Top 10 Savings Accounts for Filipinos
December 01, 2018
Many of us want to save, but as much as we want to keep a small chunk of our hard-earned money, we can't. Why? Because cash is so easy to access.
To name some, piggy banks, shoe boxes and vaults have become an option to restrict them from spending, but hey, the risks of theft, fire or flood are still there. Hence, for the purpose of safekeeping, it is really recommended to put your harvested eggs in a secured basket, which is a bank.
To give you an idea and to finally realize that #TipidGoals, here's my Top 10 List of Savings Accounts suited for almost every Filipino.
Kindly note that all information written here were as of the date of this post, and may change without prior notice. It is, thus, highly recommended to go to the banks' official websites or call their hotlines for further inquiries.
1. Development Bank of the Philippines Regular Savings
Minimum Initial Deposit: P500
Maintaining Balance: P500
With Passbook: Yes
Interest Rate: No interest rate indicated on their website. But you're entitled to earn interest provided your account has at least P500
Falling below maintaining: P200
The Finance Guy PH Rating: 10/10
2. BPI Kaya Savings
Recommended for those who don't have sufficient funds to open savings account. This is one of the products that has the lowest minimum initial deposit. In addition, you don't need to worry about penalties since Kaya Savings doesn't have a maintaining balance. The catch is that, it has P5.00 withdrawal fee at any BPI ATM, and P15 at any non-BPI ATM.Minimum Initial Deposit: P200
Maintaining Balance: none
Card Fee: 150
With Passbook: No
Interest: 0.25% per annum, provided your average daily balance is at least P1,000
Balance Inquiry: P1.50
Withdrawal: P5/transaction at any BPI ATM
Over-the-counter transactions: P100
The Finance Guy PH Rating: 8.8/10
3. East West Basic Savings (Debit Card)
Minimum Initial Deposit: P100
Maintaining Balance: P100
With Passbook: No
Interest: 0.125% per annum provided your account has at least P500
Falling below maintaining balance: P500*
The Finance Guy PH Rating: 9/10
*Given that the maintaining balance is only P100 and if you go below that, you may be charged of P500, how is it possible? Probably, East West shall fully exhaust what's left on your account.
4. Bank of Commerce ATM Savings Account
Bank of Commerce is a bank partly owned by San Miguel Corporations. Its ATM Savings Account is recommended for starters since it has a low minimum initial deposit. This is for those who frequently withdraw but at the same time, want to at least maintain a specific amount in their account. With its very low maintaining balance and penalties, Bank of Commerce Savings Account ATM is for someone who can't tolerate enormous charges.Minimum Initial Deposit: P500
Maintaining Balance: P500
With Passbook: No
Interest: 0.25% per annum, provided your average daily balance is at least P5,000
Balance Inquiry: P1.50
Withdrawal: P5/transaction
Over-the-counter transactions: P100
Falling below maintaining balance: P200
The Finance Guy PH Rating: 9/10
5. BDO Peso ATM Savings
Minimum Initial Deposit: P2,000
Maintaining Balance: P2,000
With Passbook: No
Interest: 0.250% per annum, provided your average daily balance is at least P5,000
Falling below maintaining balance: P300
Account Dormancy: P30 (if you're account falls below maintaining balance and you didn't initiate any activity for 2 years)
The Finance Guy PH Rating: 8/10
6. Metrobank Debit/ATM Savings Account
This is almost the same with BDO ATM Savings. Recommended for those who have at least P2,000 and intends to save on a regular basis. The only difference is that, Metrobank Debit requires a higher Account Daily Balance (ADB) for it to earn interest. Anyways, banks are not meant to be an investment vehicle, are they? Well, if you'd like to know more about other legitimate investment opportunities, kindly contact me and let's schedule your FREE financial planning session!Minimum Initial Deposit: P2,000
Maintaining Balance: P2,000
With Passbook: No
Interest: 0.250% per annum, provided your average daily balance is at least P10,000
Falling below maintaining balance: P300
Account Closure: P300
The Finance Guy PH Rating: 8/10
7. Robinsons Visa Debit Card
Suitable for those who have at least P2,000 and intends to save on a regular basis. Just like Metrobank, your account should have at least P10,000 Account Daily Balance for it to earn interest. Having an account in Robinsons Bank is convenient because some of its branches, especially those in Robinsons Malls, are open even on Saturdays.Minimum Initial Deposit: P2,000
With Passbook: No
Maintaining Balance: P2,000
Interest: 0.250% per annum, provided your average daily balance is at least P10,000
Falling below maintaining balance: P300
Card Inactivity: P300
The Finance Guy PH Rating: 8/10
8. Robinsons Passbook Savings
This was my very first savings account with passbook. I can clearly remember how I broke my Pringles Alkansya and counted the coins in front of the teller. They're friendly and even helped me in stacking the coins.This Savings Account is suitable for those who want to regularly track their bank account transactions because of its passbook. It helps one psychologically to be more aware about his drawings or deposits. Moreover, you get inspired because you see your savings increase from time to time.
Minimum Initial Deposit: P2,000
Maintaining Balance: P5,000
With Passbook: Yes. No ATM Card.
Interest: 0.250% per annum, provided your average daily balance is at least P10,000
Over the counter transactions (except if it's your main branch): P150
Falling below maintaining balance: P300
Account Closure: P300
Account Dormancy: P30 (if you're account falls below maintaining balance and you didn't initiate any activity for 2 years)
The Finance Guy PH Rating: 8.8/10
9. EastWest Savings with Passbook
Perfect for those who have a budget and can afford to save at least P5,000 and don't want to go below that. This product has so far the lowest and the most humane dormancy charge, though it makes up through its enormous falling-below-maintaining-balance charge. Highly recommended for professionals who want to establish their liquidity.Minimum Initial Deposit: P5,000
Maintaining Balance: P5,000
With Passbook: Yes. No ATM Card.
Over the counter transaction: P50
Interest: 0.125% provided your account has at least P10,000
Falling below maintaining: P500
Dormancy Charge: P30
The Finance Guy PH Rating: 8/10
10. China Bank Passbook Savings
Though it has a lower interest rate compared to other savings account, China Bank was able to be on our list because it has a low maintaining balance for a passbook savings account. You just have to be disciplined because of its ATM Card. Having one increases the likelihood that you may withdraw. So its total disposal (cut, shred, etc.) is highly recommended.
Minimum Initial Deposit: P5,000
Maintaining Balance: P5,000
With Passbook: Yes, and and an ATM Card as well.
Interest Rate: 0.125% provided your account has at least P10,000
Falling below maintaining: P300
The Finance Guy PH Rating: 7/10
Friendly reminder
A bank is not meant to be an investment vehicle to grow your money. Average inflation rate is around 5% per annum. With just 0.25% interest earning per annum in a bank, surely, you lose more than you earn if you will just seat your money there.As mentioned in the earlier part of this article, a bank account is only for the purpose of safekeeping your money. If you want to grow it and let it work for you, it's advisable to put it in stocks, variable unit links, and other investments! I'll be more than happy to help you understand these.
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