Savings Accounts with No Maintaining Balance in the Philippines

According to the 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas (BSP), the country’s banked population is about 56% of all adults. This was a welcome increase from just 29% in 2019 and the best two-year increase since the survey was started in 2015.^[1]The BSP explained that the growth was due to the popularity of different digital payment methods in the Philippines.

Despite that, it’s just right to acknowledge that almost half of the adult population remains unbanked. This is understandably attributed to a lack of money and the general belief that banks require a large maintaining balance. The latter, however, isn’t always true.

These days, Filipinos have many affordable banking options at their disposal. There are bank account types that make saving easy through no or low maintaining balance and initial deposit. No need to worry about not having enough money and having your account closed. You just need to look for savings accounts that offer this feature.

Whether it’s your first time opening a savings account or you just need a secondary stash, the options below have features and benefits to suit each lifestyle and financial goal. For your peace of mind, all of them are insured by the Philippine Deposit Insurance Corporation (PDIC).

15 Savings Accounts with No Maintaining Balance in the Philippines for 2022

CIMB Bank UpSave Account

CIMB Bank Philippines is a pioneering all-digital bank that offers a high-interest rate on its UpSave account. Since CIMB is a digital bank, the entire process of opening a savings account with no maintaining balance takes place online.

The UpSave Account doesn’t require an initial deposit nor a minimum balance to earn interest. Plus, if you maintain a minimum average daily balance of ₱5,000 a month, you’ll get free life insurance with 1x coverage of your average daily balance.

📌 CIMB Bank UpSave Account Features

Account type: Digital
Initial deposit: None
Interest rate: 2.5% per annum
Interest-earning balance: None
Daily transfer limit: ₱500,000 (transfer to other CIMB Bank accounts and other banks)

CIMB Bank Fast Account

True to its name, the CIMB Fast Account can be opened in only 10 minutes through the CIMB Bank PH mobile app. Once your balance reaches ₱100,000, you'll receive a Visa debit card that you can use to withdraw funds.

This savings account with no maintaining balance is valid for 12 months. You can also upgrade to a Fast Plus Account, which has a higher interest rate of 0.75%.

📌 CIMB Bank Fast Account Features

Account type: Digital
Initial deposit: None
Interest rate: 0.5% to 0.75% per annum
Interest-earning balance: None
Daily ATM withdrawal limit: ₱50,000
Daily card payment limit: ₱100,000
Daily transfer limit: ₱500,000 (transfer to other CIMB Bank accounts and other banks)

GSave Account

Run by CIMB Bank Philippines, GSave is an in-app savings account for GCash users. To open a savings account with no maintaining balance, you only need to be a fully verified GCash user.

GSave transactions—from account opening to withdrawals—are all performed using the GCash app, making it one of the most convenient savings accounts with no maintaining balance in the Philippines. Sending and receiving money can be done only from the GCash user's GSave account to his/her own GCash wallet.

Your GSave account also comes with free life insurance with up to ₱250,000 worth of coverage, depending on the average daily balance. To avail of this perk, you need to have a minimum average daily balance of ₱5,000 for one month.

📌 GSave Features

Account type: Digital
Initial deposit: None
Interest rate: 2.6% per annum
Interest-earning balance: None
Maximum cumulative deposit: ₱50,000
Daily withdrawal limit: ₱100,000
Account validity: 12 months

Maybank iSave

iSave is an online-only savings account that you can open without going to a Maybank branch. Just sign up and submit the requirements through the Maybank2U PH app. You can also make all your banking transactions via the mobile app.

This digital savings account comes with an EMV-chip ATM card that you can use to withdraw for free at any ATM nationwide. Moreover, you can also use it at Maybank ATMs in Singapore, Malaysia, and Cambodia. This feature makes Maybank iSave one of the best savings accounts with no maintaining balance in the Philippines.

Currently, Maybank has promo interest rates for new and existing iSave accounts. You can earn up to 3% interest, depending on your deposit balance. Promo period is until December 31, 2022.

📌 Maybank iSave Features

Account type: Digital
Initial deposit: None
Interest rate: 0.25% to 1.00% per annum
Interest-earning balance: ₱20,000
Daily withdrawal limit: ₱50,000

AUB Starter Savings

savings account with no maintaining balance - aub starter savings

Asia United Bank (AUB) offers a savings account with no maintaining balance and initial deposit called Starter Savings. Indeed, it's a good tool to begin saving money, especially for those who have yet to open a savings account.

You can access your funds through ATMs and AUB’s internet and mobile banking platforms. For your convenience, the transaction records are sent as electronic statements of accounts or e-SOA.^[2]

📌 AUB Starter Savings Features

Account type: ATM
ATM card processing fee: ₱150
Initial deposit: None
Interest rate: 0.100% per annum
Interest-earning balance: ₱1,000
Daily withdrawal limit: ₱50,000

PNB TAP Mastercard Account

Are you looking for an established financial institution that offers a bank account with no maintaining balance? The Philippine National Bank (PNB) may be just right for you, as it offers the TAP Mastercard.

This savings account comes with a PNB-PAL Mabuhay Miles Debit Mastercard that you can use to withdraw and pay for purchases anywhere that accept Mastercard and Maestro.

You can earn points that can be redeemed for Mabuhay Miles. Your PNB TAP Mastercard also comes with 500 Mabuhay Miles when you purchase from the Philippine Airlines (PAL) within three months of card issuance.

📌 PNB TAP Mastercard Features

Account type: ATM
Initial deposit: None
Interest rate: 0.100% per annum
Interest-earning balance: ₱10,000
Monthly account fee: ₱15

UnionBank Personal Savings Account

The UnionBank Personal Savings Account is the only UnionBank account with zero maintaining balance. It comes with a Visa debit card that you can use at UnionBank and BancNet ATMs in the Philippines and Visa ATMs worldwide.

While you can open this bank account with no maintaining balance at a UnionBank branch, you also have the option to do this via the mobile app. Through the same app,^[3] you can access your money and make transactions 24/7.

📌 UnionBank Personal Savings Features

Account type: Digital
Initial deposit: None
Interest rate: 0.10% per annum
Interest-earning balance: ₱10,000
Daily withdrawal limit: ₱20,000

UnionDigital Bank Account

A subsidiary of UnionBank, UnionDigital is a fully digital bank designed to be accessible to underbanked and underserved Filipinos. As such, it offers a bank account with no maintaining balance and initial deposit.

Since UnionDigital is an online-only bank, you can access it via the app. Application is quick since the requirements aren’t stringent. Once your application is successful, your Pitaka account, or your savings account, will be created.

📌 UnionDigital Bank Features

Account type: ATM
Initial deposit: None
Interest rate: 2.5% per annum
Interest-earning balance: None

China Bank Savings Easi-Save Basic

savings account with no maintaining balance - chinabank easi save

Without a required maintaining balance, Easi-Save Basic makes opening and maintaining a savings account easy and affordable for first-time depositors.

📌 China Bank Savings Easi-Save Basic Features

Account type: ATM
Initial deposit: None
Interest rate: 0.125% per annum
Interest-earning balance: ₱1,000
Account opening fee: ₱100

DBP EC Card Account

DBP has a special ATM savings account called the EC Card Account^[4]with no required maintaining balance and initial deposit. The ATM card can be used not just for withdrawals but also for point-of-sale (POS) transactions and bills payment.

Pre-departing OFWs, migrant workers who are already abroad, and OFW beneficiaries can apply for this bank account with no maintaining balance. As such, this makes a convenient card and bank account for remittances.

📌 DBP EC Card Account Features

Account type: ATM
Initial deposit: None
Interest rate: 0.10% per annum
Interest-earning balance: ₱500
Daily withdrawal limit: ₱20,000

Maya Savings

Maya, formerly PayMaya, launched a bank that offers a savings account with no maintaining balance called Maya Bank. Because Maya Bank is a digital bank, the application is quick and easy. You just need one valid ID to open an account. And when you start your savings account, you’ll receive a ₱20 welcome treat.

For easy cash withdrawals, you can use your Maya card, which is available at the official Maya Store online. However, you can get it for free when you open a savings account and deposit ₱500.

📌 Maya Bank Savings Features

Account type: Digital
Initial deposit: None
Interest rate: 4.5% per annum
Interest-earning balance: Up to ₱5 million

OFBank Visa Debit Card

Established in 1906 as the Philippine Postal Savings Bank, Inc. (PPSB), Overseas Filipino Bank (OFBank) is now known as the official digital bank of the Philippine government. Its products and services are mainly designed for Filipinos abroad.

The OFBank Visa Debit Card is one of OFBank’s savings accounts with no maintaining balance. This peso savings account allows Overseas Filipinos (OFs) and Overseas Filipino Workers (OFWs) to send remittances via Visa Direct through Visa partners abroad.

📌 OFBank Visa Debit Card Features

Account type: Digital/card
Initial deposit: None
Interest rate: 0.05% per annum
Interest-earning balance: ₱500
Daily withdrawal limit: ₱50,000

OFBank Visa Debit Beneficiary Card

OFBank also has a bank account with no maintaining balance for the beneficiaries of OFs and OFWs. This is called the OFBank Visa Debit Beneficiary Card. Just keep in mind that the beneficiary should be 18 years old and above.

The said card allows fund transfers to any OFBank or LANDBANK ATM accounts for free. You can also use it to purchase items from Visa-accredited online merchants.

📌 OFBank Visa Debit Beneficiary Card Features

Account type: Digital/card
Initial deposit: None
Interest rate: 0.05% per annum
Interest-earning balance: ₱500
Daily withdrawal limit: ₱50,000

OFBank Regular Debit Card

If you’re a Filipino abroad with a child or a young relative, you may want to open an OFBank Regular Debit Card account for them. This savings account with no maintaining balance is for OF or OFW beneficiaries aged seven to 18.

However, note that the beneficiary must be able to read and write, free from a legal disability, and with credible identification.

📌 OFBank Regular Debit Card Features

Account type: Digital/card
Initial deposit: None
Interest rate: 0.05% per annum
Interest-earning balance: ₱500
Daily withdrawal limit: ₱50,000

Komo

Komo is an exclusively digital banking service created by EastWest Bank. As such, customers can open and manage their savings accounts with no maintaining balance online. Aside from easy account opening and high interest rates, you can enjoy unlimited free withdrawals at EastWest ATMs and four free withdrawals per month at other BancNet ATMs.

Currently, Komo is running a promo where you can earn 4% interest if you maintain an average daily balance of ₱100,000. Promo period is until November 30, 2022.

📌 Komo Features

Account type: Digital
Initial deposit: None
Interest rate: 2.5% per annum

Final Thoughts

With so many savings accounts with no maintaining balance to choose from, it boils down to the bank that matches your needs best. In short, the best savings account in the Philippines will depend on what meets your savings goals.

Shop around and look up different savings products to find the best savings accounts in the Philippines. Furthermore, compare interest rates, maintaining balance, and other fees.

Kiddie savings accounts are not included in this list, though they also have low maintaining balance and initial deposit. Check this Moneymax article to know the best savings accounts for kids and students in the Philippines.

Sources:

^[1] Philippines’ Banked Adults Rise to 56% in As Online Payments Grow (BusinessWorld, 2022)
^[2] AUB Starter Savings Account
^[3] UnionBank App Features
^[4] DBP Electronic Cash (EC) Card

Where to Open a Savings Account with No Maintaining Balance?

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