6.21.2016

Savings Accounts with Low Maintaining Balance Requirements

By Nora
You need to maintain a certain minimum amount in your bank account so that your bank will continue to manage your account. This certain minimum is called Maintaining Balance.

Maintaining Balance is also called Monthly Average Daily Balance (MADB).

If you fail to maintain your MADB for 2 consecutive months (dalawang magkasunod na buwan), your account will be deducted with 300 pesos to 500 pesos at the end of the second month. The deduction will continue from month to month until you are able to maintain your ADB for the month.


Here are Bank Savings Accounts Requiring an MADB of Only 500 Pesos:


LANDBANK 

Savings Account with ATM Access
Maintaining Balance: 500 pesos
Required daily balance to earn interest: 500 pesos
Maximum Withdrawal Amount Per day: 50,000 pesos

BANK  Of  COMMERCE

ATM Savings
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 500 pesos
Interest credited monthly

MAYBANK

Value Savings Account
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 10,000 pesos
ATM card can be used at any Maybank ATMs
      in Malaysia, Singapore and Brunei

RCBC SAVINGS BANK

Basic Savings Account with ATM Card
Maintaining Balance: 500 pesos
MADB to Earn Interest: 25,000.00 pesos
Dormancy Fee: 500 pesos
Below MADB Fee: 500 pesos
Early Closure Fee: 500 pesos

DBP   Development Bank of the Philippines

Peso ATM or Passbook Account
Maintaining Balance: 500 pesos
Minimum ADB to earn interest: 500 pesos

CITYSTATE  SAVINGS

Peso Passbook Savings Account with ATM Card 
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 1,000 pesos
Interest credited monthly

Peso ATM Savings Account
Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos
Interest credited monthly

BANK OF MAKATI

Regular Savings Account
Maintaining balance: 500 pesos
Min ADB to earn interest: 1,000 pesos

Power Build-Up Savings Account
Maintaining balance: 500 pesos
You earn interest if you withdraw only up to 2 times a month.

*For both accounts, a service fee of 50 pesos per month is charged if you fall below the required ADB

POSTAL BANK   Philippine Postal Savings Bank

Peso Passbook Savings Account
Maintaining Balance: 500 pesos
Minimum ADB to Earn Interest: 1,000 pesos
Interest compounded monthly, credited quarterly

PostalCash ATM Account
Maintaining Balance: 500 pesos
Minimum ADB to Earn Interest: 1,000 pesos
Interest compounded monthly, credited quarterly

Savings Accounts with an MADB of Only 1,000 Pesos:


BPI FAMILY SAVINGS BANK

Express Teller Savings
Maintaining Balance: 1,000 pesos
Min Amount to Earn interest: 3,000 pesos

CHINABANK Savings (CBS)

Easi-Save ATM Account
Opening Balance: 500 Pesos
Minimum ADB to earn interest: 1,000 pesos

Easi-Save Passbook
Opening Balance: 500 Pesos
Minimum ADB to earn interest: 1,000 pesos
Service charge if you close within 90 days: 200 pesos

BANK of COMMERCE

Passbook Savings Account
Maintaining balance: 1,000 pesos
Minimum ADB to earn interest: 1,000 pesos

PHILIPPINE VETERANS BANK

Regular Peso Savings for Non-Veterans
Maintaining balance: 1,000 pesos
Minimum ADB to earn Interest: 10,000 pesos
Choice of passbook and/or ATM

PHILIPPINE BUSINESS BANK

Passbook Savings Account
Maintaining Balance: 1,000 pesos
Minimum ADB to Earn Interest: 1,000 pesos


Common basic requirements in opening a bank savings account:

2 valid IDs
2 one-by-one ID pictures
Tax Identification Number
Plus
Proof of home address
     (Some banks require this. If you have a Meralco, PLDT, Globe, Smart or other utility bill in your name, bring it in case it's required.)

For Students:
Latest School ID (with photo, signed by school head)
Birth Certificate

For In-Trust-For (ITF) Accounts (for kids who cannot yet sign):
Birth certificate
School ID (with photo and school head's signature)
Parent needs to present valid ID

Remember, if your account is ATM-based, and you do not have a passbook,
most banks require you to withdraw only through the ATM.
You’ll pay a fee if you withdraw over the counter.

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