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DBP savings accounts for October 2022 in the Philippines

Open a savings account at DBP. On 02.10.2022 there are 8 options available to you.

Offers: 8

Updated:
26.08.2022
11:06
DBP
Deposit Account for Financial Inclusion
Rating by Finanso®
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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.

₱100 minimum initial deposit
DBP
EC Card Account
Rating by Finanso®
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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.

no initial deposit required
DBP
Premier Payroll Account with Payroll Savings Plan
Rating by Finanso®
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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.

₱500 minimum initial deposit
DBP
Wisdom Account
Rating by Finanso®
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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 or $100 minimum initial deposit
DBP
Peso Account
Rating by Finanso®
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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.

₱500 minimum initial deposit
DBP
US Dollar Account
Rating by Finanso®
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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.

$100 minimum initial deposit
DBP
Pensioner’s Account
Rating by Finanso®
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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.

₱100 minimum initial deposit
DBP
Young Earner’s Savings Account
Rating by Finanso®
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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.

₱1,000 or $50 minimum initial deposit

Other types of savings accounts

How to open a savings account

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DBP savings accounts for October 2022

A DBP savings account is a straightforward account that lets you securely deposit money into the bank. It guarantees security and constant access to your money. You can withdraw your cash in person or digitally at any time.

Types of DBP savings accounts

Below are the types of DBP savings accounts:

  • Peso Account. You may get all the advantages of a standard interest-earning account with a DBP Peso savings account while still having the protection of a passbook. It motivates you to create a beneficial saving habit. With no ATM card, the initial deposit is ₱500.00, the minimum daily balance is ₱500.00, and ADB to earn interest is ₱500.00. With an ATM card and a passbook, the initial deposit is ₱5,000.00, the minimum daily balance is ₱5,000.00, and ADB to earn interest is ₱10,000.00.
  • US Dollar account. With DBP's US dollar savings account and time deposit, you can protect your hard-earned Dollar and profit from competitive interest rates as your money increases. The initial deposit is $100.00, the minimum daily balance is $500.00, and ADB to earn interest is $500.00.
  • Young Earner's Savings Account. This is a savings account in pesos or US dollars for children and teenagers under 19. During the build-up, the initial deposit is ₱100.00 or $50.00, the minimum daily balance is ₱100.00 or $50.00, and ADB to earn interest is ₱1,000.00 or $100.00. After the build-up, the initial deposit is ₱0.00 or $0.00, the minimum daily balance is ₱1,000.00 or $100.00, and ADB to earn interest is ₱1,000.00 or $100.00.
  • Pensioner's Account. The initial deposit is ₱100.00, the minimum daily balance is ₱100.00, and ADB to earn interest is ₱500.00.
  • Wisdom Account. This is a savings and time deposit account for people 60 years of age and older in pesos or US dollars. The initial deposit requirement for a savings account is ₱5,000.00 or $100.00 and for a time deposit is ₱50,000.00 or $1000.00.
  • Premier payroll accounts with a payroll savings plan. This is a complete payroll solution with access to ATMs and online banking. The initial deposit is ₱500, minimum daily balance requirement is ₱500, ADB to earn interest is ₱500, and minimum contribution per month is ₱500.
  • EC Card Account. The DBP EC card is an ATM savings account with some excellent features. Those eligible are pre-departing OFWs, OFWs already abroad, and OFW beneficiaries. To earn interest, the average daily balance must be at least ₱500.
  • Deposit accounts for financial inclusion. This account is for people with a consistent and established small-value income source, such as savings, a stipend, or an allotment. The initial deposit is ₱100.00, the minimum daily balance is ₱0.00, and ADB to earn interest is ₱500.00.

How to apply for a DBP savings account?

Follow the steps below to apply for a DBP savings account:

  1. Go to the new accounts section of a DBP branch of your choice and schedule an interview there.

  2. Send in the requirements.

  3. Fill out the forms you will provide to open an account.

  4. Make the necessary first deposit.

  5. Go to the Teller to get the initial deposit posted.

  6. Claim your ATM at the new accounts section and, if applicable, your passbook.

Requirements

Below are some of the requirements to open a DBP savings account:

Basic eligibility

For residents

  • At least one authentic, legitimate ID with a photo from the list in annex "A"

  • Two separate 1 x 1 ID photos

  • Birth certificate of the child, if a parent is opening an account for them

For overseas residents

  • Passport

  • The Department of Foreign Affairs (DFA) issued diplomatic identification cards or Alien Certificates of Registration (ACR)

For fiduciary appointed by a court

  • Original copy of the court order appointing the fiduciary and allowing DBP to open a bank account

List of valid ID cards

  • A valid driver's license

  • Identification from the Professional Regulation Commission (PRC)

  • A clean police record

  • Postal ID

  • Voter identification

  • Tax identification number (TIN)

Pros and cons

Below are some pros and cons of DBP savings accounts.

Pros

  • There are many account types to choose from.

  • An application can be completed in a day if you meet all the requirements.

  • There are not many requirements to be eligible for an account.

  • All the requirements are listed on the website, meaning you already know what to go to the bank with before leaving the house.

Cons

  • There is no online registration, so applicants must face the hassles of registering in-branch.

  • The interest may be compounded.

FAQ

Is the money in my DBP savings account insured?

Yes. PDIC offers deposit insurance up to ₱500,000 per depositor.

Are my savings with DBP savings accounts taxed?

Your savings account's balance is not directly subject to taxation. However, if the interest you make on your savings is more significant than your personal savings allowance, taxes will be due. For certain other accounts, there are various rules. You must report this income on your tax return to be properly taxed.

Are credit checks required for DBP savings accounts?

Credit checks are not required for DBP savings accounts, although the bank might conduct one to verify your identity. This is done to stop fraud and money laundering. You won't be turned down for a savings plan because of a bad credit rating.