Philippine banks with no maintaining balance, are there such?
I wanted to open a Philippine Bank with no maintaining balance for the purpose of saving for a rainy day.
I have also a relative abroad that occasionally send me money by way of a remittance and I need a savings account for that purpose.
It has been my trait to sometimes withdraw all my money in the bank only to be charged a penalty afterwards for being unable to maintain the required maintaining balance.
I then decided to look for Philippine banks with no maintaining balance requirement.
I searched for a bank where I can do the following banking transactions.
- Make a deposit
- Withdraw money anytime and anywhere
- Pay bills online
- Do online banking and shopping
- Receive money from abroad and locally
- Transfer funds to other banks
Here are the Philippine Banks with no maintaining balance requirement which I found.
Bank of Commerce
- Sikap Pinoy OFW Account
- Account is for OFW and their dependents
- Required initial deposit – None
- Minimum maintaining balance – None
- Easy Saver
- Account opening for as low as P200
- No maintaining balance
- P5 per withdrawal in any BPI Express Teller ATMs
- P50 for the Express Teller Card fee
- P100 for withdrawals done over-the-counter in any BPI Branch
- Direct Deposit Peso Savings Account
- For Pensioners Only
- No initial deposit requirement
- No minimum monthly balance
- Minimum monthly balance requirement to earn interest – P5,000
- Interest Rate – .25%
- OFW Peso Savings Account Passbook or ATM
- Initial Deposit – Zero
- Maintaining balance – Zero
- Balance to earn interest – P10,000
- Interest rate – .250% per annum
Standard Chartered bank
- Opening deposit requirement – Zero
- Online transfers (same bank) – Free
- Minimum balance requirement – Zero
- Minimum Amount to Earn Interest – P1
- Overseas Kababayan Savings
- For OFW’s Only
- Initial deposit requirement – Waived
- Minimum monthly average daily balance requirement – Waived
- Minimum balance to earn interest – P1,000
- Interest rate – .25%
- Remittance Savings Account ATM/Passbook
- Initial deposit – Waived
- Maintaining balance – Waived
- Minimum average daily balance to earn interest – P500
- Initial deposit – None
- No minimum balance to maintain
- Minimum ADB to earn Interest – P10,000
- Interest rate – .500%
- Annual fee – P350