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.
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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.
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