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. However, BSP Governor Eli M. Remolona Jr. is confident that 70% of adult Filipinos will have bank accounts by the end of 2023 because more of them are now part of the formal financial system.[1]
After all, Filipinos have many affordable options at their disposal these days. You can now easily save through a bank account with a zero or low maintaining balance and initial deposit.
Whether it’s your first time opening an account or you just need a secondary stash, these savings accounts with no maintaining balance offer features and benefits to suit each lifestyle and financial goal.
14 Savings Accounts with No Maintaining Balance in the Philippines for 2023
No need to worry about not having enough money in your account anymore! If you’re curious about what bank has no maintaining balance, check out the options below.
For your peace of mind, all of them are insured by the Philippine Deposit Insurance Corporation (PDIC).
💸 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 bank 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)
💸 GSave Account
Run by CIMB Bank Philippines, GSave is an in-app savings account for GCash users. To open an account, 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.
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 must have a minimum average daily balance of ₱5,000 for one month.
However, note that sending and receiving money can be done only from the GCash user's GSave account to their own GCash wallet.
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
Read more: Grow Your Money with High-Interest Savings Accounts in the Philippines
💸 Maybank iSave
iSave is an online-only savings account 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 iSave Visa Debit Card for a minimum deposit of ₱1,000. You can use it at any Maybank ATM nationwide, even in Singapore, Malaysia, and Cambodia. This feature makes Maybank iSave one of the best savings accounts with no maintaining balance in the Philippines.
Maybank iSave Features
- Account type: Digital
- Initial deposit: None
- Interest rate: As much as 2.5% per annum
- Interest-earning balance: ₱20,000
- Daily withdrawal limit: ₱50,000
Read more: ATM Fees in the Philippines: How Much Will Your Transactions Cost?
💸 AUB Starter Savings
Asia United Bank is another bank offering no maintaining balance in the Philippines. AUB Starter Savings is an excellent tool for 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. Moreover, you can receive transaction records as electronic statements of accounts or e-SOA for your convenience.[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 established banks without a maintaining balance? The Philippine National Bank (PNB) may be 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 accepts Mastercard and Maestro.
You can earn points and redeem them 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
- Personal savings annual fee: ₱350 (waived for the first year)
Read more: UnionBank Power Checking Account: Features, Registration, and More
💸 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: 3% per annum
- Interest-earning balance: None
💸 China Bank Savings Easi-Save Basic
Another bank offering no maintaining balance is China Bank. Easi-Save Basic makes opening and maintaining a savings account easy and affordable for first-time depositors.
You don’t need to make an initial deposit. While a maintaining balance to keep the account open is not required, you do need a minimal maintaining balance of at least ₱1,000 to earn interest. Note that you also need to pay a one-time account opening fee of ₱100.
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
💸 Maya Savings
Maya, formerly PayMaya, offers a savings account with no maintaining balance called Maya Savings.
The application is quick and easy because Maya Bank is a digital bank. You just need one valid ID to open an account. And once you open a savings account, you’ll receive a welcome treat.
For easy cash withdrawals, use your Maya card, which you can get for free when you meet the requirements during the promo period. Just open a Maya Savings account, deposit and spend at least ₱250, and order your Maya card via the app until September 30, 2023.[4]
Maya Bank Savings Features
- Account type: Digital
- Initial deposit: None
- Interest rate: 3.5% to 10% per annum
- Interest-earning balance: Up to ₱5 million
💸 SeaBank Savings Account
Another bank offering a digital savings account with no maintaining balance is SeaBank. It’s a rural bank majority-owned by Sea Limited, the same company that owns Shopee.
Download the SeaBank mobile banking app and sign up with your valid ID. There are no hidden charges and lock-in periods. Moreover, SeaBank will credit your interest earnings every midnight based on your previous daily balance.
SeaBank Savings Account Features
- Account type: Digital
- Initial deposit: None
- Interest rate: Up to 4.5% per annum
- Interest-earning balance: As low as ₱1
- Daily transfer limit: ₱1 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. It’s called the OFBank Visa Debit Beneficiary Card. Remember that the beneficiary should be 18 years old and above.
The card allows free fund transfers to any OFBank or LANDBANK ATM account. 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
💸 DBP EC Card Account
DBP has an ATM savings account called the EC Card Account[5] with no required maintaining balance and initial deposit. You can use the ATM card for withdrawals, point-of-sale (POS) transactions, and bill payments.
Pre-departing OFWs, migrant workers already abroad, and OFW beneficiaries can apply for this bank account without maintaining a 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
Read more:
- Types of Bank Accounts in the Philippines: Which One is Right for You?
- What are the Top Commercial Banks in the Philippines?
- 6 Best Banks in the Philippines for Opening a Savings Account
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. Furthermore, compare interest rates, maintaining balance, and other fees.
Kiddie savings accounts are not included in this list, though they also have low maintaining balances and initial deposits. Check this Moneymax article for the best savings accounts for kids and students in the Philippines.
Looking for a credit card instead? Here are some of the best options for beginners:
| Credit Card for First-Timers | Features and Benefits |
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UnionBank Rewards Credit Card
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Metrobank Titanium Mastercard®
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Security Bank Gold Mastercard
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BPI Rewards Card
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BPI Edge Card
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PNB Ze-Lo Mastercard
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AUB Classic Mastercard
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AUB Easy Mastercard
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Sources:
- [1] BSP: 70% of adult Filipinos will have bank accounts in 2023 (Philippine News Agency, 2023)
- [2] AUB Starter Savings Account
- [3] UnionBank App Features
- [4] Free Maya Card Promo
- [5] DBP EC Card Account
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