Low initial deposit and maintaining balance are one of the things people check before opening a savings account in a bank. Some Pinoys are eager to open a savings account and start saving their money but due to high initial deposit and maintaining balance of some banks, they failed. Or choose to failed. 🙂
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Just in case you want to open a savings account and looking for banks that offer low initial deposit and maintaining balance, I did a little bit of research for you.
Savings account with low initial deposit and maintaining balance
1. BPI Easy Saver
BPI Easy Saver is a “worry-free” savings account offered by BPI. Know why? It has no maintaining balance! Yes you heard it right. Plus you can open an account with just P200. See additional features below.
EastWest Basic Savings account is the lightest savings account offering from EastWest. For an initial deposit of only P100, you can have your own EastWest Basic Savings Account. Grow it and earn interest upon reaching P500 on your deposits. See full features below (source: Eastwest bank).
Php5,000 minimum balance to earn interest 0.50% interest rate p.a.
Issuance of an Equicom Key Card that doubles as an ATM/debit card
Maximum of Php25,000.00 withdrawal per transaction and Php 50,000 withdrawal per day
4. Landbank ATM Savings account
Another savings account with low initial deposit and maintaining balance is the ATM savings account from Landbank of the Philippines. See features below.
Maybank Philippines also offers savings account with low initial deposit and maintaining balance through their value savings account. See features below.
Features
Initial Deposit: P500
Maintaining balance: P500
Balance to earn interest: P10,000
Interest rate: .25% p.a
ATM card
6. BPI Direct Express Teller Savings account
This is another low initial deposit and maintaining balance savings account provided by BPI Direct. You can link you other BPI account here via BPI online banking.
Features
Initial deposit: P500
Maintaining balance: P500
Balance to earn interest: P500
Interest rate: .500% p.a
7. China Bank Easi-Save ATM
A savings account provided by Chinabank that requires only P500 of initial and maintaining balance. See features below.
Features
Initial deposit: P500
Maintaining balance: P500
Interest rate: .75% p.a.
Documentation: Easi-Save ATM Card, Monthly Statement of Account
8. Security Bank Peso Savings Cash Link ATM Card
Last but not the least in our savings account with low initial deposit and maintaining balance is the Peso savings cash link ATM card from Security bank. If Security bank is your choise, see the feaures below.
Features
Maintaining Balance: P500 pesos
Deposit and withdraw through ATM
Balance to earn interest: P2,000 pesos
Interest Rate: 0.250% p.a.
Online Banking through Security Bank online
*Update: As Anon shared on the comment, this savings account is not available now in Security bank.
There you have it! The list of banks and their savings account above offer low initial deposit and maintaining balance. There may be other banks not listed above, if you know them please share on the comment section below.
I hope this post has been informative for you and I would like to thank you for visiting this blog. Start saving and budgeting your financesto achieve your financial goals! Cheers!
If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account. Find out how much you must keep in the account at all times to avoid or reduce fees.
With $100, you typically meet the opening balance qualifications for a broad range of institutions. Note that some savings accounts might let you open an account for as little as $100, but will require a much higher minimum balance, such as $5,000, to earn the best rate or a higher monthly balance to avoid a fee.
What Is a Minimum Deposit? A minimum deposit or initial deposit is the minimum amount of money required to open an account with a financial institution, such as a bank or brokerage firm.
-An Initial deposit is the minimum amount of money a buyer is required to put down first especially when the buyer plans to pay in bits and/or spread the payment over a period of time. The purpose of this “Deposit” is to provide assurance to the Seller that you are a serious home buyer.
Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.
The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.
An example of a minimum balance would be the amount of cash required in a bank account at a financial institution to reap a certain reward. For example, Bank ABC may charge $10 a month to keep a bank account open but if you keep a minimum balance of at least $200 in the account at all times, it will waive the $10 fee.
A low bank balance refers to a situation in which the amount of money available in a bank account is insufficient to cover expenses or meet financial obligations. It typically occurs when the account holder has spent more money than they have deposited, resulting in a negative balance.
When an individual opens a savings bank account, he/she is required to maintain the minimum balance in the account as per the bank's policy. If the minimum balance in the account is not maintained, then a penalty will be levied by the banks.
Traditional savings accounts are offered by big, national banks and typically charge a monthly maintenance fee to keep the account open. You can often get the fee waived by maintaining a minimum balance, but if your balance dips below that requirement even for a month, you'll be charged a fee.
Traditional banks may require you to keep at least a few hundred dollars in your account to avoid a monthly service fee — some banks may require upwards of $1,000.
Some accounts don't require you to make a deposit right away, but others ask that you have $25 to $100 on hand to open one. If you already have an account at a different bank or credit union, you can simply transfer money from that existing account into the new one. Otherwise, a check or cash will work.
Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.
There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
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