8.13.2011

Checking Accounts with Low Maintaining Balance Requirements

By Nora
Here's a list of Philippine banks offering REGULAR CHECKING ACCOUNTS for INDIVIDUALS, requiring low maintaining balances.

Banks do not say it on their websites, but in practice, they DO NOT approve all checking account applications. They need to see evidences of good personal financial handling, such as maintenance of a savings account or a time deposit, or completion of bank or car loan payments.

It also depends on the location of the bank, or on factors such as if the branch is newly opened, or there's an on-going promotion for expansion, on the kinds of IDs or licenses you show, your aura or the way you present yourself. The banks also consider referrals or recommendations from corporate clients or bank executives.

We can presume that they're strict with checking accounts because of the possible use of checks for fraud and possible estafa and fraud cases that can arise from bounced checks.

But don't be discouraged if you really need checks for your business. You can open a checking account with a smaller bank. Banks are just like most persons. If they're sikat na and big-time na, they start to get very choosy about whom to socialize with. They can already afford to feel superior and ask "Ano ba ang ROI ko rito sa client na ito?"

But if they're just starting out, they try to be friendly with everyone. Banks are also like persons in the sense that there are people and banks which are friendly whatever their status is, friendly when they're still small, and still friendly when they've become big.

Checking Accounts with Maintaining Balances of 2,500 pesos or lower

BankMinimum Initial Deposit     Interest
and Maintaining Balance
CityState 1,500 pesoswith interest
Bank of Commerce2,000 no interest
GSIS Family Bank2,000 no interest
Philippine Business Bank2,000no interest
Luzon Development Bank     2,000 no interest
RCBC Savings 2,500 no interest

Checking Accounts with Maintaining Balances of 5,000 pesos or lower

All of the following are No-Interest accounts:

BankMinimum Initial Deposit and
Maintaining Balance
Allied Bank5,000
BDO 5,000
BPI Family 5,000
DBP 5,000
EastWestBank5,000
Landbank5,000
Luzon Development 5,000
Philtrust5,000
Planters Development       5,000
Postal Bank 5,000
Premiere Development5,000
PS Bank 5,000
Security Bank 5,000
UCPB 5,000
Veterans Bank 5,000

Checking Accounts with Maintaining Balances of 5,000 pesos or lower and with Interest

BankMaintaining BalanceBalance to Earn InterestInterest Rate
Equicom Savings5,0005,000up to 0.75%
Sterling Bank of Asia   5,0005,0000.50 %
ChinaBank5,000 20,0000.25 %
Robinsons Bank5,000 25,0000.25 %
CityState 5,00010,000rate not posted

Checking Accounts Requiring Maintaining Balances of 10,000 pesos
BankMaintaining BalanceAmount to Earn Interest Interest Rate
Bank of Commerce
Your Complete Checking Account10,00025,000rate not posted
BPI Family
Ka-Negosyo 10,00050,000 0.625 %
Chinatrust10,00050,0000.50 %
DBP10,00010,000 rate not posted
First Consolidated Bank10,000no interest
Landbank
Regular Peso EASY Check10,00010,0000.50 %
Metrobank 10,000no interest
Planters Bank10,00010,000 rate not posted
PNB10,000no interest
RCBC10,000none or not posted
RCBC Savings
Basic Checking 10,00025,0000.50 %
Security Bank 10,00010,000 0.25 %
UnionBank10,000 no interest
Veterans Bank 10,00010,0000.50 %

* All interest earnings subject to 20% withholding tax
* These banks have other types of checking accounts, such as those:
- which require higher maintaining balances
- with automatic transfer arrangements (ATA) from linked savings banks
- for companies

Related Articles:
Interest-Bearing Checking Account with Low Maintaining Balance
Maintain a Savings Account to Prepare for Checking Account Opening

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