An AUB savings account is a bank account maintained by the corporation that provides nominal interest rates and principal security.
Types of AUB savings account
Below are the types of savings accounts offered by the bank:
- Preferred Peso Savings. This interest-bearing account permits deposits and withdrawals over the counter using a passbook, an ATM card, or via phone banking service. Transactions are conducted over the counter or through an ATM/mobile banking service. It monitors transactions using a passbook. The PDIC insures deposits up to ₱500,000 per depositor. There is no minimum initial deposit, but there is a ₱5,000 minimum maintaining balance. The interest-generating is ₱500,000, and the annual interest rate is 0.100%.
- Preferred Peso Savings Plus. This is a passbook investment account with a term deposit amount maintained for a set duration and rate. It offers better interest rates than the Preferred Peso savings account and is comparable with time deposits. The passbook functions as a certificate of deposit. The PDIC also protects deposits by up to ₱500,000 per depositor. The minimum placement value is ₱100,000.
- Starter Savings. This is ATM-based savings account with no minimum balance requirement, and deposits are guaranteed by the PDIC up to ₱500,000 per depositor. There is no minimum initial deposit, and there is no minimum maintenance balance. The interest earning balance is ₱1,000, and the annual interest rate is 0.100%. The account also includes a 20% withholding tax.
- Preferred Dollar Savings account. This is a dollar-denominated passbook account with interest that permits deposits and withdrawals at any time. The PDIC insures deposits up to ₱500,000 per depositor. The initial investment is not required. However, the minimum maintenance balance is $500. In addition, the interest-generating balance is $500, and the annual interest rate is 0.05%.
- Preferred Foreign Currency savings. This third currency passbook account permits deposits and withdrawals at any time. The PDIC insures deposits up to ₱500,000 per depositor. Please remember that this savings account is only accessible in certain branches. There is no minimum initial deposit. However, there is a minimum maintenance balance of £500 / JPY50,000 / ¥500.
How to apply for an AUB savings account?
AUB savings accounts can only be opened in person. You must ensure that you fulfill all eligibility requirements and have the required papers. Please bring it to your nearest AUB Bank branch, where you will talk with a customer service rep and explain that you are there to open a savings bank account.
Requirements for an AUB savings account
You must fulfill all eligibility standards and have the essential papers to be eligible for an account. They are as follows:
- Must have a signature card.
- Must be with the account opening form, which can be obtained in the bank.
Must have any two of the below Identification cards:
Philippine passport
Digitized Philhealth ID
Professional regulation commission ID
Seafarer’s identification and record book
Digitized Pag-IBIG loyalty card
Maritime industry authority ID
Digitized postal ID
OFW ID, which the Philippine overseas employment agency issues
Firearms license
Digitized or UMID SSS ID
Digitized voter’s ID
Driver’s license
Digitized GSIS ID
National bureau of investigation clearance
Certificate of marriage issued by the national statistics office
Bank credit cards
Barangay clearance or ID
Police clearance
Digitized company ID with photo and signature
Certificate of live birth issued by the national statistics office
Valid student’s ID
Digitized TIN ID
Pros and cons of AUB savings accounts
Take note of these honest pros and cons of AUB savings accounts
Pros
- There are many savings accounts to choose from.
- The bank has a low minimum balance requirement.
- The bank also has numerous other currency savings accounts.
- They do not require too much to open an account.
Cons
- The interest rate is very low compared to competitors.
- Account can only be opened in-branch.