Savings Accounts with No Maintaining Balance Requirement

Updated March 22, 2018

Here are peso savings accounts with no maintaining balance requirement.  Some charge an ATM withdrawal fee of 5 pesos to compensate for the lack of maintaining balance requirement.

BPI KAYA Savings Account (formerly Easy Saver)

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 Debit card: 150 pesos
Fee for BPI ATM withdrawal: 5 pesos for every withdrawal
Fee for BPI ATM balance inquiry: 5 pesos for every balance inquiry
Why is there ATM fee?  Probably because there’s no 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 from Easy Saver account: 5 pesos for every transfer
Fee for online balance inquiry:  None
Average daily balance to earn interest: At least 1,000 pesos

BDO Kabayan Savings Account

For OFWs, seafarers, and their beneficiaries

Initial deposit: at least 100 pesos
Maintaining balance requirement: None
(Requirement: There should be at least one remittance from ABROAD every 12 months)
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 10,000 pesos. Pag wala pa ring deposit within 2 months, mako-close na ang account.
Average daily balance to earn interest: At least 10,000 pesos, interest rate of 0.375% 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.
Advantages 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.
You can also use this account to transfer money to an account in another bank in the Philippines, without first enrolling the other account.
Additional account opening requirement:  Proof of address, like bill from Meralco, PLDT, Smart, Globe, Bayantel, or any other institution

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. But remit from ABROAD at least once every 12 months; 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

China Bank Savings (CBS) Easi-Save Basic

Maintaining balance requirement: None
Opening deposit: None
Fee to open this account: 100 pesos
Minimum balance to earn interest: 1,000 pesos
Annual interest: 0.50 %

Asia United Bank (AUB)
. Any deposit amount
. No maintaining balance
. ADB to earn interest: 1,000 pesos
. One-time ATM card processing fee: 100 pesos
. ATM withdrawal fee at AUB ATMs: 5 pesos
. ATM withdrawal at non-AUB Bancnet ATMs: 11 pesos
. Preferred Online Banking enrollment: 2,000 pesos

Common requirements in opening a savings account:
. 2 valid IDs
. 2 1×1 photos
. Your initial deposit
. Proof of address (some banks require this; bill from Meralco, Globe, PLDT, Smart, credit card issuer, HOA, Maynilad, or any other institution)

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