Online Savings Accounts in the Philippines
If you want to open a savings account in the Philippines, one needs to go to the nearest branch of their preferred bank, lineup, and submit the requirements. It’s a time-consuming process, but the good news is, some banks allow you to open a savings account online straight from your smartphones.
ING Philippines boasts a fully digital process, allowing you to open a savings account through their app, which is available for Android and iOS. Just submit your information, and once verified, you can start using its services. Some of its features include mobile check deposit, free money transfers via PESONet or instaPay, and higher interest rates compared to a standard savings account. Also, it doesn’t require a minimum amount to open or maintaining balance.
Also known as OCTO by CIMB, CIMB Bank Philippines also allows you to open a savings account in minutes through their app for Android and iOS. It doesn’t require an initial deposit, maintaining balance, or transaction fees. Once your account is open, they will even send you a personalized Visa payWave debit card delivered to you for free.
CIMB Bank Philippines is offering three kinds of accounts: Fast Account, Fast Plus Account with higher interest rates, and UpSave account with even higher interest rates and no cap on deposit. You can also apply for a personal loan. Funding your account is possible via over-the-counter partners or online via dragonpay.
Maybank Philippines offers an online-only savings account through iSave. All forms and documentary requirements are submitted via the Maybank2U PH app. It doesn’t require an initial deposit or maintaining balance and earns interest once you reach a minimum amount. It also comes with an EMV enabled ATM card so you can withdraw your funds from any ATM in the Philippines for free. You can also withdraw in any Maybank ATM in Malaysia, Singapore, and Cambodia.
Funding is done via over-the-counter deposits in any Maybank branches, interbank fund transfers, GCash bank transfer, or deposit outlets such as 7-Eleven, RD Pawnshop, USSC, Tambunting Pawnshop, etc.
This year, Gcash launched its GSave feature that is powered by CIMB Bank. Like the other services mentioned above, it’s easy to activate, especially if you already have a fully verified GCash account. It doesn’t require an initial deposit or maintaining balance, boasts a 3% interest rate, and allows you to withdraw or deposit funds anytime.
And since you also have access to GCash’s full services, including bank transfers, you can use it transfer funds to the accounts mentioned above.
UnionBank also allows you to open a savings account through their app or website. It offers two account types: PlayEveryday and Personal Savings. The former lets you earn points for every PHP 20 spent, while the latter is just a regular savings account. Both accounts don’t require an initial deposit or maintaining balance, but charges a card fee of PHP 500/year or PHP 45/month for PlayEveryday, and PHP 350/year for Personal Savings.
And that sums it up. If you want to put some of your funds in accounts with higher interest and doesn’t require a maintaining balance or initial deposit, then try these banks.