Savings Accounts in the Philippines with the Lowest Maintaining Balances

Updated June 21, 2016

Here are the best savings accounts in the Philippines if our basis is low maintaining balance.

If we really think about it, there should be no problem with maintaining balances, as our main purpose in opening a bank savings account should be to SAVE, but there are times when we need a low-maintaining-balance account not primarily for saving but for transfer of money.

We need them for the following:

1.   For our children in college who need to be sent allowances
2.   For our parents in the province who need to be sent support
3.   For OFW remittance purposes

Low-maintaining-balance accounts are often those accounts with ATM CARDS only, WITHOUT PASSBOOKS.

You’ll deposit over-the-counter or thru ATM machines, but you’re supposed to withdraw ONLY thru the ATM machines.

There are also accounts that impose charges on certain transactions.  Just be sure you know them.

Here are Savings Accounts Requiring a Monthly Average Maintaining Balance of Only 500 Pesos:

LANDBANK   
Savings Account with ATM Access
Maintaining Balance: 500 pesos
Minimum Average Daily Balance (ADB) to earn interest: 500 pesos

BANK  Of  COMMERCE
ATM Savings
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 500 pesos

MAYBANK
Value Savings Account
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 10,000 pesos

RCBC SAVINGS BANK
Basic Savings Account with ATM Card
Maintaining Balance: 500 pesos
Minimum ADB to Earn Interest: 25,000.00 pesos

CITYSTATE  SAVINGS BANK
Peso Passbook Savings Account with ATM Card
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 1,000 pesos

Peso ATM Savings Account
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 1,000 pesos

POSTAL BANK   Philippine Postal Savings Bank
Peso Savings Account
Maintaining Balance: 500 pesos
Minimum Balance to Earn Interest: 1,000 pesos

PostalCash ATM
Maintaining Balance: 500 pesos
Minimum Balance to Earn Interest: 1,000 pesos

BANK OF MAKATI
Regular Savings Deposit
Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos
Below balance charge: 50 pesos per month

Savings Acccounts Requiring a Monthly Average Maintaining Balance of 1,000 pesos:

BPI FAMILY SAVINGS BANK
Express Teller Savings
Maintaining Balance: 1,000 pesos
Minimum ADB to Earn interest: 3,000 pesos

CHINABANK SAVINGS (CBS)
Statement Savings with ATM
Maintaining Balance: 1,000 pesos
Minimum Balance to Earn Interest: 1,000 pesos

DBP Development Bank of the Philippines
Regular ATM or Passbook Savings
Maintaining Balance: 500 pesos
Minimum ADB to earn interest: 500 pesos

PHILTRUST  Philippine Trust Co.
Peso Savings Account – Passbook Only, No ATM Card
Maintaining Balance: 1,000 pesos
Minimum Balance to Earn Interest: 1,000 pesos
Charge for below balance: 100 per month after 2 months of falling below balance
Charge for lost passbook: 100 pesos

BANK of COMMERCE
Passbook Savings Account with ATM
Maintaining balance: 1,000 pesos
Min bal to earn interest: Not posted

PHILIPPINE VETERANS BANK
Regular Peso Savings for Non-Veterans
Maintaining balance: 1,000 pesos
Min Amt to Earn Interest: 1,000 pesos
choice of passbook and/or ATM

PHILIPPINE BUSINESS BANK
Passbook Savings Account
Maintaining Balance: 1,000 pesos
Minimum Balance to Earn Interest: 1,000 pesos

Common basic requirements in opening a bank savings account:
Two valid IDs
Two 1 x 1 ID pictures
Tax Identification Number

Remember, if your account is ATM-based, meaning wala kang passbook, most banks
require you to withdraw only through the ATM. You’ll pay a fee if you withdraw over the counter.

Related Articles:

Cheapest Checking Account in the Philippines
Top 27 Savings Banks in the Philippines — or Top 27 Thrift Banks
BDO Kabayan Savings, BDO Remit Cash Card for OFWs
BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance
BPI, BDO, or Metrobank Fees — Why Keep Paying Them?
Best Savings Accounts for Students in the Philippines

67 Comments

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  1. Hi again po. Thanks for the advice po.. Can I ask What is the information about the union bank eon visa debit card? Thanks po

  2. Hi Grimme, a debit card is an atm card that you can use at a store or supermarket that has a card-swipe system. It can also be used for shopping online if it’s linked to Mastercard or Visa. It is different from a credit card because you need to put money into your debit card account before you can use it for purchase. Yes, you can save in a debit card account, and after accumulating maybe 50k, put it in a time deposit so your money will earn more. Here’s information about Union Bank EON Visa Debit Card. Be careful about your account because with this account, you can send money online to anyone with a bank account. Guard your account from hackers.

  3. Hi Grimme, yes, your savings will earn interest, but sad to say, interest rates for savings account are so small, near zero. Just think that your goal is to save, forget the interest. Save until you accumulate maybe 50k, and then put it in time deposit (auto-renewal). Just go to your bank and say “May I put into time deposit my money here in this account?”

  4. Thanks po sa advice. Mgtatanong po ulit ako, kpag po ba ngipon ako sa Bangko lalaki po b yung pera sa loob ng card?
    Thank you po..

  5. Hi I would like to open a dollar account. What bank/s can you suggest can you suggest with lowest maintaining balance or with least amount to open an account? Thank you

  6. Pwede ba magdeposit ng cheke sa account na may maintaining bal na 500 pesos? Sa rcbc landbank or maybank? Thanks

  7. Hi Ehzhie, yes, because they are savings accounts. Ang hindi lang puede for checks ay yong cash card — walang account no., cash card no. lang

  8. Gusto ko po mag open ng savings account paano po mag paopen ng savings ? First time ko po kasi para po sa future po namin

  9. Hi Rejane, I’m glad that you asked and you want to start saving. Kelangan talaga mag-save. Ang kelangan lang naman is valid ID. Minsan gusto nila 2 IDs, pero puede namang 1 valid ID lang kung ang meron ka is SSS ID, driver’s license or passport or PRC ID. Kung wala ka pa, apply for a digitized postal ID sa post office nio (yong new card, hindi yong nilalaminate). Magdala ka rin ng 2 1×1 or 2×2 ID pictures. Yong iba gusto rin nila ng bill like Meralco or water bill in your name to prove your address. Minsan they also ask your TIN no. Kung wala ka pa, sabihin mo lang, mag-a-apply ka pa lang for your TIN ID. Bring these requirements, then punta ka lang sa new accounts teller (usually yong mga nasa lower tables), ask lang the guard. Then sabihin mo lang sa teller “puede pong mag-apply ng atm savings account?” as you present your requirements.
    Para madali lang magdeposit, choose a bank near your house or your work place. Any BSP-licensed bank is okay, kahit rural bank. Itanong mo lang dito kung may duda ka about a certain bank. Ngayon naman, insured by PDIC ang bank savings, up to 500,000 pesos.
    Start ka muna sa mga mabababa ang maintaining balance, like BPI Family atm savings (1,000 pesos to maintain, meaning dapat laging 1,000 or more ang nasa account mo everyday, hindi mo winiwidro). Oks lang to be below 1,000 sometimes, pero dapat in other days, much more than 1k ang laman para mahabol na 1k or more ang average daily balance for the month. Yong BDO, maintaining balance ng atm savings nila is 2k. Yong sa Landbank, 500 pesos. Yong sa BPI, 3k. Tanong ka lang uli if you have other questions. May post ako dito: Tips for opening a bank account

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