Here’s a list of Philippine banks offering REGULAR CHECKING ACCOUNTS for INDIVIDUALS, requiring low maintaining balances.
Banks do not say it on their websites, but in practice, they DO NOT approve all checking account applications. They need to see evidences of good personal financial handling, such as maintenance of a savings account or a time deposit, or completion of bank or car loan payments.
It also depends on the location of the bank, or on factors such as if the branch is newly opened, or there’s an on-going promotion for expansion, on the kinds of IDs or licenses you show, your aura or the way you present yourself. The banks also consider referrals or recommendations from corporate clients or bank executives.
We can presume that they’re strict with checking accounts because of the possible use of checks for fraud and possible estafa and fraud cases that can arise from bounced checks.
But don’t be discouraged if you really need checks for your business. You can open a checking account with a smaller bank. Banks are just like most persons. If they’re sikat na and big-time na, they start to get very choosy about whom to socialize with. They can already afford to feel superior and ask “Ano ba ang ROI ko rito sa client na ito?”
But if they’re just starting out, they try to be friendly with everyone. Banks are also like persons in the sense that there are people and banks which are friendly whatever their status is, friendly when they’re still small, and still friendly when they’ve become big.
Checking Accounts with Maintaining Balances of 2,500 pesos or lower
| Bank | Minimum Initial Deposit | Interest |
| and Maintaining Balance | ||
| CityState | 1,500 pesos | with interest |
| Bank of Commerce | 2,000 | no interest |
| GSIS Family Bank | 2,000 | no interest |
| Philippine Business Bank | 2,000 | no interest |
| Luzon Development Bank | 2,000 | no interest |
| RCBC Savings | 2,500 | no interest |
Checking Accounts with Maintaining Balances of 5,000 pesos or lower
All of the following are No-Interest accounts:
| Bank | Minimum Initial Deposit and |
| Maintaining Balance | |
| Allied Bank | 5,000 |
| BDO | 5,000 |
| BPI Family | 5,000 |
| DBP | 5,000 |
| EastWestBank | 5,000 |
| Landbank | 5,000 |
| Luzon Development | 5,000 |
| Philtrust | 5,000 |
| Planters Development | 5,000 |
| Postal Bank | 5,000 |
| Premiere Development | 5,000 |
| PS Bank | 5,000 |
| Security Bank | 5,000 |
| UCPB | 5,000 |
| Veterans Bank | 5,000 |
Checking Accounts with Maintaining Balances of 5,000 pesos or lower and with Interest
| Bank | Maintaining Balance | Balance to Earn Interest | Interest Rate |
| Equicom Savings | 5,000 | 5,000 | up to 0.75% |
| Sterling Bank of Asia | 5,000 | 5,000 | 0.50 % |
| ChinaBank | 5,000 | 20,000 | 0.25 % |
| Robinsons Bank | 5,000 | 25,000 | 0.25 % |
| CityState | 5,000 | 10,000 | rate not posted |
Checking Accounts Requiring Maintaining Balances of 10,000 pesos
| Bank | Maintaining Balance | Amount to Earn Interest | Interest Rate |
| Bank of Commerce | |||
| Your Complete Checking Account | 10,000 | 25,000 | rate not posted |
| BPI Family | |||
| Ka-Negosyo | 10,000 | 50,000 | 0.625 % |
| Chinatrust | 10,000 | 50,000 | 0.50 % |
| DBP | 10,000 | 10,000 | rate not posted |
| First Consolidated Bank | 10,000 | no interest | |
| Landbank | |||
| Regular Peso EASY Check | 10,000 | 10,000 | 0.50 % |
| Metrobank | 10,000 | no interest | |
| Planters Bank | 10,000 | 10,000 | rate not posted |
| PNB | 10,000 | no interest | |
| RCBC | 10,000 | none or not posted | |
| RCBC Savings | |||
| Basic Checking | 10,000 | 25,000 | 0.50 % |
| Security Bank | 10,000 | 10,000 | 0.25 % |
| UnionBank | 10,000 | no interest | |
| Veterans Bank | 10,000 | 10,000 | 0.50 % |
* All interest earnings subject to 20% withholding tax
* These banks have other types of checking accounts, such as those:
– which require higher maintaining balances
– with automatic transfer arrangements (ATA) from linked savings banks
– for companies
Related Articles:
Interest-Bearing Checking Account with Low Maintaining Balance
Maintain a Savings Account to Prepare for Checking Account Opening
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