How To Open A Savings Account In The Philippines

A Step by Step Guide on

How to Open a Savings Account in the Philippines

Step # 1: Secure all the requirements needed in opening a savings account in the Philippines

Opening a bank savings account in the Philippines can be very simple and easy for you. You just go to the bank where you want to open your account with, but do not forget to bring some of these requirements with you:

  • 2 valid IDs, with your name and recent picture on it (e.g. Passport, Driver’s License, School ID,Voter’s ID, PRC ID, Philhealth card, GSIS e-card, SSS ID, NBI clearance, Police clearance, Senior Citizen ID, OWWA ID, Seaman’s Book, OFW ID and other government IDs)
  • 2 photocopies of your IDs
  • 2 copies of 1×1 ID picture, latest
  • Billing statement (Electric bill, Water bill, Credit card bill, etc.)
  • Birth Certificate (For those not of legal age or below 18, some banks may require it)

Step #2: Know what type of savings account in the Philippines is right for youhow to opena  bank savings account in the Philippines different banks

You should choose the best savings account for you, to help you in determining which one is for you, here are some factors that you should consider:

  • Monthly maintaining balance – this is the lowest amount of money that you must have in your savings account every month
  • Interest Rate – the rate in which your savings will grow over time
  • Banking Fees or Service Fees – the fees that Philippine bank’s will charge you when you do any bank transactions

Step #3: Pick the Philippine bank where you’re going to open your savings account with

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To make it easier for you, I made a list of ten well-known banks in the Philippines that offers some of the best savings account in the country today.

Top 10 Savings Account in the Philippines
  1. Bank of Philippine Islands
    Express Teller Savings (BPI FAMILY SAVINGS BANK)
    Monthly Maintaining Balance: 1,000 pesos
    Minimum Amount to Earn interest: 3,000 pesos (.500% p.a.)
  2. Banco de Oro Unibank
    PESO ATM (w/o passbook)
    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 5,000 pesos (.2500% p.a.)
  3. Metrobank
    Metrobank e-teller(ATM)
    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 10,000 pesos (.2500% p.a.)
  4. Security Bank
    CashLink ATM Card
    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 500 pesos (.2500% p.a.)
  5. Landbank of the Philippines
    Savings Account with ATM Access

    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 500 pesos (.375% p.a.)
  6. Philippine Savings Bank
    PS Bank Instant ATM Savings

    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 2,000 pesos (.500% monthly interest crediting)
  7. RCBC Savings Bank
    Basic Savings Account(ATM)
    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 25,000 pesos (.500% p.a.)
  8. Bank of Commerce
    Monthly Maintaining Balance: 1,000 pesos
    Minimum Amount to Earn interest: 5,000 pesos
  9. Maybank
    Value Savings Account

    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 10,000 pesos (.500% p.a.)
  10. Veterans Bank
    Regular Peso Savings

    Monthly Maintaining Balance: 1,000 pesos
    Minimum Amount to Earn interest: 10,000 pesos (.375% p.a.)
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Mark

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

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