Metrobank provides a variety of savings accounts. It is a low-interest bank account with principal security.
Types of Metrobank savings accounts
Below are some of the savings accounts offered by the bank:
- Spark Savings Account. The spark savings account is designed for young Filipinos aged 7 to 21 who wish to start saving early. The ₱500 necessary maintenance balance begins on the 12th month after the account is opened. When the depositor reaches the age of 22, the savings account will be changed to a conventional savings account with a debit card. The account does not require an initial deposit, and the minimum amount to maintain is ₱500. An account owner's minimum amount to earn interest is ₱4,000, and the annual interest rate is 0.0625%.
- Regular Savings Account. This savings account earns interest and comes with normal savings with a premium debit card that can be used for paying bills, shopping, or cash withdrawals at ATMs. It requires a ₱2,000 initial investment and a ₱2,000 minimum maintenance balance. The minimum balance needed to earn interest is ₱10,000, with an annual interest rate of 0.0625%.
- Passbook Savings Account. It has various advantages, such as being accessible in USD and other foreign currencies, being able to be used to pay bills, load shopping, or as a settlement account, and being able to enroll in the Metrobank smartphone app and Metrobank online. It has a ₱10,000 minimum initial deposit and a ₱10,000 minimum sustaining balance. The minimum balance required to earn interest is ₱10,000, and the annual interest rate is 0.0625%.
- MetroDollar Savings Account. It is ideal for people who make or receive dollar payments. It is a passbook-based dollar deposit savings account that allows you to keep track of your foreign currency savings in a secure and safe account. It has a $500 initial deposit and a $500 maintenance balance.
- Other currencies Regular Savings Accounts. This account is for your foreign currency savings. The denomination affects interest rates, balance requirements, and fees. It is accessible in the following currencies: the British pound Sterling, the Canadian Dollar, the Chinese Yuan Renminbi, the Australian Dollar, and the Singapore Dollar.
- Fun Savers Club. This savings account is available to young investors aged 0 to 17. With this savings account, you can educate your children to start saving immediately. It requires a one-time deposit of ₱100 for pesos and $100 for dollars. It has a minimum balance of ₱500 for pesos and $100 for dollars. The minimum balance to earn interest is ₱4,000 in Pesos, and the annual interest rate is 0.0625%.
- OFW Savings Account. This account has no necessary sustaining balance and allows account holders to save money. The minimum balance required to earn interest is ₱10,000, and the annual interest rate is 0.0625%.
- SSS Pensioner Savings Account. The Metrobank SSS senior savings account was developed for retirees to make it easier to obtain their retirement payments. Every month, money is automatically deposited into their account, sparing them the trouble of physically visiting a bank. Only the pensioner can open and utilize the pension savings account for security reasons. The initial deposit is ₱100, the maintenance balance is ₱100, the minimum amount to receive interest is ₱10,000, and the annual interest rate is 0.0625%.
- US Pensioner Savings Account. This account was established for retirees receiving periodic pensions from the US federal government. Rather than wait for your pension check to arrive in the mail, US agencies can deposit your pension straight into your US retiree savings account. The initial deposit is ₱500 or $100, the minimum amount to maintain is ₱500 or $100, the minimum balance between generating a return is ₱10,000, and the rate of interest is 0.0625% for PHP or 0.000% for USD.
How to apply for a Metrobank savings account?
Follow the simple steps below to apply for a savings account:
- Visit the Metrobank website.
- Select the account you want, and check all the requirements.
- Make sure all the requirements are available.
- Visit the nearest Metrobank branch and present all the documents, then follow all the directives.
Metrobank savings account requirements
Below are some of the general requirements to open a savings account with Metrobank:
- Applicants must be over the age of 18.
- Applicants must be Philippine citizens.
- The applicant's mailing address and phone number must be in the Philippines.
- Applicants must have at least one current main ID.
- Applicants must have a valid ID card.
Pros and cons of Metrobank savings accounts
Below are some benefits and downsides of this bank’s savings accounts.
Pros
- Not much is required to open accounts.
- So many good options to choose from.
Cons
- Lower interest rates than competitors.
- Offline registration only.