With a PSBank savings account, you can keep your money secure while still having access to it when needed.
Types of PSBank savings account
The bank has five different savings accounts, they are:
- PSBank kiddie and teen savings. Your kids can start saving a little with PSBank kiddie and teen savings because these accounts do not need an initial deposit or a minimum level to maintain. Aside from the safety of banking with PSBank, your kids are also secured by AXA Philippines' free private accident insurance. Your youngster might receive insurance coverage worth five times their estimated average balance. The PSBank kiddie savings account is for children aged 0 to 12, while the PSBank teen savings account is for adolescents aged 13 to 17. For each of your kids, you may create an in-trust-for (ITF) bank account, a joint account, or a personal account with PSBank. The average everyday balance required to earn interest is ₱2,000.
- PSBank peso personal ATM savings. The PSBank peso personal ATM savings account allows you to earn a set interest rate and manage your account at any time of day through PSBank, Metrobank, and BancNet ATMs countrywide, as well as Mastercard ATMs abroad. You can also utilize BancNet's electronic payment capability to pay your utility and credit card bills and do cashless shopping. Register for an account at any location, and you'll receive your customized, ready-to-use ATM card right away. There is no need to return to the branch to obtain your ATM card. The minimum maintenance amount is ₱2,000, with an average daily balance of ₱5,000 required to generate interest.
- PSBank peso passbook savings. This account provides a set interest rate as well as an easy tool to track transactions. Saving for an investment, a particular event, or an emergency fund is all possible with the Peso passbook savings account. Complete their account opening papers and produce at least two good picture IDs. You can create an account and actually earn interest on your savings with a minimum daily balance of ₱5,000. They have designated a spot on the passbook where you can record data of your transactions in order to monitor your account conveniently. To earn interest, this account must have an average daily balance of ₱10,000.
- PSBank USD passbook savings. This bank account is a US dollar-denominated savings account that allows you to build your money while also providing you with the comfort of a conventional passbook for easy transaction tracking. To earn interest, you must have a minimum deposit of $500 and an average daily balance of $500.
- PSBank peso OFW ATM savings. This savings account pays a set rate of interest and requires no initial investment. It includes a customized and ready-to-use ATM card, which you may acquire immediately when creating an account. This allows you to bank at any time of day or night using PSBank, Metrobank, and BancNet ATMs statewide and Mastercard ATMs globally. You can also withdraw cash from any PSBank branch, pay your utility bills without trouble, and undertake cashless purchasing at any BancNet-affiliated institution. The minimum necessary maintenance amount is ₱1,000, with an average daily balance of ₱5,000 required to generate interest.
How to apply for the PSBank savings accounts?
Application is only made offline at any PSBank branch. Visit the premises, go to the customer service unit and tell them the exact savings account you are interested in opening. Do not forget to go with the minimum requirements for the account. Depending on the time you arrive at the bank, the account can be ready in a day.
Requirements
Below are the required documents to open a savings account with the bank:
- Completed bank documents, including individual customer information sheets (CIS), signature cards, signing instructions, and confirmation of receipt forms.
At least one valid/acceptable ID with picture and signature; a list of valid government-issued IDs is provided below:
SSS ID card
GSIS ID card
PRC ID card
Driver's license
OWWA or OFW e-card
PWD ID card
Voter’s ID
Resident retiree's VISA or SRRV ID card
Philippines national ID
Pros and cons
Before applying for a PSBank savings account, consider the following honest pros and cons.
Pros
- There are several savings bank accounts available to choose from.
- The interest rate is better compared to competitors.
Cons
- The only foreign account by the bank is the US dollar savings account.
- The application is only made in-branch, which may be a bit stressful.