LIST of Banks with No Maintaining Balance Philippines (2024)

Are you tired of bank fees eating away at your hard-earned savings? Many Filipinos are looking for ways to avoid the pesky maintaining balance requirement that traditional banks often impose. Good news! Several banks in the Philippines now offer accounts with no maintaining balance, making banking more accessible and affordable for everyone.

Why Choose a No Maintaining Balance Account?

• No Penalties: You won’t be charged if your balance falls below a certain threshold.
• Ideal for Beginners: Perfect for starting your savings journey without financial pressure.
• Financial Flexibility: Enjoy greater control over your money without worrying about hidden fees.

List of Banks with No Maintaining Balance in the Philippines (2024)

Here’s a breakdown of some popular Philippine banks offering accounts with no maintaining balance:

1. BPI (Bank of the Philippine Islands)

• Key Features: BPI offers the BPI Easy Save account, a basic savings account with no maintaining balance. It comes with a debit card for cashless transactions and online banking access.
• Pros: Wide branch network, established reputation, online and mobile banking convenience.
• Cons: Potentially higher transaction fees compared to other banks on this list.

2. Metrobank

• Key Features: Metrobank offers the M Free Debit Mastercard, a debit card account with no maintaining balance. It allows for cashless transactions, online banking, and fund transfers.
• Pros: Extensive ATM network, online and mobile banking capabilities.
• Cons: Limited features compared to traditional savings accounts. May have minimum opening deposit requirement.

3. BDO (Banco de Oro)

• Key Features: BDO offers the BDO Easy Saver account with no maintaining balance. This account comes with a debit card and online banking access.
• Pros: Largest branch and ATM network in the Philippines, wide range of features and services.
• Cons: Transaction fees might be higher compared to some competitors.

4. PNB (Philippine National Bank)

• Key Features: PNB offers the PNB Tap Mastercard account, a debit card account with no maintaining balance and no minimum deposit required. It allows for cashless transactions and basic online banking features.
• Pros: No minimum deposit, convenient for managing small amounts.
• Cons: Limited features compared to traditional savings accounts.

5. RCBC (Rizal Commercial Banking Corporation)

• Key Features: RCBC offers various savings accounts with no maintaining balance options, including the RCBC Savings Account and the RCBC MyWallet Savings Account. These accounts come with debit cards, online and mobile banking access, and varying features based on the chosen account type.
• Pros: Variety of account options to suit different needs, online and mobile banking convenience.
• Cons: Transaction fees might vary depending on the chosen account type.

6. Unionbank

• Key Features: Unionbank offers the UnionBank iSave account, a digital-first savings account with no maintaining balance and no minimum deposit. It provides online banking functionalities and virtual debit card options.
• Pros: Completely digital, convenient for tech-savvy users, no minimum deposit required.
• Cons: Limited physical branch access, may not be suitable for everyone who prefers traditional banking methods.

How to Choose the Right Bank for You

When selecting a no maintaining balance account, consider the following factors:

• Interest Rates: Compare the interest rates offered by different banks to maximize your savings.
• Online Banking Features: If you prefer to manage your finances digitally, look for banks with user-friendly online and mobile banking platforms.
• Additional Perks: Some banks offer extra benefits like discounts or rewards programs with their no maintaining balance accounts.

Things to Keep in Mind

While no maintaining balance accounts offer many advantages, be aware of these potential drawbacks:

• Limited Features: These accounts may have fewer features compared to regular savings accounts.
• Lower Interest Rates: Interest rates on these accounts might be slightly lower than those on accounts with maintaining balance requirements.

How to Open a No Maintaining Balance Account

The process is simple and similar across most banks:

1. Choose a Bank: Select the bank that best suits your needs based on the factors mentioned above.
2. Gather Requirements: Prepare the necessary documents, usually a valid ID and proof of address.
3. Visit a Branch or Apply Online: Some banks allow online applications, while others require you to visit a branch in person.
4. Complete the Application Form: Provide accurate personal and financial information.
5. Make an Initial Deposit: Most banks require a small initial deposit to activate your account.

Conclusion

No maintaining balance accounts offer a great way for Filipinos to start saving without the burden of maintaining a specific balance. By choosing the right bank and account, you can enjoy financial freedom and watch your savings grow.