Savings account is a helpful tool to save money regularly. It offers many benefits and services you may need for budgeting and financial planning. Savings account with online banking can be a powerful instrument to monitor your expenses and saving.
With online banking, you can pay your bills such as Meralco bills, phone bills, water bills, credit card bill and many more. There are really many benefits having a savings account, that’s why it is recommended to apply for one.
In order to open a savings account, visit the bank of your choice and bring the following requirements for opening a savings account. I suggest to open a savings account in a well established bank like BPI, BDO, Metrobank, PSBank, RCBC, DBP, PNB, Land Bank, Security Bank and ChinaBank.
Requirements for Opening a Savings Account
Before you can open a bank account in the Philippines, you should have the following requirements to do so. Here are those that you should have.
1. Two (2) valid and recent IDs with your name and photo (Update: As per Bangko Sentral ng Pilipinas guideline, a ONE valid photo-bearing ID is enough to open a new bank account. You can see the post here to learn more about this.) The acceptable IDs for opening a savings account can be:
- Driver’s license
- Professional Regulations Commission (PRC) ID
- National Bureau of Investigation (NBI) clearance
- Police clearance
- Postal ID
- Voter’s ID
- Barangay certification
- Government Service and Insurance System (GSIS) e-Card
- Social Security System (SSS) card
- Philhealth card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- OFW ID
- Seaman’s Book
- Alien Certification of Registration/Immigrant Certificate of Registration
- Government office ID (e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs), Certification from the National Council for the Welfare of Disabled Persons (NCWDP), Department of Social Welfare and Development (DSWD) Certification
- Other valid IDs issued by the Government
2. One (1) Photocopy of ID that you will present
3. Original billing statement and 2 photocopies of it in order to verify your address. Billing statement can be Electric bill, Telephone bill, Water bill, credit card bill, Cellphone bill etc.
4. Two (2) 1×1 latest ID picture
5. Initial Deposit for opening a new bank account that normally range from P500-10,000 depending on what bank
6. Ball pen for filling up application forms (in case there’s no pen at the bank so you’re ready)
7. A smile ( to lighten up the day)
These requirements can be changed or different from what the bank are requiring. However, these stuffs are the basic requirements that you should submit so it will be better to prepare these things before going to the bank of your choice.
Some banks also put in their website the specific requirements they are needing from their customers so it is advisable to visit their site. I’m sure you can get the real requirements there.
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