Best Checking Accounts In The Philippines 2023
Are you looking in the market for the best checking accounts? This article compares what universal banks in the country are offering in terms of low opening balance, low maintaining balance, and high interest rates.
What is a checking account?
Checking accounts in the Philippines are offered by banks to every Pinoy as way to easily manage their finances.
They are more than a way for easy, secure safekeeping of money. They’re convenient and accepted almost like cash as a form of payment for bills, loans, and mortgages.
Some checking accounts allow unlimited deposits and withdrawals, which are transactions that have limits in other deposit such as savings account.
They are also almost always the preferred method of payment when acquiring huge purchases and getting a loan for a house or vehicle.
Advantages of checking account
What are the benefits of a checking account?
- Checks are easier to carry around than cash.
- They’re utilized as proof of payment for bills, loans, and mortgages. Pag-ibig applications usually would require this.
- Having a checking account offers the convenience of being able to receive or spend money.
- Half a million pesos is insured by the Philippine Deposit Insurance Company. (PDIC).
- Maintaining a checking account can help you establish a good credit history.
- Some accounts would give you free monthly statements. It’s a good way to keep a record, budget, and understand your spending habits.
Disadvantages
There are also many disadvantages that come with them.
For instance, it isn’t easy to apply for one. Banks require that you have a prior clean credit history and a savings account in good standing for the past six months.
So it pays to do a bit of research by dropping by the bank or visiting their website for the latest account opening requirements.
Secondly, there are many fees such as ordering a new checkbook, falling below the maintaining balance, closing fee, dormancy fee, returned checks, bank statement reprinting, stop payment order (SPO), and others.
Lastly, your money may have low to no interest gained depending on the account that you’ve opened.
How to open a Philippine checking account
- Check the bank that you’re interested in. You may visit their website or drop by their branch to inquire about the basic steps, requirements, and documents that you need to prepare.
- Some of the banks would actually require that you have already established a good credit score and a deposit account with them that’s active for the past 6 months.
- Prepare the valid IDs and documents that are required. Check here for a list of identification cards.
- Set aside the necessary amount of money required as starting capital.
- Visit the branch and open the account.
- You’d likely be asked to come back to get your ATM cards and other bank documents.
Top Philippine checking accounts
Below is a summary of the discussion that follows.
| CHECKING ACCOUNT | BANKS |
|---|---|
| Lowest opening balance (individual) | East West,UCPB |
| Lowest opening balance (business) | BPI, DBP, Land Bank, Metrobank, Maybank, PBCom, Robinsons Bank |
| Lowest maintaining balance (individual) | East West, UCPB |
| Lowest maintaining balance (business) | BPI, DBP, Land Bank, Metrobank, Maybank, PBCom, Robinsons Bank |
| highest yield | Metrobank, BPI |
Checking account: lowest opening balance
Individual accounts
The table below shows low starting capital for individual checking account. The checking accounts with the lowest opening balance in the Philippines are East West Basic Checking Account and the UCPB CheckStarter. You can open these accounts for only ₱1,000.
You may also click on the link that’s going to lead you to the website with the information.
| BANK | CHECKING ACCOUNT | OPEN | MAINTAINING |
|---|---|---|---|
| East West | Basic Checking | 5,000.00 | 5,000.00 |
| East West | ChequeMax | 20,000.00 | 20,000.00 |
| UCPB/Landbank | CheckStarter | 1,000.00 | 1,000.00 |
| Bank of Commerce | Checking Account | 5,000.00 | 5,000.00 |
| Bank of Commerce | Complete Checking Account | 25,000.00 | 25,000.00 |
| BDO | Peso Checking | 5,000.00 | 15,000.00 |
| BDO | Smart Checking (Passbook) | 25,000.00 | 25,000.00 |
| BDO | Smart Checking (Statement) | 15,000.00 | 15,000.00 |
| Chinabank | Easi-Checking Basic | 3,000.00 | 3,000.00 |
| Chinabank | Easi-Checking | 5,000.00 | 5,000.00 |
| Chinabank | CheckMate | 5,000.00 | 20,000.00 |
| DBP | Current Account | 5,000.00 | 5,000.00 |
| East West | Regular Checking | 5,000.00 | 20,000.00 |
| Land Bank | Regular Current Account | 5,000.00 | 5,000.00 |
| PBCom | Regular Checking | 10,000.00 | 10,000.00 |
| PBCom | Budget Checking | 5,000.00 | 5,000.00 |
| PNB | Regular Checking | 10,000.00 | 10,000.00 |
| PNB | Priority Checking | 25,000.00 | 25,000.00 |
| Robinsons Bank | Regular Checking | 5,000.00 | 5,000.00 |
| Security Bank | Easy | 5,000.00 | 5,000.00 |
| Security Bank | All Access | 5,000.00 | 25,000.00 |
| BPI | Regular Checking | 10,000.00 | 10,000.00 |
| Land Bank | PESO Easy | 10,000.00 | 10,000.00 |
| Maybank | Classic Checking Account | 10,000.00 | 10,000.00 |
| Metrobank | Regular Checking | 10,000.00 | 10,000.00 |
| Metrobank | AccountOne | 25,000.00 | 25,000.00 |
| PBCom | Choice Saver Account | 10,000.00 | 10,000.00 |
| RCBC | Basic Checking* | 10,000.00 | 10,000.00 |
| Unionbank | Regular Checking Account* | 10,000.00 | 10,000.00 |
| BDO | Smart Checking (Statement) | 15,000.00 | 15,000.00 |
| Chinatrust | Peso Checking | 15,000.00 | |
| Bank of Commerce | Complete Checking Account | 25,000.00 | |
| BDO | Smart Checking (Passbook) | 25,000.00 | 25,000.00 |
| BPI | Maxi One | 25,000.00 | 25,000.00 |
| RCBC | OneAccount | 10,000.00 | 10,000.00 |
| RCBC | Dragon Peso | 25,000.00 | 25,000.00 |
| RCBC | eWoman Checking | 35,000.00 | 35,000.00 |
| Unionbank | Power Checking Account* | 100,000.00 | 100,000.00 |
| Unionbank | Premium Deposit Account* | 500,000.00 | 500,000.00 |
Checking account: lowest maintaining balance
Another factor to consider when opening a new account is the maintaining balance, and that’s because most banks would charge extra fee when your money falls below a certain level. Some of these fees can have huge impact on your savings because they’re taken from your account each month.
Individual accounts
For individual accounts, East West and UCPB still lead the pack with the lowest maintaining balance of only ₱1,000.
| BANK | HYPERLINK | OPEN | MAINTAINING |
|---|---|---|---|
| East West | Basic Checking | 1,000.00 | 1,000.00 |
| UCPB | CheckStarter | 1,000.00 | 1,000.00 |
| BDO | Peso Checking | 5,000.00 | 5,000.00 |
| Chinabank | Easi-Checking Basic | 3,000.00 | 3,000.00 |
| Chinabank | Easi-Checking | 5,000.00 | 5,000.00 |
| Chinabank | CheckMate | 5,000.00 | 20,000.00 |
| DBP | Current Account | 5,000.00 | 5,000.00 |
| DBP | Interest Earning | 10,000.00 | 10,000.00 |
| Land Bank | Regular Current Account | 5,000.00 | 5,000.00 |
| PBCom | Regular Checking | 10,000.00 | 10,000.00 |
| Robinsons Bank | Regular Checking | 5,000.00 | 5,000.00 |
| Security Bank | Easy | 5,000.00 | 10,000.00 |
| Security Bank | All Access | 5,000.00 | 25,000.00 |
| Maybank | Classic Checking Account | 10,000.00 | 10,000.00 |
| BPI | Regular Checking | 10,000.00 | 10,000.00 |
| Land Bank | PESO Easy | 10,000.00 | 10,000.00 |
| Metrobank | Regular Checking | 10,000.00 | 10,000.00 |
| PBCom | Choice Saver Account | 5,000.00 | 10,000.00 |
| PNB | Budget Checking | 5,000.00 | 5,000.00 |
| Unionbank | Regular Checking Account | 10,000.00 | 10,000.00 |
| BDO | Peso Checking | 5,000.00 | Not Applicable |
| East West | Regular Checking | 5,000.00 | 20,000.00 |
| BDO | Smart Checking (Passbook) | 25,000.00 | 25,000.00 |
| BPI | Maxi One | 25,000.00 | 25,000.00 |
| PNB | Priority Checking | 25,000.00 | 25,000.00 |
| RCBC | OneAccount | 25,000.00 | 25,000.00 |
| RCBC | Dragon Peso | 25,000.00 | 25,000.00 |
| RCBC | eWoman Checking | 35,000.00 | 35,000.00 |
| Unionbank | Power Checking Account | 100,000.00 | 100,000.00 |
| Unionbank | Premium Deposit Account | 500,000.00 | 500,000.00 |
| Bank of Commerce | Checking Account | 5,000.00 | Not Applicable |
| Bank of Commerce | Complete Checking Account | 50,000.00 | Based on prevailing interest rate |
| Chinatrust | Peso Checking | 15,000.00 |
Business accounts
For business checking accounts with lowest maintaining balance, the same banks are on top of the list. BPI, DBP, Land Bank, Metrobank, Maybank, PBCom, and Robinsons Bank all require at least ₱10,000 to remain on the account to avoid any charges, if there are any.
| BANK | HYPERLINK | OPEN | MAINTAINING |
|---|---|---|---|
| BPI | Business Checking | 10,000.00 | 10,000.00 |
| DBP | Current Account | 10,000.00 | 10,000.00 |
| DBP | Interest Earning | 25,000.00 | 25,000.00 |
| Land Bank | Regular Current Account | 10,000.00 | 10,000.00 |
| BPI | BizLink | 10,000.00 | 10,000.00 |
| Metrobank | Commercial Checking | 10,000.00 | 10,000.00 |
| Maybank | Classic Checking Account | 10,000.00 | 10,000.00 |
| Robinsons Bank | Regular Checking | 10,000.00 | 10,000.00 |
| East West | Regular Checking | 20,000.00 | 50,000.00 |
| Land Bank of the Philippines | PESO Easy | 20,000.00 | 20,000.00 |
| UCPB | Checking Account | 20,000.00 | 20,000.00 |
| BDO | Smart Checking (Statement) | 25,000.00 | 25,000.00 |
| UCPB | Multi-One | 40,000.00 | 40,000.00 |
| BDO | Smart Checking (Passbook) | 50,000.00 | 50,000.00 |
| BPI | Maxi One (statement) | 50,000.00 | 50,000.00 |
| Metrobank | AccountOne Commercial | 50,000.00 | 50,000.00 |
| BPI | Maxi One (passbook) | 500,000.00 | 500,000.00 |
| AUB | Preferred Peso Checking | – | 10,000.00 |
| Chinatrust | Peso Checking | 25,000.00 | – |
| Bank of Commerce | Checking Account | 10,000.00 | |
| Bank of Commerce | Complete Checking Account | 50,000.00 | |
| Chinabank | ChinaCheck Plus | 5,000.00 | 50,000.00 |
| Security Bank | Business Plus | 5,000.00 | 50,000.00 |
| PB Com | Choice Saver Account | 15,000.00 | 25,000.00 |
Checking account with the best interest
The last comparison is going to be on checking accounts with the best interest. What I’ve noticed is that those that have low starting and maintaining balance generally are non-interest bearing. Some accounts offered tiered interest. The higher the balance is on the account, the higher the interest that is earned.
The table below combines both individual and business accounts. Metrobank and BPI are the leading banks offering 0.25% interest every year for checking accounts between ₱15,000 and ₱50,000.
| BANK | CHECKING ACCOUNT | BALANCE TO EARN INTEREST | INTEREST |
|---|---|---|---|
| Metrobank | Metrobank AccountOne | 50,000.00 | 0.0625% |
| BPI | Maxi One | 25,000.00 | 0.0625% for P25,000 to P999,999 0.0925% for P1,000,000 and above |
| RCBC | RCBC OneAccount | Depends on plan type | 0.15 to 3.375% |
| RCBC | Dragon Checking | 25,000.00 | 0.15 to 0.45% |
| RCBC | eWoman Checking | 35,000.00 | None |
| Chinabank | CheckMate | 20,000.00 | 0.125% |
| Chinatrust | Peso Checking | 50,000.00 | 0.125% |
| East West | Regular Checking | 5,000.00 | Not Applicable |
| East West | ChequeMax | 20,000 | 0.125% |
| Chinatrust | Peso Checking | 100,000.00 | 0.125% |
| AUB | Preferred Peso Checking | 500,000.00 | 0.125% |
| DBP | Current Account | 10,000.00 | 0.100% |
| Land Bank | PESO Easy | 10,000.00 | 0.100% |
| DBP | Current Account | 25,000.00 | 0.100% |
| PBCom | Regular Checking | 25,000.00 | 0.10 to 0.15% |
| PNB | Priority Checking | 25,000.00 | 0.100% |
| Security Bank | Easy | 100,000.00 | 0.05% |
| Security Bank | All Access | 100,000.00 | 0.0625% |
You may see that on the table, there are products that have unspecified interest rates.
How much can you earn when opening a checking account?
So you might wonder how your money would grow over time when you put it in a checking account? Here is a table that estimates the earnings through varying interests on a one-time deposit of ₱1 million in 10 years. The interests, as stated in the table below, are based on the previous data which ranges from from 0.10% to 0.25%.
The values that you see here already include the 20% tax on the interest.
| YEAR | 0.10% | 0.125% | 0.15% | 0.25% |
|---|---|---|---|---|
| 1 | 1,000,800 | 1,001,000 | 1,001,200 | 1,002,000 |
| 2 | 1,001,601 | 1,002,001 | 1,002,401 | 1,004,004 |
| 3 | 1,002,402 | 1,003,003 | 1,003,604 | 1,006,012 |
| 4 | 1,003,204 | 1,004,006 | 1,004,809 | 1,008,024 |
| 5 | 1,004,006 | 1,005,010 | 1,006,014 | 1,010,040 |
| 6 | 1,004,810 | 1,006,015 | 1,007,222 | 1,012,060 |
| 7 | 1,005,613 | 1,007,021 | 1,008,430 | 1,014,084 |
| 8 | 1,006,418 | 1,008,028 | 1,009,640 | 1,016,112 |
| 9 | 1,007,223 | 1,009,036 | 1,010,852 | 1,018,145 |
| 10 | 1,008,029 | 1,010,045 | 1,012,065 | 1,020,181 |
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