Types of China Bank savings accounts

A China Bank savings account is a bank account held at the company that offers nominal interest rates and principal security.

China Bank offers two types of savings accounts: peso accounts and foreign currency accounts.

Peso savings accounts

A simple peso deposit accounts for your everyday banking requirements. It has different types, which could be seen below.

ATM Savings

With an account that is just as accessible as your lifestyle, you can enjoy 24/7 banking ease. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax. Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱2,000, and the ADB requirement is also ₱2,000. The minimum balance to earn interest is ₱10,000.

ChinaCheck Plus

With this economic interest-bearing savings account that includes an ATM card, you may get value and convenience in one. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax.

Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱5,000, and the ADB requirement is also ₱5,000. The minimum balance to earn interest is ₱50,000.

MoneyPlus Savings

Your freedom and liquidity are provided by this savings account so that you can increase the interest of your account and generate extra income. This account comes with an annual interest of 0.125%. The minimum initial deposit is ₱20,000, and the ADB requirement is also ₱20,000. The minimum balance to earn interest is ₱50,000.

Overseas Kababayan Savings

For OFWs, this account with no initial deposit and no balance maintenance enhances the security and convenience of saving money and sending and receiving remittances. The minimum balance to be eligible for interest is ₱1,000.00, and the interest rate is 0.125% p.a., which is subjected to a 20% withholding tax.

Passbook Savings

With this account, you can save money in a straightforward, easy-to-monitor savings account for when or if an emergency occurs. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax. Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱5,000, and the ADB requirement is also ₱5,000. The minimum balance to earn interest is ₱10,000.

Young Savers

This is a minimum initial deposit, and minimum balance requirement for interest-bearing Peso savings accounts for children and teenagers ages 17 and under. This account comes with an annual interest of 0.125%, subject to a 20% withholding tax. Interest rates and amount tiers may change at any time without prior notification. The minimum initial deposit is ₱100, and the ADB requirement is also ₱100. The minimum balance to earn interest is ₱2,000.

Other peso accounts are:

• Regular time deposit

• Diamond Savings

• Money Lift Plus

Foreign currency savings accounts

These China Bank savings accounts can assist you in managing and increasing your US dollar, euro, yuan, and yen assets, whether for investment, business/trade, or remittances. They are:

• Foreign currency savings account

• Overseas kababayan savings account

• Foreign currency deposit accounts

• Premium savings account

• Special US dollar time deposit accounts

How to apply for a China Bank savings account?

Application is made only at the bank’s premises, which means you must visit the bank to apply for a savings account.

1. Make sure you pass all the eligibility and requirements criteria.

2. Visit the nearest China Bank branch to you.

3. State the reason for your visit, and you’ll be given an application form.

4. Submit your filled form with all the requirements and documents.

5. Follow the subsequent directives provided by the customer service to complete your application.

Requirements

The general requirements are:

• Two ID photos [(1x1)].

• At least one of the following legal identifications, both in original form and in clear copy:

  • Passport

  • Driving permit

  • ID for the professional regulations commission

  • Clearance from the national bureau of investigation

  • Police clearance

  • Mail ID

  • Voter’s ID

Pros and cons

Here are some pros and cons you should consider before applying for a China Bank savings account:

Pros

• There are several types of savings accounts available.

• To open a savings account, not many conditions must be met.

Cons

• There aren’t many eligibility conditions listed on the website, so you’ll need to take the pains of visiting a branch or calling a customer representative to know this.

• Only bank branch applications are available.