As discussed in my previous post, "Where is the best place to put your money?", the first financial vehicle a person should have is a bank account.
Your bank account should be able to shoulder your daily expenses and should also have your stand-by emergency fund. Your emergency fund should be more or less be 3x your monthly salary. The purpose of your emergency fund is for you to be able to sustain your basic needs and lifestyle for 3 months just in case you lose your main source of income.
After knowing the importance of having a bank account, next question is to which bank will you open an account.
Below is a comparison of popular banks with their corresponding accounts. It's still up to you to choose which bank you trust most.
*MADB (Monthly Average Daily Balance)
Your bank account should be able to shoulder your daily expenses and should also have your stand-by emergency fund. Your emergency fund should be more or less be 3x your monthly salary. The purpose of your emergency fund is for you to be able to sustain your basic needs and lifestyle for 3 months just in case you lose your main source of income.
After knowing the importance of having a bank account, next question is to which bank will you open an account.
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| Image courtesy of Stuart Miles / FreeDigitalPhotos.net |
Below is a comparison of popular banks with their corresponding accounts. It's still up to you to choose which bank you trust most.
Product Name | Minimum Initial Deposit | Minimum MADB* Requirement | Minimum MADB* to Earn Interest | Interest Rate per annum |
|---|---|---|---|---|
BDO Peso Passbook Savings Account (with or without ATM) | Php 5,000.00 | Php 5,000.00 | Php 5,000.00 | 0.25% |
BDO Peso ATM (without passbook) | Php 2,000.00 | Php 2,000.00 | Php 5,000.00 | 0.25% |
BDO Peso Checking Account | Php 5,000.00 | Php 5,000.00 | NA | NA |
BDO Smart Checking Account - Personal | Php 15,000.00 | Php 15,000.00 | Php 15,000.00 | 0.25% |
BPI Express Teller Savings | Php 500.00 | Php 3,000.00 | Php 5,000.00 | 0.25% |
BPI Passbook Savings | Php 10,000.00 | Php 10,000.00 | Php 25,000.00 | 0.25% |
BPI Express Teller Checking Account | Php 10,000.00 | Php 10000.00 | NA | NA |
Metrobank Passbook Savings | Php 10,000.00 | Php 10,000.00 | Php 10,000.00 | 0.25% |
Metrobank ATM Savings | Php 2,000.00 | Php 2,000.00 | Php 10,000.00 | 0.25% |
East West Passbook Savings | Php 5,000.00 | Php 5,000.00 | Php 10,000.00 | 0.25% |
East West Regular Checking | Php 5,000.00 | Php 5,000.00 | NA | NA |
Security Bank Regular Savings | Php 10,000.00 | Php 10,000.00 | Php 10,000.00 | 0.25% |
Security Bank Build Up Savings | Php 5,000.00 | Php 10,000.00 | Php 10,000.00 | 0.50% |
Security Bank Premium Build Up Savings | Php 50,000.00 | Php 50,000.00 | Php 50,000.00 | 1.00% |
Security Bank All-in-One Checking | Php 5,000.00 | Php 20,000.00 | Php 25,000.00 | 0.25% |
Site References:
BDO
BPI
Metrobank
East West Bank
Security Bank
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