EastWest savings accounts for march 2023

EastWest Bank savings accounts allow you to get a head start on simple and convenient banking, allowing you to manage your savings and daily financial needs quickly. With these, you can access your savings anytime and earn decent returns through interest. It also allows you to manage your account and bank from anywhere using the EastWest Bank's online and mobile banking services.

Types of EastWest Bank savings accounts

Below are the types of Eastwest Bank savings accounts:

Regular Savings Account

This is a simple and easy-to-manage savings account that comes with an Eastwest Visa debit card that can be used by millions of Visa-accredited businesses worldwide. The minimum initial deposit for this account is ₱2,000, the maintaining ADB is also ₱2,000, the minimum interest earning balance is ₱10,000, and the interest rate is 0.125% per annum.

Passbook Savings Account

You can conveniently track your financial activity with this account, which includes an interest-earning deposit account, a passbook, and the opportunity to obtain an EastWest Visa debit card. The minimum initial deposit for this account is ₱5,000, the maintaining ADB is also ₱5,000, the minimum interest earning balance is ₱10,000 and ₱25,000 (for accounts with a Visa debit card), and the interest rate is 0.125% per annum.

Kiddie savings account

With an interest-earning deposit account, this savings account allows you to begin saving for your child's future. It also includes a passbook for convenient monitoring. The minimum initial deposit for this account is ₱2,000, the maintaining ADB is also ₱2,000, the minimum interest earning balance is ₱2,000, and the interest rate is 0.125% per annum.

How to apply for an Eastwest Bank savings account?

To apply for an Eastwest Bank savings account, follow the steps below:

1. Visit the Eastwest Bank website and click on Personal.

2. Click on Deposits and then highlight Savings accounts. Select the savings account that you want to apply for and click on Apply now.

3. Fill out the online customer information sheet.

4. Email the filled application form and requirements to the bank.

5. After receiving your email confirmation, visit your favorite Eastwest Bank branch to pick up your Eastwest Visa debit card and passbook.

Requirements

Below are the requirements to open a business account:

General requirements

• At least one valid identification document (ID) with the applicant's photo and signature that is not expired.

• Affidavit of tax exemption notarized by the applicant/depositor.

• Tax exemption certification (RDO) from the revenue district office.

• Identification papers, for example:

  • Driver's license.

  • SSS/GSIS cards.

  • Company ID cards.

  • Passport, etc.

• For OFW applicants

  • ​At least one government-issued valid ID card.

  • Consularized certificate of employment compensation, COEC with original six-month remittances.

  • Consularized certificate of employment compensation, COEC with an original six-month payslip.

For sole proprietorship

• Registration of a business name with the Department of Trade and Industry (DTI).

• Mayor's permit for the city or municipality.

• A minimum of one genuine, original ID with a photo issued by a government agency.

For partnership

• Partnership articles.

• Registration certificate from the Securities and Exchange Commission (SEC).

• Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank.

For corporation

• Constitutional documents.

• SEC certificate of registration or a similar document from another suitable agency.

• By-laws.

• The board resolution was properly notarized and included the following:

  • Permission to open an EastWest Bank account.

  • Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation.

For minors

• Authentic and legible copy of NSO birth certificate.

• Guardian or supervisor, or an authentic and readable copy of the court order designating them.

Pros and cons

Below are some pros and cons of EastWest Bank savings accounts.

Pros

• An application can be completed daily 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, which means you already know what to go to the bank with before leaving the house.

• The application process is fully online.

Cons

• There are not too many savings accounts to choose from.

• The interest rates are lower compared to competitors.

• You must visit the bank to get your debit card or passbook.