Receiving your salary from your first job is truly an incredible feeling. The sense of pride and accomplishment will make you want to splurge on yourself for your hard work and on your loved ones for helping you reach this point in your life.
But you don’t need to spend your entire salary every time to reward yourself or to show your gratitude. After all, there are bills to pay and things to save up for.
If you’re working to save money for your short-term or long-term goals, you’re on the right track.
This is the best time to put your hard-earned money into a savings account. Your money will earn interest over time, and your money will also be insured. Plus it’s so easy to open a savings account!
But even if savings accounts are easy to have and maintain, there are also some things that you should consider before you choose and open one.
Convenience and Accessibility
The most important thing to consider is which bank you’re going to open your savings account with.
It should meet your need for convenience and accessibility. There should be ATMs nearby (preferably ATMs that are not always offline), and the bank should be available wherever you are in the Philippines.
Their customer service line should be easily accessible, and there should be other ways to contact the bank for your concerns.
It’s also a huge plus if you can enrol your account in online or mobile banking so you can do your banking transactions 24/7.
Minimum Initial Deposits
Some banks don’t require an initial deposit, making it possible for everyone to open a savings account. All you need to do is visit the bank, fill out some forms, and present valid IDs.
There are also banks that have initial deposits ranging anywhere between 100 PHP to 5,000 PHP. That’s okay, too, because that money is still yours and will just be sitting in your account and earning interest.
Interest Rates, Fees, and Charges
Banks don’t usually offer very high interest rates. But if you will be safekeeping your money for the time being, it’s best to do it with a bank that offers higher interest rates.
Review the fees that you may need to pay, like withdrawal fees or charges when you transfer funds or fall below the maintaining balance.
The more you pay for these fees and charges, the more it will likely reduce the money in your savings account.
Here are some of the savings accounts being offered by the leading banks in the Philippines which would be perfect for first jobbers like you:
| Bank | Initial Deposit / Maintaining Balance | Interest Rate Per Annum |
| AUB Preferred Peso Savings | No initial deposit / 5,000 PHP | 0.125% |
| China Bank Savings Easi-Save Basic | No initial deposit / no maintaining balance | 0.25% |
| Maybank iSave Savings Account | No initial deposit / no maintaining balance | 0.25% |
| ING Savings Account | No initial deposit / no maintaining balance | 2.50% |
| EastWest Basic Savings | 100 PHP / 100 PHP | 0.125% |
| BPI Kaya Savings | 200 PHP / no maintaining balance | 0.25% |
| Equicom ATM Savings Account | 2,000 PHP / 2,000 PHP | 0.50% |
| BDO ATM Savings | 2,000 PHP / 2,000 PHP | 0.25% |
| Metrobank Debit / ATM Card Savings | 2,000 PHP / 2,000 PHP | 0.25% |
| PNB Debit Savings | 3,000 PHP / 3,000 PHP | .10% |
AUB Preferred Peso Savings
This savings account from AUB allows you to make deposits and withdrawals at AUB branches with your passbook or ATM card or through via Phone Banking.
There is no initial deposit when you open an account, but there is a 5,000 PHP maintaining balance.
Interest rate is 0.125% per annum, and the interest earning balance is 500,000 PHP.
China Bank Savings Easi-Save Basic
Another ideal savings account for first jobbers that earns interest is the China Bank Easi-Save Basic.
There’s no initial deposit or maintaining balance requirement. You only need to pay an account-opening fee of 100 PHP.
Interest rate is 0.25% per annum, and you must have at least 1,000 PHP in your account to earn interest.
Maybank iSave Savings Account
It’s an online-only account that will be perfect for those who don’t like going to the bank just to do their banking transactions.
Application forms and documentary requirements will be submitted through the Maybank2U PH app.
There’s no initial deposit, and there’s no maintaining balance. But if you have at least 20,000 PHP in your account, you can earn 0.25% interest per annum.
Aside from this, you can also withdraw from any ATM in the Philippines and in Cambodia, Singapore, and Malaysia free of charge.
You can bank online through the Maybank2U app and make interbank fund transfers from other banks or through GCash.
To fund your iSave account, make an over-the-counter deposit at Maybank branches. There are also deposit outlets like 7-Eleven, Tambunting Pawnshop and many others. Check the full list here.
If you want to get an ATM card, a one-time deposit of 1,000 PHP is required. Once the deposit is made, you will receive your ATM card with the PIN mailer within 10 banking days.
Verified iSave accounts have a deposit limit of 100,000 PHP.
ING Savings Account
Just like the Maybank iSave Account, the ING Savings Account has a fully digital account opening process.
Simply open an account via the ING mobile app. No need to queue up at the bank or sign forms. No account opening fees, no initial deposits, and no maintaining balance as well.
Accounts opened from February 2020 and have an Available Daily Balance of less than or equal to 10 million PHP will enjoy an interest rate of 2.50%.
Any additional balance more than 10 million PHP will earn 1% interest rate.
Do note that these interest rates may change depending on prevailing market conditions.
EastWest Basic Savings
If you wish to open a savings account in EastWest Bank, their Basic Savings Account is a great option for fresh graduates or first jobbers.
For just 100 PHP initial deposit, you can already have a savings account that will earn 0.125% per annum. And you only need to have a balance of 500 PHP in your account to start earning interest.
This savings account comes with a debit card that you can use to shop online or pay for purchases in stores here and abroad.
You also enjoy access to EastWest Online for your online banking transactions and receive electronic statements for easy tracking of your account.
BPI Kaya Savings
With the BPI Kaya Savings, you don’t need to worry about your savings options. Open an account for as low as 200 PHP.
There is no maintaining balance for Kaya Savings, but you need to have at least 1,000 PHP in your account for it to earn interest, which is 0.25% per annum.
Equicom ATM Savings Account
This ATM savings account from Equicom requires 2,000 PHP as maintaining balance.
If you want to start earning the 0.50% interest rate per annum, you should have at least 5,000 PHP in funds.
That’s still manageable for someone who’s just starting out with their jobs, especially if you will skip the mocha frappes or the weekend lunch buffets with your friends.
When you open an ATM Savings Account, you will be issued an Equicom Key Card, which also works as an ATM and debit card.
You also have the option to enroll your account to Equicom Internet and Mobile Banking facilities.
Per transaction, you can withdraw up to 25,000 PHP. The daily maximum withdrawal limit is 50,000 PHP.
BDO ATM Savings
This savings account from BDO is designed for single professionals who want the ease of a debit card and the convenience of a savings account linked to an ATM card.
An initial deposit of 2,000 PHP is required, and you can start earning the interest rate of .25% with a balance of 5,000 PHP.
Your BDO Debit and ATM card can be used for shopping, dining, paying bills, and transferring funds via BDO Online.
Metrobank Regular Debit / ATM Card Savings
You can open a Metrobank savings account and get a debit/ATM card for just an initial deposit of 2,000 PHP.
Earn an interest rate of 0.25% per annum with an account balance of 10,000 PHP.
You can use your Metrobank Debit ATM card for bills payments, account settlements, and load purchases as well.
PNB Debit Savings
Experience the convenience of saving with the Debit Savings Account from PNB and get your very own Debit Mastercard.
You can use it to pay accredited Mastercard merchants and withdraw from more than 2 million ATMs in the world.
An initial deposit of 3,000 PHP is required when you open an account.
The maintaining balance is also 3,000 PHP, and you need to have 10,000 PHP in funds to start earning interest.
Conclusion
A savings account will not yield a significant amount of money in interest. However, it’s a good way to keep your money in a safe place that will let it grow slowly but surely.
You don’t need a huge salary to consider opening a savings account. And it doesn’t matter if you put away hundreds or thousands to your savings account.
The important thing is that you save diligently and consistently. Even a few hundred pesos is a great start.
With your hard work, discipline, and effort, that money will only keep growing. And the earlier you do it, the better.
Which savings account appeals to you the most? Do you already have a savings account in one of these banks? Share us your thoughts in the comments!