10 Savings Accounts With No Maintaining Balance

(SPOT.ph) Opening a savings account is crucial no matter what stage of life you're in. It's the one offering all banks have—albeit with different terms and conditions—and you can bet your financial institution of choice can open up for you real quick. The real difference is in the fine print, like interest rates, fees, and of course, the maintaining balance, or the minimum amount of money your account must have so it remains open and operational. Fall below this number and you'll be charged with a fine, or your account could be permanently closed.

Banks may have a variety of reasons for imposing maintaining balances, but that doesn't mean you're a bad spender or financially immature for draining your account or having less than most people. Every penny counts, especially on months when money is tight, so we totally understand why you might have to drain your savings sometimes. Below, we list down 10 banks offering savings accounts services that have no maintaining balance.

Also read: The Best Credit Cards With No Annual Fees in the Philippines

These banks have savings accounts with no maintaining balance:

CIMB Bank UpSave Account

You'll often find savings accounts with no maintaining balances in the catalogs of digital banks—CIMB Digital included. Apart from scrapping the maintaining balance, the application and opening process is entirely online, so you don't have to waste your time in a queue at the bank. There's no initial deposit or minimum balance, and you get an interest rate of 2.5% per annum. Daily transfer limit is capped at P500,000 daily, both to CIMB accounts and other banks.

For more information, visit the CIMB website.

AUB Starter Savings

Another bank offering savings account services without maintaining balance is Asia United Bank or AUB. There's no initial deposit either, and you can easily transact through AUBs ATMs or internet and mobile banking platforms, with a daily withdrawal limit of P50,000. Transaction history, account statements, and other documents detailing the movement in your account are also accessible online. Though there's no maintaining balance, having more than P1,000 in your account scores you an interest rate of 0.100% per annum.

ATM cards can be provided for P150.

For more information, visit the AUB website.

China Bank Easi-Save Basic

Though there's no maintaining balance and initial deposit required for a China Bank Easi-Save Basic account, you do need to pay a one-time opening fee of P100. You'll be given an ATM card so you can withdraw from ATMs and transact wherever, and keeping a balance of at least P1,000 will yield a 0.125% interest rate per annum. 

For more information, visit the China Bank website.

UnionDigital Bank Account

UnionDigital, a subsidiary of UnionBank, is a purely digital bank that operates online. It offers savings account with no maintaining balance or initial deposit. Because of its digital nature, the entire application and opening processes are done online or via the mobile banking app. You can get up to 3% interest per annum regardless of how much is in your account, and you can request for a phyiscal ATM card.

For more information, visit the UnionBank website.

Security Bank Easy Savings Account

The Security Bank Easy Savings Account scraps both maintaining balance and initial deposit so you can start saving ASAP, no matter how much you have. It offers a debit and ATM MasterCard, with an interest rate of 0.0675% per annum for accounts with P100,000. You can apply for an account online and continue to monitor transactions via Security Bank Online.

For more information, visit the Security Bank website.

RCBC One Account

Convenience and flexibility reign with the RCBC OneAccount, which offers all the features of a savings, checking, and time deposit in just a single account. Customization is allowed so your account can accommodate all your needs, just the way you like it. Apart from the zero maintaining balance, you can get a debit or ATM card and passbook upon application, free of charge. You can also withdraw at any Bancnet ATM. Interest rates of 0.150% per annum kick in for accounts with at least P25,000, but if you save more and withdraw less, you can get higher rates.

For more information, visit the RCBC website.

Maybank iSave

Maybank's iSave is an online-only savings account you can open online so you don't have to spend time in line at a Maybank physical branch. Just download the Mabank2U PH app, sign up for an account, submit the requirements, and you're good to go. Any and all future transactions can also be done on the app. Though the maintaning balance and initial deposit are scrapped, you can get an iSave Visa Debit Card for a minimum deposit of P1,000, which can be used at any Maybank ATM in the Philippines, and even Singapore, Malaysia, and Cambodia. 

Interest of as much as 2.5% per annum kicks in for accounts with a balance of at least P20,000. Daily withdrawal limits for a Maybank iSave account are capped at P50,000.

For more information, visit the Maybank website.

Maya Savings

Maya Savings is savings account built into the Maya app and can be started with no initial deposit or maintaining balance. Not to be confused with your Maya wallet, the Maya Savings account is an offering under Maya Bank, Maya's digital banking arm. If you already have a verified Maya account, you can easily open a Maya Savings account in the app. It comes with a digital card you can use for online transactions, but you can also request for a physical debit card via the app so you can transact in physical stores and withdraw from ATMs. Enjoy anywhere from 3.5% to up to 10% interest rates per annum depending on promos.

Like the other digital banks on this list, Maya Bank and Maya Savings are purely online, so any and all concerns, transactions, and inquiries are processed online instead of at a physica bank branch.

For more information, visit the Maya website.

SeaBank Savings Account

If you're a Shopee user, you've probably seen SeaBank on the e-commerce app as a payment option. SeaBank is a rural bank majority-owned by Sea Limited, the same company that runs Shopee. The digital bank has no maintaining balance or initial deposit so you can open one whenever, wherever. Just download the SeaBank mobile banking app and sign up for an account with a valid ID. There are no hidden charges and you can get up to 4.5% interest per annum for as low as one peso, which is immediately credited to your account every midnight based on the previous day's balance.

For more information, visit the Seabank website.

GSave Account

Fully verified GCash users can do more than just load up their accounts with spending credits—they can also start saving via the app's built-in GSave feature. The in-app savings account is run by CIMB Bank Philippines, and opening an account are all done within the app. There are no maintaining balances and initial deposits, plus all the transactions can be done online, sparing you for long queues.

Keep in mind that sending and receiving money can be done only with the user's own GCash wallet. So if you want to transfer to another bank, you have to transfer from GSave to your GCash wallet, then use your GCash wallet to transfer to let's say, BPI.

Users can get up to 2.6% interest per annum and deposit up to P50,000 daily, with a daily withdrawal limit of P100,000. However, unlike the other savings accounts and digital offerings listed about, the GSave account is valid for only 12 months.

GoTyme

If you're the type to want a debit card you can use whenever for in-person transactions, consider GoTyme—a purely digital bank that offers savings accounts with no maintaining balance. You've probably seen their futuristic kiosks around. You can open an account and get a physical personalized card in as fast as 5 minutes, with registered users getting up to 4% interest per annum. Still confused about how it works? We have a guide to help you set up your GoTyme account and get your physical card.

For more information, visit the GoTyme website.

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