How to open a savings account in the Philippines
A savings account is the most basic account provided by a bank. It can be used to deposit money, keep it safe and withdraw funds as needed. Savings account typically pay interest on your deposits but the rates are pretty low on this type of account. Nevertheless, savings account allows you to grow money while keeping your money safe.
If you are wondering on how to start having a savings account today, Budgetarian Escapades is here to help. Keep on reading for you to learn how to open an account today.
Why Should You Have a Savings Account?
The absence of a savings account may result to serious financial setbacks. Emergencies and other unforeseen expenses are inevitable and may appear out of the blue. If this happens, where are you going to get the money to cover the unexpected expense?
It is unsafe to keep your cash at home or carry it with you around as it can be easily stolen or be damaged by pests such as termites, rats, bugs or even worst, be damaged by fire. On the other hand, a savings account holds your money in a safe place and also offers easy access to your cash which is also known as liquidity. Moreover, savings accounts are covered by PDIC (Philippine Deposit Insurance Corporation) so you avoid losing your money in case your bank fails.
Generally speaking, the main benefits of having a savings account are steady growth of your money and safety net of your funds.
How to Open a Savings Account?
Today, it is easier to open a savings account and it should only take a few minutes. Generally, you only need the following minimum requirements in order to open one:
- At least 2 valid IDs (for the list of acceptable IDs, please see the bottom of this post)
- Initial account deposit (may vary among banks and account type)
- Completely filled out application form
Here are some banks in the country where you can open your savings account (click on the bank logos for more information on the savings account they offer):
List of Acceptable IDs:*
- Passport including those issued by foreign governments
- Driver’s license
- Professional Regulation Commission (PRC) ID
- Postal ID
- Voter’s ID
- Taxpayer Identification Number (TIN)
- Government Service Insurance System (GSIS) e-Card
- Social Security System (SSS) card
- Senior Citizen card
- Overseas Workers Welfare Administration (OWWA) ID
- Overseas Filipino Worker (OFW) ID
- Government office and Government-owned and Controlled Corporation (GOCC) ID (e.g., Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)
- ID issued by the National Council on Disability Affairs
- Integrated Bar of the Philippines (IBP) ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
- PhilHealth Health Insurance Card ng Bayan
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Barangay Certification
- Seaman’s Book
- Alien Certificate of Registration / Immigrant Certificate of Registration
- Department of Social Welfare and Development (DSWD) Certification
- Professional ID cards issued by Maritime Industry Authority (MARINA)
*may change without prior notice
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