16 Savings Accounts with No Maintaining Balance
The Philippines is still a largely unbanked country. Data from the latest Bangko Sentral ng Pilipinas financial inclusion survey[1] show that 77% or 52.8 million adults don’t put their money in a formal bank account.
Out of those who are unbanked, 60% said they didn’t open an account due to lack of money. This is a common misconception about having a savings account in the Philippines.
In fact, Filipinos have many affordable banking options at their disposal. There are bank account types that make saving easy through no or low maintaining balance and initial deposit. No need to worry about not having enough money and having your account closed. You just need to know where to look for savings accounts with no maintaining balance.
Here are the banks with no maintaining balance in the Philippines. All accounts listed below are insured by the Philippine Deposit Insurance Corporation (PDIC).
Savings Accounts with No Maintaining Balance
Savings Account for Starters | Maintaining Balance | Initial Deposit | Interest Rate |
|---|---|---|---|
ING Savings Account | None | None | 2.50% |
GSave Account | None | None | 3% |
CIMB Bank UpSave Account | None | None | 3% |
CIMB Bank Fast Account | None | None | 0.50% |
Maybank iSave | None | None | 0.25% |
AUB Starter Savings | None | None | 0.125% |
PNB TAP Mastercard Account | None | None | 0.10% |
PNB Debit Account Lite | None | None | 0.10% |
UnionBank Personal Savings Account | None | None | 0.10% |
China Bank Savings Easi-Save Basic | None | PHP 100 | 0.25% |
DBP EC Card Account | None | None | 0.10% |
BPI Kaya Savings | None | PHP 200 | 0.25% |
Equicom Savings Account | PHP 100 | None | 0.75% |
EastWest Bank Basic Savings Account | PHP 100 | PHP 100 | 0.125% |
1. ING Savings Account
ING Philippines makes saving more affordable and rewarding for Filipinos. It offers a savings account that has one of the highest interest rates in the country. More importantly, it doesn’t require a maintaining balance and initial deposit.
Being a fully digital bank, ING enables banking transactions, including savings account opening, through its mobile app. Clients may even deposit a check via the ING app.
ING Savings Account Features
Account type: Digital
Initial deposit: None
Interest rate: 2.50% per annum
Interest-earning balance: None
Read more: Online Banking in the Philippines: The Benefits of Going Cashless
2. GSave Account
Run by CIMB Bank Philippines, GSave is an in-app savings account for GCash users. To open an account, you only need to be a fully verified or semi-verified GCash user.
GSave transactions—from account opening to withdrawals—are all performed using the GCash app, making it one of the most convenient savings accounts with no maintaining balance in the Philippines. Sending and receiving money can be done only from the GCash user’s GSave account to his/her own GCash wallet.
GSave Features
Account type: Digital
Initial deposit: None
Interest rate: 3.1% (introductory rate) or 2.6% (effective March 1, 2021) per annum
Interest-earning balance: None
Daily withdrawal limit: PHP 50,000
3. CIMB Bank UpSave Account
CIMB Bank Philippines is a pioneering all-digital bank that offers a high-interest rate on its UpSave account. Aside from its zero maintaining balance, there’s no initial deposit and minimum balance to earn interest.
CIMB Bank UpSave Account Features
Account type: Digital
Initial deposit: None
Interest rate: 3.1% (introductory rate) or 2.5% (effective March 1, 2021) per annum
Interest-earning balance: None
Daily withdrawal limit: PHP 20,000
Daily transfer limit: PHP 50,000
4. CIMB Bank Fast Account
True to its name, the CIMB Fast Account can be opened in only 10 minutes through the CIMB Bank PH mobile app. Once your balance reaches PHP 100,000, you’ll receive a Visa debit card that you can use to withdraw funds.
This bank with no maintaining balance is valid for 12 months. But you can upgrade your Fast Account to a Fast Plus Account. It has a higher interest rate of 0.75% and longer account validity.
CIMB Bank Fast Account Features
Account type: Digital
Initial deposit: None
Interest rate: 0.5% to 0.75% per annum
Interest-earning balance: None
Daily withdrawal limit: PHP 20,000
Daily transfer limit: PHP 50,000
5. Maybank iSave
iSave is an online-only savings account that you can open without going to a Maybank branch. Just sign up and submit the requirements through the Maybank2U PH app. You can also make all your banking transactions via the mobile app.
This digital savings account comes with an EMV-chip ATM card that you can use to withdraw for free at any ATM nationwide. Moreover, you can also use it at Maybank ATMs in Singapore, Malaysia, and Cambodia. This feature makes Maybank iSave one of the best savings accounts with no maintaining balance in the Philippines.
Maybank iSave Features
Account type: Digital
Initial deposit: None
Interest rate: 0.25% per annum
Interest-earning balance: PHP 20,000
Daily withdrawal limit: PHP 50,000
Read more: 6 Things to Consider When Choosing the Right Bank for You
6. AUB Starter Savings
AUB offers a savings account with no maintaining balance and initial deposit called Starter Savings. Indeed, it’s a good tool to begin saving money, especially for those who have yet to open a savings account.
AUB Starter Savings Features
Account type: ATM
ATM card processing fee: PHP 100
Initial deposit: None
Interest rate: 0.100% per annum
Interest-earning balance: PHP 1,000
Daily withdrawal limit: PHP 50,000
7. PNB TAP Mastercard Account
Are you looking for a bank account where you can just keep your money and send and receive funds as well? Check out TAP Mastercard, one of PNB’s zero maintaining balance savings accounts.
This savings account comes with a PNB-PAL Mabuhay Miles Debit Mastercard that you can use to withdraw and pay for purchases anywhere that accepts Mastercard and Maestro. Moreover, you can earn points that can be redeemed for Mabuhay Miles.
PNB TAP Mastercard Features
Account type: ATM
Initial deposit: None
Interest rate: 0.100% per annum
Interest-earning balance: PHP 10,000
Monthly account fee: PHP 15
Daily withdrawal limit: PHP 50,000
8. PNB Debit Account Lite
Debit Account Lite is one of the savings accounts with no maintaining balance ideal for low-income earners and owners of micro-enterprises. This PNB savings account comes with a debit card with a balance limit of PHP 50,000.
PNB Debit Account Lite Features
Account type: ATM
Initial deposit: None
Interest rate: 0.100% per annum
Interest-earning balance: PHP 10,000
Daily withdrawal limit: PHP 50,000
9. UnionBank Personal Savings Account
The UnionBank Personal Savings Account is the only UnionBank account with zero maintaining balance. It comes with a Visa debit card that you can use at UnionBank and BancNet ATMs in the Philippines and Visa ATMs worldwide.
UnionBank Personal Savings Features
Account type: ATM
Initial deposit: None
Interest rate: 0.10% per annum
Interest-earning balance: PHP 10,000
Daily withdrawal limit: PHP 20,000
Read more: 25 Top Commercial Banks in the Philippines
10. China Bank Savings Easi-Save Basic
Without a required maintaining balance, Easi-Save Basic makes opening and maintaining a savings account easy and affordable for first-time depositors.
China Bank Savings Easi-Save Basic Features
Account type: ATM
Initial deposit: PHP 100
Interest rate: 0.25% per annum
Interest-earning balance: PHP 1,000
Account opening fee: PHP 100
11. DBP EC Card Account
DBP has a special ATM savings account called the EC Card Account[2] with no required maintaining balance and initial deposit. The ATM card can be used not just for withdrawals but also for point-of-sale (POS) transactions and bills payment.
DBP EC Card Account Features
Account type: ATM
Initial deposit: None
Interest rate: 0.10% per annum
Interest-earning balance: PHP 500
Daily withdrawal limit: PHP 20,000
12. EastWest Bank Basic Savings Account
Maintaining Balance: PHP 100
The EastWest Bank Basic Savings Account have a maintaining balance of PHP 100, which is still not bad for those looking to open a savings account. Consider this savings account with low maintaining balance if you prefer to bank with EastWest.
EastWest Basic Savings Account Features
Account type: ATM
Initial deposit: PHP 100
Interest rate: 0.125%
Interest-earning balance: PHP 500
Service fee for falling below maintaining balance: PHP 500
Savings Accounts with No Maintaining Balance for OFWs
1. Bank of Commerce Sikap Pinoy OFW Account
OFWs and their families can easily send and receive remittances through savings accounts with zero maintaining balance. The Sikap Pinoy OFW Account by Bank of Commerce is a savings account that comes with a Mastercard debit card. OFWs can use this debit card for both local and overseas transactions.
Bank of Commerce Sikap Pinoy OFW Account Features
Account type: ATM
Initial deposit: None
Interest rate: 0.125%
Interest-earning balance: PHP 5,000
Daily withdrawal limit: PHP 20,000
2. Sterling Bank Bayani OFW Savings Account
Sterling Bank of Asia offers a special OFW savings account that comes with a Bayani OFW Visa card. Its zero maintaining balance applies as long as one remittance is made every 12 months. OFWs can remit their savings abroad to this Sterling Bank account through any iRemit center worldwide or wire transfer on foreign banks.
Sterling Bank Bayani OFW Savings Features
Account type: ATM
Initial deposit: None
Interest rate: 1%
Interest-earning balance: PHP 2,000
3. Metrobank OFW Peso Savings Account
When OFWs remit in foreign currency to this Metrobank savings account, it’s automatically converted to Philippine Peso. This way, the OFW Peso Savings Account helps OFW families save money and effort exchanging from foreign to local currency. Funds can be withdrawn via BancNet ATMs in the Philippines and Maestro-Cirrus ATMs worldwide.
Account holders must remit at least once within a year to enjoy the zero maintaining balance. If there’s none, the OFW savings account will be converted to a regular Metrobank account with a maintaining balance of PHP 2,000 (ATM account) or PHP 10,000 (passbook account).
Metrobank OFW Peso Savings Account Features
Account type: ATM or passbook
Initial deposit: None
Interest rate: 0.25%
Interest-earning balance: PHP 10,000
Daily withdrawal limit: PHP 30,000
4. BPI Padala Moneyger
This savings account in BPI caters to OFWs and their families for managing their household income. The BPI account has no maintaining balance, as long as the OFW accountholder has remitted at least four times in a year.
BPI Padala Moneyger Features
Account type: ATM
Initial deposit: None
Interest rate: 0.25%
Interest-earning balance: PHP 5,000
Daily withdrawal limit: PHP 20,000
Read more: ATM Fees in the Philippines All Cardholders Need to Know
Savings Accounts with Low Maintaining Balance for Pensioners
1. Metrobank SSS Pensioner Account
Maintaining Balance: PHP 100
This Metrobank savings account is intended for retirees who are receiving their SSS pension. The account is easy to open and maintain. Only PHP 100 is the required initial deposit and PHP 100 required minimum balance.
Metrobank SSS Pensioner Account Features
Account type: ATM or passbook
Initial deposit: PHP 100
Interest rate: 0.25%
Interest-earning balance: PHP 10,000
Service fee for falling below maintaining balance: PHP 300
Daily withdrawal limit: PHP 30,000
2. DBP Pensioner’s Account
Maintaining Balance: PHP 100
Another savings account suitable for pensioners in the Philippines is the one provided by DBP. The ATM savings account has a low maintaining balance of PHP 100 and earns interest with just at least PHP 500 balance.
DBP Pensioner’s Account Features
Account type: ATM
Initial deposit: PHP 100
Interest rate: 0.10%
Interest-earning balance: PHP 500
Service fee for falling below maintaining balance: PHP 200
Daily withdrawal limit: PHP 20,000
3. PNB Pensioner Savings Account
Maintaining Balance: PHP 100
Retirees in the Philippines can open a savings account in PNB to receive their monthly pension from the SSS. A debit card is issued upon opening this special PNB savings account.
PNB Pensioner Savings Account Features
Account type: ATM
Initial deposit: PHP 100
Interest rate: 0.10%
Interest-earning balance: PHP 5,000
Service fee for falling below maintaining balance: PHP 150
Daily withdrawal limit: PHP 50,000
Final Thoughts
With so many savings accounts with no maintaining balance to choose from, it boils down to the bank that matches your needs best. In short, the best savings account in the Philippines will depend on what meets your savings goals. Shop around and look up different savings products to find the best savings accounts in the Philippines. Furthermore, compare interest rates, maintaining balance, and other fees.
Kiddie savings accounts are not included in this list, though they also have low maintaining balance and initial deposit. Check this Moneymax article to know the best savings accounts for kids and students in the Philippines.
(Photos from the official website and Facebook pages of the featured banks)
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