the age of 17, but this comes with its own set of consequences. Therefore, before applying for any of their products, consider the following advantages and disadvantages to determine whether MCPSB products are right for you.

Pros

  • Has several savings account options.
  • Has easy-to-meet requirements for setting up a regular savings account.
  • Has a children's savings account.

Cons

  • They do not specify the loan terms on the company's website.
  • Does not have a mobile application.

Products

Deposit products

Metro Cebu Public Savings Bank provides personal, business, auto, housing, and other loan products at a minimum loan amount of ₱500,000. It also offers the following deposit products:

Regular Savings Deposit

A minimum balance of ₱500 is required by Metro Cebu Public Savings Bank to open a regular savings deposit account at 0.5% APR (annual percentage rate). You must also have two valid IDs, two 1X1 photos, and a 2X2 photo.

Savings account for kids

If your children are under 17, you can open a savings account for them. The required minimum deposit is ₱100, and the annual percentage rate is 1%. All required is an NSO/PSA birth certificate and a school ID.

Special Savings Deposit

A minimum balance of ₱5000 is required to open a special savings account. The amount is subject to a 20% withholding tax and earns interest ranging from 1% to 1.750% APR depending on the Asian Development Bank range. You will also need two valid IDs, two 1X1, and 2X2 photographs.

Time Deposit

Metro Cebu Public Savings Bank offers Time deposits in two types:

  • Regular time deposit

To open this savings account, you'll need a minimum of ₱10,000, two valid IDs, two 1X1, and 2X2 photos. The amount is subject to a 20% withholding tax and earns interest ranging from 1.375% to 2.875% depending on the placement and maturity from 30 to 180 days.

  • 5 years and 1-day time deposit

This savings account requires a minimum deposit of ₱25,000 and is not subject to a 20% withholding tax if not pre-terminated. You will also need two valid IDs, two 1X1, and 2X2 photographs. The amount earns interest ranging from 1.375% to 2.875% based on the maturity of 30 to 180 days.

Loan products

Metro Cebu also provides loan products to its customers, ranging from personal to auto loans. Borrowers can access personal loans to help them with their immediate cash requirements and pay back at an agreed time with the bank. Besides, they can borrow business loans to expand their businesses. At the same time, the lender allows users to access auto loans for automobile purchases as well as housing loans to buy houses. You can also access other loans such as salary loans from Metro Cebu. Customers intending to borrow a loan from Metro CEBU must first meet the criteria for specific loan products offered by the bank. Ideally, different loan products attract different interest rates, have varied APRs and repayment schedules. The following are some loan products that the bank offers:

Housing loan

A home loan has the following conditions:

  • Has an APR of at least 8%.
  • Has a minimum loan amount of ₱500 000 if your minimum total gross monthly income is ₱50 000.
  • Has a maximum loan amount of up to 80% of the assessed value.
  • Has payment terms of up to 10 years

Auto loan

An auto loan has the following conditions:

  • The auto loan has an APR of at least 19%.
  • The required minimum loan amount of 80% of the purchase price for a new car and up to 70% of the appraised value for a used one.
  • The payment terms for a new car run from 12 to 60 months and 12 to 48 months for a used car.
  • The lender will not accept a used car over 11 years old, considering the vehicle's age and the loan period.
  • The auto loan has a low down payment of as little as 20% of the purchasing price.

    Personal loan

    A personal loan has the following conditions:

    • Has an interest rate of at least 2% each month.
    • Has a minimum loan amount of ₱10,000 and a maximum loan amount of ₱100,000.
    • Has the payment arrangements ranging up to 24 months.

    FAQ

    What is Metro CEBU?

    Metro Cebu Public Savings Bank is a financial institution in the Philippines with three branches ‌‌in Tabunok, Lapu Lapu, and Bacalso Avenue that provides loan products and savings services.

    Who owns Metro CEBU?

    The Philippine Deposit Insurance Corp. (PDIC) currently runs the Metro Cebu Public Savings Bank.

    What types of accounts does Metro CEBU provide?

    Metro Cebu Public Savings Bank provides five types of savings accounts: savings account for children, regular savings account, Special Savings Deposit, regular time deposit, as well as 5 years, and 1-day time deposit.

    What is the minimum amount you can save using Metro CEBU's time deposit?

    The minimum amount you can save using a regular time deposit is ₱10,000, and a 5-years and 1-day time deposit is ₱25,000.

    Is Metro CEBU a legitimate company?

    Yes. The Bangko Sentral ng Pilipinas regulates the Metro Cebu Public Savings Bank.

    MCPSB loan calculator

    Calculate loan payments at MCPSB. Loans calculator will allow you to calculate an approximate payment schedule for the loan.

    Metro Cebu Public Savings Bank calculator
    Interest rates are given in accordance with the rates of the Metro Cebu Public Savings Bank in Manila as of 15.02.2025
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