6.01.2012

US Dollar Accounts with Low Maintaining Balances

Nora Tamba     6/01/2012     3


US DOLLAR SAVINGS ACCOUNTS

Here are US dollar accounts with low maintaining balances:

- MADB means Monthly Average Daily Balance, also called maintaining balance
- Dormancy means no transaction such as withdrawal, deposit or balance inquiry by the account owner
- Fee for Below MADB is charged per month, after 2 consecutive months of falling below MADB
- Dormancy fee is charged per month, after 2 years of no account deposit or withdrawal by account owner,       and if account balance is below the required minimum MADB

US DOLLAR ACCOUNTS WITH NO MAINTAINING BALANCE 

These zero-maintaining-balance accounts are usually accounts for OFWs and US Pensioners.

OFWs:

BANCO DE ORO (BDO)

BDO Kabayan Dollar Savings Account 
- Offered to OFWs and their beneficiaries. Show remittance or proof of being OFW
- available with passbook and ATM card
Minimum Initial Deposit: $100
Maintaining Balance: none, but remit at least once in a year
Balance to Earn Interest: $200
Dormancy Fee: $5

BDO Kabayan Shipping Dollar Savings Account
- Offered to Seamen employed by BDO-accredited shipping firms
- Available with passbook
- Show Seaman's Book
Minimum Initial Deposit: $10
Maintaining Balance: none, but remit at least once in a year
Balance to Earn Interest: $200
Dormancy Fee: $5

METROBANK

Metrobank OFW Dollar Savings Account
- Offered to OFW clients
Minimum Initial Deposit: None
Maintaining Balance: None, but needs at least 1 remittance in a year from abroad
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5

PHILIPPINE NATIONAL BANK (PNB)

PNB OFW Dollar Savings Account
- Available with passbook only
Minimum Initial Deposit: None
Maintaining Balance: None
Balance to Earn Interest: $1,000
Interest rate: 0.10%


US PENSIONERS:

BANCO DE ORO (BDO)

BDO Direct Deposit Dollar Savings
- Offered to US government pensioners or beneficiaries
- Transaction is limited to over-the-counter withdrawal
- Available with passbook only
Minimum Initial Deposit: None
Maintaining Balance: None
Balance to Earn Interest: $500
Dormancy Fee: $5

BANK OF PHILIPPINE ISLANDS (BPI) and BPI FAMILY BANK

BPI Direct Deposit or BPI Family Direct Deposit
- Offered to US government and military pensioners
- Pension is deposited to this account via the Automated Clearing House of the Bank of New York
- Bring proof of being a US government or military pensioner and 2 valid IDs

LAND BANK OF THE PHILIPPINES (LANDBANK)

Landbank Easy Dollar Pension
- Offered to US federal pensioners

US DOLLAR ACCOUNTS WITH MAINTAINING BALANCE OF $100

CHINABANK SAVINGS BANK

Chinabank Savings FCDU Savings
- Available with passbook
Minimum Initial Deposit: $100
Maintaining Balance:
Balance to Earn Interest: $200
Interest rate: 0.25%

CITYSTATE SAVINGS

Citystate FCDU Savings Account
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $200

LANDBANK

Landbank U.S. Dollar Savings Account
- Offered with passbook only
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $500
Interest rate:  0.15%

METROBANK

Metrobank US Pensioner
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5

Metrobank Fun Savers Club
- Offered to teens and kids younger than 18 years
- Free personal accident insurance and free educational trust benefit
- Discounts from partner stores and other businesses
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $200
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5

PHILIPPINE BUSINESS BANK

Philippine Business Bank FCDU Savings
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $500
Interest rate: 0.25%

PHILIPPINE POSTAL BANK

Postal Bank Dollar Savings Account
Minimum Initial Deposit: $100
MADB to Earn Interest: $500

PHILIPPINE TRUST CO. (PHILTRUST BANK)

Philtrust U.S. Dollar Savings 
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $500
Fee for Falling Below MADB: $1
Dormancy Fee: $1
Closure within 180 days: $5

PLANTERS BANK

Planters Bank USD Savings Account
Minimum Initial Deposit: $100
Maintaining Balance: $100
Interest Rate: 0.25%

VETERANS BANK

Veterans Regular U.S. Dollar Savings
- Available with passbook
Minimum Initial Deposit: $100
Maintaining Balance: $100
Balance to Earn Interest: $100
Interest rate: 0.25%

US DOLLAR ACCOUNTS WITH MAINTAINING BALANCE OF $200

BANCO DE ORO (BDO)

BDO Prime Savers Dollar (formerly Club 60 Dollar ) 
- Offered to individuals or couples 60 years old and above
- Tiered interest rates, higher interest rate for higher balances
- Available with passbook and ATM for individual or joint-OR account
Minimum Initial Deposit: $200
Maintaining Balance: $200
Balance to Earn Interest: $500
Fee for Falling Below MADB: $5
Dormancy Fee: $5

EASTWEST BANK

Eastwest Dollar Savings
-Available with passbook
Minimum Initial Deposit: $200
Maintaining Balance: $200
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5
Passbook replacement: 110 pesos
Account closure within 30 days: $5

PHILIPPINE NATIONAL BANK (PNB)

PNB Direct Deposit Dollar Savings Account
- Offered to US federal pensioners
- Available with passbook only
Minimum Initial Deposit: $200
Maintaining Balance: $200
Balance to Earn Interest: $1,000
Interest rate: 0.10%
Fee for Falling Below MADB: $10
Dormancy Fee: $10

US DOLLAR ACCOUNTS WITH MAINTAINING BALANCE OF $500

ASIA UNITED BANK (AUB)

AUB Preferred Dollar Savings
- Available with passbook
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest rate: 0.125%
Fee for Falling Below MADB: $1.10
Dormancy Fee: $2.20
Passbook replacement: $1.10

BANK OF COMMERCE 

BCommerce Your Dollar Savings Account
- Available with passbook
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest rate: 0.25%

BANK OF THE PHILIPPINE ISLANDS (BPI) 

BPI Dollar Savings 
- Available with ATM card only, or with Passbook and ATM card
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5

BDO UNIBANK

BDO Dollar Savings Account
- Offered with passbook and ATM card (for individual accounts)
Minimum Initial Deposit: $200
Maintaining Balance: $500
Balance to Earn Interest: $500
Fee for Falling Below MADB: $5
Dormancy Fee: $5


BPI FAMILY

BPI Dollar Savings with Passbook
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $5
Dormancy Fee: $5

CHINABANK

Chinabank US Dollar Savings
- Available with passbook
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $1,000
Interest rate: 0.25%

METROBANK

MetroDollar Savings Account
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest Rate: 0.25%
Fee for Falling Below MADB: $10
Dormancy Fee: $10

PHILIPPINE SAVINGS BANK (PSBANK)

PSBank Dollar Savings
- Available with passbook
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $500
Interest rate: 0.5%
Fee for Falling Below MADB: $6

PHILIPPINE NATIONAL BANK (PNB)

PNB Dollar Savings Account
- Available with passbook only
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $1,000
Fee for Falling Below MADB: $10
Dormancy Fee: $10

RIZAL COMMERCIAL BANKING CORP. (RCBC)

RCBC US Dollar
Minimum Initial Deposit: $500
Maintaining Balance: $500
Balance to Earn Interest: $1,000
Interest Rate: 0.25%
Fee for Falling Below MADB: $10
Dormancy Fee: $10
Closure within 30 Days: $5.50
Passbook replacement: $5

SECURITY BANK

Security Bank Dollar Savings
- Available with passbook
Minimum Initial Deposit: $500
Maintaining Balance: $500
Interest rate: 0.25%

US Dollar Accounts
US Dollar Savings Accounts

Best Foreign Exchange Rates in Metro Manila Philippines

3 comments:

Bigwas said...

PNB seems to be the best bank to open a dollar savings account deposit as it offers a zero opening deposit and zero maintaining balance.

Dava Wenya said...

Good day.

I hope you could help me. I am a Filipina. I have been to 4 banks and in all 4 I have been met with reluctance in my request to open a $ account. I have sufficient proof: valid IDs, source of income.

I am not an exporter. I will use the account to transfer my own money to pay for my future studies abroad. I am at wits end. Do you have any advice?

Nora Tamba said...

Hi Dava, try savings banks, sometimes they're more receptive. Explain to them how you're going to obtain dollars. Show receipts of remittances from abroad. One option is to open a peso account in your favorite bank, and then save a lot, a big amount, and then later on, ask that bank if you can open a dollar savings account. Tell them you have maintained a savings account with them.

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