20 savings account with NO initial deposit

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Savings account without any minimum deposit? It may take you a second look, but there are banks that lets you open a bank account without asking for any specific amount to put up as initial capital.

Savings account with zero minimum capital

Getting a bank account can be a hassle. There are documentary requirements, and then there is a need to put up the required initial deposit.

However, there are bank accounts that do not ask accountholders to deposit a certain amount in order to get the account opened. And because of that, it can be easy for Filipinos to avail of banking services.

Deposit is covered; ₱500,000 is PDIC-insured. Interest rate is subject to 20% withholding tax.

Information about each specific account may change without prior notice. It is best to do your own due diligence by reaching out to the bank or dropping by any of their branches to get the most updated and latest information.

1. AUB Preferred Peso Savings

The AUB Preferred Peso Savings is a peso-denominated savings account of the Asia United Bank (AUB). Transactions such as making a deposit or withdrawing money can be done via ATM card, over the counter with the use of a passbook, or phone customer service. All transactions are recorded on a passbook that is issued to the account-holder.

With zero initial deposit requirement, anyone can open an account. The required maintaining balance is ₱5,000 and the amount eligible earn interest ₱500,000. Interest is paid out to the account every three months.

2. AUB Starter Savings

The AUB Starter Savings is another deposit product from Asia United Bank. Aside from no minimum starting capital to open a bank account, the bank also does not require any maintaining balance. Moreover, savers only need to save at least ₱1,000 in order to earn interest.

Access to the funds are available through ATM card, as well as internet and mobile banking through the Preferred Online Banking. Records of any banking activities are kept and can be viewed digitally through the e-SOA (electronic Statement of Account).

3. BANK OF COMMERCE SIKAPPINOY OFW ACCOUNT

Bank of Commerce SIKAPPINOY OFW Account is exclusively offered to overseas Filipino workers (OFW) employed in other countries to chase their dream of a comfortable future and their families who are left behind. It is designed to cater to the needs of Pinoys working abroad or of their families and relatives. Thus, it comes with a Mastercard EMV debit card that can be used in the country or in foreign lands.

The account does not have any required starting deposit. Accountholder simply need to have a ₱5,000 to be able to qualify for interest, which is credited every month. Records are up for view through the bank’s retail internet banking.

4. BPI Padala Moneyger

The BPI Padala Moneyger is a savings account that is targeted to overseas Filipino workers and their families, or anyone who may be expecting to receive money from other countries. There is no initial deposit, no maintaining balance for as long as there are four remittances done in a year, and only ₱5,000 balance to earn interest. In addition, no fees are charged every withdrawal.

To open an account, just present a photo- and signature-bearing valid identification card and a proof of remittance. Any of the following can be offered as proof: remittance receipt (transactions from pawnshops, remittance centers, etc.), OFW contract or employment certificate or visa or work permit, bank statement showing receipt of remittance, and BPI Overseas Customer Segment referral.

5. BPI Save Up

BPI Save Up is a savings account that allow automatic fund transfer from an existing BPI deposit account. Aside from no initial deposit, the lowest maintaining balance is ₱1,000 and the balance to earn interest is ₱5,000. Because it doesn’t have any withdrawal feature, it encourages self-discipline and money management by pushing the accountholder to start the habit of saving.

There are two variants: the BPI Save Up High and Save-Up Insure. BPI Save Up High gives interest on your deposit, while Save Up Insure gives free accident and life insurance from the bancassurance unit (BPI Philam). No medical exams are asked. Coverage include 5x the MTD-ADB (month-to-date average daily balance) of up to ₱2 million, and additional 5x MTD-ADB for accidental death or accidental dismemberment.

6. CHINA BANK Overseas Kababayan Savings

The China Bank Overseas Kababayan Savings caters to Filipinos working abroad. No initial deposit, and waived minimum monthly average daily balance requirement. In order to earn interest, the balance must be ₱1,000. Records of banking transaction can be accessed using the card or monthly statement of account.

7. CHINA BANK SAVINGS Easi-Save Basic

The China Bank Savings Easi-Save Basic allows depositors to open an account without having to put up a starting capital. A ₱100 fee is charged for establishing the bank account, and the balance to earn interest is set at ₱1,000. The interest is credited every month, and the depositor has access to the records of transactions via ATM card.

To open the account, one can visit any branch of China Bank Savings, fill out the Customer Information Sheet, and submit latest 1×1 picture and original and clear copy of photo- and signature-bearing valid ID.

8. CIMB UpSave Account

The CIMB Upsave Account offers competitive interest rate on top of requiring no initial deposit, no maintaining balance, no required balance to earn interest, and no annual fees. The interest is paid out at the start of every month. And funds can be withdrawn anytime without any fees.

On top of the abovementioned benefits, the accountholder can get free life insurance which is equivalent to 1x the average daily balance and up to maximum amount of ₱250,000 for as long as the balance in the account is at least ₱5,000.

As a digital bank, CIMB allows anyone to open an account without having to visit a branch. One can open an UpSave account by downloading the app.

9. CIMB Fast Plus Account

One can open a CIMB Fast Plus Account with a breeze according to the bank’s website from either an existing Fast account or directly at the digital bank. A Visa debit card can be issued when account has at least ₱100k deposit and delivery address is confirmed. The card can be used for ATM withdrawals, point-of-sale purchases, and cashless online shopping payment.

Moreover, the account does not ask for a starting capital or any maintaining balance. One can earn interest without having to keep a certain account balance, unlike other deposit products in most banks. Further, one can withdraw funds any time without penalty.

10. DBP EC Card Account

The EC Card Account of Development Bank of the Philippines comes with an ATM card that has no initial deposit, no maintaining balance required, and only ₱500 average daily balance in order for the account to earn interest. The accountholder receives an EMV card. It can then be used for cashless transactions such as dining, online shopping, and point-of-sale (POS) purchases. Not only this, but also it can be used to withdraw money over the counter at any of the bank’s locations across the country.

11. GCash GSave Account

The GCash GSave account is a deposit product that is managed through the GCash account and CIMB digital bank. Through GCash, users can view account balance, history of transactions, and move to or from GCash wallet and account. In addition, they can also manage the account via CIMB Bank PH app. Deposit of funds is available through thousands of CIMB partners located in different parts of the country.

To get one, download the GCash app. Prepare 1 valid ID. There is no deposit required to start. Furthermore, no maintaining balance is required.

Accountholders can get utilize GCash, purchase mobile service loads, transfer or send money, open an investment account, and pay bills.

12. ING Savings account

ING Savings Account allows account opening online. Thus, one is saved from the hassle of visiting the chosen branch and waiting in line. No minimum opening balance, no maintaining balance, and no minimum balance to earn interest. Aside from the promotional rates, deposits earn an interest of 2.5% per annum. More than that there are no fees associated with transferring money from ING to other banks, although banks might assess a fee when transferring money to ING.

13. MAYBANK iSave

Maybank iSave is an online-only deposit account without any initial opening capital and without any balance to maintain in order to keep the account active. Besides, clients can withdraw their money from any ATMs located nationwide. All withdrawals do not incur any charges.

It comes with an ATM card, which will be issued with a minimum deposit of ₱1,000. The account is accessible free of charge in select countries in Asia such as Cambodia, Malaysia, and Singapore.

14. METROBANK Spark Savings Account

Metrobank Spark Savings Account is a deposit product that has no initial funds upon account opening. According to the bank’s disclosures, it is created to individuals who would like to start the “habit of saving”. Open to 7 to 21 years old, it is said to be suitable for those who are keeping a part of their income to be used to spend for a financial goal in the future.

The account’s terms and conditions state that there is a maintaining balance. Failure to keep the said required balance for two (2) consecutive months would automatically convert the account to a regular savings account with a debit card.

15. METROBANK OFW Remittance Account

Metrobank OFW Remittance Account is a savings account that comes with either a card or a passbook. It has zero initial deposit and zero maintaining balance. It is created for OFWs who are sending money through Metrobank’s affiliated remittance centers and partners abroad to their loved ones located in the country.

On the bank’s terms and conditions, this account gets converted to a regular deposit account if there is no “foreign inward” remittance for the period of 12 months.

16. PNB TAP Mastercard Account

PNB TAP Mastercard Account is a savings account with no starting capital. It also carries zero maintaining balance. Additionally, it requires at least ₱10,000 balance to earn interest. It comes with a debit card which can be used to pay wherever Mastercard and Maestro are accepted. The card can be used to view current balance, get cash through ATMs, and buy stuff from physical and online shops.

The account opening form is available for download online. Once filled out, drop by the nearest branch and present requirements. Afterwards, wait for the card to be available and then one can open an account on digital portal. Requirements for account opening include at least two government-issued valid ID cards, (if applicable) tax identification number and GSIS/SSS number, and filled-out forms.

17. RCBC iSave

RCBC iSave is a virtual deposit account. It comes with free insurance bundle that covers personal accident and hospitalization. It is easy to open as application can be quick, according to the info released by RCBC. No initial deposit and no maintaining balance. Balance to earn interest is ₱5,000.

What’s more is that the interest rate is incremental. The higher the deposit, the higher the interest rate. The interest ranges from 0.150% to 0.120% per annum. A statement of account keeps records of all transactions, while funds can be accessed either through mobile/internet banking or at any of the physical branches located nationwide.

18. UNIONBANK Savings +

UNIONBANK Savings + is a savings account that gives the accountholder coverage via free group life insurance. The insurance coverage requires no medical exam and no monthly premium payments. Proof of coverage starts after a month of at least ₱25,000 maintained in the account.

Plus, a Visa debit card is optional.

Account opening can be done through online banking. Initial deposit is zero, while maintaining average daily balance is ₱25,000 and average daily balance to earn interest is ₱100,000.

19. UNIONBANK Personal Savings Account

UNIONBANK Personal Savings Account has no starting deposit and no minimum average daily balance requirement. The acocuntholder gets access to the funds 24/7 via digital banking.

It comes with a Visa EMV debit card, which can be used at the bank’s and Visa network of ATMs here and abroad. The card may be used as payment at any establishment that accepts Visa.

Every year, ₱350 is charged against the account for the personal savings account fee. However, it is waived on the first year upon application.

Want to open an account? One can apply at any branch or through the mobile app.

20. UCPB U-remit ATM Savings Account

UCPB U-remit ATM Savings Account requires no initial deposit and maintaining balance. It can accept remittance from families who are in other countries, thus it is ideal for OFWs. When opening accounts, one of the following may be presented: Philippine Overseas Employment Agency or OFW ID, Overseas Workers Welfare Administration (OWWA) ID, overseas employment contract, overseas employment certificate within the last six months, working visa, employment pass, resident ID issued by host country, etc.

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