Savings Accounts in the Philippines with the Lowest Maintaining Balances

March 22, 2011 · Filed Under Banks, BDO, BPI, Remittance 

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 these low-maintaining-balance accounts.

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   Land Bank of the Philippines

Savings Account with ATM Access

Maintaining Balance: 500 pesos
Minimum amount to earn interest: 500 pesos

SECURITY BANK

Peso Savings  Cash Link ATM Card

Maintaining Balance: 500 pesos
Deposit and withdraw through ATM

BANK  Of  COMMERCE

ATM Savings

Maintaining balance: 500 pesos
Min bal to earn interest: Not posted
You can request for a statement for documentation

MAYBANK

Value Savings Account

Maintaining balance: 500 pesos
Min bal to earn interest: 10,000 pesos
Over the counter withdrawal fee: 20 pesos
Initial ATM card fee: 100 pesos

RCBC SAVINGS BANK

Basic Savings Account with ATM Card

Maintaining Balance: 500 pesos
Min to Earn Interest: 25,000.00 pesos

CITYSTATE  SAVINGS

Peso Passbook Savings Account with ATM Card

Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos

Peso ATM Savings Account

Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos

GSIS FAMILY BANK

Passbook Savings Account No ATM Card

Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos
Deposit at any GSIS Family Bank branch, but withdraw only, over-the-counter, at the branch where you opened your account.

ATM Savings Account

Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos
You can withdraw up to 40,000 pesos per day
You can request for a statement of account

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
Min Amount to Earn interest: 3,000 pesos
Charge for not maintaining balance
for two consecutive months: 150 pesos per month

CHINABANK

Statement Savings with ATM

Maintaining Balance: 1,000 pesos
Minimum Balance to Earn Interest: 1,000 pesos
Provides Monthly Statement of Account

DBP Development Bank of the Philippines

Regular Savings

Maintaining Balance: 1,000 pesos
Choice of ATM Card, Passbook Only or Both

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

ASIATRUST

Cash Station Regular ATM

Maintaining balance: 1,000 pesos
Min bal to earn interest: 3,000
Offers quarterly bank statement account.

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

 

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Comments

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

  1. Nors on February 9th, 2013 4:34 pm

    Hi Lyn, yes, puede yong BDO cash card pero merong load limit na 10k and 25k. Mas okay ang BDO Kabayan, basta merong foreign remittance. I suggest you bring to BDO some Moneygram remittance receipts, 2 valid IDs, 2 ID photos, bill kung meren, and then open a BDO Kabayan. Wala itong maintaining balance basta meron foreign remittance at least once a year. Sa U.S. ba ang bf mo? If yes, puede rin siya through XOOM — Send this link to him: http://www.banksphilippines.com/2012/11/lowest-remittance-fees-from-us-to.html

  2. Ian on February 27th, 2013 7:19 am

    Hi tita i just wrote a new blog.cash card from metrobank which was lunch two weeks ago

  3. Nors on February 28th, 2013 10:47 am

    Hi Ian, thanks for commenting again. I visited your blog bankomo.blogspot.com — it’s improving! Keep writing. What other topics you like writing about that students or young people also like to browse about? So you can write more effortlessly, and so you can attract young readers. And then later on apply for Adsense.

  4. Jon on March 19th, 2013 6:01 pm

    http://www.bankcom.com.ph/per.php updated info on the Savings account of Bank of Commerce

  5. jed on March 30th, 2013 8:09 am

    Sir Ian, may I ask about Landbank? What is the penalty if your LANDBANK(current)account falls below its 100 maintaining balance? And what should I do? Should I go to the bank and report this right away? Does it take time to process this? Is there any consequence aside from giving the penalty the bank requires? Thank you so much, Sir!

  6. Nors on March 30th, 2013 1:37 pm

    Hi jed, is this a payroll account? I asked because the maintaining balance requirement is only 100 pesos. In other banks, there’s no balance requirement for payroll accounts — it would be the company that will maintain an amount for the main corporate account. I’m surprised that Landbank has this requirement, as per a DECs circular that I came upon online — or maybe because DECS is not required to maintain a corporate account with them?
    The instruction given in the circular I’ve read was for you to deposit 100 pesos in your account — you might be required to pay 200 pesos for reactivation, depending on the branch, or the length of time your account has fallen below 100k. If you have time, would you please tell us if this is a payroll account for a government institution? Thanks

  7. Nunta Dj on May 19th, 2013 12:57 am

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    When I look at your website in Firefox, it looks fine but when opening in Internet
    Explorer, it has some overlapping. I just wanted to give you a quick heads up!
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