Peso Savings Accounts with No Maintaining Balance Requirement
Here are peso savings accounts with no maintaining balance requirement. Check their features, and choose one or two that serve your purpose.
BPI Easy Saver Savings Account
You can open this savings account at Bank of the Philippine Islands (BPI) or at BPI Family Savings Bank.
Initial deposit: at least 200 pesos
Maintaining balance requirement: None
Cost of ATM card: 50 pesos
Fee for BPI ATM withdrawal: 5 pesos for every withdrawal
Bakit merong ATM fee? Kasi daw walang maintaining balance requirement
Fee for withdrawal at other banks’ ATMs: 11 pesos or more, depending on which bank
Fee for over-the-counter-withdrawal: 100 pesos for every withdrawal
Fee for online fund transfer to an enrolled BPI account: 5 pesos for every transfer Average daily balance to earn interest: At least 1,000 pesos, interest rate of 0.375% (BPI) or 0.625% (BPI Family)
BDO Kabayan Savings Account
Initial deposit: at least 50 pesos
(pero 100 ang pinapadeposit ng iba, kasi ano raw ba ang 50 pesos ngayon?)
Maintaining balance requirement: None
(Ang requirement: Meron dapat at least one remittance from ABROAD in a year) Additional requirement to open: receipt of remittance from abroad, or any proof of being an OFW or OFW dependent)
BDO ATM withdrawal fee: None
What happens if there’s no remittance in a year? Mako-convert ang account into a regular passbook account. It will have a maintaining balance requirement of 5,000 pesos. Pag wala pa ring deposit within 2 months, mako-close na ang account.
Average daily balance to earn interest: At least 5,000 pesos, interest rate of 0.375% per year
BPI Direct BPInoy Savings Account
You can open this account online at bpidirect.com, the website of BPI Direct Savings Bank, which is the Internet bank of the Bank of the Philippine Islands (BPI). BPI Direct Savings Bank is the first Internet bank in the Philippines. As far as I know, it’s the only Philippine Internet bank as of today. At enrollment, you will nominate a BPI branch where you will present your IDs, sign your account opening documents, and pick-up your ATM card.
If you are currently outside the Philippines, you can enroll only if you are in the following countries: Bahrain, Hong Kong, Italy, Spain, United Arab Emirates and United States.
Initial deposit: None
Maintaining balance: None
(Ang requirement: Meron dapat at least one remittance from ABROAD every 6 months)
Average daily balance to earn interest: 500 pesos, interest rate of 1% per year
Union Bank EON Visa Debit Card and Deposit Account
Initial deposit: None
Maintaining balance requirement: None
Annual fee: 350 pesos
ATM withdrawal fee: No fee for the first 2 Union Bank ATM withdrawals for the month; 3rd and succeeding Union Bank ATM withdrawals cost 10 pesos per ATM withdrawal Average daily balance to earn interest: At least 10,000 pesos, interest rate of 0.25% per year
Penalty for no transaction within one year: 200 pesos per month
Renewal requirement: Renew several days before one year is over.
Advantage of this account over the others: You can use this to verify your Paypal account and to buy items online from merchants that accept Visa Debit cards. Note: Merchants that require credit cards, like some airlines, do not accept this card because this is a debit card, and not a credit card.
Click this for more information on Union Bank EON Visa Debit card account.
Metrobank OFW Peso Savings Account
Initial deposit: None
Maintaining balance requirement: None (Requirement: at least 1 remittance from abroad in a year; if there’s no remittance in a year, account will be converted into a regular account with maintaining balance requirement)
Average daily balance to earn interest: At least 10,000 pesos, interest rate of 0.5% per year
Additional requirement to open: Bring proof of being an OFW or an OFW dependent
PSBank Overseas Filipino Savings Account
Maintaining balance requirement: None
ATM issuance: You can get your ATM upon enrollment; no need to return to the bank to get your ATM card.
PSBank ATM withdrawal fee: None
Average daily balance to earn interest: 5,000 pesos, annual interest rate is 0.5%
PSBank ATM withdrawal fee: None
Additional opening requirement: Proof of being an OFW or OFW dependent
Common requirements in opening a savings account:
- 2 valid IDs
- 2 1×1 photos
More articles:
Savings Accounts with Low Maintaining Balances
Checking accounts with low maintaining balances
Cheap Checking Account — CityState Citymax
Things to Do Long Before Opening a Checking Account
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10 Responses to “Peso Savings Accounts with No Maintaining Balance Requirement”
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Hello, I'm Mrs. Nors.
I write based on my experiences and research and I answer questions the best I can at the moment I'm writing my answers.
For critical questions, please ask others also to confirm my answers in case I missed something...baka lang merong updates or changes that I missed.
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Hi Nors! Sorry kung off topic ang tanong ko, pero i need your help. Regarding ito sa BPI Advance Savings, para siyang time deposit, but hindi ma-lock yung cash mo and you get your interest at an earlier date compared to the usual time deposit.
There is one provision that I do not understand:
“Withdrawal is free every first day of the month. Corresponding interest adjustments and documentary stamp tax recovery applies for withdrawals.”
So ibig sabihin pag first day of the month ako, magwithdraw, wala yung tax (20%)???
Hi danny, sori for the late response…has been solving a site problem. I don’t have this type of account, but I think the bank will still deduct the withholding tax. As far as I know, the one type of account in which they don’t deduct tax is the 5-year term time deposit, because they offer this as a form of incentive. The bank pays the tax in behalf of the depositor. I think the blogger said “withdrawal is free”, in light of some account types where early withdrawal requires a fee or penalty. best regards
Thank you Nors!
Hi MS. Nors! May Question lang po ako. paano po magdedeposit ako sa BDO Kabayan Saving account ng 10,000 pesos tapos po ay i-withdraw sa UAE, how much po ang amount na ma wiwithdraw? Kung magkano po ba ang exchange rate ng pero to dirhams, ganun din po ang amount na makukuha upon withdrawal?
Hi Hannah, yes, you will get dirhams equivalent to 10k pesos. Mastercard will be the one deciding the exchange rate to be used at the time of withdrawal. Withdrawal fee is US$3.5. Remember that you cannot always withdraw abroad. There are times that the Mastercard-BDO network does not work. Does your Kabayan have the Mastercard logo?
Ask ko lng po…kc my bdo kabayan saving account po ako….ine time ko lng po nhulugan last nov..2012 lng…until now hnd ko p ngulugan…hnd po b mag close un?
Hi rochel, for kabayan, the requirement is at least one remittance from abroad in one year. So if your Nov 2012 deposit was remitted from abroad, then your account is okay.
hi ms nors
yung husband ko may metrobank world cash card na iniwan sakin.inopen po yun last april then May na sya nakaalis ng Pinas..ask ko lang kung kelangan pa po ba iactivate yung ATM before sya mag padala?nag try kasi ako mag inquire kahit alam ko wala pa sya laman since zero initial deposit sya..kaso lagi kasi lumabas e cannot process your transaction?ganun po ba yun kasi zero balance sya?worry lang kasi ko na baka mag ka problema once na nag padala na sya
Thank you for this information. It helps a lot.
Hi joe, sorry I’m not sure about metro world cash card because I have not opened one (only BDO and BPI cards), but usually you should be able to make balance inquiry even if it’s zero balance, as cash cards do not require maintaining balances. Have your husband changed the PIN to activate the card? Other cash cards require PIN change before it can be used.