MANILA — With the Christmas season in full swing, the Philippine Deposit Insurance Corporation (PDIC) is urging Filipinos to use their year-end bonuses to build better financial habits and strengthen their savings.

In a news release, the state deposit insurer outlined seven money-saving practices that depositors can adopt to make the most of their annual bonuses — a financial resource PDIC described as an opportunity “to gift yourself with financial peace of mind.”

Among its key reminders, PDIC encouraged depositors to “know your bank” by reviewing a bank’s ownership and financial standing before opening an account. The agency also advised the public to understand the different deposit products banks offer and not to mistake deposits for investments.

PDIC emphasized that bank deposits are insured up to the maximum deposit insurance coverage (MDIC) of P1 million per depositor, per bank.

The agency also recommended that depositors compare bank services, interest rates, fees, and terms before choosing where to keep their savings. It further urged the public to secure passbooks, ATM cards, and digital confirmations, and to regularly update passwords and contact details.

PDIC reminded depositors to transact only with authorized bank personnel or official digital channels and to remain vigilant against fraud. It also cautioned the public against “tempting offers,” noting that unusually high interest rates typically come with higher risks.

The agency said practicing these habits can help Filipinos be more financially prepared for the coming year.