Savings accounts these days offer more than just competitive interest rates. Some also provide extra features that will not only make you financially secure but also protect you and your family from the unexpected.
If you’re looking for something more in your savings account, check out these five savings accounts and what they have to offer.
Security Bank All Access Checking Account
| Initial Deposit | 5,000 PHP |
| Minimum Maintaining Balance | 25,000 PHP |
| Average Daily Balance to Earn Interest | 100,000 PHP |
| Interest Rate Per Annum | 0.10% |
The All Access Checking Account has everything you’ll need in a savings account.
You have a savings and checking account in one, plus a passbook and ATM card that can also be used as a debit card.
Opening an account only takes a few minutes. You can do it at any Security Bank branch of your choice or do it online via the Online Account Opening page or via the Human Switch Kit.
This savings / checking account also comes with free life insurance from FWD. No medical examinations to go through – simply fill out a health declaration.
If you’re 18 to 50 years old, you can enjoy life insurance coverage of up to 3x your ADB. You can find out more about this feature here.
BPI Pamana Savings
| Initial Deposit | 25,000 PHP (Debit ATM Card)
75,000 PHP (Passbook) |
| Minimum Maintaining Balance | 25,000 PHP (Debit ATM Card)
75,000 PHP (Passbook) |
| Average Daily Balance to Earn Interest | 25,000 PHP (Debit ATM Card)
75,000 PHP (Passbook) |
| Interest Rate Per Annum | 0.250% |
The BPI Pamana Savings is also packed with features that will benefit not only you but your family as well.
You can choose to have the Debit ATM card or the Passbook, depending on whether you want 24/7 access to your account or just record-keeping and monitoring.
This savings account comes with a free life insurance with coverage of up to 3 times your average account balance.
Insurance coverage will take effect the same day you open an account. No need to pay for premiums, and no need to go for a medical check-up.
This free life insurance feature is available for individuals who are 15 to 60 years old only.
Maybank Save n Protect
| Initial Deposit | 50,000 PHP |
| Minimum Maintaining Balance | 20,000 PHP |
| Average Daily Balance to Earn Interest | 20,000 PHP |
| Interest Rate Per Annum | 0.25% |
This savings account from Maybank has a higher initial deposit of 50,000 PHP and a maintaining balance of 20,000 PHP. But a great feature that it offers is the free life insurance coverage.
You can be covered up to 2 times your previous month’s Average Daily Balance.
The maximum coverage per account is up to 1 million PHP.
For clients with multiple accounts in Maybank, the maximum insurance coverage is up to 3 million PHP.
But to enjoy the free insurance coverage, you need to maintain an ADB of 50,000 PHP.
This account also allows you to check your funds and monitor your transactions with a passbook.
Access your funds with a regional ATM card that you can use at Maybank ATMs in Brunei, Singapore, and Malaysia.
PNB Savings Bank Power Saver
| Initial Deposit | 10,000 PHP |
| Minimum Maintaining Balance | 10,000 PHP |
| Average Daily Balance to Earn Interest | 10,000 PHP |
| Interest Rate Per Annum | 0.5% |
The Power Saver Account is packed with features that will appeal to Filipinos who want savings and the protection of life insurance.
Aside from earning high interest rates, it offers free Life and Accidental Death Insurance from Allianz PNB Life and telemedicine services from Medgate.
You can avail of the 6 free telemedical calls if you have non-emergency medical concerns, like consultations or treatments.
Your free life insurance coverage is equal to your previous month’s ADB (or up to 3 million PHP), and your Accidental Death Insurance coverage can be up to 4x your previous month’s ADB.
To qualify, account holders should have a monthly ADB of 25,000 PHP.
BDO Kabayan Savings
| Initial Deposit | 100 PHP for Peso Account
100 USD for US Dollar Account |
| Minimum Maintaining Balance | No maintaining balance if you have at least 1 remittance within 2 years |
| Average Daily Balance to Earn Interest | 5,000 PHP |
| Interest Rate Per Annum | 0.25% |
If you’re an Overseas Filipino Worker, you may consider a savings account like BDO’s Kabayan Savings.
It’s the perfect savings account for those who are working abroad and will be regularly sending remittances to beneficiaries in the Philippines.
To open an account, you only need 100 PHP as an initial deposit. Send at least one remittance to the account and you can enjoy zero maintaining balance.
This savings account comes with an ATM card and passbook so you can conveniently access your funds and monitor your transactions.
You also qualify for free life and accident insurance if you’re 18 to 65 years old, have at least 6 remittance transactions, and 25,000 PHP in Average Daily Balance. You can find out more about this feature here.
Aside from the free life insurance coverage, you also earn BDO Rewards points from your savings and remittances.
Conclusion
If you’re serious about saving money and being financially prepared, these savings accounts are truly great options.
Insurance premiums are not cheap, so getting free life insurance from your savings account is like hitting two birds with one stone.
Whether you have 100 PHP or 50,000 PHP, you can have this savings account. And as long as your account meets the required maintaining balance, you and your loved ones will continue to enjoy the free life insurance coverage.
So which savings account appeals to you the most? Are you going to open one anytime soon? We’d love to know your thoughts!