As Overseas Filipino Workers (OFWs), it is very important that we have a savings account where we can put our money for the future. It could be your emergency fund, savings for your dream business, for future investments or for your retirement. For OFWs, going to the bank to check your money is a bit hassle.
This is called TeleMoney where global Filipinos including OFWs can save their money by opening a TeleMoney Savings Account. According to its website, this savings account is easy and convenient. It comes with RCBC ATM Card and or a passbook. TeleMoney ATM account holders can also request for their quarterly Statement of Account. Read: 10 Best Banks to Open Savings Account in the Philippines
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Product Feature:
Minimum Initial Deposit
Peso ATM Savings Account — 0
USD Passbook Savings Account — USD100
Minimum ADB Requirement*
Peso ATM Savings Account — 0
USD Passbook Savings Account — 0
Minimum ADB to Earn Interest
Peso ATM Savings Account — P10,000
USD Passbook Savings Account — USD1,000
Interest Rate
Peso ATM Savings Account — 0.15%
USD Passbook Savings Account — 0.125%
Both accounts can be accessed through the over-the-counter transaction and RCBC Online Banking.
Note: *Zero maintaining balance status can be maintained with at least one remittance a year.
The minimum key features of the account include simplified know-your-customer (KYC) requirements; an opening amount of less than P100; no minimum maintaining balance; and no dormancy charges. To prevent misuse of the basic deposit account, its maximum balance is set at P50,000.
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According to the World Bank Global Financial Inclusion Database, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes? There are many reasons why Filipinos are not keen on opening a bank account. A few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population. ANONG REQUIREMENTS at PAANO ang GAGAWIN? 1. Pumunta lang sa bangko, BPI, BDO, o METROBANK o kahit saang bangko 2. Magtanong tungkol sa BASIC DEPOSIT ACCOUNT 3. Ipakita ang 2 VALID ID, at PROOF BILLING o kung anong meron. 4. Magdeposito ng 100php o mahigit at antayin ang ATM kung kailan lalabas o mairerelease.
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Under the framework, it will address the above-mentioned barriers and the minimum key feature of the account will include the following
Simplified know-your-customer (KYC) requirement
Opening amount of less than P100
No minimum maintaining balance
No dormancy charges
Maximum balance is set at P50,000
According to BSP, the feature of basic deposit account meet the need of the unbanked for the low-cost, no-frills deposit account. It says that this account can be opened in the bank even if applicants don't have the standard identification documents.
Under this basic bank account, Filipinos can save, borrow, invest and buy insurance policies without the burden of having to provide documentary requirements or even a minimum deposit maintaining balance.
SEE SAMPLE OF DEPOSIT SLIP and ATM of someone opening with P100 initial deposit.
“Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner,” the central bank said in a statement, explaining the new policy. “It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.” — BSP
The BSP added that banks can customize a basic deposit account product to serve wider markets and harness technological innovations to attract more clients.
This article is filed under Philippine news, bank account, open bank account, savings account, best bank for a savings account, online bank account. CIRCULAR NO. 992 Series of 2018 Subject: Framework for Basic Deposit Accounts
BSP Targets the Unbanked with the Basic Deposit Accounts
01.30.2018
The Monetary Board approved a new Circular setting out the framework for banks to offer a basic deposit account to promote account ownership among the unbanked.
Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner. It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments. However, the World Bank Global Findex (2014) estimates that only 31.3% of Filipino adults have formal accounts. The usual barriers include costs, lack of money, lack of documentary requirements, and perceived low utility of a bank account, among others.
The basic deposit account framework addresses these observed barriers. The minimum key features of the account include simplified know-your-customer (KYC) requirements; an opening amount of less than PhP 100; no minimum maintaining balance; and no dormancy charges. To prevent misuse of the basic deposit account, its maximum balance is set at PhP 50,000. These features meet the need of the unbanked for a low-cost, no-frills deposit account which they can open even if they do not have the standard identification documents.
As an incentive for banks, the basic deposit account is granted a preferential 0% reserve requirement which lowers their account maintenance cost. This regulatory incentive does not apply to regular bank accounts even if their balances fall below PhP 50,000.
Banks can customize their basic deposit account product to serve wider markets and harness technological innovations in client onboarding and servicing of the account provided the necessary controls are in place and the specified minimum key features are strictly observed.
The basic deposit account supports the implementation of the National Retail Payments System (NRPS) that aims to increase the adoption of digital payments in the country. By having a transactional account, the previously unbanked will be able to participate in the digital finance ecosystem and benefit from electronic fund transfers for their remittance and payment needs.
The BSP expects that the basic deposit account will provide the much-needed boost in expanding formal account ownership and usage in the country, particularly among the unserved low-income markets.
Saving money in a bank is considered to be the easiest and safest way to save money. Banks offer different types of savings accounts where you can save money while earning a small interest. Aside from this, you can be so sure that your money is safe at the bank because they are insured by the PDIC to a certain amount.
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Here in the Philippines, although many people save, only a few put their savings in a bank. According to the latest survey from Bangko Sentral ng Pilipinas, seven out of ten Filipinos don't have savings in a bank. Are you one of them? If so, then it's time to head to the bank.
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To make it easy for you to choose which bank to go to, we have made a comparison among 10 banks in the Philippines starting with the highest interest. Included in the list are savings account for kids, OFWs as well as personal accounts.
1. Tanay Rural Bank Savings Account
Interest — Up to 1.75%
Initial Deposit — P500
Balance to Interest — P500
High-interest savings account for as low as ₱500 initial deposit
2. Security Bank eSecure Savings Account
Interest — Up to 1.20%
Initial Deposit — P500
Balance to Interest — P5,000
Higher-earning savings account designed to get you more from your savings
Security Bank Regular Build Up Savings Account
Interest — Up to 50%
Initial Deposit — P5,000
Balance to Interest — P10,000
Earn higher interest with no lock-in or fixed minimum term.
3. Equicom Savings Bank Kiddie Builders Savings Account
Interest — Up to 1.00%
Initial Deposit — P500
Balance to Interest — P1,000
An interest-bearing passbook savings product designed for kids with a high-interest rate.
4. Sterling Bank of Asia Bayani OFW Savings Account
Interest — Up to 1.00%
Initial Deposit — P0
Balance to Interest — P2,000
Account intended to support the requirement and needs of Overseas Filipino Workers (OFWs)
Sterling Bank of Asia Solo Savings Account
Interest — Up to 0.50%
Initial Deposit — P5,000
Balance to Interest — P5,000
Sterling Bank of Asia Neo Savings Account
Interest — Up to 0.38%
Initial Deposit — P0
Balance to Interest — P2,000
A special savings deposit account for kids ages 17 and below.
5. BPI Direct Savings Direct Express Teller Savings
Interest — Up to 0.50%
Initial Deposit — P500
Balance to Interest — P500
Monitor and manage your accounts anytime, anywhere easily with superior electronic banking channels
BPI Direct Savings BPInoy Savings
Interest — Up to 0.50%
Initial Deposit — P0
Balance to Interest — P500
Receive remittances fast and safe with your Bpinoy Savings Account
BPI Direct Savings Save-Up Automatic Savings + Insurance
Interest — Up to 0.50%
Initial Deposit — P0
Balance to Interest — P1,000
A savings account that comes with free life insurance coverage
BPI Family Savings Save-Up Automatic High Savings
Interest — Up to 0.50%
Initial Deposit — P0
Balance to Interest — P3,000
Savings account that comes with a free life insurance equivalent to up to 5x your savings account balance
BPI Family Savings Jumpstart Savings
Interest — Up to 0.50%
Initial Deposit — P100
Balance to Interest — P1,000
Savings account specially designed for children age 10-17 y/o, for them to get the best out of saving
BPI Family Savings Easy Saver
Interest — Up to 0.50%
Initial Deposit — P200
Balance to Interest — P1,000
Open your own savings account for only ₱200
6. RCBC Savings Bank Dragon All-in-one - Personal Account
Interest — Up to 0.38%
Initial Deposit — P25,000
Balance to Interest — P25,000
Enjoy higher interest rates than regular savings account while enjoying unlimited access to your accounts via ATMs and RCBC branches
7. BDO Prime Savers
Interest — Up to 0.25%
Initial Deposit — P2,000
Balance to Interest — P5,000
Savings account for individuals 60 years old and up. who wants to enjoy special forex rates and priority service.
BDO Power Teens Club
Interest — Up to 0.25%
Initial Deposit — P2,000
Balance to Interest — P2,000
Savings account for kids age 13-19 y/o which they can open with an ATM Card
BDO Peso Passbook Savings Account
Interest — Up to 0.25%
Initial Deposit — P5,000
Balance to Interest — P10,000
Enjoy the security of a passbook and earn fixed interest on your savings.
8. BPI Kaya Savings
Interest — Up to 0.25%
Initial Deposit — P200
Balance to Interest — P1,000
Savings account with no maintaining balance and with a minimal fee for withdrawal transactions
BPI Pamana Padala
Interest — Up to 0.25%
Initial Deposit — P500
Balance to Interest — P5,000
Savings account specially designed savings account for Overseas Filipino Remitters
BPI Save-Up Automatic Savings + Insurance
Interest — Up to 0.25%
Initial Deposit — 0
Balance to Interest — P5,000
A savings account that comes with free life insurance coverage
BPI Jumpstart Savings
Interest — Up to 0.25%
Initial Deposit — 100
Balance to Interest — P2,000
Savings account specially designed for children age 10-17 y/o, for them to get the best out of saving
9. Maybank Classic Savings Account
Interest — Up to 0.25%
Initial Deposit — 10, 000
Balance to Interest — P10,000
Regular passbook savings account that comes with a free ATM card
Maybank IM Teen Savings Account
Interest — Up to 0.25%
Initial Deposit — P500
Balance to Interest — P5,000
Savings account with a personal accident and medical reimbursement benefit for individuals aged 13 to 17
10. Metrobank Debit/ATM Card Savings Account
Interest — Up to 0.25%
Initial Deposit — P2,000
Balance to Interest — P10,000
Perform your transactions at any ATM Metrobank terminal using your ATM card
Metrobank OFW Debit/ATM Card Savings Account
Interest — Up to 0.25%
Initial Deposit — P0
Balance to Interest — P10,000
Perform your transactions at any ATM Metrobank terminal using your ATM card
