Learn How To Choose The Best Savings Account For You

Not all savings accounts are created equal. Learn how to choose the best one for you.   How do we choose the right bank to open a savings account with? There are several factors to consider: Interest Rate, Maintaining Balance, Initial Deposit, Balance to Earn Interest, Account Type, and Proximity & Ease of Access.
Not all savings accounts are created equal.
While the most important thing is to save, there are some added benefits that depend on where we put our savings.And there are several places where we can put our savings in.

The simplest and most common way is a piggy bank. It's a fun way of saving, and it can give us a sense of accomplishment to see our piggy bank fill up.It's also a great tool for teaching kids the concept of saving.

Another popular way is the paluwagan system. Saving along with our friends can be a great experience.

But in my opinion, the best place to put our savings is still in a bank - in a savings account. For one, our money earns interest and can grow faster. Second, the money is more secure. Our deposit is guaranteed by the PDIC for up to Php 500,000 (much lower than the 9m in Australia). So no matter what happens to the bank, we can get our money back. (If you're fortunate enough to have more than 500K, simply open an account with a different bank.) What's more, regularly going to the bank to deposit our savings can possibly expose us to other savings or investment opportunities later on.

However, how do we choose the right bank to open a savings account with? There are several factors to consider:

  • Interest Rate - Since we're saving in a bank to earn interest, it would make sense to go for the bank that gives the highest interest rate.

  • Maintaining Balance - A high maintaining balance can be burdensome for someone who does not have a lot of money and might need to withdraw from their account during times of emergencies. And most banks impose a penalty (usually Php300) if we fall below the maintaining balance. So in this case, we want the bank with a low maintaining balance (or at least doesn't impose a penalty).

  • Initial Deposit - A lower initial deposit means it's easier to open an account. However, we would still need to deposit enough money on that same day to make sure that we meet the maintaining balance. So in effect, this isn't a substantial factor.

  • Balance to Earn Interest - Believe it or not, just because our money is in a bank doesn't mean it's earning interest. Banks require that the account accumulate a certain amount before it can earn interest. So we want a bank that requires the lowest balance before it pays us interest. 

  • Account Type - We can choose either an ATM or Passbook account. An ATM is typically chosen so we can have easier access to our money. But a Passbook is a good choice if we want to make it hard for us to withdraw and spend our savings.

  • Proximity and Ease of Access - In my opinion, this is the most important factor of all since saving regularly is more important than the amount we are saving. And it can be hard to save if you have to spend an inordinate amount of time and effort just to make a deposit in your bank. On the other hand, if your bank has branches just a a few steps away from your house, place of work, and even places where you spend your free time, then it's very convenient to just drop in from time to time and deposit 50 pesos.

So we want the bank that's very accessible to us, has the highest interest rate, lowest maintaining balance, and lowest balance to earn interest. However, banks have different rates, and no bank beats the rest in all our criteria. So it's really a personal choice on which bank offers the best combination of factors. To that end, I compiled a table of some of the largest banks in the Philippines and their rates.

ATM Savings Accounts

Bank Initial Deposit Maintaining Balance Balance to Earn Interest Interest
BPI Family Savings Bank 500 1,000 3,000 0.50%
LandBank 500 500 500 0.25%
BPI 500 3,000 5,000 0.25%
China Bank 2,000 2,000 5,000 0.25%
BDO 2,000 2,000 5,000 0.25%
Metrobank 2,000 2,000 10,000 0.25%
East West Bank 2,000 2,000 10,000 0.25%
RCBC 3,000 3,000 10,000 0.25%
Security Bank 5,000 5,000 100,000 0.10%
PNB 5,000 5,000 10,000 0.10%

Passbook Savings Accounts

Bank Initial Deposit Maintaining Balance Balance to Earn Interest Interest
BPI Family Savings Bank 10,000 10,000 25,000 0.50%
China Bank 5,000 5,000 10,000 0.25%
BDO 5,000 10,000 10,000 0.25%
East West Bank 5,000 5,000 10,000 0.25%
LandBank 10,000 10,000 10,000 0.25%
RCBC 10,000 10,000 10,000 0.25%
Metrobank 10,000 10,000 10,000 0.25%
Security Bank 10,000 10,000 100,000 0.25%
BPI 10,000 10,000 25,000 0.25%
PNB 10,000 10,000 15,000 0.125%
Union Bank 25,000 25,000 25,000 0.10%

A few notes:
  • The information was gathered from the banks' official websites (as of May 18, 2015).
  • Certain types of banks tend to give higher interest rates. (Savings, Rural, Thrift, etc.). However, they also tend to have less branches than commercial banks. But if there's one near you or interest rate is your primary factor, they're definitely worth considering.
  • Most banks impose a penalty of 300 pesos if you fall below the maintaining balance. However, it's not always mentioned in their website or brochure. Be sure to ask before opening an account, as it's good information to know.
  • Having online access to your account is also a good factor to consider. But it's more for how you spend your money (i.e. paying bills online) so I did not include it as a factor.

Hopefully this post has helped you decide which bank offers the best savings account for you.


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This is part of a  series on bank products:



photo credit: Instant Vantage via photopin cc

107 comments:

  1. Replies
    1. Hi Daphne, sorry for not getting back to you earlier. The rates have been updated as of today.

      Delete
  2. I think BDO's mainting balance now for ATM is 2,000 and for the passbook maintaining should be 10,000

    ReplyDelete
    Replies
    1. Hi iamanna_me!

      Thanks for the heads up. I'll check with their branch; their website still reflects the 2k/10k maintaining balances.

      Delete
    2. it's true, i have one...

      Delete
  3. can you update it as of now? and how about for OFWs do you have any idea which way we can save more? thank you this very helpful... God bless

    ReplyDelete
  4. Hi, how long before you can get the interest? Is it monthly or anually?

    ReplyDelete
    Replies
    1. For savings accounts, interest is usually credited once per quarter.

      High-yield savings accounts may credit the interest monthly.

      (Time deposits would pay out the interest at the end of the term.)

      Delete
  5. Of all the factors mentioned above in choosing the best savings bank, BPI seems to
    be the best bank to open a savings account deposit.

    ReplyDelete
  6. hi, ngopen po aq ng atm account na ang maintaining balance ay 3000.sa bpi.tapos nawithdraw q ang 2k frst week of the month tapos binalik q po uli ng 18 that month..binawasan pa rin po nila ng 300...ganoon po ba talaga?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Unfortunately oo, ganoon talaga yun. Pwede mong basahin yung isa ko pang post, para sa detalyeng explanation. (http://www.personalfinanceapprentice.com/2014/04/average-daily-balance-and-why-your.html)

      Pero ang simpleng explanation eh dahil average balance mo ang tinitignan nila. Nung nag withdraw ka, bumaba ng konti ang average mo. umangat ulit nung nag deposit ka. Kaso hindi enough para umabot sa 3k na minimum required balance.

      Example:

      nag deposit ka ng 3k. hindi mo ginalawa ng 10 days. ang average mo ay syempre 3k pa dn.

      nag withdraw ka ng 3k (halimbawa lang) at di mo binalik for 10 days. sa buong 20 days (so far), and average mo ay 1500.

      Tapos binalik mo ulit yung 3000k, at di ginalawa hanggang katapusan (10 days ulit hanggang mag katapusan). Ang average mo (sa buong 30 days) ay umangat na sa 2k; mas mataas kesa sa 1.5k dati. Pero di pa rin sapat para umabot sa 3k minimum.

      Delete
    2. thnk you sa reply....

      Delete
  7. wt po name nung sa security bank na 500 ang maintaining balance? ive checked their site po wala kong mkita n gnung savings :(

    ReplyDelete
    Replies
    1. Hi Shae,

      Thanks for pointing this out. They've changed their product offerings since the last time I posted here. I'll update this post to reflect their new products.

      Delete
  8. Hi. Kapag nag open account ba ng 500 ok na ba yun? Oh kelangan pa ng 3k para may laman yung account?

    ReplyDelete
    Replies
    1. Kailangan pa umabot ng 3k yung laman ng account para di ka ma penalty.

      Delete
  9. I mean magkano dapat dala kong pera pag nagopen account, for example sa bpi.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Kung open lang ,500 lang kailangan.

      Pero pag nag stay at 500 yun, at hindi umabot sa 3k yung average daily balance mo for the month, magkaka penalty ka.

      Nung nag open ako, 500 lang binigay ko. Pero sinabihan dn ako ng new accounts rep na pununa ko na lang para di mag belo maintaining. Pinunuan ko dn that afternoon. Although pwede namang kinabukasa or sa susunod na linggo. Basta lang pag inaverage ay 3k ang average mo for the month.

      Delete
    2. Hi! I see that my question is related to this post. So you mean po na kailangan makaabot every month ng 3, 000 ang laman ng ATM? Landbank or BPI are my choices on where to have my savings account. Thanks :)

      Delete
    3. Hi Anonymous,

      Every month dapat 3k yung average para hindi magka penalty. Pwedeng piso lang ang laman mula April 1 hanggang April 29. Pero nung April 30 nilagyan mo ng 200k. Pag nag average, abot ka pa dn sa 3k average daily balance at wala kang penalty.

      Pero halimbawa nung nag open ka 500 lang. kinabukasan pinuno mo at 3k na. Hanggang nung katapusan ng buwan 3k yung laman, hindi nagbabago yung laman. Pag nag average ka, mas maliit ng konti sa 3k ang average mo at posibleng mag ka penalty.

      Delete
    4. Hi. How do you come up with the average daily balance per month? Or kindly please show the basic comp. Nalito ako with your last paragraph explanation. :-) Thanks so much

      Delete
  10. Hi! What if nag open ako ng savings account sa BPI tapos nag deposit ako ng 5k and then yung interest rate per annum is 0.250%, magkano yung interes na makukuha ko per quarter (in pesos)? Curious kasi ako kung magkano eh.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Quick answer: 2.5 pesos aka halos wala

      After three months, you get 0.0625%0 in interest. That's 3.125 pesos for a 5k account. Then you deduct the 20% withholding tax. You should earn around 2.5 pesos.

      Delete
    2. Bale, parang wala ka din naipon ? Ganon po ba ? Btw, what do you mean per annum po ? And ung 20% na withholding tax ay per year po ba ang apgdeduct ? Salamat. :)

      Delete
    3. May naipon ka, posibleng marami.

      Halos wala lang yung interest.

      Ang per annum: Halimbawa sabi nila 1% per annum, ibig sabihin yung pera mo mag interest ng 1% pagkatapos ng isang taon. Pero ang payout o bigay sayo ng interest ay kadalasan per quarter (every 3 months). Pag bigay sayo ng interest, automatic deduct na dn ang withholding tax.

      Delete
    4. hi sir carlos.. nag compute po kc ako.. ang 0.25% po ng 5k ay 1250... less 20% n withholding tax (250) = 1k divided by 4 quarters/year = 250php.. un po ang interest per quarter tama po b? and not 2.50?
      tnx.

      Delete
    5. It's 0.0025 whenyou plug it in a spreadsheet or calculator.

      In your, ocmputation, you're getting a 25% interest rate, not the 0.25% that banks give

      Delete
  11. Kelan mo po iuupdate yung infomrmation and rates?

    ReplyDelete
  12. Hi I want to know magkano magiging interest quarterly kung 18k and idedeposit sa bpi saving acct?

    ReplyDelete
  13. hello po.. updated po ba lahat ng rates sa taas?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Updated as of May 18, 2015

      Delete
  14. Hello po.nag open ako nang account sa bpi,tapos nag deposito ako,pwde ba mkapag withdraw kahit wla pa isang linggo?

    ReplyDelete
    Replies
    1. Pwede naman. pero may ibang bangko, hindi tutugma ang "total" balance at "available" balance. Parang naka "hold" yung ibang pera at ma wiwithdraw lang pagkatapos ng ilang buwan.

      Delete
  15. Hello pag nag open b ako ng acct.na ang maintaining balace ay 5000 ...ang interest b monthly, quarterly or yearly?... at kung ung 5k n yun ay hindi ko ginalaw at dinag dagan ko p ito ng dinagdagan...bukod b dun s 5k n maintaining balance, ay magiinterest p rin ung mga idinagdag ko?

    ReplyDelete
    Replies
    1. Posibleng depende sa account mo, pero kadalasan naman ay per annum. Ibig sabihin yung rate na sinabi nila ay makukuha mo lang sa isang buong taon na may account sa kanila. Pero yung "payout" ng interest ay kadalasan quarterly.

      Oo, ma iinterest dn yung dinagdag mo.

      Ang gamit nila sa pag compute ng interest rate ay ang average daily balance.

      Delete
  16. Hello good day po na open po kask ako ng acct s bpi passbook n 10k ng withdraw po ako at natira 1500 pero after 1 months n hhlugan ko uli tapos continues na po un mgkakainterest po ba yon at pano po ang compute noon thanks

    ReplyDelete
    Replies
    1. Baka hindi magka interest yun. baka nga may penalty ka pa.

      10k kasi ang maintaining passbook. kaya nung naging 1500 yun, sobrang baba na sa maintaining. Ang malamang na mangyari ay may penalty ka sa firstmonth. At kung hindi mo naibalik sa 10k nung second at thrid months ay may penalty ka ulit. wala ding interest kung ganoon.

      Delete
  17. Hi! Nagopen po ako passbook savings account sa BDO with 10k maintaning balance. Want to ask lang po kung yung maintaning balance na yun d na talaga mawiwithdraw or pwde naman po? Thanks po.

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Ma wiwithdraw mo yung maintaining balance. Minsan lang may funds na naka "hold" sa bank for one month. Di ko sure sa BDO.

      Ingat lang na di ka masyado magtagal na mababa sa maintaining. At kung bumaba ka, punuan mo ng mas malaki para mahatak ulit pataas yung average daily balance mo. Pag hindi, magkaka penalty ka (300 ata penalty ng BDO)

      Delete
  18. I was able to open a passbook account with DBP (Development Bank of the Phils) for only 500 and that's also their maintaining balance to earn interest.

    ReplyDelete
    Replies
    1. Thanks for sharing, that's good info! Always good to know about very accessible savings accounts.

      Delete
  19. can you expand your Bank comparison tables to include whether that Bank offers online access and what penalties for falling below Maintenance level ? These would be small improvements to an already excellent article,

    ReplyDelete
  20. Nag-open po aq ng Passbook account sa Eastwest nung June 5, 2014 w/ initial deposit na 10k (I believe yung maintaining balance nila is 5k) tapos mero po sila 0.25% interest sa 10k. after q po nag-open wala na po aq further transactions sa account q for about 364 days. noong June 4, 2015 nag-deposit po ako ng 5k sa account q para hinde ma-inactive. kasu today nung mag-wiwidraw sana aq, 7k nlng daw yung natira sa account q. bakit ganun? anu po kaya ang posibleng nagyari dun?

    ReplyDelete
    Replies
    1. You should really ask your bank. Whether that was due to penalty, a withdrawal you forget or someone else made, or fraud, they would have a record of when the account was debited.

      If it really wasn't you who withdrew, I suggest you diligently follow this up with your bank.

      Delete
  21. Hi Carlos :) if ever first time ko mag-oopen ng bank account, so im really confused...among those banks you've mentioned (ATM Savings Account), where do you think is better to open an account? im sorry! i know it is too much to ask but would you mind sending me an email with regards to my question - winston080593@gmail.com

    ReplyDelete
  22. Hi! tanong ko lang po nag-open po ako ng acct sa lanbank magkano po and kelan po kaya tutubo yun? example 1000 po yung money dun?

    ReplyDelete
  23. hello po, im a college student, 17 years old. ask lang po ako ng help nyo kung paano makapili ng bank na pwede sa mga katulad kong students na hindi kalakihan ang allowance. salamat po

    ReplyDelete
    Replies
    1. Hi Marcus,

      Halos lahat ng bangko may account na pwde sa mga studyante. Pakita ka lang ng student ID mo (usually kasi dapat TIN at SSS).

      Pero kung alin sa kanila pipiliin mo... piliin mo yung maliit ang pag open (baka meron jana na 1000 or 500 lang ang opening). Piliin mo din yung madaling puntahan para madali kang magdagdag sa ipon mo.

      Iwasan mo yung mga account na may bayad ang pag deposit at withdraw.

      Kahit di masyadong kilalang bangko ok dn naman. basta hindi sobrang taas ng interest (baka palugi na sila) okaya ay sobrang bago pa lang (di mo sigurado kung magtatagal sila). Magtanong tanong ka na lang tingkol sa di masyadong kilalang bangko. Matagal na ba sila? may website ba? alam ba ng BSP at may lisensya?

      Delete
  24. Hi, nag open po ako ng account sa bdo na 5k ung initial tas my maintaining na 10k. After ko po mgbigay ng 5k na initial nagdeposit din po ko kagad ng 6k.Kelangan ba monthly magdedeposit ako para di mapenalty?at kapag ba hnd ko na nagalaw un imean di na ko nkapagdeposit or withdraw may penalty ba ko?thanks..first time kasi. :)

    ReplyDelete
    Replies
    1. Hi Anonymous,

      No problem; basta hindi ka mas mababa sa maintaining balance (10k) walang penalty. Hindi naman kailangan mag deposit every month.

      Pero halimbawa: June1 to June 29 eh 10k ang laman, tapos noong June 30 4k na lang dahil na withdraw ka ng 6k, tapos kinabukasan binalik mo dn.

      Possible na may penalty kasi kung kukunin mo yung average, mas mababa na sa 10k. Try mo yung post ko tungkol sa average daily balance para mas maliwanag: http://www.personalfinanceapprentice.com/2014/04/average-daily-balance-and-why-your.html

      Delete
  25. Hi!

    meron akong passbook savings account with BPI. and since nag open ako hindi pa ako nakaka pag deposit. gusto ko lang malaman if pag mag dedeposit ba ako personally sa bank may service charge ba kada transaction?

    thanks!

    ReplyDelete
    Replies
    1. Hi anonymous,

      Walang bayad ang transaction sa bank pag passbook ka.

      Sa ibang Bangkok, pag atm account at nag withdraw over the counter sa branch, baka may charge kung wAla ka pa sa daily liMIT ng atm. Na warning an ako dati ng teller pero di pa naman ako na charge. Para lang siguro ma bwasan ang Pila sa bank, tutal pwede naman sa atm mag withdraw.

      Pero meron dng mga bank account na may charge kaya transaction. Usually yung mga so brand baba lang ng open at maintaining balance. Sa sabihin naman un sayo pag open mo.

      Kung ordinary passbook ka lang, walang charge yan.

      Delete
  26. Helo po sir, want ko sana mag open account ano po kayang mgandang account ung magkakainterest ung pera mo. ska ask ku lang din po ung interest po ba nkadipende rin po ba sa halaga ng pera? ASAP po, thanks

    ReplyDelete
    Replies
    1. Hi Unknown,

      The interest is fixed, like it's shown on the table above.

      Since interest on savings accounts are usually small, I'd advise going to a bank that is most convenient for you. It should also be a big, stable bank that you trust.

      Delete
  27. Sir my savings account aq sa bdo kya lng po 2 months na po dko nahuhulugan.e sa pagkakaalam ko 10k yung minimum nla.e 3500nlng hu lman nun. . mgko close na hu ba yung account ko? ? My balak aq mg deposit ulit.

    ReplyDelete
    Replies
    1. Hi Suzette,

      If you don't reach 10k, eventually it will close if the penalties eat up the money in your account.

      Each month that you fall below 10k, you get deducted ~Php300. It will take a while before your money gets eaten up by the penalties.

      The most economical thing to do is to close the account yourself, keep your money either in a savings account with ~3k maintaining balance or in a piggy bank for the time being.

      That way you don't lose ~300 each month due to penalties.

      You can always move your money to that 10k account later on, when you accumulate enough to meet the maintaining balance.

      Delete
  28. Hello po tanong ko lang po kng ano po bng maganda atm or passbook.?
    Atska kpag nag huhulog ung husband ko tumutubo b ung pera na ihuhulog nmen duon monthly.?
    Ofw kz cya.pinag bukas lang nia ako ng account para makapag ipon..firat tym ko lng kz mag bukas ng account eh salamat po

    ReplyDelete
    Replies
    1. Hi Anonymous,

      Kung para sa pag-iipon, mas maganda ang passbook. Kasing dali lagyan ng pera, di sobrang dali mag withdraw.

      Tumutubo yung pera. pero every 3 months.

      Delete
  29. Hi po bat wala sa list ang PS Bank??? Been with them for a year now and 5% interest rate nila.

    ReplyDelete
  30. Hi po bat wala sa list ang PS Bank??? Been with them for a year now and 5% interest rate nila.

    ReplyDelete
    Replies
    1. Hi Kendra,

      With the prevailing rates over the past several years being what they are, you are either not talking about their savings account (and probably not even a time deposit) or have a different PS Bank in mind than the Metrobank subsidiary.

      Delete
  31. is it okay din sa Landbank? student po ano po and dadalhin? School ID?

    ReplyDelete
    Replies
    1. Hi The Pinoy's Blog,

      Yes, most banks will require just the Student ID (since students don't have any government IDs yet).

      And yes, a savings account there is fine, just be sure it's accessible to you. The biggest danger with savings accounts is it can be easy to withdraw (using any ATM nearby), but difficult or inconvenient to deposit (no branch nearby).

      Delete
  32. Hi
    Maganda po ba yung kabayan savings account ng BDO ?? Gusto ko lang po maka siguro may pera po kasi ako doon.nag open po ako yung bayad 1k magkano po kaya yung maintaining balance nun para maka kuha ng interest?? Salamat po

    ReplyDelete
  33. Hi
    Maganda po ba yung kabayan savings account ng BDO ?? Gusto ko lang po maka siguro may pera po kasi ako doon.nag open po ako yung bayad 1k magkano po kaya yung maintaining balance nun para maka kuha ng interest?? Salamat po

    ReplyDelete
    Replies
    1. Hi Anonymous,

      I did not see a BDO account with just 1k as minimum initial deposit. Unless you opened a Junior savers account?

      I don't want to be rude, but it's really best to talk to your bank about matters like interest, maintaining balance, and penalties.

      As it is, I think you need 5k to earn interest, but with just 1k in the account (i'm assuming) you might be earning penalties instead (loosing money).

      Delete
    2. A BDO savings account is as good as any savings account.

      Delete
  34. Hi. Kahit sino po ba ay pwede dun sa BPI family savings account?

    At ung initial deposit na 500 hindi ba un makakasama sa laman ng card?

    Dapat ba 1500 ung dalang pera para dun sa initial deposit and maintaining balance?

    Please reply. Thank you.

    ReplyDelete
    Replies
    1. Hi Madilyn,

      Yes, kahit sino pwede mag open (unless foreigner ka, may ibang requirements ata yun).

      500 yung initial deposit, kasama yun sa card. pero minsan hindi mo mawithdraw yun within 3 months. (parang security lang nila na di ka mag close account agad)

      Kahit 500 lang dala mo, pwede ka na mag open (initial deposit)

      Pero dapat sa buong buwan ay umabot sa 1,000 ang average na laman ng account mo, kundi magkaka penalty ka.

      Delete
  35. Hi. Kahit sino po ba pwd mag open nung bpi family savings?

    ReplyDelete
  36. sa security bank po gusto ko magopen ng passbook account na 10k initial deposit/maintaining balance.. ano po ba dapat gawin para ma earn ko yung 100k?? makicredit po ba yun sa account ko or cash na ibibigay? paano po ba nangyayare yun na maygkaka 100k balance interest ako? thanks!��

    ReplyDelete
    Replies
    1. Hi Anonymous,

      I think you misunderstood. savings account give you a little bit of money (interest; usually 0.25%) if you deposit money. But you can only ear that interest if you have a certain amount deposited.

      For most banks, depositing 3,000 or 5,000 is enough for them to pay you interest. With Security bank, you need to park 100k of your money with them before they pay you interest. Not really a good deal in my opinion

      Delete
  37. I have a concern for BPI Express accounts,
    is it necessary for us to activate our account online and on mobile?

    ReplyDelete
    Replies
    1. Hi Anonymous,

      No, it's not necessary. Personally, i never activate phone banking as I never use it (and don't like talking about money on the phone either).

      However it can be very convenient and somewhat secure. You could open a internet-only account (BPIDirect) and transfer money there so you don't lose much even if your atm gets hacked. You could also pay bills and buy load for your phone through online banking. Or even transfer money to your wife/relatives (just need to enroll their accounts). You can also perform transaction after banking hours (though it's treated as transactions for the next day).

      But you would also need to be very careful with clicking links or emails.

      If you are a regular internet user, I suggest reading up on safety precautions you can take and try online banking.

      If you are not so savvy with internet, then probably just ignore it for now.

      Delete
  38. Hi poh. Ano mas maganda. .atm.acct savings o passbook ?

    ReplyDelete
    Replies
    1. Hi dendi,

      It depends on what you want to do with the account. If it's to save money and prevent yourself from overspending, then get a passbook.

      If you want to ration your money (give yourself an allowance) rather than being tempted to use up all your salary by the next pay day, you can use an ATM. Just transfer small amounts of money from one account to another, and destroy the atm card of the "source" account. You get the convenience of an atm, spending restraint of a passbook, and protect yourself from atm fraud to a decent degree. only flipside is you're gonna be dependent on an internet connection (and also be vigilant against online and phishing scams; but you should do those anyway).

      Delete
  39. gusto ko po magopen ng passbook acct. meron na po akong atm gusto ko lang ilipat yung ibang laman ng atm ko dito sa passbook. kailangan ko pa po bang magdala ng pera pang deposit?

    ReplyDelete
    Replies
    1. No, you can transfer the money from one account to another.

      However, if the money in your atm account is not enough to cover the maintaining balance for both accounts, then you'll probably want to add more money anyway.

      Delete
  40. Hi po..
    ask lang po sana ako.. my husband had an account before at bpi.. meron din po syang credit card which was issued by the bank without him requesting on it... yung cc nya nagamit due to emergency reason he actually paying for its billing kaso nung lumipat kmi ng house ung billing statement namin di na rin nasundan.. so ang nangyari di na nahulugan di na rin namin ginamit ulit yung card which we know na umaandar pa rin yung billing.so ang ginawa ng hubby ko winidraw nya nlng ung savings nya. then.. this year ngtry ako mgopen ng sarili kong account sa bpi other branch confident na di naman ako magkakaproblema dahil another account ito at di naman joint tinuloy ko. may offer ang bpi na if 1ll open 10k as initial pede nako mgkaron ng credit card. nag oo lang ako after a week nrelease ung atm ko but till now ung credit card wala. trying to follow up for cc the officer told me na may problem daw sa cc ko kya di marelease asking me n may outstanding daw ako sa credit card..e ang totoo ngayon palang ako ngopen ng account sa bangko.. and this is not what i expect..ano po ba yun nacarry over ba sakin yung outstanding ng husband ko s cc nya?

    ReplyDelete
    Replies
    1. Well, they won't be taking money from your savings account. I'm pretty sure of that.

      However, if you were already married when your husband got into debt with the credit card (that's basically what happened), then your name was probably in his details (I'm pretty sure they ask the name of the spouse).

      So yes, his debt will affect you too. Right now it's probably confined to BPI. But you might be able to get a credit card with another bank.

      In the future if we have credit ratings (supposedly we will have one in less than 5 years), then it's possible that you might not even be able to get a credit card with another bank.

      If collection agencies do come calling, they will hound your husband and not you since you technically do not owe them money. (But obviously if you are the one who unluckily picks up the phone when they call, they'll probably annoy and harass you too).

      So in summary, the debt is still in your husband's name. But since you are married (and they know you are), you are affected also.

      Delete
  41. if may dating account po ba ang husband ko at ikinlose na nya due to credit card outstanding. possible po ba n kumarga sa kabubukas ko palang na account ung outstanding nya?

    ReplyDelete
  42. ask ko lang po pra malinawan ako. example po my deposit po ako 100k sa bdo. sa loob 1year wala po ako gagawin any transaction. magkano po kaya tutuboin nun in 1year.

    ReplyDelete
    Replies
    1. if the interest quoted is 1% then your 100,000 becomes 101,000 at the end of 1 year.

      Delete
  43. Hi, meron po akong ATM sa BPI Family Savings Bank. I think meron po akong 3000 doon. Magkakainterest po ba yun? And tuwing kelan po? Every 3 months or every year?

    ReplyDelete
  44. Hi ask ko lang po ung sa bdo savings account pwede po b un deposituhan ng pera galing s USA or need ko p mgopen ng account n bdo kabayan thanks

    ReplyDelete
  45. Ask ko lng po pwde po ba deposituhan ng pera galing usa ang bdo savings account na atm lng or need magopen ng kabayan atm?

    ReplyDelete
    Replies
    1. Hi Katherine,

      they can deposit money to it from abroad, but: 1) it has to be in pesos if your account is a peso account. They can deposit US Dollar only if your savings account is in US Dollar too; 2) you'll have to give them some other details like the • SWIFT/BIC Code that banks use for overseas transactions. Ask your bank about the details of how people from US can deposit to your account.

      Delete
  46. Hi, tama ba understanding ko.
    If i have a bpi checking account with 10k maintaining balance, then i used the 9k tapos ibinalik ko after 10 days. The computation will be as follows:
    ADB April 1 to 10 = 10k x 10days = 100k
    ADB April 11 to 20 = 1k x 10days = 10k
    ADB April 21 to 30 = 10k x 10ays = 100k
    TOTAL for MADB = 210k / 30days = 7k
    So meaning,may penalty ako na 500 (per new fee being imposed by bpi) plus i need to add 3k again para nasa maintaining pa rin ako na 10k at di na magkaroon ulit ng penalty on the next month. So technically parang 3,500 additional na binayaraan just because nagbelow maintaining ako. Tama ba?

    ReplyDelete
  47. Ano po ba ang magandang choice ng investmemt sa pnb for college student po....gusto ko po sanang mag invest ng 25k pero maraming pong diff. Investments sa pnb..ano po ba ang dapat kong piliin..

    ReplyDelete
    Replies
    1. Hi Maan,

      For college students, my default advice is to first go for time deposits. Having 25k doesn't really change that.

      You could try money market UITFs, since those are low-risk also.

      Some say an early start in stock/equity investments is good. i don't disagree. But first read up and learn about it.

      Delete
  48. Hello po.... ano po ba ang magandang investment na dapat kong piliin sa pnb..college student pa po ako. Gusto ko po sanang mag invest ng 25k pero di ko po alam kung ano ang dapat kung piliin marami po kasing diff. types of Investments sa pnb.....i hope that you could help me po..thnx po in advance...��������

    ReplyDelete
  49. hi. nsa abu dhabi po aq ngayon, ngtry aq mg open ng savings account dito tpoz BPI debit card po ung inopen pla sa akin, tpos hindi ko nmn magamit ung card eh kailangan p palang i activate s pinas, tanung ko lng po pwede ko b syang s pinas pahulugan?pra po di madeactivate ung account q?

    ReplyDelete
    Replies
    1. Hi Tajooh,

      Peso account ba? kung peso account or yung pang OFW na savings account, pwede naman ata hulugan galing sa Pinas.

      Best option is ask natin si BPI.

      Join ka dn sa OFW Usapang Piso facebook group. Memeber dn ako nun and maraming OFW-specific na advise dun tungkol sa savings at pag invest.

      Delete
  50. hi po...tanung ko lang po sa bpi atm savings account po...okie lang po ba yung mhulugan ko ngayung buwan natu tapos nxt month po hindi tapos mahulugn ko d other month pa,hindi po ba makaltasan yun?

    ReplyDelete
  51. hi po...tanung ko lang po sa bpi atm savings account po...okie lang po ba yung mhulugan ko ngayung buwan natu tapos nxt month po hindi tapos mahulugn ko d other month pa,hindi po ba makaltasan yun?

    ReplyDelete
    Replies
    1. Hi Kirdnas,

      Kung abot sa maintianing balance (BPI=3k), hindi makakaltasan yun kahit hindi ka maghulog.

      Kung below 3k na, makakaltasan ka kahit maghulog ka kung hindi naman umabot sa 3k yung balance pagkatapos mo maghulog.

      Delete
  52. Hello, ask ko lang po, im planning to open an account and based on what ive read here, I prefer in BDO, one thing is I dont know what type of account, can yoy site me some ideas advantages and disadvantages of every account. Thank you.

    ReplyDelete
    Replies
    1. It really depends on you. But if you're set on BDO, I think it's best to ask them at the branch you prefer. Because they would know their products better than most, and you also get a preview of how capable they would be at handling your account in the future.

      Delete
  53. hello sir good day po.. nag open po aku ng passbook sa summit bank sir, mjo di po kasi kilala na bank.. okay lang po ba ung summit bank sir? thankyou po

    ReplyDelete
    Replies
    1. Hi Uknown,

      Unfortunately I'm not familiar with them either. Best bet is to check BSP (if they exist, accredited etc.) Or you can also inquire from friends familiar with them (how long it's been existing, how the service is, if they offer suspiciously higher rates than other similar banks)

      Delete
  54. Yung sa bpi po ba. Diba 1k lang tutubo na ng 0.25 per annum. Paano kung 5k nalagay ko edi un po ba ung tutubo ng 0.25? Tapos required po ba na monthly ka mag deposit o okay lang kahit every other month ?

    ReplyDelete
  55. Hi goodday po kuya. Ask ko lang po kung halimbawa na mag hulog ako ng 5k sa bpi eh nakalagay don 1k lang tutubo na ng 0.25 p.a . Edi ung tutubo po ba ung nahulog king 5k ? At magkano po kaya yon papatak per annum ung interest ? At ano po bang mag magadan na atm saving bdo o bpi po?

    ReplyDelete
  56. If you were to suggest, what bank is best to open an account?

    ReplyDelete
  57. Good day!
    If you were to suggest, what bank is best to open an account?

    ReplyDelete
  58. How about bdo optimum savings account?

    ReplyDelete
  59. Hi i would like to ask lang po if ever I will open an account at BDO that will earn an interest of .25 per annum, for my 150k initial deposit, my interest will be 37500 for the whole year? thanks.

    ReplyDelete