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EastWest business bank accounts for October 2022 in the Philippines

Open a business account at EastWest. On 02.10.2022 there are 4 options available to you.

Offers: 4

Updated:
29.08.2022
07:24
Eastwest Bank
Passbook Savings
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱5,000 initial deposit
Rate
i

Effective interest rate on the product

0.125% per year
Eastwest Bank
Regular Savings
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱2,000 minimum initial deposit
Rate
i

Effective interest rate on the product

0.125% per year
Eastwest Bank
Regular Checking Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱5,000 minimum initial deposit
Rate
i

Effective interest rate on the product

not applicable
Eastwest Bank
ChequeMax
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱20,000 minimum initial deposit
Rate
i

Effective interest rate on the product

0.125% per year

Other types of business bank accounts

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EastWest business bank accounts for October 2022

To manage finances, a business always requires a special bank account. The net income, money owed to the company, money owed to creditors, and payroll paid to employees can all be tracked using the EastWest Bank business account. Businesses require different types of accounts depending on the nature of their business. With that in mind, the EastWest Bank offers multiple business accounts that are useful to all its customers.

Types of EastWest Bank business accounts

These are the types of business accounts offered by EastWest bank:

Business checking accounts

With this account, you can conveniently manage your day-to-day payments and disbursements. You can access your funds anytime and anywhere, conveniently disburse funds through check​, and take control of your business account and bank anytime, anywhere with EastWest Bank online and mobile.

Business ChequeMax

ChequeMax is an interest-earning business checking account that allows you to disburse funds for routine activities easily and provides you with the following benefits:

  • Earn interest just like a savings account while enjoying the perks and convenience of a checking account.
  • Access your funds easily and keep track of your financial transactions with an EastWest Bank Visa debit card.
  • Cash checks at any EastWest Bank location nationwide for free.
  • The minimum initial deposit for this account is ₱20,000, the maintaining ADB is also ₱20,000, the minimum interest earning balance is ₱20,000, and the interest rate is 0.125% per annum.

Regular business accounts

When you open an EastWest Bank regular business checking account with an initial deposit of as little as ₱5,000, you can conveniently disburse funds for your everyday business transactions. It also includes an EastWest Visa debit card.

How to apply for an Eastwest Bank business account?

To apply for an Eastwest Bank business account, follow the steps below:

  1. Visit the Eastwest Bank website and click on Business.

  2. Click on Deposits and then move your cursor to Checking accounts. Select the business account you want to apply for, and click on Apply now.

  3. Fill out and print the online customer information sheet.

  4. Visit your local Eastwest Bank branch to submit the completed client information sheet and the documentary requirements.

Requirements

Below are the requirements to open a business account:

General requirements

  • At least one valid identification document (ID) with the applicant’s photo and signature that is not expired.

  • Affidavit of tax exemption notarized by the applicant/depositor.

  • Tax exemption certification (RDO) from the revenue district office.

  • Certificate of business registration.

  • Business permit​.

  • Identification papers, for example:

    • Driver's license.

    • SSS/GSIS cards.

    • Company ID cards.

    • Passport, etc.

  • For OFW applicants:

    • ​At least one government-issued valid ID card.

    • Consularized certificate of employment compensation, COEC with original six-month remittances.

    • Consularized certificate of employment compensation, COEC with an original six-month payslip.

For sole proprietorship

  • Registration of a business name with the Department of Trade and Industry (DTI).

  • Mayor's permit for the city or municipality.

  • A minimum of one genuine, original ID with a photo issued by a government agency.

For partnership

  • Partnership articles.

  • Registration certificate from the Securities and Exchange Commission (SEC).

  • Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank.

For corporation

  • Constitutional documents.

  • SEC certificate of registration or a similar document from another suitable agency.

  • By-laws.

  • The board resolution was properly notarized and included the following:

    • Permission to open an Eastwest Bank account.

    • Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation.

Pros and cons

Below are some pros and cons of the Eastwest Bank business account:

Pros

  • The business account can earn interest, just like a savings account.

  • You can access your funds easily through debit cards.

  • There aren't too many requirements before opening an account.

  • All the bank account eligibility and requirements are there on the DBP website. You don't have to go to the bank before learning about them.

Cons

  • The business account offered by this bank is limited. There aren't many types to choose from.

  • The application can only be completed in-branch, no online application.

FAQ

Can I have more than one Eastwest Bank business account?

Yes, you can. There is no restriction on having numerous Eastwest Bank business accounts, just as there is no restriction on having multiple personal savings accounts. You must still apply via the usual procedure, which may include a credit check.

What makes an EastWest Bank business account a necessity?

With an EastWest Bank business account, you can watch your cash flow without mixing up personal bills or payments in the same account, making long-term financial planning much easier. Keeping personal and business accounts separate also helps to clarify matters when it comes to paying taxes and reclaiming VAT at the end of the fiscal year.