Security Bank savings accounts for march 2023

Security Bank savings accounts are a primary type of bank account that allows you to deposit and withdraw funds.

Types of Security Bank savings accounts

The three types of savings accounts are:

All-Access Account

All-access banking is a savings and checking account all in one. It comes with a passbook, checkbook, an everyday debit/ ATM MasterCard, and free life insurance. Opening balance must be at least ₱5,000, maintaining balance must be at least ₱25,000, and balance to earn interest is at least ₱100,000. Interest rate (p.a.) is 0.0625%. It also comes with free life insurance up to 3x your ADB (up to ₱3M).

Easy Account

Security Bank's most fundamental and user-friendly type of account is an easy savings account. With this account, you can enjoy these benefits:

• An ATM and a debit card. When you do everything you do daily, including shopping, eating out, paying bills, and more, MasterCard is your go-to partner.
• You may enjoy special discounts from affiliate retailers.
• You may freely conduct transactions through Security Bank online and keep an eye on your account from anywhere.
• There is no maximum deposit.
• When you upgrade to Gold, you'll receive exclusive benefits like free ATM transactions, waived fees, and more.

Children's Account

This account is specifically designed to support the development of a better future for your children and offers an interest rate higher than our standard savings account rate. A passbook and/or an everyday debit MasterCard are also included. Their junior one account is only available to children who are under the age of 18. This account may

• Teach your children to save money.
• Allow your kids to begin their future savings early.
• Increase their wealth by earning higher than average interest rates.

How to apply?

To apply for a savings account;

• Visit the bank website, navigate to the Accounts heading, and then choose the savings account type you want to open.

• Download and fill out the application form, then click Submit.

• Wait for a reference code to be sent to your mobile number.

• Go back online and complete your application using the code.

• Go to the nearest bank premises to pay in money to your account and have it activated.

Requirements

Residential citizens, non-residents citizens, and residential aliens

• One valid primary ID

• Two valid secondary IDs

Non-resident aliens

• Alien Certification of Registration (ACR)

• I-Card

• Non-Resident Alien Passport

You may check the bank's website for a list of all the requirements and documents for each savings account type.

Pros and cons

Here are some advantages and disadvantages of using Security Bank's savings account services.

Pros

• Cash deposits are accepted at bank savings accounts, so you won't have to worry about liquidating investments or taking other onerous actions to access your money.

• You can open an account without any funds.

Cons

• The full potential of your money may not be achieved because Security Bank's savings account interest is compounded regularly, if not annually, especially when compared to alternative investment opportunities.

• Little rate of interest.