Opening a savings account is much easier as banks now allow applications without stepping into one of their branches. Don’t have time to go and queue in the bank and fill out some application forms? Check out the list below of banks where you can open a savings account online.
Unionbank of the Philippines (UBP)
How-Tos:
Online account opening must be done through the Unionbank mobile app.
Download the app in Google Playstore, Apple App Store, or Huawei AppGallery.
Must-Knows:
| Minimum Initial Deposit | None |
| Minimum MADB Requirement | Php 0.00 – Php 25,000* |
| Minimum Balance to Earn Interest | Php 10,000.00 – Php 100,000* |
| Gross Interest Rate Per Annum | 0.10% |
*maintaining balance and balance to earn interest may vary depending on the type of savings/account you apply for.
Bank of the Philippine Islands (BPI)
How-Tos
Online account opening must be done through the BPI mobile app.
Download the app in Google Playstore, or Apple App Store.
Must-Knows:
You can apply for the following savings account through the BPI app:
Regular Savings with Debit Card or Saver Plus with Debit Card
Regular Savings with Debit Card
| Minimum Initial Deposit | Php 3,000.00 |
| Minimum MADB Requirement | Php 3,000.00 |
| Minimum Balance to Earn Interest | Php 5,000.00 |
Saver Plus with Debit Card
| Minimum Initial Deposit | Php 50,000.00 |
| Minimum MADB Requirement | Php 50,000.00 |
| Minimum Balance to Earn Interest | Php 50,000.00 |
Two (2) Free withdrawals per month and a Php18 fee on the third and succeeding withdrawals within a month.
Banco de Oro (BDO)
How-Tos
The online application requires that you fill out an online form and upload two valid IDs. You need to meet with a BDO customer representative for profile verification and make an initial deposit to your account.
Start your application here.
Must-Knows:
| Minimum Initial Deposit | Php 2,000.00 |
| Minimum MADB Requirement | Php 2,000.00 |
| Minimum Balance to Earn Interest | Php 5,000.00 |
| Gross Interest Rate Per Annum | 0.0625% |
| Account Closure | Php 300 |
| Falling Below Minimum Balance | Php 300 |
| Account Dormancy | Php 30 |
| Withholding Tax for Interest Earned | 20% |
Landbank
How-Tos
Filling out of the application form must be done through the Landbank website, however, you must visit the branch to make your initial deposit and present your Valid ID to complete the application.
Start your application here.
Must-Knows:
| Minimum Initial Deposit | Php 500.00 |
| Minimum MADB Requirement | Php 500.00 |
| Minimum Balance to Earn Interest | Php 2,000.00 |
| Gross Interest Rate Per Annum | 0.05% |
| Account Closure | Php 300 |
| Falling Below Minimum Balance | Php 200/month |
| Account Dormancy | Php 30/month |
Eastwest Bank
How-Tos
You must fill out an application form and email it to Eastwest Bank with a copy of your valid ID and a proof of billing under your name and address to easyway@eastwestbanker.com. Wait for their reply confirming that your debit/savings card is ready to be claimed.
Must-Knows
| Minimum Initial Deposit | Php 2,000.00 |
| Minimum MADB Requirement | Php 2,000.00 |
| Minimum Balance to Earn Interest | Php 10,000.00 |
| Gross Interest Rate Per Annum | 0.125% |
| Account Dormancy | Php 30* per month |
*Applied to dormant accounts 5 years and above AND balance falls below the minimum monthly ADB)
Philippine National Bank (PNB)
How-Tos
You must complete the online application through the PNB website.
Must-Knows:
| Minimum Initial Deposit | Php 3,000.00 |
| Minimum MADB Requirement | Php 3,000.00 |
| Minimum Balance to Earn Interest | Php 10,000.00 |
| Gross Interest Rate Per Annum | 0.100% |
| Maximum Account Balance | Php 100,000 to be lifted upon the claim of debit card |
Security Bank
How-Tos
You must complete the online application through the Security Bank website. Depending on which savings product you decide to get, initial deposit amount and monthly minimum maintaining balance will vary. You may check all features of Security savings accounts and high-interest accounts on the Security Bank website. TIN is required during the online application.
Must-Knows:
| Minimum Initial Deposit | Php 5,000.00 to Php 50,000 |
| Minimum MADB Requirement | Php 5,000.00 to Php 25,000 |
| Minimum Balance to Earn Interest | Php 10,000.00 |
| Gross Interest Rate Per Annum | 0.10% |
Philippine Savings Bank (PSBank)
How-Tos:
PSBank account holders and non-account holders can open an account through the PSBank mobile app.
Must-Knows:
| Minimum Initial Deposit | Php 2,000.00 |
| Minimum MADB Requirement | Php 2,000.00 |
| Minimum Balance to Earn Interest | Php 5,000.00 |
| Gross Interest Rate Per Annum | based on prevailing interest rates |
| Withdrawal Fee | Free in PSBank ATMs ; Php 7.50 in Metrobank ATMs |
