If you’re wanting to open a bank account but still can’t decide which one to choose? You’re in the right place! In this article, you will learn why there are different type of savings account here in the Philippines. You will learn the basic things you need to consider in opening a bank account.
Things you need to consider in opening a savings account
Initial Deposit – Many Filipinos wanted to open savings account and start saving money right away. But because of the high initial deposit, some people are hindered to open an account.
Remember that you need to keep a maintaining balance on the very same day you applied for the account and therefore it is a must for you to deposit initial money.
Savings Account Interest Rate – Different banks and different types of savings account offer different interest rate. The only thing you need to consider here is the higher the interest rate, the better. You want your money to not go stagnant in the bank but grow as well.
Maintaining Balance – Some people use their bank account for money transfer purposes and savings account with high maintaining balance may not be a good fit for them.
There are people who withdraw their money in case of emergencies. Be careful to not fall short the required maintaining balance. A general rule of thumb, the lower the maintaining balance, the better. If possible, don’t get an account that imposes a penalty.
Account Balance to Earn interest – Not because your money is in the bank, it will instantly earn interest. There’s a required accumulated amount before your money can earn interest. So the ideal thing to have is a savings account with lowest balance to earn interest.
Consider Bank Account Type – Basically you can either choose between an ATM or Passbook account. ATM is typically used for employees’ payroll, active money transferring, and easy access. Passbook on the other hand, is a better choice for those who really want to keep their money for longer term.
Easy Access – If I were to choose which bank to open an account from, I’d go for the ones that can be easily accessed from my house and everywhere I go. I’d also consider the ones that offer longer operating hours. Convenience is one of the important factors you need to look at in choosing a bank.
Online Banking – One of the things people may consider is if there’s an online banking option where you can enroll your account. Most of the transactions nowadays are in digital form. Being able to monitor and do transactions online through the tip of your fingers is really a convenient thing and is now become a must.
You need to consider all these things in opening a bank account. However, there’s nole ideal account that will give you all the favor. So it’s really a matter of preference which one fits your needs.
There is now more than 50 general and commercial banks in the Philippines, consisting of private domestic banks, government banks, international banks, subsidiaries of foreign banks, and branches of foreign banks.
Although banking here in the Philippines is dominated by BPI and BDO, here’s a list of banks you can do your transactions with.
Private Domestic Banks
- Asia United Bank Corporation
- Bank of Commerce
- Bank of the Philippine Islands
- BDO Private Bank, Inc.
- BDO Unibank, Inc.
- China Banking Corporation
- East West Banking Corporation
- Metropolitan Bank and Trust Company
- Philippine Bank of Communication
- Philippine National Bank
- Philippine Trust Company
- Philippine Veterans Bank
- Rizal Commercial Banking Corporation
- Robinsons Bank Corporation
- Security Bank Corporation
- Union Bank of the Philippines
- United Coconut Planters Bank
Philippine Government Banks
- Al Amanah Islamic Investment Bank of the Philippines
- Development Bank of the Philippines
- Land Bank of the Philippines
Subsidiaries of Foreign Banks
- CTBC Bank (Philippines) Corporation
- Maybank Philippines, Inc.
Branches of Foreign or International Banks
- ANZ Banking Group, Ltd.
- Bangkok Bank Public Co. Ltd.
- Bank of America, N.A.
- Bank of China Limited-Manila Branch
- Cathay United Bank Co., LTD. – Manila Branch
- Citibank, N.A.
- Deutsche Bank AG
- Industrial Bank of Korea Manila Branch
- ING Bank N.V
- JP Morgan Chase Bank, N.A.
- KEB Hana Bank – Manila Branch
- Mega International Commercial Bank Co., Ltd.
- Mizuho Bank, Ltd. – Manila Branch
- Shinhan Bank – Manila Branch
- Standard Chartered Bank
- Sumitomo Mitsui Banking Corporation-Manila Branch
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- The Hongkong & Shanghai Banking Corporation
- United Overseas Bank Limited, Manila Branch
You might want to read:
- BPI Online Banking – Activate Your Registered Savings Account
- How to Open BPI Savings Account (Easy Guide)
- How to Open BPI Easy Saver Savings Account (Application Requirement)
- BPI ePrepaid Mastercard (Philippines Application)
- How to Open BDO Savings Account [Easy Guide]
- Metrobank Online Banking – How to Enroll Your Savings Account
- How to Open Metrobank Savings Account (Step by Step)