Savings Accounts in the Philippines with the Lowest Maintaining Balances

69 Responses to “Savings Accounts in the Philippines with the Lowest Maintaining Balances”

1. Best Savings Accounts for Students in the Philippines | Working Pinoy on March 23rd, 2011 12:35 pm

   [...] You can choose one from among the accounts offered by banks in this list of low-maintaining-balance savings accounts in the Philippines. [...]

2. Rey on March 24th, 2011 8:45 am

   Thanks, it’s informative. cheers. =)

3. Nors on March 24th, 2011 9:02 am

   THANK YOU, Rey. Glad that you appreciate the blogpost. Have a great day…

4. hitokirihoshi Jr. on April 12th, 2011 2:04 pm

   since 2007, i’m into banking na . pero ngayon ko lang nalaman na banks have different rules pagdating sa maintaining balance. thanks sa info!

5. rufina on April 29th, 2011 9:45 am

   thanks!it’s helpful..kala q pare-pareho maintaining balance..

6. Nors on April 29th, 2011 2:34 pm

   Hi Rufina, andito ang about BDO Cash cards.

   http://www.workingpinoy.com/2011/03/best-savings-accounts-for-students-in-the-philippines/

7. Nors on April 29th, 2011 8:18 pm

   Thanks Rufina. makes me feel good if it helped.

8. Internet banking for parents, ofws | Working Pinoy on June 22nd, 2011 4:39 pm

   [...] Savings, BDO Remit Cash Card for OFWs BPI, BDO, or Metrobank Fees — Why Keep Paying Them? Savings Accounts in the Philippines with the Lowest Maintaining Balances var addthis_config = [...]

9. Catherine Tan on July 24th, 2011 8:10 am

   Hello po, We’re an organization in our college and we would like to keep our org funds in bank sana. Meron po bang banks na nag-aallow ng ganong setup? We need banks with lowest maintaining balance for our funds. Can I have some info about this?
   Thank you!

10. Nors on July 24th, 2011 9:05 am

    Hi Catherine, that’s a good idea of yours. You’ll get training in leadership and in handling finances while you’re studying. I suggest you choose a reputable and friendly bank near your school. If you open an account as a organization, I think there are lots of paperwork that needs to be done. I haven’t experienced this, but we can research. I think there should be incorporation papers, authorization for someone to handle the finances, etc. This would be the best way as even if there are changes in leadership, the money is safe, and the subsequent leaders can access the money.
    The easier option is for two people in your group to open an AND joint account (two signatures are needed for withdrawal)(not AND/OR, where one signature is enough), two persons that can check each other and who aren’t likely to connive (pardon the cyninism, but this is practical). However, this option is good only if your group is time-limited — meaning it ends after graduation, and if these two people aren’t likely to move. You can choose from BPI Family, BDO, Landbank, PNB, Metrobank, PSBank, Union Bank, etc. But consider accessibility para madaling magdeposit at hindi magasto ang pera (sana yong hindi na sumasakay pa just to deposit). I’m going somewhere, I’ll add later if I think of something to add. Best regards to your endeavor.

11. Aristotle Liwag on September 12th, 2011 3:34 pm

    You can also try to open an EON account from Union Bank. I think it is only bank that does not require maintaining balance. It comes with VISA ATM card and this VISA, unlike other debit cards issued by other banks, card can be used to purchased goods online

12. Nors on September 18th, 2011 9:54 pm

    Thanks a lot, Aristotle, for sharing. Yes, Union Bank’s EON is among the best because it can be used for online purchases and for verifying Paypal accounts (the only local cash card, to my knowledge, that has these features). Just pay an annual fee of about 300 or 350 pesos a year.

13. Denise on October 9th, 2011 5:41 pm

    BPI also has BPI Direct Savings, an online banking with relatively higher interests. One thing I like about it is its transparency when it comes to fees/interests, unlike other banks who keep their rates hidden and you have to drop by a branch just to inquire. It’s all online.

    Your P500 minimum maintaining balance earns double interest i.e. 1.375% p.a. as compared to just 0.625% p.a. of a regular BPI branch savings account and 0.5% p.a. for most banks.

    And for even higher interests, once you have your BPI Direct Savings account, you can even apply for a separate time deposit account without the hassle of dropping by the bank each time it matures because it will automatically be given back to your savings account on the date of maturity, just activate your bpiexpressonline account after you open a savings account.

    You can apply online with no cash out through http://www.bpidirect.com. Then get your ATM and make your initial deposit of P500 at the branch of your choice.

14. Nors on October 10th, 2011 10:24 am

    Denise, ang ganda mo siguro. Thanks for the info. Might try BPI Direct myself para ma-blog ko rin. Idagdag ko pala dito sa list of lowest maintaining balance accounts kasi 500 lang siya. Best regards

15. Winkle on November 11th, 2011 1:18 am

    Hi sir nor. Tanung q lang kung ung maintaining balance eh un rin ung initial deposit para maka pag open ng bank account.

16. Nors on November 11th, 2011 3:45 am

    Hi Winkle, oo yon na rin. Pareho. Merong a few banks na pumapayag na lower yong initial deposit (sometimes promotion nila), pero buuin mo rin yong balance before the end of the month. Pero, para sure, open your account with amount equal to or more than the maintaining balance.

17. Arvin on November 11th, 2011 12:57 pm

    hi po. i’m new into banking. i’d like to ask if how much does the bdo require to open an atm savings account for students? how much is the maintaining balance? and what are the requirements to the said application? thanks. GOD bless.

18. Nors on November 12th, 2011 12:48 am

    Hi Arvin, ang maintaining balance ng BDO ATM savings account ay 2,000 pesos. To open an account, bring your student ID, NSO birth certificate and two ID pictures. and your 2k or more. Ito, meron akong article about account opening. http://www.banksphilippines.com/2011/11/opening-bank-account-in-philippines.html

19. may on November 24th, 2011 4:24 pm

    hi sir nor,ang ganda ng site nyo.very transparent. i am new to banking. i would want to open an atm where in i could also deposit and save money mas mura kc initial deposit. i have choosen land bank. may cheque po ako d2 ng union bank but it is for payees account only.therefore, i need to open an account para maincash ko ung cheque. is it possible to deposit this check at land bank kahit na atm ung inopen ko for my savings?please provide me a feedback.. thank you so much

20. Nors on November 24th, 2011 9:01 pm

    Hi May, thanks for liking my blog. makes me happy.
    If the account you opened at Landbank is an ATM savings account, yes, you can deposit your Union Bank check.
    If it’s a cash card, you cannot deposit. Anyway, parang ATM savings naman yong kinuha mo kasi you said you wanted to save and you mentioned savings.
    Yong date of check pala is dapat today or nakalipas na, but not farther back by more than 6 months. Best regards.

21. may on December 1st, 2011 6:05 pm

    thanks sir nor ^^

22. michelle on January 19th, 2012 3:42 pm

    pwede po bang magopen ng savings bank account kahit wala kang TIN?

23. Nors on January 19th, 2012 11:43 pm

    Hi Michelle, depende sa bank, yong iba i-require nila agad; the others ipa-process ang account mo, pero lalagyan ka ng “hold” sa ibang features ng account hanggang hindi mo nasa-submit ang TIN number mo. Kelangan kasi ang TIN para sa withholding tax sa interest ng savings. Siguro, yong mga non-interest bank cards na cash cards or prepaid cards, hindi na kelangan ang TIN. Pero kumuha ka na lang ng TIN, kasi kelangan mo rin yan in other transactions.
    By the way, sa mga students and children, palagay ko hindi required ang TIN.

24. edith on February 19th, 2012 2:08 am

    Hi ask ko lang sa BPI Savings account requirement paano kung hindi sayo nakapangalan yung billing statement example sa parents mo. pwede kaya yun?

25. Nors on February 19th, 2012 9:39 am

    Hi Edith, if you have two valid IDs, puede nang pang-open, kahit wala nang billing statement (dahil hindi nga in your name). Kung yong particular branch requires proof of address, you can bring your parent’s bill and birth certificate. Puede rin ang barangay clearance, police clearance or NBI clearance, if you need an additional ID.

26. anna on February 20th, 2012 6:59 pm

    ask ko lang..kasi nag’open ako ng kabayan savings sa BDO then sabi need ko daw ng tin kung malaking amount ang papasok sa account ko..at pede daw ako kumuha nun online sa website nla…can someone help me kung paano?

27. Nors on February 20th, 2012 9:57 pm

    Hi Anna, puedeng kumuha ng eTIN online sa http://www.bir.gov.ph (”ereg” sa bandang left of homepage), pero para sa self-employed/professionals lang na magbabayad pa ng 500 pesos after registration. Kung ang TIN ay para sa bank account lang, classified ka sa taxpayer type na Under E.O. No. 98 — you need to go raw to a BIR office. Call na lang 981-8888 for the nearest office. Bring your ID and birth certificate.

28. Ian on March 7th, 2012 2:24 pm

    About securing TIN po under eo 98 i tried to go to a BIR office and they are asking for a certification from the bank stating that i have an account with a particular bank. Di na po ako kumuha ng TIN dahil dun at the same time po banks dont issue recommendation letter to get a TIN. Mahirap po magsecure ng TIN kelangan ko nga po yun pag bumibile ng dollar sa bank. Anyways i have an account with bdo and china bank they will allow you to open an accoun kaht wala kang TIN as long as my SSS ok na even sa bpi din. But for metroban,east west bank and some branches of security bank they will not allow you to open an account without a TIN

29. Ian on March 7th, 2012 8:53 pm

    If you want to open an account with zero maintaining balance you can open to any bpi or china savings bank. For bpi youll pay 100php for the atm then every withdrawal via atm is 5php then over the counter withdrawal is 100php over 20k for chinabank savings 100Php for the atm zero maintaining balance and 1000php to earn interest withdrawing to any chinabank atms are free of charge. Chinabank savings is the first bank to offer zero maintaining balance they have a limited branch as of the moment

30. Nors on March 7th, 2012 10:34 pm

    Hi Ian, thanks for the info about the TIN requirement. Hindi ko na napansin that TIN is a big requirement when I opened my accounts, kasi meron naman akong TIN. Meron kasing withholding tax ang mga interests on deposits, so this must be the reason why some banks require the TIN. About getting a TIN number: strict na pala sila ngayon, baka costly ang pag-store ng TIN numbers na hindi naman nagagamit, so kino-control nila ang numbers. Kung kelangan nila ng bank certification (puede siguro yong ordinary bank certification, hindi kelangang specified na for getting a TIN), gagasto pa pala yong tao, kasi 100 pesos or more ang bank certification. Again, thanks for the info. Very relevant and helpful. Parang kinakalat mo ang mga accounts mo ah…. para ma-explore mo ang the best? — that’s good.

31. Nors on March 7th, 2012 11:42 pm

    Yes, Ian, Chinabank Savings also caught my interest, pero yon nga konti pa lang ang branches. But ChinaBank has good deposit products too and some branches are found in SM malls as Chinabank is co-owned by SM’s owners. Thanks again, Ian.

32. Ian on March 8th, 2012 1:31 pm

    Yup they are co owned by sm. BPi also has a zero opening and maintaining balace just pay 100for the atm. 5php every withdrawl to bpi atms and 100php over the counter withdrwal worth 20k and above. Bpi also has BANKO its a combination of cooperative and mobile banking. Via globe naman sya you can open as low as 100php 50php for the atm and 50initial deposit. 20php every atm withdrwal regardless of the amount and cash in and cash out to all BANKO branches through your globe mobile Phone. You can even get an insurance x5 of your savings

33. Ian on March 8th, 2012 1:35 pm

    TIN should be available to everyone gaya ng sss when you call bir they will say na madali lang kumuha ng tin no recquirement pero pagdating mo thats the time Pa lang malalaman. Anyways dapat lahat tyo merun regardless kng my purpose o wala. Lahat kasi nagiging complicated sa ordinaryong tao. Ako wala pang tin wala work kaya hirap din ako makaopen sa iba lalo na kung bibile ng dollar sa bangko. Kaht my dollar account ka di pa din pwde bumile kasi tin pa din

34. Nors on March 9th, 2012 6:18 am

    Hi Ian, yong BPI Globe Banko, maganda kasi merong insurance, pero parang ang laki nong 20 pesos per withdrawal. Sabagay, bayad siguro ito sa mga facilities na kung saan nawiwidro. At puede ring pang-discourage sa laging nagwiwidro. Pero sana, mas mura ang withdrawal kapag BPI ATM or Globe store. Thanks again Ian, for all the helpful info.

35. Ian on March 9th, 2012 1:26 pm

    Oo nga po bpi banko po ang target nila yung unbanked pilipinos using mobile banking po. It is a micro finance type yung fee nga po ay malaki bpi my have the best product to cater to small depositor from no maintaining balance to micro finance type of product but they do charge anreasonable fee. Like on the banko 20php withdrawal and for there no maintaining balance 5php which is not that cheap considering youll earn just a penny

36. Nors on March 9th, 2012 6:26 pm

    Wow, Ian, you use the term “unbanked” – this means you read a lot. Kudos…

37. Ian on March 10th, 2012 6:25 am

    Opo as a i recall we are one with the lowest savings ration in asia and we have so many banks but with a high number of unbanked people maybe because of the location,infrastracture needed and luck of trust with the banks cos all we know its hard to have a simple ids everything has amount involve to secure an ids especially on rural areas

38. Nors on March 10th, 2012 10:24 am

    You’re right, Ian, about the IDs. Ang hirap kumuha ng valid ID sa atin. I mean, not really difficult, but expensive. The postal ID, which should be the simplest, costs about 500 to 700, according to those sharing their experiences online. Thanks Ian.

39. Ian on March 11th, 2012 6:37 am

    Yup thats why we need to implement the national id system. Postal is a secondary id mahal na not all will accept you need another one pa even nbi clearance. Goverment should look a way it is a burden to the people. Example like me i have no work securing TIN or ids are degrading the cost and so many recquirements to get one.

40. Nors on March 11th, 2012 7:35 am

    Hi Ian, that’s true. There’s one here sa ibang post na nag-comment na Unified ID (with Philhealth ang Pag-ibig) na raw yong ibinigay sa kanya ng SSS last Nov 2011 (Nag-apply siya Jan 2011), so baka ganito na rin ang i-issue ng Philhealth ang Pag-ibig later this year. Postal ID should be a primary ID, pero dahil nagre-require pa sila ng another ID, nagiging parang secondary ID siya tuloy. Mag-blog ka na lang, Ian, if you have no work, or if you have no blog yet. Thanks again Ian.

41. Ian on March 11th, 2012 8:24 pm

    Yup sss is issueing ids like that they even invited comelec to be part of it even LTO the only fall back is you have to wait for almost a year just to have that. Even nbi has that id to but you have to renew it yearly another burden. There are brgy here in qc who have brgy ids atm type it cost 50php renewed yearly. Thats a nice suggestion i dont know where to strt and what site to start a blog

42. Nors on March 12th, 2012 8:52 am

    Hi Ian, I suggest you create a Gmail account (mail.google.com), para maka-create ka agad ng blog sa Blogger (blogger.com). Then you can read this old blogging post of mine — diretso ka na sa #4. Tanong ka lang, if you have some Qs.

43. Ian on March 12th, 2012 11:11 am

    Nakagawa na po ako kagabi salamat po. Nakagawa na po ako ng dalawa dun po. You might want to read po heeheehehe eto po sya ck_marthin.blogspot.com. Ty po ulit magpopost po ulit ako dito ng new developments sa savings account

44. Ian on March 12th, 2012 11:14 am

    Mali po pala kulang po naibigay ko ck_marthine.blogspot.com my dalawang topic na po ako dun

45. Nors on March 12th, 2012 12:59 pm

    Hi Ian, glad to know that. Nahanap mo rin pala yong Blogger by yourself. That’s a good sign. Pero di ko mapuntahan ang ck_marthine.blogspot.com. Na-publish mo ba? Copy paste mo na nga lang yong buong URL dito, para makita ko….

46. Ian on March 12th, 2012 5:33 pm

    ericksonmarthin.blogspot.com my topic po dun is starting a small business what i experience before, simple notes about perfume business and eloading business

47. Nors on March 12th, 2012 10:15 pm

    Hi Ian, I’ve read your posts. Great start. Basta meron kang time, write ka lang ng write. Since you’re exploring pa naman, at puede kang magpuyat, go over this thread, marami kang matutunan dito…. You can continue looking for a job, or doing your small business, but isingit-singit mo ito…. One day, you can have this as a passive business http://www.sulit.com.ph/index.php/view+topic/id/73134/From+Starting+Blog+to+having+Adsense+Account+and+Earn+from+it+thread?referralKeywords=adsebse Yong thread author — si Nerbie, helpful ito, owner of a web host service and blogger earning a lot per month…

48. Ian on March 13th, 2012 7:02 am

    Thank you po for spending time reading yung initial blogs that i made. Il try tO check it out po my sulit account din po ako. My isa na nga po nagtiyagang magbasa at mag iwan ng comment. I have a long way to go po sa blogging salamat pa din po

49. Nors on March 13th, 2012 9:52 am

    Hi Ian, welcome. Yes, tiyagaan lang. Best regards

50. Ian on March 13th, 2012 11:12 am

    Oo nga po e. If you read po sa isang blog ko about perfume business i can teach them how to make there own designer inspired perfumes everything they want to know

51. Ian on March 21st, 2012 1:45 pm

    Hi po i wrote a blog about BANKO i just tried it and open an account with them po bankomo.blogspot.com

52. Nors on March 22nd, 2012 12:02 am

    Hi Ian, I read your post about BANKO, and it was good. Keep on writing. Ilan na ang blogs mo? Kung na-explore mo na yong gusto mo na topic or subject, I suggest mag-focus ka sa blog na yon, isa muna, para makaipon ka ng 20 articles, para maka-apply ka ng adsense account. Puedeng ask mo dito kung ano yong plano mong palakihin na blog para tingnan ko kung okay yong topic.

53. Angeli on March 28th, 2012 2:54 pm

    hello po.ano po bang mangyayari pag nabawasan ang maintaining balance ng atm card (for BDO)? ok lng po ba kung madagdagan ulit un within a month na?

54. Nors on March 28th, 2012 11:59 pm

    Hi Angeli, kung ang balance mo ay bumaba sa lower than required balance, pero napalitan mo sa month din na iyon, hindi siya macha-charge ng penalty. Pero dapat sa susunod na buwan, ma-maintain mo ang required balance, kasi pag 2 magkasunod na months na hindi maintained ang required balance, meron nang charge na 300 pesos.

55. jonis on April 1st, 2012 2:46 pm

    ask lng po.

    meron po akong BDO atm saving account, pano po kug nag withdraw ako tpos yung balanced less than 2000 n po ano mangyayari sa account ko at pano po kung hundreds n lng po natira sa account automatic close po ba un? nid reply po .

    salamat po

56. Nors on April 1st, 2012 7:23 pm

    Hi Jonis, huwag mong patagalin na less than 2k, palitan mo rin, kasi kung magkasunod na 2 months na below required balance ka, mababawasan na ng 300 a month until maibalik mo uli sa 2k. Pag meron pang laman, kahit hundreds lang, hindi pa ma-close. Ma-close lang pag zero balance na at the end of the 2nd month. Pag hirap ka to maintain the balance kasi student ka pa lang at pang-allowance lang ito, get cash card.

57. jonis on April 2nd, 2012 10:54 pm

    ahhh, ganun pala po yun, ok lng po follow-up ako question?
    pano po kung nagwithdraw po ako tpos less 2k n lng po balanced ko after 2month pa lang po ba ako mababawasan ng php300 o pagkawithdraw ko tpos less 2k n lang that time mababawasan agad ako?

    Thank You Sir Nors for helping me. . .

58. Ian on April 18th, 2012 9:49 pm

    Have you read po the first ever consumer of bangko sentral ng pilipinas regarding sa bank account were in 78.5% of our population has no bank account. With 92.8 % of the reason is they dont have money to put into banks. I guess that is one of the failures of bsp and the banks. Were in banks impose huge maintaining balance and excessive charges i think its time to for bsp to implement low to zero maintaining balance to lower the unbanked segment of our population. Still thats a huge market 78.5% with no bank deposit. Maganda po syang iblog

59. Nors on April 19th, 2012 2:06 am

    Hi Ian, thanks again for sharing. Have you also read the Central Bank’s statement that they do not have rules about how much banks can charge for their fees? I was really surprised to read it. I think it’s the lawmakers that can compel the Bangko Sentral to limit bank fees and penalties via new laws. Yes, when I have more time, I can write about it. Thanks again. You can write about it too, Ian.

60. Ian on April 19th, 2012 6:46 am

    Yup i have read po. The lawmakers are proposing not to impose charges And nO maintaining balance. If i recall congressman rufus rodriquez Of cdo Our former dean of my alma matter was the principal sponsor of that bill. But banks were againstn it even bsp too the measure waa not even pasa on the first reading way back 2004 the time of gma

61. Nors on April 19th, 2012 7:05 am

    Hi Ian, I don’t know that there has been a bill filed before about this thing… thanks again. It’s so sad. The banking lobby must be powerful. Maybe we can collect issues such as bank fees and pre-need and present these to senatorial candidates during their campaigns, and at least get something from their mouths, even if they answer just for publicity purposes.

62. Ian on April 19th, 2012 1:10 pm

    I have wrote po a short blog on the unbanked po. Merun na po before proposal nun si congressman rufus but banks said there operation will be affected even bsp before din but not sure with bsp. Every yeae bank tends to increase fees. As you can see po most of your readera belong to the unbanked segments who needs to be educate so that they will be aware and banks should be flexible to adapt po not just for profit we know they are cOnservative but to many things are lucking

63. Nors on April 19th, 2012 6:55 pm

    Hi Ian, I visited your blog ericksonmarthin.blogspot.com, pero wala naman don ang article mo, so you must have another blog. You can post it here. Yes, we can write articles on this to help highlight these things. Thanks again Ian.

64. Ian on April 19th, 2012 9:23 pm

    Opo try nyo po yung ck_marthine po or search mode na ids,rural,universal po

65. Ian on April 19th, 2012 9:27 pm

    Search nyo po yung bankomo.blogspot po dun po sya po same name nung sumulat po ako about sa banko ng bpi-globe po

66. Nors on April 20th, 2012 11:34 am

    Hi Ian, I’m glad that you’re pursuing your blogs. Good that you’re writing about BPI-Globe. Nagulat lang ako sa deposit/withdrawal fees nila, parang hindi practical. I just wish you choose the best of your blogs — the one that has the makings of becoming popular — and then write lots of posts, so that it will grow, and later on, you can monetize it. Best regards

67. Ian on April 20th, 2012 4:59 pm

    Oo nga po for the meantime po hit and miss po muna. Even the cash in my limit po yung goal of establishing the bank nawawala po kasi after your 4 free cash in in a month there is a fee coresponding po. The goal of banko was to bring down the unbanked segment but because of this charges and other fees they impose there vision is not appropriate on the way they run the bank po. I dont know nga lang po kung anung feedback nung ng attempt mgbasa nung blog ka po.

68. Ian on April 27th, 2012 10:02 am

    Another bank has been ordered by the bsp to be closed its export and industry bank a commercial bank with 50 branches. Nakakatakot naman na

69. Nors on April 28th, 2012 9:14 am

    Thanks, Ian. Yes, it’s sad. Although many of the depositors will eventually get their money, it’s a great inconvenience for them, and it’s another affirmation for people who do not believe in saving with banks. It’s also sad that last year and in 2010, it was published that BDO was going to purchase EIB, so depositors felt that EIB had no problems.

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