If you’re looking for the cheapest checking account in the Philippines, check out the
Citymax checking account offered by Citystate Savings Bank. The initial deposit is only 1,500 pesos and the maintaining balance is only 1,500 pesos. I’ve been using this account for about four years already.
I discovered Citystate checking through a businesswoman-friend when my checking account with a big bank was closed during my most difficult year, and I had to open another checking account quickly. You know, of course, that the bigger banks don’t easily allow you to open a checking account with them if you don’t have a longer and high-amount account history with them.
The advantages of Citystate’s Citymax, aside from being the cheapest checking account in the Philippines are the following:
- Only 1,500 pesos to open and to maintain
- One-in-three account: It’s a checking account, it’s a savings account, and it earns interest as long as you have at least 1,500 pesos in average daily balance.
- You get an ATM card and a passbook
- No interbranch transaction fees
- You can pay your credit card bills, utility bills, insurance premiums through the Bancnet ATM system.
- You can check your balance through Citystate’s online banking system.
- You can reorder checks through the ATM system.
- Just like other savings and checking accounts, your CityMax deposits up to 500,000 pesos are insured with PDIC.
Citystate Savings is one of the 74 savings banks in the Philippines.
As of June last year, it has 2.47 billion in total assets and 771.41 million in stockholders’ equity.It has 24 branches. Contact numbers: 637-8397 to 98; 637-4189; 636-3333; 637-8743; 470-3333; 706-5860; 706-5849
CORRECTION: First week of this June 2011, I learned that there may be more than one branch that DO NOT allow immediate opening of checking accounts. One is the Malate branch. Someone who applied for a checking account at this branch was told that she needed to maintain a savings account for at least six months first before she can open a checking account.
It was at the Muntinlupa branch (along the National Road, near the Muntinlupa Doctor Hospital) where I opened my account. I hope the branch is still approving applications immediately without the six-month requirement.
Other Banks’ Checking Accounts with Low Maintaining Balance Requirements
Opening a Checking Account in the Philippines — Lay the Groundwork
Top 27 Savings Banks in the Philippines — or Top 27 Thrift Banks
List of Banks in the Philippines — Universal Banks, Commercial Banks