About bank
It is a division of Metrobank, the Philippines' second-largest savings bank after BPI Family Savings Bank. PSBank is an affiliate of Metrobank and is linked with it. PSBank is also associated with Toyota Financial Services Philippines Corporation, which now has a 25% share.
PSBank began as a community bank on September 26, 1960, when it opened its doors to customers. Its headquarters were in Plaza Miranda, Quiapo, Manila, the country's commercial and economic hub. Its initial four offices were in Divisoria, Carriedo, Blumentritt, and C. M. Recto.
Features
The bank continues to provide some excellent financial products and services that make banking simpler, faster, and more convenient for its clients. The following are the main features:
- Deposits. Deposits include savings accounts that allow you to save money while collecting interest, checking accounts that will enable you to facilitate transactions through their checking account alternatives effortlessly and time deposits that can assist you in reaching your financial objectives.
- Loans. The lending choices include auto loans, which you can apply for and receive in as little as 24 hours, home loans, business loans, which can help you build and nurture your firm with simplicity, and personal loans, which provide additional cash for personal needs and are collateral-free.
- Investment. Investments include the PSBank money market fund, which can let you start investing for as little as ₱10,000, the PSBank investment management, which can help you manage your Peso assets based on your financial needs, the PSBank escrow, and so on.
- Insurance. The bank also features insurance services like the asset master, home security, health max, health start, standard PA, etc.
Pros and cons
The bank provides financial goods and services, each with its advantages and disadvantages. It is important to note these before using any of their products. Here are some honest pros and cons.
Pros
- The bank has a large variety of financial products and services, ranging from deposits to financing to insurance, etc.
- They also have an excellent online presence, meaning some banking services could be done online.
- They have some extra services to aid in banking, like their website-based loan calculators.
Cons
- The online presence does not really cover applying for their services. For example, you can not apply for a deposit account online.
- Their maximum loan payout is low. For instance, the personal loan maximum loanable amount is ₱250,000, which is below average.
Products
Some of the products offered by PSBank are:
- Personal loans. The PSBank Flexi personal loan is a secured personal loan with a revolving line of credit and a fixed-term loan. Revolving credit is a sort of credit that does not have a set amount of payments. The sum you can borrow reduces or increases based on how much you've repaid. A term loan requires you to make regular payments over a certain period of time.
- Savings accounts. The PSBank Savings accounts allow you to earn a set interest rate and manage your account at any time of day using PSBank, Metrobank, and BancNet ATMs countrywide and Mastercard ATMs abroad. You can also use BancNet's electronic payment capability to pay your energy and credit card bills and do cashless shopping.
- PSBank escrow. PSBank Trust, as an escrow agent, oversees and maintains the contract terms of interested stakeholders who need the assistance of an agent to keep specific items in escrow until either side or both parties meet the contract conditions.
Services
The bank has a range of banking services. Here are some of them:
- E-banking. The PSBank online service has a new interface, improved mobile view, and an enhanced portfolio of intuitive and simple-to-use functionality. This further advancement enables you to experience hassle-free, secure banking and conveniently and securely do more financial activities while remaining home.
- Remittance. You can transfer money to loved ones and clients outside the Philippines with the PSBank remittance service. They work with companies throughout Asia, Europe, the Mideast, and the Americas. They also collaborate with some of the world's largest and most reputable banks, like Wells Fargo, JP Morgan Chase, Metrobank New York, and Bank of New York.
- Cards. The bank also has card services like the PSBank debit Mastercard, making it easier to buy and dine. You no longer need to wait in long lines at ATMs or carry large sums of cash with you.