It is common in our society to think na mayaman at negosyante lang ang nag-oopen ng bank account sa Pilipinas. Ayan din ang kinalakihan kong mentality. So when I was a teenager, life goals ko rin talaga magkaron ng bank account at talaga naman pinush ko yun. I remembered, Landbank was my first bank and I had no ideas bakit doon ako nag open back in the 90s days. My mother was also not a fan of savings because she always prioritize shopping. Haha! But whenever I get that bank account, I also end up closing it because of the high maintaining balance requirement. It usually ranges from Php2,000 up to Php10,000- depends on what kind of account you have.
So here's a really awesome news! Opening a bank account in the Philippines just got easier!
The Bangko Sentral ng Pilipinas recently approved (just this January 2108) the Basic Deposit Account framework which has much simpler requirements for initial bank depositors. You can now open a basic bank account even with lower than Php100 initial deposit with no maintaining balance and no dormancy charge. Finally, naisip na rin ito ng ating gobyerno! 👏🏻
In hopes of the BSP to encourage more Filipinos to engage in savings especially those of the mass people, it is now made easier for them to open an account and more opportunities & options as well when it comes to savings. It is also intended to encourage young people to save as early as possible so that they can develop a stronger financial management system within themselves. In addition, to protect all parties from fraud, abuse, and money laundering, the basic bank accounts have a limit of Php50,000 per deposit accounts only.
As of now, Bank of the Philippine Island, Banco De Oro, Eastwest Bank and Metrobank are the ones that are offering the said product. I'm not sure yet if other banks have it as well na. You can check them via their website or visit the nearest branch near you.
PRO TIP:
✔️I am a fan of Eastwest bank's ATM card because it's super nice, it's mint green in color and has that glitz and shine. Very unique and stylish. Downside on the other hand, you can check your balance online via their website but won't be able to make online transactions pa yata and they don't have the application for IOS and Android just yet. But according to my brother-in-law who's a branch manager, they're working on the app na.
✔️BDO and BPI has the ATM machines everywhere and available online & phone banking 24/7. They even have the app years ago pa. Convenient for emergency uses. But I think it is their strategy to make the business rolling. If you see ATMs everywhere, the tendency would be for you to withdraw more often and make more shopping spree online because of impulsive purchases. That means instead of you saving up that hard earned money would only lead to more accessible and convenient way to spend it. Iba kasi yung way of thinking mo if you are holding the money in actual and in reality, on your own hands, mas mahirap sya bitawan and magdadalawang isip ka pa. Unlike if nasa bank account mo lang, all you can see are figures so it is less likely you care much about that figures you seen on the computer screens.
✔️It is always always wiser to go for a passbook savings account than the ATM ones if you're really serious of saving up because in that way you will not have the easy access to withdraw the money. Imagine yourself standing on a long queue line parang lang makawithdraw sa hindi naman urgent needs. So you'll end up with laziness and your money will end up being held in the bank. Nakatpid tips ka.
So there you go, it's just another piece of my two cents. Hope I had shared something para sa ekonomiya natin lahat! LOL
xoxo
