Owning a savings account in the Philippines is not hard to do. In fact, it is easy to open a new savings account once you have the proper requirements and enough money for initial deposit of your account.
There are many banks offering a low initial deposit particularly if you are applying for ATM savings account. Each bank has its own requirements for initial deposit and maintaining balance so you may check it through their website.
Overview of UCPB Bank
If you are thinking where to apply for a savings account, I suggest you consider UCPB. United Coconut Planters Bank or UCPB for short is a universal bank in the Philippines. It belongs to the top twenty banks in the country in terms of assets. UCPB is a private company, meaning, it is not included in Philippine Stock Exchange. Currently, its main office is located in Makati City, Philippines.
UCPB begun its operation on May 15, 1963 as First United Bank. It has only four branches at that time and was a small commercial bank. In the beginning, UCPB mostly served the coconut planters in the archipelago but as the time goes on, they got clients from different walks of life.
Features of UCPB Savings Account
Basically, a savings account should provide benefits for its owner, otherwise, it is better to save money in your piggy bank. You can see below some of the features and benefits you can get from having a savings account at UCPB.
1. Withdraw your money anytime through 24/7 ATM service
2. Free UCPB ATM card upon request
3. Easy access and monitoring of account balance via online statement of accounts
4. Checking account convenience via Automatic Transfer Arrangement (ATA)
5. Cash balance in your savings account is eligible as collateral for back-to-back loans
6. Deposits up to P500,000 are insured with PDIC
Requirements for Opening a Savings Account at UCPB
Take note that for walk-in applicants, the original and photocopy of the required documents (front and back) should be presented to the bank officer for checking and verification. The following documents are the ones that can be seen in UCPB’s own website.
I. Individual Account
1. Current and previous month’s billing statements of at least one (1) utility or service company
For example, Meralco, PLDT, Bayan Tel, Home/Sky Cable, Maynilad/Manila Waters, Visa/MasterCard credit cards, etc.) where the name and address or telephone number of the applicant is indicated
2. One recent color ID picture at least 1″x1″ in size
3. Any one (1) of the following:
a. Current passport
b. Driver’s license together with official receipt
c. In the absence of a passport or driver’s license, any two (2) of the following without alterations or erasures shall be required in addition to the utilities or service company billings:
- Company ID with picture
- New SSS/GSIS ID with picture
- BIR Tax Identification Number (TIN)
- NBI Clearance
- PRC ID
- License or permit to carry firearms
4. Required initial deposit to savings account
II. Sole Proprietorship Account
1. Certificate of Registration of Business or Trade Name with DTI
2. Affidavit of Application for Business Name
III. Partnership Account
1. Articles of Partnership with SEC Certificate of Registration
2. Certificate of Registration of Business Name from DTI
3. Affidavit of Application for Business Name
4. An agreement authorizing one or some of the partners to manage the account where the managing partner is not indicated in the Articles of Partnership
IV. Corporate Account
1. Articles of Incorporation with SEC Certificate of Registration
2. Corporate By-laws with SEC Certificate of Filing
3. Board Resolution or Secretary’s Certificate authorizing the opening of an account with UCPB and designating the authorized signatories for the account
Procedures in Opening a Savings Account at UCPB
Before going to the bank, you must ready and prepare first all the necessary documents like the things listed above. Bring also the money for the initial deposit of your account.
When you are in the bank, you may proceed directly to the new account desk where all new application will be entertained and processed. Wait for your turn, make sure you have a number that you can get from the guard or sometimes throuh electronic machine that gives priority number.
Once you have the application forms, fill it up completely and when you are finish, just tell the bank officer. Give the initial deposit and just proceed as what the officer tells you to do.
Applying for a savings account at UCPB is easy and simple if you have the enough money and necessary requirements before going to the bank for application. You should fill up all the forms completely and give to the bank officer to verify and process your application.