Bank of Commerce savings accounts for march 2023

There is a Bank of Commerce deposit product that can meet any of your financial needs. You may get a head start on easy and convenient banking with Bank of Commerce savings accounts, allowing you to manage your funds and daily financial needs quickly. These enable you to earn respectable interest returns while having access to your funds anytime. Using the Bank of Commerce's online and mobile banking services, you may manage your accounts and bank from anywhere.

Types of Bank of Commerce savings accounts

• Savings account plus. For an Initial deposit the applicant has to deposit ₱10,000. You can easily access your money using a Mastercard or the safe Bank of Commerce retail internet banking while earning interest on your savings. Transact at any Bank of Commerce location, send money automatically, and use a passbook to keep track of balance changes.

• Savings account with passbook. The initial deposit and maintaining ADB is ₱5,000. You can transfer your funds automatically by transacting at any Bank of Commerce branch or through our safe Bank of Commerce Retail Internet Banking. Using your passbook, keep an eye on your finances.

• Savings account with ATM debit card. The initial deposit and maintaining ADB is ₱500. You can utilize your Mastercard EMV Debit Card to access your funds and make everyday purchases. You can use it locally, internationally, or at any branch of the Bank of Commerce to conduct transactions.

• Junior smart savers. Here, the initial deposit and maintaining ADB is ₱200. This was created specifically to allow minors under the age of 18 a head start in banking. With a passbook, you can access your money and watch your savings grow. Use any Bank of Commerce branch to manage your account, and use the safe Bank of Commerce Retail Internet Banking to keep track of your transactions.

• US dollar savings account. The Initial deposit and maintaining ADB will be equivalent to USD 200. With a passbook, you can keep track of your transactions and collect interest on your hard-earned money every three months.

• Euro savings account. The initial deposit and maintaining ADB will be equivalent to EUR 500. The bank allows you to deposit or withdraw euros while keeping track of your money in a passbook.

• Yuan savings account. Through this account you can deposit your Chinese Yuan at any Bank of Commerce location, then use a passbook to keep track of your money.

How to apply?

To apply for a Bank of Commerce savings account, follow the steps below:

1. Move to the Products section and click on Personal on the Bank of Commerce website.

2. Then click on Deposit accounts.

3. Select the savings account you want to apply for.

4. Once you are sure, visit the nearest branch, and then meet auy executive officer.

5. They will provide you with an application form, fill the form and submit it along with the necessary documents.

6. If you cannot visit the branch, you can send the bank an email with your completed application and the necessary documents.

7. Once you have applied, you will receive a confirmation email. After that, you can visit your preferred Bank of Commerce location to pick up your Visa debit card and passbook.

Requirements for Bank of Commerce savings accounts

Below are the requirements to open a business account:

• Minimum of one current identity document (ID) bearing the applicant's photo and signature.

• Tax exemption affidavit that the depositor/applicant has notarized.

• Certification of tax exemption (RDO) issued by the revenue district office.

• Identification documents, any one of the following:

  • Driving lisence.

  • GSIS/SSI cards

  • IDs from the company.

  • Any company issued ID card.

For OFW applicants

• At least one legitimate government issued ID card.

• Certificate of Employment Compensation (COEC) with initial six-month remittances, consularized.

• Certificate of Employment Compensation (COEC) with original six-month payslip that has been consularized

For children

• Valid certified copy of the NSO birth certificate.

• Genuine and readable copy of the court order naming them or a guardian or supervisor.

Pros and cons

Pros

• The bank offers limited requirements to apply for a savings account.

• The bank has ensured that all the requirements are mentioned on the internet.

• The entire application procedure is done online.

Cons

• The bank offers lower interest rates when compared to other rivals.

• The application process is not completely online which makes it less convenient.