Best Savings Account, Philippines

What's the best savings account in the Philippines?

We will have different answers and most of us will all be correct.

It's because "the best" means which savings account will fulfill our needs and which gives us the most convenience.

For me, the best savings accounts are: BPI Family atm savings account and BDO atm savings account. 

For OFWs, it could be the OFW account offered by BDO, BPI, PNB, Metrobank, RCBC, or Landbank.

For others, it could be the UnionBank Eon, their payroll account, or the account offered by the bank nearest their residence or work, or the bank that granted them a bank loan.

For college students or new employees, it could be the BPI KAYA savings account.

So the best savings account really depends on what fulfills best our banking needs.


Why do I say that the BPI Family and BDO atm savings accounts are the two best savings accounts?

My reasons:
1.  There are BPI and BDO ATMs near our house and in the places I frequently go to.
2.  I can deposit anytime using BPI Cash Deposit machines.
     BDO has Cash Accept machines too, although only a few are accessible for 24 hours.
3.  BPI and BDO have good online banking systems and mobile banking apps.
         Most online transactions are FREE.
4.  I can get my US dollar payments at my BDO branch in US dollars.
5.  The maintaining balance requirements are low:
            1,000 pesos for the BPI Family atm savings account
            2,000 pesos for the BDO atm savings account
6.  If I need to transfer money online to an account in another local bank, or to a BDO partner for cash pick-up, I can use the BDO Send Money feature
7.  Most of the people that I deal with also have BPI and BDO accounts, so it's easy for us to transfer money online.
8.  BPI and BDO have branches inside the malls that I go to.
9.  BPI and BDO have branches near Czarina and Sanry's where I usually exchange US dollars.
      BDO has a branch near Xchange Forex, which also gives competitive exchange rates.
10. BDO gives BDO Rewards points to banking transactions.
11.  Bank ranking is not my most important reason, as many commercial/universal/thrift banks in the Philippines are stable, but it's an added bonus to know that BDO is the biggest bank and BPI is among the Top 3, usually the 2nd or 3rd biggest.
Obviously, their huge size enables them to operate many branches and ATMs nationwide and to offer services like cash deposit machines and fast online banking services.

Tips for managing your savings account:

1.  Do not withdraw your maintaining balance.

2.  If possible, withdraw only at your bank's ATMs to avoid ATM service fee deductions.

3.  Create a PIN related to a memorable event in your life,
        so you won't forget.
     -- A PIN easy for you to remember,
         but difficult for others to guess.

   I use a PIN which is the number of the apartment near Taft Ave. where I stayed as a college student many years ago. Until today, I can visualize in my mind that graying wooden door and its number.

4.  Keep in mind your last savings account balance, so it will be easy for you to notice when there is a  questionable withdrawal or deduction.

Related posts:
OFW accounts
Kiddie accounts
Student accounts