These days, there are many options available to Filipinos to save money. You can go to different banks and financial institutions or browse through their websites to find out which products are best for your savings goals and earning capacity.
With the many options available out there, there are still savings accounts that are traditional, easy, and no-fuss.
Check out PSBank’s different types of savings accounts if you’re looking for a quick and hassle-free way of saving.
PSBank ATM Savings
| Minimum Maintaining Balance | 2,000 PHP |
| Average Daily Balance to Earn Interest | 5,000 PHP |
| Service Fee (falling below maintaining balance | 500 PHP |
| Withdrawal fee at PSBank branches | 50 PHP for up to 100,000 PHP
100 PHP for up to 100,001 PHP and above |
With the PSBank ATM Savings account, you can bank anytime at any PSBank ATM, as well as Metrobank, BancNet, and Mastercard ATMS anywhere.
You can also pay your utility bills, loans, and credit cards, as well as do cashless shopping at merchants that accept BancNet cards.
If you’re going to use your ATM card for POS transactions, the daily limit is 20,000 PHP. But this amount can be increased depending on your spending capacity.
When you open an ATM Savings account, you get your ATM card on the spot, and you can also enroll your account in PSBank Mobile and PSBank Online on the same day.
PSBank Regular Passbook Savings
| Minimum Maintaining Balance | 5,000 PHP |
| Average Daily Balance to Earn Interest | 10,000 PHP |
| Evidence of Deposit | Passbook |
| Service Fee (falling below maintaining balance | 500 PHP |
If you think an ATM-linked savings account will defeat your purpose of saving, you can go with the PSBank Regular Passbook Savings account.
It offers fixed interest rates and a hassle-free way of checking or monitoring your transactions with the help of your passbook.
Opening an account only takes minutes at any PSBank branch, and you can immediately enroll it in the online and mobile facilities so you can do banking transactions anytime and anywhere.
PSBank Passbook with ATM
| Initial Deposit | 5,000 PHP |
| Minimum Maintaining Balance | 5,000 PHP |
| Average Daily Balance to Earn Interest | 10,000 PHP |
| Service Fee (falling below maintaining balance | 500 PHP |
| Withdrawal fee at PSBank branches | 50 PHP for up to 100,000 PHP
100 PHP for up to 100,001 PHP and above |
Aside from providing you with fixed interest rates and hassle-free banking, the PSBank Passbook with ATM Account also comes with a debit card that lets you access your funds whether you’re in the Philippines or abroad.
You can make one deposit or withdrawal transaction a day without paying for inter-regional fees.
Your account can also be enrolled in PSBank Online and PSBank Mobile so you can enjoy easy, safe, and convenient banking 24/7.
Easily track and monitor your banking transactions with your Passbook. Access your funds anytime with your ATM card, saving you the trip to your branch to make an over the counter transaction.
PSBank Dollar and Euro Savings
| Service Fee (falling below maintaining balance | 10 USD or 10 EUR |
| Service Fee (closed account within 1 month from opening) | 15 USD or 15 EUR |
| Check Clearing Charges | USD Checks – 2.50 USD
Euro and Third Currency Checks – 5 USD |
| Returned Checks | 22.50 USD |
Do you also have US Dollar or Euros that you want to put in a savings account?
The PSBank Dollar or Euro Savings is a good option to save and monitor your funds and transactions with a traditional passbook.
However, you can only open this type of account at the PSBank branch in Paseo de Roxas in Makati City.
PSBank Overseas Filipino Savings
OFWs also have the option to save their hard-earned money with the PSBank Overseas Filipino Savings Account.
There’s no initial deposit, and it comes with an ATM card that’s ready to use.
It earns fixed interest, and you can perform banking transactions anytime at any ATM in the Philippines and Mastercard ATMS in different countries.
Aside from 24/7 electronic banking facilities, bills payments, and cashless shopping, you can also deposit and withdraw cash at any branch of PSBank.
| Minimum Maintaining Balance | 1,000 PHP |
| Average Daily Balance to Earn Interest | 5,000 PHP |
| Service Fee (falling below maintaining balance | 500 PHP |
| Withdrawal fee at PSBank branches | 50 PHP for up to 100,000 PHP
100 PHP for up to 100,001 PHP and above |
How to open a PSBank Savings Account
If you wish to open your own savings account from PSBank, you need to fill out the Customer Information Sheet, as well as the Signature Card and Signing Instructions and Acknowledgement of Receipt Form.
You also need to present at least one primary ID with photo and signature, or two valid secondary IDs, also with photo and signature.
For corporate clients who wish to open a Dollar and Euro Savings account, here are the requirements for account opening:
Final Thoughts
If you want really high returns on your money, you may have to look for other savings or investment options. You will not get hundreds of thousands from the interest that your money will earn in the bank.
However, a savings account is still a quick, easy, useful albeit traditional safekeeping option for your money.
The requirements to open these savings accounts from PSBank are not a lot, and maintaining the accounts are pretty straightforward, too.
With access to online and mobile banking, you can also easily access your funds for unexpected or emergency expenses.
It’s a great option for Filipinos who just want to save money, particularly fresh graduates who are just starting their careers, or middle income earners.
Its affordable initial deposits and maintaining balance requirements are certainly attractive
So are you ready to open your own savings account with PSBank? Why or why not? Share us your thoughts in the comments!