Here in the Philippines, there are a variety of banks you could choose from to partner with. Banks differ from the benefits they can give you. Although these banks are too many to mention, we’ve compiled the most common banks to Filipinos and their:
- Minimum/Required Initial Deposit
- Maintaining Balance
- Penalty (If below maintaining balance)
BDO (Banco De Oro)
BDO Unibank is the largest bank in the Philippines in terms of assets, loans, and deposits. It offers a wide array of financial services, including retail banking, lending, credit cards, corporate banking, investment banking, and more. BDO is recognized for its comprehensive range of products that cater to various needs, from individuals looking for basic savings accounts to large corporations needing financial solutions. BDO is also highly regarded for its extensive network of branches and ATMs nationwide, making banking accessible for all Filipinos.
BDO’s account offerings are diverse, ranging from low-maintaining balance options to premium accounts with attractive interest rates. Their services also extend to remittance services, making them a popular choice among Overseas Filipino Workers (OFWs). With a strong online presence through their mobile app and online banking platform, BDO continuously works on improving customer convenience and experience.
| Account Type | Description | Minimum /Required Initial Deposit | Maintaining Balance | Penalty if Below Maintaining Balance |
| ATM Savings
|
Enjoy withdrawing cash or paying through the ATM Debit card | Php2,000.00 | Php2,000.00 | Php300.00 |
| Peso Checking Account | An affordable way to secure your payments via cheque and enjoy the convenience of an ATM Debit Card for personal accounts. | Php5,000.00 Both personal and business | Php5,000.00 | Php300.00 |
| Passbook Savings | If the intention is really to save money, then this account is the best type of account. | Php5,000.00 | Php10,000.00 | Php300.00 |
| Optimum Savings | BDO Peso Savings Account Product that gets higher interest rates as you build up your deposit balance. | Personal: Php30,000.00Business: Php50,000.00 |
Php30,000.00;
Php50,000.00 |
Php300.00 |
| BDO Cash Card | This type of account is a prepaid, reloadable card. Reloading can be via any BDO branch or ATM and pay only P15 for every cash reload.
It is 24/7 through BDO Online, Mobile or Phone Banking (Note: Enrollment requires regular BDO deposit account) |
No need to open. Pay the card at only Php150.00 | None | None |
| BDO Kabayan Savings
|
For OFWs and their beneficiaries. The requirement is that they must remit at least once a year to keep the zero maintaining balance feature. If not, the account will be converted to regular account with a maintaining balance of Php10,000.00. | Php100.00 | None | None |
| Junior Savers | The best way to teach a child to save. | Php100.00 | Php100.00 | Php300.00 |
| Prime Savers | Prime Savers is for 60 years olds and up. Enjoy priority in servicing your transactions and get special forex rates. | Php2,000.00 | Php2,000.00 | Php300.00 |
| Direct Deposit | The easy and fast way to get your US pension is through your Direct Deposit Peso Savings Account. | None | None | None |
Read: How To Enroll BDO Online Banking From Abroad
BPI (Bank of the Philippine Islands)
Bank of the Philippine Islands (BPI) is one of the oldest and most prestigious banks in the Philippines, with over 168 years of experience in the banking industry. It is well-known for offering reliable and stable financial products, with a strong focus on customer service. BPI offers a comprehensive suite of financial services ranging from basic savings accounts to wealth management products and corporate banking solutions. Its wide range of branches and ATMs across the country makes banking accessible, while its advanced digital platforms offer convenient online services.
BPI is also recognized for its competitive and diversified savings and investment products, appealing to all types of clients—from young savers to high-net-worth individuals. In addition to its retail banking services, BPI has developed various programs that promote financial literacy and inclusion. It is also committed to sustainable banking practices, contributing to both economic growth and environmental conservation.
| Account Type | Description | Minimum /Required Initial Deposit | Maintaining Balance | Penalty if Below Maintaining Balance |
| Express Teller Savings
|
An affordable Savings account that provides a 24-hour superior banking convenience. | Php3,000.00 | Php3,000.00 | Php300.00 |
| Passbook Savings | A liquidated asset that offers individuals a convenient way to save. | Php10,000.00 | Php10,000.00 | Php300.00 |
| Jumpstart Savings | You may be away from home but you can teach your kids the value of saving. Jumpstart is a savings account that teaches children how saving money can be fun. | Php100.00 | Php1,000.00 | Php300.00 |
| Kaya Savings | This gives client a worry-free option when it comes to saving. | Php200.00 | N/A | Php300.00 |
| Maxi-Saver | With Maxi-saver, one can get the best possible earnings. | Php50,000.00 | Php50,000.00 | Php300.00 |
| Pamana Savings Account | Beyond the savings devoted for your family and loved ones. It comes with a Free Life Insurance worth 3x your account balance | Php25,000.00 -Debit Card;
Php75,000.00 -Passbook |
Php25,000.00 -Debit Card;
Php75,000.00 -Passbook |
Php300.00 |
Land Bank
Land Bank of the Philippines, established in 1963, is a government-owned bank primarily focused on providing financial services to the agricultural sector and rural communities. As one of the largest financial institutions in the country, LandBank plays a vital role in supporting the government’s initiatives for rural development, poverty alleviation, and food security. The bank offers a wide range of services, including savings and checking accounts, loans for farmers and fishers, and various investment products aimed at enhancing the livelihoods of Filipinos in the agricultural sector.
In addition to its commitment to agriculture, LandBank has expanded its services to cater to a broader audience, including individual clients, small and medium enterprises, and large corporations. With a strong emphasis on financial inclusion, the bank provides accessible banking services across the Philippines, particularly in underserved areas. LandBank is also at the forefront of digital banking, offering innovative online platforms that facilitate convenient transactions and enhance customer experience. Its dedication to community development and sustainable banking practices positions LandBank as a key player in the Philippine financial landscape.
| AccountType | Description | Initial Deposit | Maintaining Balance | Penalty if Below Maintaining Balance |
| ATM Savings Account
|
An interest-bearing peso savings account wherein deposit transactions are made over-the-counter and through the Cash Deposit Machine (CDM) during official banking hours/days. | Php500.00 | Php500.00 | Php200.00 |
| Current Account with ATM access | A non-interest bearing peso account wherein withdrawals are made either through the issuance of a check or via ATM 24 hours a day, 7 days a week. | Php5,000.00 | Php5,000.00 | Php200.00 |
| Easy Savings Plus | A premium savings account which offers higher interest rates versus a regular savings account and are tiered based on ADB levels. | Php20,000.00 | Php20,000.00 | Php200.00 |
| Peso E.A.S.Y Check with ATM Access | An interest-bearing peso checking account (IBCA) wherein deposits are made over-the-counter while withdrawals are made through the issuance of a check. | Php10,000.00 | Php10,000.00 | Php200.00 |
| Regular Current Account | A non-interest-bearing peso account, also known as “Checking or Demand Deposit” account, wherein deposits are made over-the-counter and withdrawals are made through the issuance of a check. | Php5,000.00 | Php5,000.00 | Php200.00 |
| Regular Passbook Savings Account | -An interest-bearing peso-account which requires presentation of a passbook for deposit and withdrawal transactions. | Php10,000.00 | Php10,000.00 | Php200.00 |
Philippine National Bank (PNB)
Philippine National Bank (PNB) is one of the largest banks in the Philippines, established in 1916. It is known for its strong focus on serving the banking needs of both local and international clients. PNB offers a diverse range of financial services, including commercial banking, investment banking, and remittance services, particularly for Overseas Filipino Workers (OFWs). With an extensive network of branches and ATMs across the country and abroad, PNB strives to make banking accessible for everyone.
In addition to its traditional banking products, PNB is committed to digital transformation, offering convenient online banking options. Its product offerings cater to a wide variety of customers, from individual savers to large corporations. PNB’s focus on customer service and financial literacy helps clients better manage their finances and investments.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Balance |
|---|---|---|---|---|
| Regular Savings | Basic savings account with ATM access | PHP 1,000 | PHP 1,000 | PHP 200/month |
| Passbook Savings | Passbook savings for easier tracking | PHP 5,000 | PHP 5,000 | PHP 200/month |
| Children’s Savings | Savings account designed for minors | PHP 100 | PHP 100 | PHP 200/month |
| Dollar Savings | Savings account in USD | USD 500 | USD 500 | USD 5/month |
| Checking Account | Basic checking account for personal use | PHP 10,000 | PHP 10,000 | PHP 200/month |
Metrobank (Metropolitan Bank & Trust Company)
Metrobank is a leading universal bank in the Philippines, offering a wide range of financial services to individual consumers, small and medium enterprises, and large corporations. Established in 1962, Metrobank has earned a reputation for providing innovative products, excellent customer service, and a strong focus on corporate social responsibility. The bank has an extensive branch network throughout the Philippines and a significant presence internationally, catering to both domestic and overseas customers.
Metrobank offers a wide variety of deposit accounts, from basic savings to high-yield savings, as well as checking accounts. It has also embraced digital banking through its Metrobank Direct and mobile banking platforms, which make it convenient for customers to manage their accounts, pay bills, and transfer funds online. Metrobank also provides investment opportunities and loan services that appeal to different financial needs.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Balance |
|---|---|---|---|---|
| Regular Savings (ATM) | Basic ATM-based savings account | PHP 2,000 | PHP 2,000 | PHP 300/month |
| Regular Savings (Passbook) | Passbook savings account | PHP 10,000 | PHP 10,000 | PHP 300/month |
| MetroDollar Savings | Foreign currency savings account in USD | USD 500 | USD 500 | USD 5/month |
| AccountOne | Savings account with checking account features | PHP 25,000 | PHP 25,000 | PHP 500/month |
| Personal Checking | Basic checking account for personal use | PHP 10,000 | PHP 10,000 | PHP 300/month |
| Dollar Checking | Checking account in USD | USD 500 | USD 500 | USD 5/month |
Read: Applying for an ATM Bank Account in Metrobank
PSBank
Philippine Savings Bank (PSBank), founded in 1960, is a prominent thrift bank in the Philippines that specializes in providing savings and loan products designed to meet the needs of individual and small business clients. As a subsidiary of Metrobank, PSBank has established itself as a reliable partner in the financial sector, offering a range of services, including savings and checking accounts, auto loans, home loans, and personal loans. With its commitment to helping Filipinos achieve their financial goals, PSBank aims to provide accessible banking options to support customers in various stages of their financial journey.
In recent years, PSBank has embraced technological advancements to enhance its service offerings, implementing digital banking solutions that make transactions more convenient for customers. The bank provides a user-friendly online and mobile banking platform, enabling clients to manage their accounts, pay bills, and transfer funds with ease. PSBank’s focus on customer service and innovation, coupled with its wide network of branches and ATMs, positions it as a trusted financial institution for Filipinos looking for efficient and effective banking solutions.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Maintaining Balance |
| PS Bank ATM Savings
|
A savings account that brings you the combined privileges of day and night banking access via PSBank and Metrobank’s extensive network of automated teller machines and the benefit of earning fixed interest rate. | Php2,000.00 | Php2,000.00 | Php300.00 |
| PSBank Kiddie and Teen Savers | Clients can open individual, joint or ITF accounts for their children’s savings. The PSBank Kiddie Savers Account is a savings account for children from 0-12 years old while the PSBank Teen Savers Account is for teens 13-18 years old. | Php0.0 | Php0.00 | Php0.0 |
| PSBank Regular Passbook Savings
|
PSBank Regular Passbook Savings encourages people to save money. This personal savings account offers a fixed interest rate and convenient ways to monitor transactions. This will help build your savings easily and quickly, so you can achieve your financial goals within a short period. | Php5,000.00 | Php5,000.00 | Php300.00 |
| PSBank Passbook with ATM | This passbook savings account offers one free inter-regional transaction per day. A transaction is considered inter-regional if a deposit or withdrawal is made in another branch other than the depositor’s branch of account. The account also comes with an ATM card for convenience. | Php5,000.00 | Php5,000.00 | Php300.00 |
| PSBank Overseas Filipino Savings | Offers many benefits to OFWs and their families. Clients enjoy convenient OFW bank transactions and cashless shopping. It’s a fixed interest-bearing account which allows day and night banking via the automated teller machines of PSBANK Metrobank, BancNet, Megalink, and ExpressNet ATMs nationwide, and Maestro and Cirrus ATMs worldwide. | Php0.00 | Php0.00 | N/A |
| PSBank Regular Checking | An account that provides you check-writing flexibility for worry-free payments of bills and financial transactions. | Php5,000.00 | Php5,000.00 | Php300.00 |
Security Bank
Security Bank is known for its customer-centric approach and high-quality service, providing financial products that cater to both individual and corporate clients. The bank has been recognized as one of the most stable and innovative banks in the Philippines, continuously evolving to meet the financial needs of its customers. With a strong digital banking platform, Security Bank has made banking more convenient and accessible, especially for tech-savvy clients.
Security Bank offers a variety of deposit accounts, ranging from low-maintaining balance options to premium accounts for higher earners. The bank is also well-regarded for its competitive interest rates and a focus on helping customers grow their wealth through its wealth management services. Additionally, its “All Access” account, which combines the benefits of a savings account with checking features, is a popular choice among clients looking for flexibility.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Balance |
|---|---|---|---|---|
| All Access Account | Savings account with free checking | PHP 5,000 | PHP 5,000 | PHP 300/month |
| Easy Savings | No maintaining balance, requires active usage | PHP 0 | PHP 0 | N/A |
| Dollar Savings | Foreign currency savings in USD | USD 500 | USD 500 | USD 5/month |
| Easy Checking | Basic checking account for personal use | PHP 5,000 | PHP 5,000 | PHP 300/month |
| Personal Checking | Regular checking account for personal/business use | PHP 10,000 | PHP 10,000 | PHP 300/month |
RCBC (Rizal Commercial Banking Corporation)
RCBC is one of the most dynamic banks in the Philippines, offering a full range of banking products and services. Established in 1960, it has grown to become one of the largest banks in the country. RCBC focuses on providing excellent customer service and offers a wide variety of deposit, loan, and investment products. The bank is committed to helping Filipinos reach their financial goals through innovative banking solutions, both in its physical branches and through its digital banking platform.
RCBC is also known for its emphasis on financial inclusion, offering special accounts such as GoSavers for students and low-maintaining balance accounts. Their digital services, such as online banking and mobile apps, make banking more convenient for customers. RCBC’s hybrid account options, like the RCBC OneAccount, provide flexibility by combining savings and checking features.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Balance |
|---|---|---|---|---|
| Regular Savings (ATM) | Basic ATM-based savings account | PHP 3,000 | PHP 3,000 | PHP 300/month |
| Regular Savings (Passbook) | Savings with passbook for easy record-keeping | PHP 10,000 | PHP 10,000 | PHP 300/month |
| GoSavers Account | Savings account for students | PHP 100 | PHP 100 | PHP 300/month |
| Personal Checking | Basic checking account for personal transactions | PHP 10,000 | PHP 10,000 | PHP 300/month |
| Dollar Savings | Foreign currency savings in USD | USD 500 | USD 500 | USD 5/month |
EastWest Bank
EastWest Banking Corporation, founded in 1994, is known for its innovative financial products and services. The bank focuses on delivering a unique banking experience to its clients through personalized service and a wide range of financial offerings. EastWest has grown significantly in the past years, making a mark in the Philippine banking landscape.
EastWest provides various deposit accounts, including savings and checking options, designed to cater to both individual and corporate clients. The bank is also recognized for its competitive interest rates and flexible terms. With a strong emphasis on technology, EastWest offers online and mobile banking solutions, making transactions easier and more accessible for its customers.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Maintaining Balance |
| Basic Savings Savings | This is the most affordable interest earning savings account. | Php100.00 | Php100.00 | Php500.00 |
| Regular Savings with Debit Card | A savings account evidenced by a debit card | Php5,000.00 | Php5,000.00 | Php500.00 |
| Passbook Savings | It’s an interest-bearing Peso deposit account that allows client to deposit and withdraw funds anytime by presenting a passbook. | Php10,000.00 | Php10,000.00 | Php500.00 |
| Basic Checking | An affordable checking account that comes with a checkbook and a debit card. | Php1,000.00 | Php1,000.00 | Php500.00 |
| Regular Checking | It’s a non-interest-bearing Peso checking account wherein funds can be withdrawn through the issuance of checks. | Individual: Php10,000.00 Corporate: |
Individual: Php10,000.00 Corporate: |
Php500.00 |
| Kiddie Savings Account | This however, is an interest-earning peso savings deposit account for children that is evidenced by a passbook. | Php2,000.00 | Php2,000.00 | Php500.00 |
| Super Saver | A savings deposit account that pays interest in increasingly higher amounts as account balance increase. | Php500,000.00 | Php500,000.00 | Php500.00 |
China Bank
China Banking Corporation, commonly known as China Bank, is one of the oldest commercial banks in the Philippines, established in 1920. The bank offers a full range of banking services, including corporate banking, investment banking, and wealth management. China Bank has built a strong reputation for its customer service and innovative financial products, making it a trusted choice for both individual and business clients.
With a solid commitment to digital banking, China Bank provides customers with convenient access to their accounts through online and mobile banking platforms. The bank’s diverse range of accounts, including savings and checking options, are tailored to meet the varying needs of its clientele. China Bank also emphasizes corporate social responsibility, contributing to various community development initiatives.
| Account Type | Description | Initial Deposit | Maintaining Balance | Penalty if Below Balance |
|---|---|---|---|---|
| Regular Savings | Basic savings account with ATM access | PHP 3,000 | PHP 3,000 | PHP 300/month |
| Passbook Savings | Traditional passbook savings account | PHP 5,000 | PHP 5,000 | PHP 300/month |
| Kids’ Savings | Savings account for children | PHP 100 | PHP 100 | PHP 300/month |
| Dollar Savings | Foreign currency savings in USD | USD 500 | USD 500 | USD 5/month |
| Personal Checking | Checking account for personal use | PHP 10,000 | PHP 10,000 | PHP 300/month |
So these are all the most common and used bank account types of people here in our country. As you can see, there are types of accounts that are specified for usage, investments, long-term saving, etc. Now that you know which bank and account type you need, what are you waiting for?
Disclaimer: The information provided in this document regarding Philippine banks, their account types, maintaining balances, initial deposits, and penalties for below-maintaining balances is for general informational purposes only. While efforts have been made to ensure the accuracy and completeness of the information presented, banking policies, account types, and terms may vary and are subject to change. It is recommended that readers verify details directly with the respective banks or their official websites for the most current and accurate information. The author and publisher of this content do not assume any liability for errors or omissions, or for any actions taken based on the information provided herein.
Read Also:
- BDO ERP (Easy Redemption Plan) – UITF Review and Requirements
- How Can I View My BDO Savings Account Withdrawal History
- BDO Funds Transfer and Send Money To Any BDO Account