LandBank savings accounts for march 2023

A Landbank savings account has restrictions on withdrawals, no check writing or associated debit card features, few possibilities for transfers, and no overdraft protection.

Types of Landbank savings account

Landbank offers five different savings accounts which applicants can choose from, depending on their wants. They are:

ATM savings account

This is a regular savings account that also pays decent interest. During regular banking hours/days deposits can be made in person or through a cash deposit machine (CDM). You can make withdrawal transactions in person or at any bancnet ATM. Any point-of-sale (POS) terminal of partner merchants from department shops, supermarkets, and accredited venues displaying the bancnet brand is likewise acceptable for cashless transactions.

The minimum initial deposit is ₱500, the required minimum monthly ADB is ₱500, the necessary daily balance to earn interest is ₱2,000, the interest rate per annum is 0.05%, and the maximum ATM withdrawal is ₱50,000 a day.

Easy savings plus (ESP) account

Premium savings accounts with tiered interest rates based on ADB levels offer higher interest rates than an ordinary savings account.

The minimum initial deposit is ₱20,000, interest rate (per annum) is based on the bank's posted rates (rate tiers determined by the daily balance). The required minimum monthly ADB is ₱20,000, and the required daily balance to earn interest is ₱20,000.

The closing fee is ₱300.

High yield savings account (HYSA)

In a high yield savings account (HYSA), money up to a certain amount is granted pre-determined competitive rates for a set period. A passbook also functions as a deposit receipt. Institutional clients are the only ones eligible for HYSA accounts. The minimum placement is ₱1,000,000.00, the minimum term is 30 days, and the maximum is 360 days.

Regular passbook savings account

This peso account pays interest and requires showing a passbook for withdrawal and deposit transactions. The minimum initial deposit is ₱10,000. The required minimum monthly ADB is ₱10,000, the daily balance needed to earn interest is ₱10,000, interest rate per annum is 0.05%.

US dollar savings account

This is a dollar account that pays interest and requires a passbook to be presented when making deposits or withdrawals. The minimum initial deposit is $100. The required minimum monthly ADB is $500, the needed daily balance to earn interest is $500, interest rate per annum is 0.025%.

How to apply?

1. Go to a Landbank branch closest to you with the required documents for the type of savings account you intend to open.
2. Meet a customer service rep and state your intent.
3. Follow the directives to open a new savings account.

Requirements for Landbank savings account

To open a Landbank savings account, there are multiple requirements. The applicant has to present them according to the type of account they want to open. You will find a more detailed version of these on the Landbank website. Meanwhile, below are the general requirements.

• A minimum of one original, current photo ID, including a Philippine identification (PhilID) card.
• The original school ID, which must be shown and officially signed by the principal or head of the school, may be presented by students who are recipients of remittances or fund transfers but are not yet of voting age. They may also submit a clear photocopy of the original ID.
• If parents open an account on the child's behalf, a child's birth certificate.
• The branch may accept other IDs as needed, but only if they are not used as the only form of identity.
• If the accepted documents do not contain any photo of the authorized signatory. Or suppose the ID does not clearly show the face of the customer. In that case, the branch may take a picture of the customer in person.

Pros and cons

Here are some pros and cons of a Landbank savings account.

Pros

• With Landbank, bills can be paid instantly from savings accounts without going through the withdrawal and transfer process.
• Compared to other Landbank accounts, savings accounts are simple to start, and you can withdraw and deposit money whenever you like.

Cons

• There are monthly maintenance fees or minimum balance requirements for Landbank savings accounts.
• Compared to other types of accounts or investments, interest rates are lower.