8 Savings Banks without Maintaining Balance in the Philippines – 2021
Over 31 million Filipino adults don’t want to put their money in a formal bank account. A financial inclusion survey from Bangko Sentral ng Pilipinas says that these unbanked people do not wish to open an account due to misconceived notions of fees and maintaining balances.
The truth is, there are many affordable banking options available for Filipinos. These bank account types have low to no maintaining balance and initial deposit, and have integrated online options to make saving and managing your money easy. This way, you won’t need to worry about your account closing due to lack of funds in the account.
Whether you’re a part of the 31 million or are just looking for more affordable banking options, here is our list of savings banks with no maintaining balance, insured by the Philippine Deposit Insurance Corporation (PDIC).
1. UnionBank Personal Savings Account
While UnionBank has many products, their Personal Savings Account is their only product with zero maintaining balance. This ATM account has an interest rate of 0.10% per annum, an interest-earning balance of PHP 10,000, and a daily withdrawal limit of PHP 20,000. The UnionBank Personal Savings Account also comes with a Visa debit card that can be used at all BancNet ATMs locally and Visa ATMs worldwide.
2. PNB Tap Mastercard Account and PNB Debit Account Lite
Philippine National Bank has two savings account products with zero maintaining balance. The first is the TAP Mastercard. It comes with a PNB-PAL Mabuhay Miles Debit Mastercard that earns you points for Mabuhay Miles — anywhere that accepts Mastercard and Maestro. It has an interest rate of 0.100% per annum, with an interest-earning balance of PHPH 10,000, and a daily withdrawal limit of PHP 50,000. Take note, however, that the TAP Mastercard does come with a monthly account fee of PHP 15.
The second PNB product with zero maintaining balance is the PNB Debit Account Lite. This ATM account comes with a debit card, a balance/withdrawal limit of PHP 50,000, an interest rate of 0.100% per annum, and an interest-earning balance of PHP 10,000.
3. China Bank Savings Easi-Save Basic
Another affordable and easy to open savings account is the Easi-Save Basic from China Bank Savings. It requires no maintaining balance and an incredibly low initial deposit of PHP 100. Its’ annual interest rate is 0.25% per annum with an incredibly low interest-earning balance of PHP 1,000.
4. DBP EC Card Account
The Development Bank of the Philippines has the EC Card Account that requires no initial deposit nor maintaining balance to open. This ATM can be used for POS transactions as well as withdrawals. It has a daily withdrawal limit of PHP 20,000, an interest rate of 0.10% annually, and an interest-earning balance of only PHP 500.
5. Maybank iSave
Another fully online savings account that requires no maintaining balance or initial deposit for local accounts is the Maybank iSave. To open an account, you just need to sign up to the Maybank2U PH app and submit the requirements. Once you have your digital savings account, you will receive an EMV-chip ATM card that you can use nationwide and Maybank ATMs in Cambodia, Malaysia, and Singapore. This online account comes with a daily withdrawal limit of PHP 50,000, an interest rate of 0.25% annually, and an interest-earning balance of PHP 20,000.
6. ING Savings Account
Another no maintaining balance savings account in the Philippines is the ING Savings Account. ING is a fully digital bank that offers similar banking transactions as traditional banks including check deposits and opening a savings account through its mobile app. ING Savings has one of the highest interest rates locally at 2.50% per annum.
7. CIMB Bank UpSave and Fast Account
CIMB Bank Philippines also has its own no initial deposit and no minimum balance, all-digital savings account in the CIMB Bank UpSAve. The UpSave’s per annum interest rate is at 2.5% with withdrawal limits of PHP 20,000 and transfer limits of PHP 50,000.
Another product of this bank is the CIMB Fast Account that can be opened in as fast as 10 minutes through the CIMB Bank PH Mobile app. With the Fast Account, when your balance reaches PHP 100,000, you will be provided with a Visa debit card to withdraw funds. LIke the Upsave, this account requires no maintaining balance. Fast Account is valid for 12 months, however, you can upgrade to a Fast Plus Account later. This has better interest rates of 0.75% per annum and longer account validity. Its daily withdrawal and transfer limits are the same as the Upsave Account
8. Tonik Bank Solo and Group Stash
Tonik Bank is the first neobank in the Philippines – this means it operates on a fully digital platform and is not limited to physical stores. Tonik offers its customers Stash, in solo and group, this works as the saving pocket in their accounts wherein they can separate their savings and identify them according to purpose and target amount. Solo Stash wherein users can have upto 5 solo stashes, has 4% interest per annum, while Group Stash has as much as 4.5% interest per annum.
With most of these savings banks fully online or with online terminals, sending money to these accounts is quick and easy. With Coins.ph, you can transfer funds to these no maintaining balance accounts in seconds with Instapay and PESONet! Check out our guide on how to Send and Receive Money to/from Banks via InstaPay QR PH and Cashout through PESONet
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