One good place where to save money is through having a savings account. It is easy to own an account as long as you have the complete requirements for application and of course you have money for initial deposit.
Overview of Security Bank
Security Bank Corporation or commonly known as Security Bank is one of the major commercial banks in the Philippines. It is a public company included in Philippine Stock Exchange (PSE) with a trading symbol of SECB.
The bank was established in 1951 at Manila, Philippines after the World War II. In 1960, SBC started to expand outside Metro Manila and begun operations in Pampanga.
Some of the products and services of Security Bank for its customers are savings account, checking account, e-Banking, time deposits, prepaid and debit cards, credit cards, gift cards, collection services, and disbursement facilities.
Features of Security Bank Savings Account
In general, a savings account has several benefits for its account holders. Interest rate is the most important consideration when choosing a savings account. Some of the types of savings account at SBC can be seen below.
1. Peso Savings Account with Cash Link ATM Card
The interest rate for this kind of account is 0.50% per year with a maintaining balance of P500. You can make direct deposits and withdrawals using the CashLink ATM Card.
2. Peso Savings Passbook Account
Interest rate for this account is 0.5% per year with a maintaining balance of P10,000. You can make deposits and withdrawals over the counter using your passbook during banking hours.
3. Build-up Savings
This type of account gives higher interest rate, allows you to deposit anytime and you can withdraw up to three times in a quarter. Interest rate is 1.75% per year and maintaining balance of P5,000.
4. Dollar Savings
If you are looking for a dollar savings account, this account will fit to you. You can deposit and withdraw money in US Dollar over the counter using your passbook. The interest rate is 0.25% per year with maintaining balance of $500.
5. Investment Savings
A savings account with a fixed term investment account. You can withdraw the deposit on maturity date by redeeming the certificate. The interest rate for this account depends on the market rate. The maintaining balance is P50,000 for provinces and P100,000 in Metro Manila.
6. eSecure Savings Account
This account is an online savings account that can only be opened and accessed through Security Bank Online. Interest rates are higher than a regular savings account that depends on the marker rate rate starting at P5,000 with a maintaining balance of P500.
Procedures in Opening a Savings Account at Security Bank
Basically, applying for a savings account is not complicated, it is a simple process. Before going to the bank, you should have the complete requirements like valid IDs, proof of address, and two 1×1 photo.
Upon arrival at the bank, you can directly proceed to the new account desk where all new applicants will be entertained. Fill out all application forms including the signature cards that will be given to you. Make sure to supply all required information. After finishing the forms, submit it to the bank officer together with the initial deposit of your account for checking and approval.
Security Bank is one of the largest banks in the Philippines with a wide networks of branches and ATMs. It is a good bank you can choose to open a new savings account. Applying a bank account is not difficult as long as you have the necessary documents and enough money when opening an account.